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An Act to amend the Canada Business Corporations Act, the Canada Cooperatives Act, the Canada Not-for-profit Corporations Act and the Competition Act (S.C. 2018, c. 8)

Assented to 2018-05-01

PART 1Corporate Governance (continued)

1998, c. 1Canada Cooperatives Act (continued)

74 Subsection 291(1) of the Act is replaced by the following:

Marginal note:Delivery of articles

  • 291 (1) Subject to any revocation under subsection 130(5) or 289(2), after an amendment has been adopted, articles of amendment in the form that the Director fixes must be sent to the Director, together with any information that the Director may require.

75 Section 292 of the Act is replaced by the following:

Marginal note:Certificate of amendment

292 On receipt of articles of amendment, the Director must issue a certificate of amendment.

76 The portion of subsection 299(2) of the Act before paragraph (d) is replaced by the following:

  • Marginal note:Attached statutory declarations

    (2) A statutory declaration of a director or officer of each amalgamating cooperative must be attached to the articles of amalgamation and must establish to the satisfaction of the Director

Marginal note:2001, c. 14, ss. 209(1) and (2)(E)

77 Section 307 of the Act is replaced by the following:

Marginal note:Application of Part

  • 307 (1) This Part, other than sections 308 and 311, does not apply to a cooperative that is an insolvent person or a bankrupt as those terms are defined in section 2 of the Bankruptcy and Insolvency Act.

  • Marginal note:Staying of proceedings

    (2) Any proceedings taken under this Part to dissolve or to liquidate and dissolve a cooperative are stayed if the cooperative is at any time found, in a proceeding under the Bankruptcy and Insolvency Act, to be an insolvent person as defined in section 2 of that Act.

  • 78 (1) Subsections 308(1) and (2) of the Act are replaced by the following:

    Marginal note:Revival

    • 308 (1) When a cooperative is dissolved under this Part, any interested person, or any person who would be an interested person if a certificate of revival were issued under this section, may apply to the Director to have the dissolved cooperative revived as a cooperative under this Act.

    • Marginal note:Articles of revival

      (2) Articles of revival in the form that the Director fixes must be sent to the Director.

  • (2) The portion of paragraph 308(3)(a) of the Act before subparagraph (i) is replaced by the following:

    • (a) would result in the dissolved cooperative

  • (3) Subsections 308(4) and (5) of the Act are replaced by the following:

    • Marginal note:Reliance on articles

      (4) For the purpose of subsection (3), the Director may rely on the articles of revival.

    • Marginal note:Date of revival

      (5) A dissolved cooperative is revived as a cooperative under this Act on the date shown on the certificate of revival.

  • Marginal note:2001, c. 14, s. 210(2)

    (4) Paragraphs 308(8)(b) and (c) of the Act are replaced by the following:

    • (b) a person who has a contract — other than, in Quebec, a contract by gratuitous title — with the dissolved cooperative; and

    • (c) a trustee in bankruptcy or liquidator for the dissolved cooperative.

79 Paragraph 311(2)(b) of the French version of the Act is replaced by the following:

  • b) avoir publié un avis de son intention dans une publication destinée au grand public.

80 Paragraph 312(4)(b) of the French version of the Act is replaced by the following:

  • b) d’intention de dissolution, s’il s’agit d’une ordonnance de liquidation et de dissolution sous la surveillance du tribunal; il en fait publier un avis dans une publication destinée au grand public.

81 Paragraph 315(4)(a) of the French version of the Act is replaced by the following:

  • a) insérée de la manière qui y est indiquée, une fois au moins chaque semaine précédant la date de l’audience, dans une publication destinée au grand public;

82 The portion of paragraph 320(b) of the French version of the Act before subparagraph (i) is replaced by the following:

  • b) insérer dans une publication destinée au grand public, tout en prenant des mesures raisonnables pour lui donner une certaine publicité dans chaque province ou dans tout pays étranger où la coopérative exerce ses activités commerciales, un avis obligeant :

83 Section 325 of the Act is replaced by the following:

Marginal note:Custody of documents

325 A person who has been granted custody of the documents of a dissolved cooperative remains liable to produce those documents until the end of the prescribed period or of any other shorter period fixed by an order made under subsection 322(5).

84 The portion of subsection 335(4) of the French version of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Publication

    (4) Le directeur publie dans une publication destinée au grand public les renseignements qu’il a obtenus en vertu du présent article lorsque les conditions ci-après sont réunies :

Marginal note:2001, c. 14, s. 218

85 Subsection 337.7(4) of the French version of the Act is replaced by the following:

  • Marginal note:Définition de marché organisé

    (4) Pour l’application du présent article, marché organisé s’entend d’une bourse reconnue à laquelle est cotée la catégorie de valeurs mobilières ou d’un marché qui publie régulièrement le cours de cette catégorie dans une publication destinée au grand public.

Marginal note:2001, c. 14, s. 226

86 Subsections 367(1) to (3) of the Act are repealed.

87 Subsections 368(2) and (3) of the Act are replaced by the following:

  • Marginal note:Content and form of documents

    (2) The Director may establish the requirements for the content and fix the form, including electronic or other forms, of notices and other documents sent to or issued by the Director under this Act and, in so doing, the Director may specify, among other things,

    • (a) the notices and documents that may be transmitted in electronic or other form;

    • (b) the persons or classes of persons who may sign or transmit the notices and other documents;

    • (c) their signature in electronic or other form, or the actions that are to have the same effect for the purposes of this Act as their signature; and

    • (d) the time and circumstances when electronic notices and documents are to be considered to be sent or received, and the place where they are considered to have been sent or received.

88 The Act is amended by adding the following after section 369:

Marginal note:Exemption

369.1 The Director may, in the prescribed circumstances and on any conditions that the Director considers appropriate, exempt any cooperative or any other person from a requirement set out in subsection 52(1), 165(1), 166(1) or 169(1) or section 251 to send any notices or other documents, or classes of notices or other documents.

  • 89 (1) Paragraph 372(1)(c) of the Act is replaced by the following:

    • (c) requiring the payment of a fee in respect of the receipt, examination, filing, issuance or copying of any document, or in respect of any action that the Director is required or authorized to take under this Act, and prescribing the amount of the fee or the manner of determining the fee;

  • Marginal note:2001, c. 14, s. 227(2)

    (2) Paragraph 372(1)(d) of the French version of the Act is replaced by the following:

    • d) prévoir les modalités de paiement des droits, notamment les modalités de temps, les droits supplémentaires qui peuvent être imposés pour les paiements en souffrance, ainsi que les circonstances dans lesquelles les droits peuvent être remboursés en tout ou en partie;

  • (3) Paragraph 372(1)(f) of the Act is replaced by the following:

    • (f) respecting the powers that may be granted by a shareholder in a form of proxy;

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