C-67.3 - Act respecting financial services cooperatives

Section 599 Disposition versions

2018-07-13

599. The Government may, by regulation,

(1)  prescribe the fees exigible for any formality or measure provided for in this Act or a government regulation thereunder or for the examination or reproduction of documents, and prescribe the terms and conditions applicable to the payment of such fees;

(2)  identify the public authorities referred to in subparagraph 6 of the first paragraph of section 17;

(3)  determine, for the purposes of subparagraph 7 of the first paragraph of section 17, the cases where the name of a credit union may falsely suggest that it is related to another person, partnership or group;

(4)  determine the criteria to be taken into account for the purposes of subparagraphs 7 and 8 of the first paragraph of section 17;

(5)  determine, for the purposes of section 19, any word or expression that may not be included in the name of a credit union unless the federation determined by the Government in the regulation consents by resolution to the use of the name and undertakes by resolution to admit the credit union as a member;

(6)  (subparagraph repealed);

(7)  (subparagraph repealed);

(7.0.1)  determine the limits applicable to the reserve for future dividends;

(7.1)  determine the policy the caisses must adopt in accordance with section 131.1 or elements of such a policy;

(7.2)  determine the policy that a federation must adopt in accordance with section 131.1 or elements of such a policy;

(8)  determine the additional information that must be stated by the auditor in a report under section 151 or 159;

(8.1)  determine, for the purposes of section 288.1, the limits to the voting rights that participating auxiliary members may exercise together at a general meeting of the federation;

(9)  determine the subjects that must be examined by the audit and inspection commission in accordance with section 389;

(10)  determine the cases where, despite section 473, a financial services cooperative may acquire and hold up to all the contributed capital securities issued by a legal person or a partnership, up to all the participations in a trust or a share of a right of ownership;

(11)  (subparagraph repealed);

(11.1)  (subparagraph repealed);

(12)  (subparagraph repealed);

(13)  (subparagraph repealed);

(14)  (subparagraph repealed);

(15)  determine from among the regulatory provisions made under this section those the violation of which constitutes an offence;

(16)  prescribe the cases in which an advertisement may be made with respect to a security fund and the manner and form of the advertisement, for the purposes of section 516;

(17)  (subparagraph repealed);

(18)  determine the maximum value or maximum number of the shares, other than qualifying shares, which auxiliary members of a financial services cooperative may hold and the maximum proportion of such shares in relation to the total number of shares held by all members.

The value, number and proportion of shares prescribed in a regulation adopted under subparagraph 18 of the first paragraph may vary according to the rights, privileges or restrictions attaching to them.

2000, c. 29, s. 599; 2002, c. 45, s. 334; 2003, c. 20, s. 30; 2008, c. 7, s. 71; 2018, c. 23, s. 330.

2008-05-28

599. The Government may, by regulation,

(1)  prescribe the fees exigible for any formality or measure provided for in this Act or a government regulation thereunder or for the examination or reproduction of documents, and prescribe the terms and conditions applicable to the payment of such fees;

(2)  identify the public authorities referred to in subparagraph 6 of the first paragraph of section 17;

(3)  determine, for the purposes of subparagraph 7 of the first paragraph of section 17, the cases where the name of a credit union may falsely suggest that it is related to another person, partnership or group;

(4)  determine the criteria to be taken into account for the purposes of subparagraphs 7 and 8 of the first paragraph of section 17;

(5)  determine, for the purposes of section 19, any word or expression that may not be included in the name of a credit union unless the federation determined by the Government in the regulation consents by resolution to the use of the name and undertakes by resolution to admit the credit union as a member;

(6)  designate the persons from whom a financial services cooperative may receive deposits for the purposes of paragraph 4 of section 75;

(7)  determine the activities of a trust company which may be exercised by a financial services cooperative and specify the cases and conditions in and on which the cooperative may exercise them;

(7.0.1)  determine the limits applicable to the reserve for future dividends;

(7.1)  determine the policy the caisses must adopt in accordance with section 131.1 or elements of such a policy;

(7.2)  determine the policy that a federation must adopt in accordance with section 131.1 or elements of such a policy;

(8)  determine the additional information that must be stated by the auditor in a report under section 151 or 159;

(8.1)  determine, for the purposes of section 288.1, the limits to the voting rights that participating auxiliary members may exercise together at a general meeting of the federation;

(9)  determine the subjects that must be examined by the audit and inspection commission in accordance with section 389;

(10)  prescribe standards respecting the adequacy of the capital base of a credit union that is not a member of a federation and of the capital base of a network, the assets that make up such a capital base as well as the proportion of those assets to each other;

(11)  prescribe standards respecting the adequacy of the liquid assets of a financial services cooperative;

(11.1)  prescribe standards respecting the commercial practices of a financial services cooperative;

(12)  determine the limits applicable to the investments which a financial services cooperative may make;

(13)  determine the cases in which a financial services cooperative may, notwithstanding the first paragraph of section 473, acquire some or all of the shares of any legal person;

(14)  determine the cases in which the first paragraph of section 475 does not apply;

(15)  determine from among the regulatory provisions made under this section those the violation of which constitutes an offence;

(16)  prescribe the cases in which an advertisement may be made with respect to a security fund and the manner and form of the advertisement, for the purposes of section 516;

(17)  determine the cases, conditions and restrictions applicable to the investments of a security fund;

(18)  determine the maximum value or maximum number of the shares, other than qualifying shares, which auxiliary members of a financial services cooperative may hold and the maximum proportion of such shares in relation to the total number of shares held by all members.

The standards prescribed under subparagraphs 10 and 11 of the first paragraph may indicate expectations with regard to the cooperatives to which the standards apply and provide a framework for their management. The Regulations Act (chapter R-18.1) does not apply to regulations or draft regulations made under those provisions.

The value, number and proportion of shares prescribed in a regulation adopted under subparagraph 18 of the first paragraph may vary according to the rights, privileges or restrictions attaching to them.

2000, c. 29, s. 599; 2002, c. 45, s. 334; 2003, c. 20, s. 30; 2008, c. 7, s. 71.

2003-12-18

599. The Government may, by regulation,

(1)  prescribe the fees exigible for any formality or measure provided for in this Act or a government regulation thereunder or for the examination or reproduction of documents, and prescribe the terms and conditions applicable to the payment of such fees;

(2)  identify the public authorities referred to in subparagraph 6 of the first paragraph of section 17;

(3)  determine, for the purposes of subparagraph 7 of the first paragraph of section 17, the cases where the name of a credit union may falsely suggest that it is related to another person, partnership or group;

(4)  determine the criteria to be taken into account for the purposes of subparagraphs 7 and 8 of the first paragraph of section 17;

(5)  determine, for the purposes of section 19, any word or expression that may not be included in the name of a credit union unless the federation determined by the Government in the regulation consents by resolution to the use of the name and undertakes by resolution to admit the credit union as a member;

(6)  designate the persons from whom a financial services cooperative may receive deposits for the purposes of paragraph 4 of section 75;

(7)  determine the activities of a trust company which may be exercised by a financial services cooperative and specify the cases and conditions in and on which the cooperative may exercise them;

(7.0.1)  determine the limits applicable to the reserve for future dividends;

(7.1)  determine the policy the caisses must adopt in accordance with section 131.1 or elements of such a policy;

(7.2)  determine the policy that a federation must adopt in accordance with section 131.1 or elements of such a policy;

(8)  determine the additional information that must be stated by the auditor in a report under section 151 or 159;

(8.1)  determine, for the purposes of section 288.1, the limits to the voting rights that participating auxiliary members may exercise together at a general meeting of the federation;

(9)  determine the subjects that must be examined by the audit and inspection commission in accordance with section 389;

(10)  prescribe standards respecting the adequacy of the capital base of a credit union that is not a member of a federation and of the capital base of a network, the assets that make up such a capital base as well as the proportion of those assets to each other;

(11)  prescribe standards respecting the adequacy of the liquid assets of a financial services cooperative;

(12)  determine the limits applicable to the investments which a financial services cooperative may make;

(13)  determine the cases in which a financial services cooperative may, notwithstanding the first paragraph of section 473, acquire some or all of the shares of any legal person;

(14)  determine the cases in which the first paragraph of section 475 does not apply;

(15)  determine from among the regulatory provisions made under this section those the violation of which constitutes an offence;

(16)  prescribe the cases in which an advertisement may be made with respect to a security fund and the manner and form of the advertisement, for the purposes of section 516;

(17)  determine the cases, conditions and restrictions applicable to the investments of a security fund;

(18)  determine the maximum value or maximum number of the shares, other than qualifying shares, which auxiliary members of a financial services cooperative may hold and the maximum proportion of such shares in relation to the total number of shares held by all members.

The standards prescribed under subparagraphs 10 and 11 of the first paragraph may indicate expectations with regard to the cooperatives to which the standards apply and provide a framework for their management. The Regulations Act (chapter R-18.1) does not apply to regulations or draft regulations made under those provisions.

The value, number and proportion of shares prescribed in a regulation adopted under subparagraph 18 of the first paragraph may vary according to the rights, privileges or restrictions attaching to them.

2000, c. 29, s. 599; 2002, c. 45, s. 334; 2003, c. 20, s. 30.

2002-12-11

599. The Government may, by regulation,

(1)  prescribe the fees exigible for any formality or measure provided for in this Act or a government regulation thereunder or for the examination or reproduction of documents, and prescribe the terms and conditions applicable to the payment of such fees;

(2)  identify the public authorities referred to in subparagraph 6 of the first paragraph of section 17;

(3)  determine, for the purposes of subparagraph 7 of the first paragraph of section 17, the cases where the name of a credit union may falsely suggest that it is related to another person, partnership or group;

(4)  determine the criteria to be taken into account for the purposes of subparagraphs 7 and 8 of the first paragraph of section 17;

(5)  determine, for the purposes of section 19, any word or expression that may not be included in the name of a credit union unless the federation determined by the Government in the regulation consents by resolution to the use of the name and undertakes by resolution to admit the credit union as a member;

(6)  designate the persons from whom a financial services cooperative may receive deposits for the purposes of paragraph 4 of section 75;

(7)  determine the activities of a trust company which may be exercised by a financial services cooperative and specify the cases and conditions in and on which the cooperative may exercise them;

(7.1)  determine the policy the caisses must adopt in accordance with section 131.1 or elements of such a policy;

(7.2)  determine the policy that a federation must adopt in accordance with section 131.1 or elements of such a policy;

(8)  determine the additional information that must be stated by the auditor in a report under section 151 or 159;

(9)  determine the subjects that must be examined by the audit and inspection commission in accordance with section 389;

(10)  prescribe standards respecting the adequacy of the capital base of a credit union that is not a member of a federation and of the capital base of a network, the assets that make up such a capital base as well as the proportion of those assets to each other;

(11)  prescribe standards respecting the adequacy of the liquid assets of a financial services cooperative;

(12)  determine the limits applicable to the investments which a financial services cooperative may make;

(13)  determine the cases in which a financial services cooperative may, notwithstanding the first paragraph of section 473, acquire some or all of the shares of any legal person;

(14)  determine the cases in which the first paragraph of section 475 does not apply;

(15)  determine from among the regulatory provisions made under this section those the violation of which constitutes an offence;

(16)  prescribe the cases in which an advertisement may be made with respect to a security fund and the manner and form of the advertisement, for the purposes of section 516;

(17)  determine the cases, conditions and restrictions applicable to the investments of a security fund;

(18)  determine the maximum value or maximum number of the shares, other than qualifying shares, which auxiliary members of a financial services cooperative may hold and the maximum proportion of such shares in relation to the total number of shares held by all members.

The standards prescribed under subparagraphs 10 and 11 of the first paragraph may indicate expectations with regard to the cooperatives to which the standards apply and provide a framework for their management. The Regulations Act (chapter R-18.1) does not apply to regulations or draft regulations made under those provisions.

The value, number and proportion of shares prescribed in a regulation adopted under subparagraph 18 of the first paragraph may vary according to the rights, privileges or restrictions attaching to them.

2000, c. 29, s. 599; 2002, c. 45, s. 334.

2001-07-01

599. The Government may, by regulation,

(1)  prescribe the fees exigible for any formality or measure provided for in this Act or a government regulation thereunder or for the examination or reproduction of documents, and prescribe the terms and conditions applicable to the payment of such fees;

(2)  identify the public authorities referred to in subparagraph 6 of the first paragraph of section 17;

(3)  determine, for the purposes of subparagraph 7 of the first paragraph of section 17, the cases where the name of a credit union may falsely suggest that it is related to another person, partnership or group;

(4)  determine the criteria to be taken into account for the purposes of subparagraphs 7 and 8 of the first paragraph of section 17;

(5)  determine, for the purposes of section 19, any word or expression that may not be included in the name of a credit union unless the federation determined by the Government in the regulation consents by resolution to the use of the name and undertakes by resolution to admit the credit union as a member;

(6)  designate the persons from whom a financial services cooperative may receive deposits for the purposes of paragraph 4 of section 75;

(7)  determine the activities of a trust company which may be exercised by a financial services cooperative and specify the cases and conditions in and on which the cooperative may exercise them;

(8)  determine the additional information that must be stated by the auditor in a report under section 151 or 159;

(9)  determine the subjects that must be examined by the audit commission in accordance with section 389;

(10)  prescribe standards respecting the adequacy of the capital base of a credit union that is not a member of a federation and of the capital base of a network, the assets that make up such a capital base as well as the proportion of those assets to each other;

(11)  prescribe standards respecting the adequacy of the liquid assets of a financial services cooperative;

(12)  determine the limits applicable to the investments which a financial services cooperative may make;

(13)  determine the cases in which a financial services cooperative may, notwithstanding the first paragraph of section 473, acquire some or all of the shares of any legal person;

(14)  determine the cases in which the first paragraph of section 475 does not apply;

(15)  determine from among the regulatory provisions made under this section those the violation of which constitutes an offence;

(16)  prescribe the cases in which an advertisement may be made with respect to a security fund and the manner and form of the advertisement, for the purposes of section 516;

(17)  determine the cases, conditions and restrictions applicable to the investments of a security fund;

(18)  determine the maximum value or maximum number of the shares, other than qualifying shares, which auxiliary members of a financial services cooperative may hold and the maximum proportion of such shares in relation to the total number of shares held by all members.

The standards prescribed under subparagraphs 10 and 11 of the first paragraph may indicate expectations with regard to the cooperatives to which the standards apply and provide a framework for their management. The Regulations Act (chapter R-18.1) does not apply to regulations or draft regulations made under those provisions.

The value, number and proportion of shares prescribed in a regulation adopted under subparagraph 18 of the first paragraph may vary according to the rights, privileges or restrictions attaching to them.

2000, c. 29, s. 599.