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

Marginal note:Deposits and investments before order

59. Where an association comes into existence but no order approving the commencement and carrying on of business is made for the association, the association may only

• (a) deposit, in Canada, paid-in capital of the association in another deposit-taking Canadian financial institution; or

• (b) invest paid-in capital of the association in unencumbered securities of the Government of Canada or the government of any province.

Marginal note:Conditions for order

• 60. (1) The Superintendent shall not make an order approving the commencement and carrying on of business by an association until it has been shown to the satisfaction of the Superintendent that

  • (a) the meeting of members of the association referred to in subsection 54(1) has been duly held;

  • (b) the association has paid-in capital of at least five million dollars or such greater amount as the Minister may specify;

  • (c) the expenses of incorporation and organization to be borne by the association are reasonable; and

  • (d) all other relevant requirements of this Act have been complied with.

• Marginal note:Time limit

  (2) The Superintendent shall not make an order approving the commencement and carrying on of business by an association more than one year after the day on which the association comes into existence.

Marginal note:Conditions of order

61. An order approving the commencement and carrying on of business by an association may contain any conditions or limitations that the Superintendent considers appropriate.

Marginal note:Variations

• 62. (1) In respect of the order approving the commencement and carrying on of business by an association, the Superintendent may at any time, by further order,

  • (a) make the order subject to such conditions or limitations that are consistent with this Act and that relate to the business of the association as the Superintendent deems expedient and necessary, or

  • (b) amend or revoke any authorization contained in the order or any condition or limitation to which the order is subject,

  but before making any such further order the Superintendent shall provide the association with an opportunity to make representations regarding that further order.

• (2) to (6) [Repealed, 1996, c. 6, s. 53]

Marginal note:Public notice

• 63. (1) On the making of an order approving the commencement and carrying on of business by an association, the association shall publish a notice of the making of the order in a newspaper in general circulation at or near the place where the head office of the association is located.

• Marginal note:Notice in Canada Gazette

  (2) The Superintendent shall cause to be published in the Canada Gazette a notice of the making of an order approving the commencement and carrying on of business by an association.