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C-67.3 - Act respecting financial services cooperatives

Section 480
Disposition versions

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480. A federation must, at all times, hold directly all the shares carrying voting rights of the issuing corporation referred to in section 475.
The deposit of articles containing a provision relating to the objects of the issuing corporation requires the approval of the Authority.
2000, c. 29, s. 480; 2002, c. 45, s. 320; 2004, c. 37, s. 90; 2009, c. 27, s. 6; 2009, c. 52, s. 589; 2018, c. 23, s. 295.
480. Notwithstanding the first paragraph of section 473, a federation may acquire shares issued by a legal person constituted under Part IA of the Companies Act (chapter C-38) before 14 February 2011 or by a legal person constituted or continued after that date under the Business Corporations Act (chapter S-31.1) and, if the sole objects of the legal person are to make public issues of securities and to acquire as consideration therefor securities issued by a credit union or that federation.
A federation must, at all times, hold directly all the shares carrying voting rights of the legal person referred to in the first paragraph.
The deposit of articles containing a provision relating to the objects of a legal person referred to in the first paragraph requires the approval of the Authority.
2000, c. 29, s. 480; 2002, c. 45, s. 320; 2004, c. 37, s. 90; 2009, c. 27, s. 6; 2009, c. 52, s. 589.
480. Notwithstanding the first paragraph of section 473, a federation may acquire shares issued by a legal person constituted under Part IA of the Companies Act (chapter C-38), if the sole objects of the legal person are to make public issues of securities and to acquire as consideration therefor securities issued by a credit union or that federation.
A federation must, at all times, hold directly all the shares carrying voting rights 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 constituted under Part IA of the Companies Act and referred to in the first paragraph must receive prior approval from the Authority. Following such approval, the Authority shall issue a certificate and transmit it to the enterprise registrar who shall deposit it in the register of sole proprietorships, partnerships and legal persons in accordance with the procedure set out in section 123.15 of that Act.
2000, c. 29, s. 480; 2002, c. 45, s. 320; 2004, c. 37, s. 90; 2009, c. 27, s. 6.
480. Notwithstanding the first paragraph of section 473, a federation may acquire shares issued by a legal person constituted under Part IA of the Companies Act (chapter C‐38), if the sole objects of the legal person are to make public issues of securities and to acquire as consideration therefor securities issued by a credit union.
A federation must, 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 constituted under Part IA of the Companies Act and referred to in the first paragraph must receive prior approval from the Authority. Following such approval, the Authority shall issue a certificate and transmit it to the enterprise registrar who shall deposit it in the register of sole proprietorships, partnerships and legal persons in accordance with the procedure set out in section 123.15 of that Act.
2000, c. 29, s. 480; 2002, c. 45, s. 320; 2004, c. 37, s. 90.
480. Notwithstanding the first paragraph of section 473, a federation may acquire shares issued by a legal person constituted under Part IA of the Companies Act (chapter C‐38), if the sole objects of the legal person are to make public issues of securities and to acquire as consideration therefor securities issued by a credit union.
A federation must, 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 constituted under Part IA of the Companies Act and referred to in the first paragraph must receive prior approval from the Agency. Following such approval, the Agency shall issue a certificate and transmit it to the enterprise registrar who shall deposit it in the register of sole proprietorships, partnerships and legal persons in accordance with the procedure set out in section 123.15 of that Act.
2000, c. 29, s. 480; 2002, c. 45, s. 320.
480. Notwithstanding the first paragraph of section 473, a federation may acquire shares issued by a legal person constituted under Part IA of the Companies Act (chapter C‐38), if the sole objects of the legal person are to make public issues of securities and to acquire as consideration therefor securities issued by a credit union.
A federation must, 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 constituted under Part IA of the Companies Act and referred to in the first paragraph must be approved by the Inspector General. The Inspector General shall, after giving his or her approval, issue a certificate in accordance with the procedure set out in section 123.15 of that Act.
2000, c. 29, s. 480.
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