Cooperative Credit Associations Act

Marginal note:Main business

• 375 (1) Subject to this Act, an association shall not engage in or carry on any business other than such business as generally appertains to the business of

  • (a) providing financial services to one or more of the following:

    • (i) a member of the association,

    • (ii) an entity in which an association has a substantial investment as allowed by section 390,

    • (ii.1) another association,

    • (iii) a cooperative credit society,

    • (iv) a cooperative corporation, or

    • (v) an entity controlled by an entity or group of entities described by any of subparagraphs (i) to (iv); and

  • (b) providing administrative, educational, promotional, technical, research and consultative services and related goods to any cooperative credit society, or any person intending to organize or operate such a society, in support of the financial services provided or to be provided by the society.

• Marginal note:Idem

  (2) For greater certainty, an association may act as a financial agent for, and provide investment counselling and portfolio management services to, any person referred to in paragraph (1)(a).

• Marginal note:Restriction

  (3) Subject to any order that may be made by the Superintendent under section 61 or 62, an association shall not receive money on deposit from a federal credit union, local cooperative credit society or cooperative corporation that is not a member of the association.