C-4.1 - Savings and Credit Unions Act

Section 469.1 Disposition versions

1994-06-17

469.1. Notwithstanding the first paragraph of section 469, a confederation may acquire shares in a legal person constituted under Part IA of the Companies Act (chapter C-38), which is or becomes, as a result of that acquisition, a legal person directly controlled by the confederation, if the sole objects of the legal person are to make public issues of securities and to acquire as consideration therefor subordinated debt securities issued by a credit union affiliated with a federation affiliated with the confederation.

The confederation shall, at all times, hold directly all the voting rights attached to the shares of the legal person referred to in the first paragraph.

Notwithstanding sections 123.15, 123.105, 123.119, 123.136 and 123.160 of the Companies Act, any provision relating to the objects of a legal person referred to in the first paragraph must be approved by the Inspector General. After giving his approval, the Inspector General shall issue a certificate in accordance with the procedure set out in section 123.15 of that Act.

1994, c. 38, s. 17.