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

Definition of “approval”

459.2 In sections 459.3 to 459.8, “approval” includes any consent, designation, order, exemption, extension or other permission granted by the Minister or the Superintendent under this Act, and includes the issuance of letters patent.

Marginal note:Matters to take into account — Minister

• 459.3 (1) In addition to any matters or conditions provided for in this Act that are relevant to the granting of an approval, the Minister may, in considering whether to grant the approval, take into account all matters that he or she considers relevant in the circumstances, including

  • (a) national security; and

  • (b) Canada’s international relations and its international legal obligations.

• Marginal note:Matters to take into account — Superintendent

  (2) In addition to any matters or conditions provided for in this Act that are relevant to the granting of an approval and to any prudential considerations that the Superintendent considers relevant in the circumstances, the Superintendent may, in considering whether to grant the approval, take into account

  • (a) national security; and

  • (b) Canada’s international relations and its international legal obligations.

Marginal note:Minister — terms, conditions and undertakings

• 459.4 (1) In addition to any other action that may be taken under this Act, the Minister may, in granting an approval, impose any terms and conditions or require any undertaking that the Minister considers appropriate, including any terms, conditions or undertakings specified by the Superintendent to maintain or improve the safety and soundness of any financial institution regulated under an Act of Parliament to which the approval relates or that might be affected by it.

• Marginal note:Commissioner — supervision of terms, conditions and undertakings

  (1.1) If the Minister specifies that the Commissioner is to supervise an association to determine if it is complying with any terms and conditions that are imposed, or undertakings that are required, by the Minister for the protection of the association’s customers, the Commissioner may take the same measures that the Commissioner could take if the terms and conditions or undertaking were a consumer provision.

• Marginal note:Superintendent — terms, conditions and undertakings

  (2) In addition to any other action that may be taken under this Act, the Superintendent may, in granting an approval, impose any terms and conditions or require any undertaking that the Superintendent considers appropriate.