Investment Limits (Canadian Societies) Regulations (SOR/2001-394)

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Regulations are current to 2013-04-29

Investment Limits (Canadian Societies) Regulations

Registration 2001-10-04

Investment Limits (Canadian Societies) Regulations

P.C. 2001-1765 2001-10-04

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to sections 553Footnote ^a, 564Footnote ^b and 1021Footnote ^c of the Insurance Companies ActFootnote ^d, hereby makes the annexed Investment Limits (Canadian Societies) Regulations.

1. The following definitions apply in these Regulations.

“Act” « Loi »

“Act” means the Insurance Companies Act. (Loi)

“designated entity” « entité désignée »

“designated entity”, in respect of a society, means an entity other than

(a) a joint venture;
(b) a financial institution; or
(c) a subsidiary of a financial institution, other than where the subsidiary is a subsidiary of a financial institution only because it is a subsidiary of the society. (entité désignée)

“joint venture” « coentreprise »

“joint venture” means a real property entity

(a) that was formed by a society, or by a designated entity controlled by a society, and one or more other persons for the purpose of a specific business undertaking;
(b) in which the society or designated entity has a substantial investment; and
(c) in respect of which the persons who formed it have agreed on joint control, regardless of the distribution of their equity. (coentreprise)

“real property entity” « entité immobilière »

“real property entity” means an entity that is primarily engaged in holding, managing or otherwise dealing with

(a) real property;
(b) shares of a body corporate that is primarily engaged in holding, managing or otherwise dealing with real property, including shares of a body corporate that is another real property entity; or
(c) ownership interests in an unincorporated entity that is primarily engaged in holding, managing or otherwise dealing with real property, including ownership interests in an unincorporated entity that is another real property entity. (entité immobilière)

“related real property entity” « entité immobilière apparentée »

“related real property entity”, in respect of a society, means

(a) a real property entity, other than a designated entity controlled by the society, in which the society or a designated entity controlled by the society beneficially owns sufficient shares or ownership interests to cause the society or designated entity to have a substantial investment in the real property entity; or
(b) a real property entity that is controlled by a real property entity described in paragraph (a). (entité immobilière apparentée)

“third party” « tierce partie »

“third party”, in respect of a society, means a person other than