C-67.3 - Act respecting financial services cooperatives

Section 478 Disposition versions

2019-06-13

478. If a financial services cooperative is the holder of control of a holding company constituted under the Business Corporations Act (chapter S-31.1) and that company is itself the holder of control of a financial institution, the Authority may make the holding company subject to requirements relating to capital, assets and management practices, and to the Authority’s powers with regard to inspections, inquiries, orders, reporting, and the issuing of guidelines and written instructions applicable to the financial institution under the Insurers Act (chapter A-32.1), the Act respecting trust companies and savings companies (chapter S-29.02), the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2), the Securities Act (chapter V-1.1) or the Act respecting the regulation of the financial sector (chapter E-6.1), as applicable. The Authority must publish its decision in its bulletin.

2000, c. 29, s. 478; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2015, c. 8, s. 374; 2018, c. 23, ss. 292 and 811.

2018-07-13

478. If a financial services cooperative is the holder of control of a holding company constituted under the Business Corporations Act (chapter S-31.1) and that company is itself the holder of control of a financial institution, the Authority may make the holding company subject to requirements relating to capital, liquid assets and management practices, and to the Authority’s powers with regard to inspections, inquiries, orders, reporting, and the issuing of guidelines and written instructions applicable to the financial institution under the Act respecting insurance (chapter A-32), the Act respecting trust companies and savings companies (chapter S-29.01), the Securities Act (chapter V-1.1) or the Act respecting the regulation of the financial sector (chapter E-6.1), as applicable. The Authority must publish its decision in its bulletin.

2000, c. 29, s. 478; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2015, c. 8, s. 374; 2018, c. 23, ss. 292 and 811.

2015-04-21

478. No financial services cooperative may, by itself or jointly with a credit union or a federation belonging to its network, directly or through a holding company it controls, acquire shares of a legal person referred to in the second paragraph of section 473 or in section 474 for the purpose of acquiring control of it unless the legal person, by a resolution of its board of directors a copy of which shall be sent to the Authority, makes an undertaking to the cooperative and the Authority, within 60 days after the acquisition,

(1)  not to engage in any activity other than those it was carrying on at the time of the acquisition, unless it has obtained authorization in writing from the Authority;

(2)  to submit its annual financial statements to the Authority together with any other statement or information the Authority may require and to allow the Authority to exercise the powers set out in section 556 to verify the accuracy of the statements or information.

If a financial services cooperative controls a financial institution through a holding company constituted under the Business Corporations Act (chapter S-31.1), the Authority may make the holding company subject to requirements relating to capital, liquid assets and management practices, and to the Authority’s powers with regard to inspections, inquiries, orders, reporting, and the issuing of guidelines and written instructions applicable to the financial institution under the Act respecting insurance (chapter A-32), the Act respecting trust companies and savings companies (chapter S-29.01), the Securities Act (chapter V-1.1) or the Act respecting the Autorité des marchés financiers (chapter A-33.2), as applicable. The Authority must publish its decision in its bulletin.

2000, c. 29, s. 478; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2015, c. 8, s. 374.

2004-12-17

478. No financial services cooperative may, by itself or jointly with a credit union or a federation belonging to its network, directly or through a holding company it controls, acquire shares of a legal person referred to in the second paragraph of section 473 or in section 474 for the purpose of acquiring control of it unless the legal person, by a resolution of its board of directors a copy of which shall be sent to the Authority, makes an undertaking to the cooperative and the Authority, within 60 days after the acquisition,

(1)  not to engage in any activity other than those it was carrying on at the time of the acquisition, unless it has obtained authorization in writing from the Authority;

(2)  to submit its annual financial statements to the Authority together with any other statement or information the Authority may require and to allow the Authority to exercise the powers set out in section 556 to verify the accuracy of the statements or information.

2000, c. 29, s. 478; 2002, c. 45, s. 338; 2004, c. 37, s. 90.

2004-02-01

478. No financial services cooperative may, by itself or jointly with a credit union or a federation belonging to its network, directly or through a holding company it controls, acquire shares of a legal person referred to in the second paragraph of section 473 or in section 474 for the purpose of acquiring control of it unless the legal person, by a resolution of its board of directors a copy of which shall be sent to the Agency, makes an undertaking to the cooperative and the Agency, within 60 days after the acquisition,

(1)  not to engage in any activity other than those it was carrying on at the time of the acquisition, unless it has obtained authorization in writing from the Agency;

(2)  to submit its annual financial statements to the Agency together with any other statement or information the Agency may require and to allow the Agency to exercise the powers set out in section 556 to verify the accuracy of the statements or information.

2000, c. 29, s. 478; 2002, c. 45, s. 338.

2001-07-01

478. No financial services cooperative may, by itself or jointly with a credit union or a federation belonging to its network, directly or through a holding company it controls, acquire shares of a legal person referred to in the second paragraph of section 473 or in section 474 for the purpose of acquiring control of it unless the legal person, by a resolution of its board of directors a copy of which shall be sent to the Inspector General, makes an undertaking to the cooperative and the Inspector General, within 60 days after the acquisition,

(1)  not to engage in any activity other than those it was carrying on at the time of the acquisition, unless it has obtained authorization in writing from the Inspector General;

(2)  to submit its annual financial statements to the Inspector General together with any other statement or information the Inspector General may require and to allow the Inspector General to exercise the powers set out in section 556 to verify the accuracy of the statements or information.

2000, c. 29, s. 478.