Civil Remedies (Cooperative Credit Associations) Regulations

Contents

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsections 266(1), (3) and (6) and 463(1) of the Cooperative Credit Associations Act, hereby makes the annexed Civil Remedies (Cooperative Credit Associations) Regulations.^note^note^note

Interpretation

1 #

In these Regulations, Act means the Cooperative Credit Associations Act.

Civil Remedies

2 #

For the purpose of paragraph 266(1)(f) of the Act, the prescribed percentage of voting rights attached to all of the cooperative credit association’s outstanding shares is 10%.

3 #

For the purpose of subsection 266(3) of the Act, take-over bid means a take-over bid under any legislation that is set out in column 2 of the schedule.

4 #

For the purpose of paragraph 266(6)(c) of the Act, the prescribed circumstances are that the insider

(a)entered into the purchase or sale of the security as an agent pursuant to a specific unsolicited order to purchase or sell;

(b)made the purchase or sale of the security pursuant to participation in an automatic dividend reinvestment plan, share purchase plan or other similar automatic plan that the insider entered into before the acquisition of the confidential information;

(c)made the purchase or sale of the security to fulfil a legally binding obligation that the insider entered into before the acquisition of the confidential information; or

(d)purchased or sold the security as agent or trustee in the circumstances described in paragraph (b) or (c).

Coming into Force

5 #

These Regulations come into force on the day on which they are registered.

(Section 3)

| Column 1 | Column 2Item | Jurisdiction | Legislation1 | Ontario | the definition take-over bid in subsection 89(1) of the Securities Act, R.S.O. 1990, c. S.5, as amended from time to time2 | Quebec | the definition take-over bid in section 110 of the Securities Act, R.S.Q., c. V-1.1, as amended from time to time3 | Nova Scotia | the definition take-over bid in paragraph 95(1)(l) of the Securities Act, R.S.N.S. 1989, c. 418, as amended from time to time4 | New Brunswick | the definition take-over bid in subsection 106(1) of the Securities Act, S.N.B. 2004, c. S-5.5, as amended from time to time5 | Manitoba | the definition take-over bid in subsection 80(1) of the Securities Act, C.C.S.M., c. S50, as amended from time to time6 | British Columbia | the definition take over bid in subsection 92(1) of the Securities Act, R.S.B.C. 1996, c. 418, as amended from time to time7 | Saskatchewan | the definition take-over bid in paragraph 98(1)(j) of The Securities Act, 1988, S.S. 1988-89, c. S-42.2, as amended from time to time8 | Alberta | the definition take-over bid in paragraph 158(1)(r) of the Securities Act, R.S.A. 2000, c. S-4, as amended from time to time9 | Newfoundland and Labrador | the definition take-over bid in paragraph 90(1)(l) of the Securities Act, R.S.N.L. 1990, c. S-13, as amended from time to time10 | Yukon | the definition take-over bid in section 196 of the Business Corporations Act, R.S.Y. 2002, c. 20, as amended from time to time11 | Northwest Territories | the definition take-over bid in section 196 of the Business Corporations Act, S.N.W.T. 1996, c. 19, as amended from time to time12 | Nunavut | the definition take-over bid in section 196 of the Business Corporations Act (Nunavut), S.N.W.T. 1996, c. 19, as amended from time to time

Federal laws of Canada reproduced under the Reproduction of Federal Law Order (SI/97-5); not the official version. Source: Justice Laws Website.