Cooperative Credit Associations Act

Marginal note:Effect of order

• 474 (1) Every central is deemed to be an association incorporated under this Act for the purposes of

  • (a) subsections 16(1), (3) and (4),

  • (a.1) paragraphs 167(2)(a) and (b),

  • (b) sections 199 and 200,

  • (c) sections 291 to 317, other than subsection 291(2), and

  • (d) Parts IX to XV, other than subsection 375(3), section 375.1 and paragraph 442(1.1)(g), XVII and XVII.1,

  and, subject to subsections (3) and (4), is invested with all the powers, privileges and immunities conferred by, and is subject to the limitations and liabilities set out in, those provisions, with such modifications as the circumstances require.

• Marginal note:No limitation on provincial powers, etc.

  (2) Nothing in this Act prohibits a central from exercising any power, right or privilege conferred on it by any law of the province in which it is incorporated except as specifically prohibited by sections 379, 383 to 385 or any provision of Part X.

• Marginal note:Prohibited powers, etc.

  (3) A central shall not exercise a power, right or privilege conferred on it by this Act if it is specifically prohibited or restricted from exercising the power, right, or privilege by any law of the province in which it is incorporated.

• Marginal note:Exception

  (4) Subsections 16(1), (3) and (4) and Part IX, other than sections 379 and 383 to 385, do not apply to a central that is incorporated in a province the laws of which do not empower the central to exercise the powers, privileges and immunities conferred by this Act.

• Marginal note:Exception

  (5) Paragraph 390(4)(a) does not apply to the acquisition or increase of a substantial investment by a central in an association referred to in section 14.