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Cooperative Credit Associations Act

Version of section 375 from 2003-01-01 to 2017-01-14:

Marginal note:Main business

  •  (1) Subject to this Act, an association shall not engage in or carry on any business other than such business as generally appertains to the business of

    • (a) providing financial services to one or more of the following:

      • (i) a member of the association,

      • (ii) an entity in which an association has a substantial investment as allowed by section 390,

      • (ii.1) another association,

      • (iii) a cooperative credit society,

      • (iv) a cooperative corporation, or

      • (v) an entity controlled by an entity or group of entities described by any of subparagraphs (i) to (iv); and

    • (b) providing administrative, educational, promotional, technical, research and consultative services and related goods to any cooperative credit society, or any person intending to organize or operate such a society, in support of the financial services provided or to be provided by the society.

  • Marginal note:Idem

    (2) For greater certainty, an association may act as a financial agent for, and provide investment counselling and portfolio management services to, any person referred to in paragraph (1)(a).

  • Marginal note:Restriction

    (3) Subject to any order that may be made by the Superintendent under section 61 or 62, an association shall not receive money on deposit from a local cooperative credit society, or a cooperative corporation, that is not a member of the association.

  • 1991, c. 48, s. 375
  • 1997, c. 15, s. 137
  • 2001, c. 9, s. 306

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