Cooperative Credit Associations Act
Marginal note:Distribution to the public
13 (1) Subject to subsection (2), for the purposes of this Act, a security of a body corporate
(a) is part of a distribution to the public where, in respect of the security, there has been a filing of a prospectus, statement of material facts, registration statement, securities exchange take-over bid circular or similar document under the laws of Canada, a province or a jurisdiction outside Canada; or
(b) is deemed to be part of a distribution to the public where the security has been issued and a filing referred to in paragraph (a) would be required if the security were being issued currently.
(2) On application therefor by an association, the Superintendent may determine that a security of the association is not or was not part of a distribution to the public if the Superintendent is satisfied that the determination would not prejudice any security holder of the association.
Marginal note:Securities deemed part of distribution
(3) For the purposes of this Act, securities of an association
(a) issued on the conversion of other securities, or
(b) issued in exchange for other securities
are deemed to be securities that are part of a distribution to the public if those other securities were part of a distribution to the public.
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