Investment Limits (Cooperative Credit Associations) Regulations (SOR/2001-395)

Other Interests

Marginal note:Other interests

• 12 (1) The following are interests of an association in real property:

  • (a) a guarantee given by the association, or by a designated entity controlled by the association, to an entity other than the association or designated entity for the purpose of completing the development of real property that is beneficially owned by

    • (i) the association,

    • (ii) a designated entity controlled by the association, or

    • (iii) a related real property entity of the association; and

  • (b) an agreement made by the association, or by a designated entity controlled by the association, to support a third party’s cost of operating or financing real property that is beneficially owned by

    • (i) the association,

    • (ii) a designated entity controlled by the association, or

    • (iii) a related real property entity of the association.

• Marginal note:Value of those interests

  (2) The value of the interests of an association in real property is

  • (a) in respect of a guarantee referred to in paragraph (1)(a), the estimated cost of completing the development of the real property; and

  • (b) in respect of an agreement referred to in paragraph (1)(b), the amount of any funds advanced by the association, or by a designated entity controlled by the association, under the agreement.

Repeals

Marginal note:Repeal

13 [Repeal]

Marginal note:Repeal

14 [Repeal]

Coming into Force

Marginal note:Coming into force

Footnote ^*15 These Regulations come into force on the day on which sections 389 and 403 of the Cooperative Credit Associations Act, as enacted by section 314 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, come into force.

• Return to footnote ^*[Note: Regulations in force October 24, 2001, see SI/2001-102.]