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Notice of Branch Closure (Cooperative Credit Associations) Regulations

Version of section 8 from 2009-02-12 to 2014-11-20:

Marginal note:Commissioner may exempt from or vary notice requirement

  •  (1) In the circumstances set out in subsection (2), the Commissioner may, at the request of a member association,

    • (a) exempt the member association from the requirement to give notice under subsection 385.27(1) of the Act in relation to the closure of a branch or the cessation of an activity referred to in that subsection; or

    • (b) vary the manner and time in which notice is otherwise required to be given under these Regulations.

  • Marginal note:Circumstances in which subsection (1) applies

    (2) Subsection (1) applies in the following circumstances:

    • (a) the closure or cessation is in response to a risk to the safety of the personnel of the branch or the public;

    • (b) the closure or cessation is caused by the member association’s right to use the premises as a retail deposit-taking branch being terminated by a person other than the member association or an affiliate of the member association and that person has not given the member association enough notice of the termination to allow the member association to comply with the notice requirements of these Regulations;

    • (c) the closure or cessation results from a relocation of the branch, and the travelling distance from the new location to the former location is more than 500 m but not great enough to substantially affect either the customers served by the branch or the nature of the business of the branch; or

    • (d) the giving of notice under subsection 385.27(1) of the Act in the manner and time otherwise required by these Regulations would cause undue prejudice to the member association.

  • SOR/2003-70, s. 10(F)
  • SOR/2009-42, s. 1(E)

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