Cooperative Credit Associations Act (S.C. 1991, c. 48)

Marginal note:First directors

30. The first directors of an association are the directors named in the application for letters patent to incorporate the association.

Marginal note:Effect of letters patent

31. An association comes into existence on the date provided therefor in its letters patent.

Marginal note:Federal corporations

• 31.1 (1) A body corporate incorporated under the Canada Business Corporations Act or any other Act of Parliament may apply to the Minister for letters patent continuing the body corporate as an association.

• Marginal note:Other corporations

  (2) A body corporate incorporated otherwise than by or under an Act of Parliament may, if so authorized by the laws of the jurisdiction where it is incorporated, apply to the Minister for letters patent continuing the body corporate as an association.

• Marginal note:Continuance for the purpose of amalgamation

  (3) A body corporate incorporated or continued otherwise than under this Act may apply to the Minister for letters patent continuing the body corporate as an association if the body corporate proposes to be continued under this Act for the purpose of amalgamating with another body corporate in compliance with this Act.

Marginal note:Application for continuance

• 31.2 (1) When a body corporate applies for letters patent under section 31.1, sections 24 to 27 apply in respect of the application, with any modifications that the circumstances require.

• Marginal note:Special resolution approval

  (2) When a body corporate applies for letters patent under section 31.1, the application must be duly authorized by a special resolution.

• Marginal note:Copy of special resolution

  (3) A copy of the special resolution must be filed with the application.

Marginal note:Power to issue letters patent

• 31.3 (1) On the application of a body corporate under subsection 31.1(1) or (2), the Minister may, subject to this Part, issue letters patent continuing the body corporate as an association if the body corporate

  • (a) satisfies the requirements for incorporation as an association or will, immediately after the letters patent are issued, satisfy those requirements;

  • (b) is organized and operated and carries on its business on a cooperative basis or will, immediately after the letters patent are issued, be organized and operated and carry on its business on a cooperative basis; and

  • (c) has a capital and corporate structure that, if set out in the letters patent and by-laws, would meet the requirements of this Act.

• Marginal note:Power to issue letters patent

  (2) On the application of a body corporate under subsection 31.1(3), the Minister may, subject to this Part, issue letters patent continuing the body corporate as an association only if the Minister is of the opinion that the association that results from the amalgamation will

  • (a) satisfy the requirements for incorporation as an association;

  • (b) be organized and operated and carry on its business on a cooperative basis; and

  • (c) have a capital and corporate structure that meet the requirements of this Act.

• Marginal note:Issue of letters patent

  (3) If letters patent are issued to a body corporate under subsection (1) or (2), section 27 applies in respect of the issue of letters patent, with any modifications that the circumstances require.