Cooperative Credit Associations Act

Marginal note:Extended meaning of “insider”

• 266 (1) In subsections (2) and 267(1), “insider” means, with respect to an association,

  • (a) the association;

  • (b) an affiliate of the association;

  • (c) a director or officer of the association;

  • (d) a member who holds more than one per cent of the membership shares of the association;

  • (e) a central cooperative credit society that is a member of the association and any other member of the association designated by the Superintendent;

  • (f) a person who beneficially owns more than 10 per cent of the shares of the association or who exercises control or direction over more than 10 per cent of the votes attached to the shares of the association;

  • (g) a person employed or retained by the association; and

  • (h) a person who receives specific confidential information from a person described in this section, including a person described in this paragraph, and who has knowledge that the person giving the information is a person described in this section, including a person described in this paragraph.

• Marginal note:Deemed insider

  (2) For the purposes of subsection 267(1),

  • (a) if a body corporate becomes an insider of an association or enters into a business combination with an association, or

  • (b) if an association becomes an insider of a body corporate,

  every director or officer of the body corporate is deemed to have been an insider of the association for the previous six months or for such shorter period as the director or officer was a director or officer of the body corporate.