Contents
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 410(1.1) and paragraph 463(i.2) of the Cooperative Credit Associations Act, hereby makes the annexed Related Party of a Retail Association Regulations.notenotenote
Interpretation
1#
In these Regulations, Act means the Cooperative Credit Associations Act.
Exclusions
2#
For the purpose of subsection 410(1.1) of the Act, a person is not a related party of a retail association if the person would be a related party of the retail association only because the person is
(a)a member of the retail association other than a member who
(i)controls, or has a significant interest in, the retail association, or
(ii)has the right to exercise more than 10% of the votes that may be cast at an annual meeting of the retail association or to appoint or elect more than 10% of the directors of the retail association;
(b)a member of an association — other than a member that controls that association — that controls, or has a significant interest in, the retail association;
(c)the spouse or common-law partner, or a child who is less than 18 years of age, of a person described in paragraph (a) or (b); or
(d)an entity that is controlled, determined without regard to paragraph 3(1)(e) of the Act, by a person described in paragraphs (a) to (c).
Coming into Force
Federal laws of Canada reproduced under the Reproduction of Federal Law Order (SI/97-5); not the official version. Source: Justice Laws Website.