Cooperative Credit Associations Act

Marginal note:Constraining acquisition

• 354 (1) No person, or entity controlled by a person, shall, without the approval of the Minister, purchase or otherwise acquire any share of an association or purchase or otherwise acquire control of any entity that holds any share of an association if

  • (a) the acquisition would cause the person to have a significant interest in any class of shares of the association; or

  • (b) where the person has a significant interest in a class of shares of the association, the acquisition would increase the significant interest of the person in that class of shares.

• Marginal note:Amalgamation, etc., constitutes acquisition

  (2) Where, as a result of an amalgamation, merger or reorganization, the entity that results therefrom would have a significant interest in a class of shares of an association, that entity shall be deemed to be acquiring a significant interest in that class of shares of the association through an acquisition for which the approval of the Minister is required pursuant to subsection (1).

• Marginal note:Exemption

  (3) On application by an association, the Superintendent may exempt from the application of this section and section 355 any class of shares of the association that do not amount to more than 30% of the equity of the association.

• Marginal note:Definition of “equity”

  (4) For the purposes of this section, equity, in respect of an association, means its equity as determined in accordance with the regulations.