Related Party of a Retail Association Regulations (SOR/2005-138)

Regulations are current to 2013-05-26

Related Party of a Retail Association Regulations

SOR/2005-138

COOPERATIVE CREDIT ASSOCIATIONS ACT

Registration 2005-05-10

Related Party of a Retail Association Regulations

P.C. 2005-811 2005-05-10

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 410(1.1)Footnote a and paragraph 463(i.2)Footnote b of the Cooperative Credit Associations ActFootnote c, hereby makes the annexed Related Party of a Retail Association Regulations.

INTERPRETATION

1. In these Regulations, “Act” means the Cooperative Credit Associations Act.

EXCLUSIONS

2. For the purpose of subsection 410(1.1) of the Act, a person is not a related party of a retail association if the person would be a related party of the retail association only because the person is

  • (a) a member of the retail association other than a member who

    • (i) controls, or has a significant interest in, the retail association, or

    • (ii) has the right to exercise more than 10% of the votes that may be cast at an annual meeting of the retail association or to appoint or elect more than 10% of the directors of the retail association;

  • (b) a member of an association — other than a member that controls that association — that controls, or has a significant interest in, the retail association;

  • (c) the spouse or common-law partner, or a child who is less than 18 years of age, of a person described in paragraph (a) or (b); or

  • (d) an entity that is controlled, determined without regard to paragraph 3(1)(e) of the Act, by a person described in paragraphs (a) to (c).

COMING INTO FORCE

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