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Cooperative Credit Associations Act (S.C. 1991, c. 48)

Act current to 2023-01-11 and last amended on 2022-01-01. Previous Versions

Cooperative Credit Associations Act

S.C. 1991, c. 48

Assented to 1991-12-13

An Act to revise and amend the law governing cooperative credit associations and to provide for related and consequential matters

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

Short Title

Marginal note:Short title

 This Act may be cited as the Cooperative Credit Associations Act.

PART IInterpretation and Application

Definitions

Marginal note:Definitions

 In this Act,

affairs

affairs, with respect to an association, means the relationships among the association and its affiliates and the members, shareholders, directors and officers of the association and its affiliates, but does not include the business of the association or any of its affiliates; (affaires internes)

affiliate

affiliate means an entity that is affiliated with another entity within the meaning of section 6; (groupe)

Agency

Agency means the Financial Consumer Agency of Canada established under section 3 of the Financial Consumer Agency of Canada Act; (Agence)

annual statement

annual statement means the annual financial statement of an association within the meaning of paragraph 292(1)(a); (rapport annuel)

association

association means a body corporate referred to in section 14; (association)

auditor

auditor includes a firm of accountants; (vérificateur)

bearer

bearer, in relation to a security, means the person in possession of a security payable to bearer or endorsed in blank; (porteur)

bearer form

bearer form, in respect of a security, means a security in bearer form as determined in accordance with subsection 90(2); (titre au porteur)

beneficial ownership

beneficial ownership includes ownership through one or more trustees, legal representatives, agents or other intermediaries; (véritable propriétaire et propriété effective)

body corporate

body corporate means an incorporated body wherever or however incorporated; (personne morale)

branch

branch, in respect of an association, means an agency, the head office and any other office of the association; (bureau)

Canadian financial institution

Canadian financial institution means a financial institution that is incorporated or formed by or under an Act of Parliament or of the legislature of a province; (institution financière canadienne)

central cooperative credit society

central cooperative credit society means a cooperative credit society incorporated by or under an Act of the legislature of a province, one of whose principal purposes is to provide liquidity support to local cooperative credit societies, and

  • (a) whose membership consists wholly or primarily of local cooperative credit societies, or

  • (b) whose directors are wholly or primarily persons elected or appointed by local cooperative credit societies,

but does not include a deposit protection agency; (coopérative de crédit centrale ou centrale)

central securities register

central securities register or securities register means the register referred to in section 245; (registre central des valeurs mobilières ou registre des valeurs mobilières)

Commissioner

Commissioner means the Commissioner of the Financial Consumer Agency of Canada appointed under section 4 of the Financial Consumer Agency of Canada Act; (commissaire)

common-law partner

common-law partner, in relation to an individual, means a person who is cohabiting with the individual in a conjugal relationship, having so cohabited for a period of at least one year; (conjoint de fait)

complainant

complainant, in relation to an association or any matter concerning an association, means

  • (a) a member or former member of an association,

  • (b) a registered holder or beneficial owner, and a former registered holder or beneficial owner, of a security of an association or any of its affiliates,

  • (c) a director or an officer, or a former director or officer, of an association or any of its affiliates, or

  • (d) any other person who, in the discretion of a court, is a proper person to make an application under section 318, 322 or 469; (plaignant)

consumer provision

consumer provision means a provision referred to in paragraph (b) or (b.1) of the definition consumer provision in section 2 of the Financial Consumer Agency of Canada Act; (disposition visant les consommateurs)

cooperative credit society

cooperative credit society means a cooperative corporation one of whose principal purposes is to provide financial services to its members; (coopérative de crédit)

cooperative corporation

cooperative corporation means a body corporate organized and operated on cooperative principles; (coopérative)

court

court means

  • (a) in the Province of Ontario, the Superior Court of Justice,

  • (b) in the Province of Quebec, the Superior Court of the Province,

  • (c) in the Provinces of Nova Scotia, British Columbia, and Prince Edward Island, the Supreme Court of the Province,

  • (d) in the Provinces of New Brunswick, Manitoba, Saskatchewan and Alberta, the Court of Queen’s Bench for the Province,

  • (e) in the Province of Newfoundland and Labrador, the Trial Division of the Supreme Court of the Province, and

  • (f) the Supreme Court of Yukon, the Supreme Court of the Northwest Territories and the Nunavut Court of Justice; (tribunal)

court of appeal

court of appeal means the court to which an appeal lies from a decision or order of a court; (cour d’appel)

debt obligation

debt obligation means a bond, debenture, note or other evidence of indebtedness of an entity, whether secured or unsecured; (titre de créance)

delegate

delegate means a natural person appointed or elected to represent a member of an association at a meeting of members; (délégué)

deposit protection agency

deposit protection agency means an entity established

  • (a) to provide or administer a stabilization or mutual aid fund for local cooperative credit societies,

  • (b) to assist in the payment of any losses incurred by the members of a local cooperative credit society in the liquidation of the society, or

  • (c) to provide deposit insurance for members of local cooperative credit societies; (agence d’assurance-dépôts)

director

director means a natural person occupying the position of director, by whatever name called, of a body corporate, and board of directors or directors refers to the directors of a body corporate as a body; (administrateur, conseil d’administration ou conseil)

entity

entity means a body corporate, trust, partnership, fund, an unincorporated organization, Her Majesty in right of Canada or of a province, an agency of Her Majesty in either of such rights and the government of a foreign country or any political subdivision thereof and any agency thereof; (entité)

federal credit union

federal credit union has the same meaning as in section 2 of the Bank Act; (coopérative de crédit fédérale)

federal league

federal league means a cooperative corporation incorporated under an Act of Parliament whose membership consists wholly or primarily of federal credit unions and whose principal purpose is the provision of administrative, technical, research and consultative services, and goods related to those services, to any cooperative credit society or to persons intending to organize or operate such a society; (confédération fédérale)

fiduciary

fiduciary means any person acting in a fiduciary capacity, and includes a personal representative of a deceased person; (représentant)

financial institution

financial institution means

  • (a) an association,

  • (b) a bank or an authorized foreign bank within the meaning of section 2 of the Bank Act,

  • (c) a body corporate to which the Trust and Loan Companies Act applies,

  • (d) an insurance company or a fraternal benefit society incorporated or formed under the Insurance Companies Act,

  • (e) a trust, loan or insurance corporation incorporated by or under an Act of the legislature of a province,

  • (f) a cooperative credit society incorporated and regulated by or under an Act of the legislature of a province,

  • (g) an entity that is incorporated or formed by or under an Act of Parliament or of the legislature of a province and that is primarily engaged in dealing in securities, including portfolio management and investment counselling, and

  • (h) a foreign institution; (institution financière)

foreign institution

foreign institution means an entity that is

  • (a) engaged in the business of banking, the trust, loan or insurance business, the business of a cooperative credit society or the business of dealing in securities or is otherwise engaged primarily in the business of providing financial services, and

  • (b) incorporated or formed otherwise than by or under an Act of Parliament or of the legislature of a province; (institution étrangère)

former Act

former Act means the Cooperative Credit Associations Act, chapter C-41 of the Revised Statutes of Canada, 1985; (loi antérieure)

former-Act association

former-Act association means the Canadian Co-operative Credit Society Limited, a corporation incorporated by chapter 58 of the Statutes of Canada, 1952-53; (association antérieure)

form of proxy

form of proxy means a written or printed form that, when completed and executed by or on behalf of a shareholder, constitutes a proxy; (formulaire de procuration)

guarantee

guarantee includes a letter of credit; (garantie)

head office

head office means the office required to be maintained by an association pursuant to section 234; (siège)

holder

holder means

  • (a) in respect of a security certificate, the person in possession of the certificate issued or endorsed to that person or to bearer or in blank,

  • (b) in respect of the ownership of a membership share, the person referred to in section 7, and

  • (c) in respect of the ownership of a share, the shareholder of the share within the meaning of section 8; (détenteur)

holding body corporate

holding body corporate means a holding body corporate within the meaning of section 4; (société mère)

incorporated

incorporated, when used with reference to a body corporate that is incorporated by or under an Act of Parliament or of the legislature of a province, also refers to a body corporate that is continued by or under any such Act; (constitué en personne morale ou constitué)

incorporating instrument

incorporating instrument means the special Act, letters patent, instrument of continuance or other constating instrument by which a body corporate was incorporated or continued and includes any amendment to or restatement of the constating instrument; (acte constitutif)

incorporator

incorporator, in relation to an association, means a person who applied for letters patent to incorporate the association; (fondateur)

issuer

issuer, in respect of a security, means the entity that issues or issued the security; (émetteur)

league

league[Repealed, 2014, c. 39, s. 278]

letters patent

letters patent, in respect of an instrument authorized to be issued under this Act, means letters patent in a form approved by the Superintendent; (lettres patentes)

local cooperative credit society

local cooperative credit society means a cooperative credit society incorporated by or under an Act of the legislature of a province

  • (a) whose members consist substantially of individuals, and

  • (b) whose principal purpose is to receive deposits from, and make loans to, its members; (coopérative de crédit locale ou coopérative locale)

member

member, in respect of an association, means a person who is a member of the association; (Version anglaise seulement)

members register

members register means the register referred to in section 49; (registre des associés)

membership share

membership share means an interest in the equity of an association that confers the rights referred to in subsection 67(2); (parts sociales)

Minister

Minister means the Minister of Finance; (ministre)

minor

minor has the same meaning as in the applicable provincial law and in the absence of any such law has the same meaning as the word “child” in the United Nations Convention on the Rights of the Child adopted in the United Nations General Assembly on November 20, 1989; (mineur)

officer

officer means

  • (a) in relation to a body corporate, a chief executive officer, president, vice-president, secretary, controller, treasurer and any other natural person designated as an officer of the body corporate by by-law or by resolution of the directors of the body corporate, and

  • (b) in relation to any other entity, any natural person designated as an officer of the entity by by-law, by resolution of the members thereof or otherwise; (dirigeant)

order form

order form, in respect of a security, means a security in order form as determined in accordance with subsection 90(3); (titre à ordre)

ordinary resolution

ordinary resolution means a resolution passed by a majority of the votes cast by or on behalf of the members who voted in respect of the resolution; (résolution ordinaire)

patronage allocation

patronage allocation means an amount that an association allocates among and credits or pays to its members or to its member and non-member patrons based on the business done by them with or through the association, and includes

  • (a) a patronage refund, and

  • (b) an allocation in proportion to borrowing; (ristourne)

person

person means a natural person, an entity or a personal representative; (personne)

personal representative

personal representative means a person who stands in place of and represents another person and, without limiting the generality of the foregoing, includes, as the circumstances require, a trustee, an executor, an administrator, a committee, a guardian, a tutor, a curator, an assignee, a receiver, an agent or an attorney of any person, but does not include a delegate; (représentant personnel)

prescribed

prescribed means prescribed by regulation; (Version anglaise seulement)

provincial league

provincial league means a cooperative corporation incorporated under an Act of the legislature of a province whose membership consists wholly or primarily of local cooperative credit societies and whose principal purpose is the provision of administrative, technical, research and consultative services, and goods related to those services, to any cooperative credit society or to persons intending to organize or operate such a society; (confédération provinciale)

proxy

proxy means a completed and executed form of proxy by means of which a shareholder appoints a proxyholder to attend and act on the shareholder’s behalf at a meeting of shareholders; (procuration)

proxyholder

proxyholder means the person appointed by proxy to attend and act on behalf of a shareholder at a meeting of shareholders; (fondé de pouvoir)

real property

real property includes a leasehold interest in real property; (biens immeubles)

recorded address

recorded address means

  • (a) in relation to a member of an association, the latest postal address of the member according to the members register of the association,

  • (b) in relation to a shareholder of an association, the latest postal address of the person according to the central securities register of the association, and

  • (c) in relation to any other person in respect of a retail association, the latest postal address of the person according to the records of the branch concerned; (adresse enregistrée)

registered form

registered form, in respect of a security, means a security in registered form as determined in accordance with subsection 90(4); (titre nominatif)

regulatory capital

regulatory capital, in respect of an association, has the meaning given to that expression by the regulations; (capital réglementaire)

resident Canadian

resident Canadian means a natural person who is

  • (a) a Canadian citizen ordinarily resident in Canada,

  • (b) a Canadian citizen not ordinarily resident in Canada who is a member of a prescribed class of persons, or

  • (c) a permanent resident within the meaning of subsection 2(1) of the Immigration and Refugee Protection Act and ordinarily resident in Canada, except a permanent resident who has been ordinarily resident in Canada for more than one year after the time at which the individual first became eligible to apply for Canadian citizenship; (résident canadien)

residential property

residential property means real property consisting of buildings that are used, or are to be used, to the extent of at least one half of the floor space thereof, as one or more private dwellings; (immeuble résidentiel)

retail association

retail association, for the purpose of any particular provision of this Act, means an association as defined in the regulations; (association de détail)

securities underwriter

securities underwriter means a person who, as principal, agrees to purchase securities with a view to the distribution of the securities or who, as agent for a body corporate or other person, offers for sale or sells securities in connection with a distribution of the securities, and includes a person who participates, directly or indirectly, in a distribution of securities, other than a person whose interest in the distribution of securities is limited to receiving a distributor’s or seller’s commission payable by a securities underwriter; (souscripteur à forfait)

security

security means

  • (a) in relation to a body corporate, a share of any class of shares of the body corporate or a debt obligation of the body corporate, and includes a warrant of the body corporate, but does not include a deposit with a financial institution or any instrument evidencing such a deposit or, for greater certainty, a membership share, and

  • (b) in relation to any other entity, any ownership interest in or debt obligation of the entity; (titre ou valeur mobilière)

security interest

security interest means an interest in or charge on property by way of mortgage, lien, pledge or otherwise taken by a creditor or guarantor to secure the payment or performance of an obligation; (sûreté)

send

send includes deliver; (envoyer)

series

series, in respect of shares, means a division of a class of shares; (série)

share

share does not include a membership share; (Version anglaise seulement)

significant interest

significant interest means a significant interest determined in accordance with section 9; (intérêt substantiel)

special resolution

special resolution means a resolution passed by a majority of not less than two thirds of the votes cast by or on behalf of the persons who voted in respect of that resolution; (résolution extraordinaire)

subordinated indebtedness

subordinated indebtedness means an instrument evidencing an indebtedness of an association that by its terms provides that the indebtedness will, in the event of the insolvency or winding-up of the association, be subordinate in right of payment to all deposit liabilities of the association and all other liabilities of the association except those that, by their terms, rank equally with or are subordinate to such indebtedness; (titre secondaire)

subsidiary

subsidiary means an entity that is a subsidiary of another entity within the meaning of section 5; (filiale)

substantial investment

substantial investment means a substantial investment determined in accordance with section 12; (intérêt de groupe financier)

Superintendent

Superintendent means the Superintendent of Financial Institutions appointed pursuant to the Office of the Superintendent of Financial Institutions Act; (surintendant)

trade

trade, in respect of securities, means any sale or disposition of securities for valuable consideration; (opération)

transfer

transfer, in respect of securities, includes a transmission by operation of law; (transfert)

voting share

voting share means a share of any class of shares of a body corporate carrying voting rights under all circumstances or by reason of an event that has occurred and is continuing or by reason of a condition that has been fulfilled. (action avec droit de vote)

  • 1991, c. 48, ss. 2, 496, 497
  • 1992, c. 51, s. 31
  • 1998, c. 30, ss. 13(F), 15(E)
  • 1999, c. 3, s. 24, c. 28, s. 115
  • 2000, c. 12, s. 84
  • 2001, c. 9, s. 248, c. 27, s. 234
  • 2002, c. 7, s. 136(E)
  • 2005, c. 54, s. 140
  • 2007, c. 6, s. 135
  • 2010, c. 12, s. 2114
  • 2012, c. 5, s. 104
  • 2014, c. 39, s. 278
  • 2015, c. 3, s. 43
 
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