Cooperative Credit Associations Act

Marginal note:Additional activities

• 376 (1) In addition, an association may

  • (a) hold, manage and otherwise deal with real property;

  • (b) act as a custodian of property on behalf of any entity referred to in paragraph 375(1)(a) or, if the association is a retail association, on behalf of any person to whom the association may provide financial services;

  • (c) receive money on deposit, on such terms as to interest and time and mode of repayment as may be agreed on, from

    • (i) the government of Canada, a province or a municipality in Canada, or any agency thereof, and

    • (ii) a deposit protection agency;

  • (d) make loans to and investments in entities that are not members of the association;

  • (e) make loans to officers and employees of the association;

  • (f) provide management, investment, administrative, advisory, educational, promotional, technical, research and consultative services to the entities described in paragraph 375(1)(a);

  • (g) outside Canada, or with the prior written approval of the Minister, in Canada, provide the following services to entities described in paragraph 375(1)(a), to members of the Canadian Payments Association to which that Association may provide clearing, settlement and payment services under paragraph 375.1(1)(b) or, if the association is a retail association, to any person:

    • (i) collecting, manipulating and transmitting

      • (A) information that is primarily financial or economic in nature,

      • (B) information that relates to the business of a permitted entity, as defined in subsection 386(1), or

      • (C) any other information that the Minister may, by order, specify,

    • (ii) providing advisory or other services in the design, development or implementation of information management systems,

    • (iii) designing, developing or marketing computer software, and

    • (iv) designing, developing, manufacturing or selling, as an ancillary activity to any activity referred to in any of subparagraphs (i) to (iii) that the association is engaging in, computer equipment integral to the provision of information services related to the business of financial institutions or to the provision of financial services;

  • (h) with the prior written approval of the Minister, develop, design, hold, manage, manufacture, sell or otherwise deal with data transmission systems, information sites, communication devices or information platforms or portals that are used

    • (i) to provide information that is primarily financial or economic in nature,

    • (ii) to provide information that relates to the business of a permitted entity, as defined in subsection 386(1), or

    • (iii) for a prescribed purpose or in prescribed circumstances; and

  • (i) if it is a retail association,

    • (i) act as a financial agent,

    • (ii) provide investment counselling services and portfolio management services,

    • (iii) issue payment, credit or charge cards and, in cooperation with others including other financial institutions, operate a payment, credit or charge card plan,

    • (iv) promote merchandise and services to the holders of any payment, credit or charge card issued by the association,

    • (v) engage in the sale of

      • (A) tickets, including lottery tickets, on a non-profit public service basis in connection with special, temporary and infrequent non-commercial celebrations or projects that are of local, municipal, provincial or national interest,

      • (B) urban transit tickets, and

      • (C) tickets in respect of a lottery sponsored by the federal government or a provincial or municipal government or an agency of any such government or governments, and

    • (vi) act as receiver, liquidator or sequestrator.

• Marginal note:Specialized business management or advisory services

  (2) A retail association may engage, under prescribed terms and conditions, if any are prescribed, in specialized business management or advisory services.

• Marginal note:Restriction

  (3) Except as authorized by or under this Act, an association shall not deal in goods or engage in any trade or business.

• Marginal note:Regulations

  (4) The Governor in Council may make regulations

  • (a) respecting what an association may or may not do with respect to the provision of services and products referred to in paragraphs (1)(g) and (h) and subsection (2);

  • (b) imposing terms and conditions in respect of the provision of investment counselling and portfolio management services and the provision of services and products referred to in paragraphs (1)(g) and (h) and subsection (2); and

  • (c) respecting the circumstances in which associations may be exempted from the requirement to obtain the approval of the Minister before carrying on a particular activity referred to in paragraph (1)(g) or (h).