Cooperative Credit Associations Act

Marginal note:Revocation of order

• 478 (1) Subject to subsections (2) and (3), where a central ceases to be a member of an association or applies to the Superintendent to have the order under subsection 473(1) revoked, the Superintendent shall, by order, revoke the order.

• Marginal note:Conditions

  (2) The Superintendent shall not revoke an order pursuant to subsection (1) on a central ceasing to be a member of an association, unless the Superintendent is satisfied that

  • (a) the regulatory authorities in the province in which the central is incorporated have been duly notified by the central of the cessation of membership; and

  • (b) the central is following standards of sound business and financial practice.

• Marginal note:Idem

  (3) The Superintendent shall not revoke an order pursuant to subsection (1) on an application by a central, unless the Superintendent is satisfied that

  • (a) the regulatory authorities in the province in which the central is incorporated have been duly notified by the central of its intention to apply for revocation;

  • (b) the central has published in the Canada Gazette at least 30 days before making the application a notice of its intention to apply for revocation; and

  • (c) the central is following standards of sound business and financial practice.