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

Act current to 2023-01-25 and last amended on 2022-01-01. Previous Versions

PART VICapital Structure (continued)

Security Certificates and Transfers (continued)

Marginal note:Authenticating agent’s duty

 An authenticating trustee, registrar, transfer agent or other agent of an issuer has, in respect of the issue, registration of transfer and cancellation of a security of the issuer,

  • (a) a duty to the issuer to exercise good faith and reasonable diligence; and

  • (b) the same obligations to the holder or owner of a security and the same rights, privileges and immunities as the issuer.

Marginal note:Notice to agent

 Notice to an authenticating trustee, registrar, transfer agent or other agent of an issuer is notice to the issuer in respect of the functions performed by the agent.

PART VIICorporate Governance

Members and Shareholders

Marginal note:Place of meetings

  •  (1) Meetings of members or shareholders of the association shall be held at the place within Canada provided for in the by-laws of the association or, in the absence of any such provision, at the place within Canada that the directors determine.

  • Marginal note:Participation by electronic means

    (2) Unless the by-laws provide otherwise, any person who is entitled to attend a meeting of members or shareholders may participate in the meeting by means of a telephonic, electronic or other communication facility that permits all participants to communicate adequately with each other during the meeting if the association makes one available. A person who is participating in a meeting by one of those means is deemed for the purposes of this Act to be present at the meeting.

  • Marginal note:Regulations

    (3) The Governor in Council may make regulations respecting the manner of and conditions for participating in a meeting by means of a telephonic, electronic or other communication facility that permits all participants to communicate adequately with each other during the meeting.

  • 1991, c. 48, s. 143
  • 2005, c. 54, s. 154

Marginal note:Calling meetings

  •  (1) The directors of an association

    • (a) shall, after the meeting called pursuant to subsection 54(1), call the first annual meeting of the association, which meeting must be held not later than six months after the end of the first financial year of the association, and subsequently call an annual meeting, which meeting must be held not later than six months after the end of each financial year; and

    • (b) may at any time call a special meeting of members or shareholders of the association.

  • Marginal note:Order to delay calling annual meeting

    (2) Despite subsection (1), the association may apply to the court for an order extending the time for calling an annual meeting.

  • Marginal note:Obligation to notify Superintendent

    (3) The association shall give notice of the application to the Superintendent before any hearing concerning the application and shall provide the Superintendent with a copy of any order that is issued.

  • Marginal note:Superintendent’s right to appear

    (4) The Superintendent is entitled to appear and be heard in person or by counsel at any hearing concerning the application.

  • 1991, c. 48, s. 144
  • 2005, c. 54, s. 155

Marginal note:Authority to fix record date

  •  (1) The directors may in advance fix a record date, that is within the prescribed period, for the determination of shareholders for any purpose, including for a determination of which shareholders are entitled to

    • (a) receive payment of a dividend;

    • (b) receive notice of a meeting of shareholders; or

    • (c) vote at a meeting of shareholders.

  • Marginal note:Determination of record date

    (2) If no record date is fixed

    • (a) the record date for the determination of shareholders who are entitled to receive notice of a meeting of shareholders is

      • (i) at the close of business on the day immediately preceding the day on which the notice is given, or

      • (ii) if no notice is given, the day on which the meeting is held; and

    • (b) the record date for the determination of shareholders for any other purpose, other than to establish a shareholder’s right to vote, is at the close of business on the day on which the directors pass a resolution in respect of that purpose.

  • Marginal note:Notice of record date

    (3) If a record date is fixed and unless notice of the record date is waived in writing by every holder of a share of the class or series affected whose name is set out in the securities register at the close of business on the day on which the directors fix the record date, notice of the record date shall be given within the prescribed period by

    • (a) advertisement in a newspaper in general circulation in the place where the association’s head office is situated and in each place in Canada where the association has a transfer agent or where a transfer of its shares may be recorded; and

    • (b) written notice to each stock exchange in Canada on which the association’s shares are listed for trading.

  • 1991, c. 48, s. 145
  • 2005, c. 54, s. 156

Marginal note:Notice of meeting

  •  (1) Notice of the time and place of a meeting of an association’s members or shareholders shall be sent within the prescribed period to

    • (a) each member;

    • (b) each shareholder entitled to vote at the meeting;

    • (c) each director;

    • (d) the auditor of the association; and

    • (e) the Superintendent.

  • Marginal note:Exception

    (1.1) In the case of an association that is not a distributing association, notice may be sent within any shorter period specified in its by-laws.

  • Marginal note:Publication in newspaper

    (2) In addition to the notice required under subsection (1), where any class of shares of an association is publicly traded on a recognized stock exchange in Canada, notice of the time and place of a meeting of shareholders shall be published once a week for at least four consecutive weeks before the date of the meeting in a newspaper in general circulation in the place where the head office of the association is situated and in each place in Canada where the association has a transfer agent or where a transfer of the association’s shares may be recorded.

  • 1991, c. 48, s. 146
  • 2005, c. 54, s. 157

Marginal note:Notice not required

  •  (1) Notice of a meeting is not required to be sent to shareholders who are not registered on the records of the association or the association’s transfer agent on the record date fixed under paragraph 145(1)(b) or determined under paragraph 145(2)(a).

  • Marginal note:Effect of default

    (2) Failure to receive a notice of a meeting does not deprive a member or shareholder of the right to vote at the meeting.

  • 1991, c. 48, s. 147
  • 2005, c. 54, s. 158

Marginal note:Notice of adjourned meeting

  •  (1) If a meeting is adjourned for less than thirty days, it is not necessary, unless the by-laws otherwise provide, to give notice of the adjourned meeting, other than by announcement at the earliest meeting that is adjourned.

  • Marginal note:Notice of meeting continued after adjournment

    (2) If a meeting is adjourned by one or more adjournments for a total of thirty days or more, notice of the continuation of the meeting shall be given as for an original meeting but, unless the meeting is adjourned by one or more adjournments for a total of more than ninety days, subsection 166.04(1) does not apply.

  • 1991, c. 48, s. 148
  • 1997, c. 15, s. 119

Marginal note:Special business

  •  (1) All matters dealt with at a special meeting of members or shareholders and all matters dealt with at an annual meeting, except consideration of the financial statements, auditor’s report, election of directors, remuneration of directors and re-appointment of the incumbent auditor, are deemed to be special business.

  • Marginal note:Notice of special business

    (2) Notice of a meeting of members or shareholders at which special business is to be transacted must

    • (a) state the nature of the special business in sufficient detail to permit a member or shareholder to form a reasoned judgment thereon; and

    • (b) contain the text of any special resolution to be submitted to the meeting.

Marginal note:Nominations for directors

  •  (1) Where shareholders of an association are entitled to elect one or more directors of an association, a notice of a meeting of shareholders must include any nomination made by a shareholder for the election of a director.

  • Marginal note:Exception

    (2) An association is not required to comply with subsection (1) if the nomination is not submitted to the association at least ninety days before the anniversary date of the previous annual meeting.

Marginal note:Waiver of notice

  •  (1) A member, a shareholder and any other person entitled to attend a meeting may in any manner waive notice of the meeting.

  • Marginal note:Idem

    (2) Attendance at a meeting of members or shareholders is a waiver of notice of the meeting, except when a person attends the meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called.

  • 1991, c. 48, s. 151
  • 2001, c. 9, s. 273(F)

Marginal note:Proposals

  •  (1) A member may

    • (a) submit to the association notice of any matter that they propose to raise at an annual meeting of the association (in this section and section 153 referred to as a “proposal”); and

    • (b) discuss at the meeting any matter in respect of which they would have been entitled to submit a proposal.

  • Marginal note:Supporting statement

    (2) A proposal submitted for consideration at a meeting must be attached to the notice of the meeting and, at the request of the member who submits the proposal, the association shall attach to the notice of the meeting the member’s statement in support of the proposal and their name and address. The statement and proposal together are not to exceed the prescribed maximum number of words and the name and address do not form part of the proposal or of the supporting statement and are not to be included for the purposes of the prescribed maximum word limit.

  • Marginal note:Exemption

    (3) An association is not required to comply with subsection (2) if

    • (a) the proposal is not submitted to the association at least the prescribed number of days before the anniversary date of the notice of meeting that was sent in respect of the previous annual meeting;

    • (b) it clearly appears that the primary purpose of the proposal is to enforce a personal claim or redress a personal griev­ance against the association or its directors, officers, members or security holders;

    • (b.1) it clearly appears that the proposal does not relate in a significant way to the business or affairs of the association;

    • (c) the member submitting the proposal failed within the prescribed period before the association receives their proposal to present at a meeting a proposal that at their request had been attached to a notice of a meeting;

    • (d) substantially the same proposal was attached to a notice of a meeting relating to, and presented to members at, a meeting held within the prescribed period before the receipt of the proposal and did not receive the prescribed minimum amount of support at the meeting; or

    • (e) the rights conferred by subsections (1) and (2) are being abused to secure publicity.

  • Marginal note:Immunity for proposal and statement

    (4) No association or person acting on behalf of an association incurs any liability by reason only of circulating a proposal or statement in compliance with section 152.

  • 1991, c. 48, s. 152
  • 2005, c. 54, s. 159

Marginal note:Notice of refusal

  •  (1) If an association refuses to include a proposal in a notice of a meeting referred to in paragraph 146(1)(a), it shall, in writing and within the prescribed period after the day on which it receives the proposal, notify the member submitting the proposal of its intention to omit the proposal from the notice and of the reasons for the refusal.

  • Marginal note:Application to court

    (2) On the application of a member submitting a proposal who claims to be aggrieved by an association’s refusal under subsection (1), a court may restrain the holding of the meeting at which the proposal is sought to be presented and make any further order that it thinks fit.

  • Marginal note:Idem

    (3) An association or any person claiming to be aggrieved by a proposal may apply to a court for an order permitting the association to omit the proposal from a notice of a meeting, and the court, if it is satisfied that subsection 152(3) applies, may make such order as it thinks fit.

  • Marginal note:Notice to Superintendent

    (4) An applicant under subsection (2) or (3) shall give the Superintendent written notice of the application and the Superintendent may appear and be heard at the hearing of the application in person or by counsel.

  • 1991, c. 48, s. 153
  • 2005, c. 54, s. 160

Marginal note:List of members entitled to notice

  •  (1) An association shall, at the close of business on the day immediately preceding the day on which notice of a meeting is to be sent under paragraph 146(1)(a), prepare an alphabet­ical list of members entitled to receive notice.

  • Marginal note:List of shareholders entitled to notice

    (2) An association shall prepare an alphabet­ical list of shareholders entitled to receive notice of a meeting under paragraph 146(1)(b) showing the number of shares held by each shareholder

    • (a) if a record date is fixed under paragraph 145(1)(b), no later than 10 days after that date; and

    • (b) if no record date is fixed, on the record date determined under paragraph 145(2)(a).

  • Marginal note:Voting list

    (3) The association shall prepare an alphabetical list of shareholders entitled to vote as of the record date showing the number of shares held by each shareholder

    • (a) if a record date is fixed under paragraph 145(1)(c), no later than 10 days after that date; and

    • (b) if a record date is not fixed under paragraph 145(1)(c), no later than 10 days after a record date is fixed under paragraph 145(1)(b) or no later than the record date determined under paragraph 145(2)(a), as the case may be.

  • Marginal note:Entitlement to vote

    (4) A shareholder whose name appears on a list prepared under subsection (3) is entitled to vote the shares shown opposite their name.

  • Marginal note:Examination of list

    (5) A member or shareholder may examine the list of members or shareholders

    • (a) during usual business hours at the head office of the association or at the place where its members register is maintained; and

    • (b) at the meeting for which the list was prepared.

  • 1991, c. 48, s. 154
  • 2001, c. 9, s. 274
  • 2005, c. 54, s. 161
 
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