Cooperative Credit Associations Act

Marginal note:Authority of directors and officers

21 An association or a guarantor of an obligation of an association may not assert against a person dealing with the association or with any person who has acquired rights from the association that

• (a) the association’s incorporating instrument or any by-laws of the association have not been complied with,

• (b) the persons named as directors of the association in the most recent return sent to the Superintendent under section 432 are not the directors of the association,

• (c) the place named in the incorporating instrument or the by-laws of the association is not the head office of the association,

• (d) a person held out by the association as a director, an officer or a representative of the association has not been duly appointed or has no authority to exercise the powers and perform the duties that are customary in the business of the association or usual for such director, officer or representative, or

• (e) a document issued by any director, officer or representative of the association with actual or usual authority to issue the document is not valid or not genuine,

except where the person has or ought to have by virtue of the person’s position with or relationship to the association knowledge to that effect.