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C-67.3 - Act respecting financial services cooperatives
Section 473
Disposition versions
473. No financial services cooperative may acquire or hold contributed capital securities issued by a legal person or a partnership or participations in a trust in excess of
(1) 30% of the value of those securities or participations; or
(2) the number of those securities or participations allowing it to exercise more than 30% of the voting rights.
Nor may a financial services cooperative be the co-owner of property if its share of the right of ownership is greater than 30% without exceeding 50%, alone or together with the shares of groups in the same financial group.
473. A financial services cooperative may not acquire, by itself or jointly with a credit union or a federation belonging to its network, directly or through a partnership or legal person it controls, more than 30% of the assets or the voting rights attached to the shares of a legal person, or more than 30% of the assets or the voting rights attached to the shares of a cooperative or other similar legal person whose head office is situated outside Québec. The voting rights may not enable the cooperative to elect more than 1/3 of the directors of the legal person.
However, a financial services cooperative may acquire all or part of the shares of a legal person in the cases determined by regulation of the Government.
473. A financial services cooperative may not acquire, by itself or jointly with a credit union or a federation belonging to its network, directly or through a partnership or legal person it controls, more than 30 % of the assets or the voting rights attached to the shares of a legal person. The voting rights may not enable the cooperative to elect more than 1/3 of the directors of the legal person.
However, a financial services cooperative may acquire all or part of the shares of a legal person in the cases determined by regulation of the Government.
