Cooperative Credit Associations Act

Marginal note:Order to commence and carry on business

• 56 (1) An association shall not carry on any business until the Superintendent has, by order, approved the commencement and carrying on of business by the association.

• Marginal note:Former-Act association

  (2) A certificate or any other authorization that was given to the former-Act association and that is in effect immediately before the coming into force of this Part is deemed to be an order of the Superintendent under subsection (1).

• Marginal note:Continued association

  (3) Except in respect of a body corporate that is continued as an association under this Act for the purpose of immediately amalgamating with one or more bodies corporate and continuing as an association under this Act, if letters patent continuing a body corporate as an association under this Act are issued, the Superintendent shall make an order approving the commencement and carrying on of business by the association.

• Marginal note:Amalgamated association

  (4) If letters patent amalgamating and continuing two or more bodies corporate as an association under this Act are issued, the Superintendent shall make an order approving the commencement and carrying on of business by the association.

• Marginal note:S. 57(2) and s. 60 do not apply

  (5) For greater certainty, subsection 57(2) and section 60 do not apply in respect of an association referred to in subsection (3) or (4).