Cooperative Credit Associations Act

Marginal note:Authority of directors and officers

• 21 (1) No association and no guarantor of an obligation of an association may assert against a person dealing with the association or against a 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 by-laws of the association is not the place where the head office of the association is situated;

  • (d) a person held out by the association as a director, officer or 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 a 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.

• Marginal note:Exception — knowledge

  (2) Subsection (1) does not apply in respect of a person who has or ought to have knowledge of a situation described in that subsection by virtue of their relationship to the association.