R-8.1.1 - Cooperative Investment Plan Act

Section 12 Disposition versions

2012-03-05

12. (Repealed).

2006, c. 37, s. 12; 2012, c. 1, s. 73.

2006-12-06

12. The Minister may revoke a qualification certificate in the following cases, if information or documents brought to the Minister’s attention so justify:

(1)  one of the conditions set out in any of sections 3 to 5 is no longer being complied with or the cooperative or federation of cooperatives has issued securities to an investor who is not a qualified investor;

(2)  the cooperative or federation of cooperatives, knowingly or under circumstances amounting to gross negligence, has made a false statement or omitted to enter important information in any document required for the purposes of this Act or in any information return it is required to file with the Minister of Revenue under section 1086 of the Taxation Act (chapter I-3);

(3)  the cooperative or federation of cooperatives has omitted to send any document required for the purposes of this Act;

(4)  the cooperative or federation of cooperatives, being governed by the Cooperatives Act (chapter C-67.2) or by the Canada Cooperatives Act (Statutes of Canada, 1998, chapter 1), did not send a copy of its annual report within the time prescribed, as required by the Cooperatives Act or this Act;

(5)  the cooperative or federation of cooperatives was constituted or organized primarily to take advantage of this plan and not to serve its object; or

(6)  the cooperative or federation of cooperatives has been required to produce a cooperative compliance program or has failed to produce such a program or to implement it within the time prescribed.

2006, c. 37, s. 12.