Distributing Cooperative Credit Association Regulations

2 (1) For the purpose of the Act and subject to subsection (2), any one of the following constitutes a distributing association:

• (a) an association that is a reporting issuer under any legislation that is set out in column 2 of the schedule; or

• (b) in the case of an association that is not a reporting issuer referred to in paragraph (a), an association

  • (i) that has filed a prospectus or registration statement under provincial or foreign legislation,

  • (ii) any of the securities of which are listed and posted for trading on a stock exchange in or outside Canada, or

  • (iii) that is involved in, is formed for, results from or is continued after an amalgamation, a reorganization, an arrangement or a statutory procedure, if one of the participating bodies corporate is an entity referred to in subparagraph (i) or (ii).

(2) An association that is subject to an exemption under provincial securities legislation, or to an order of the relevant provincial securities regulator that provides that the association is not a reporting issuer for the purposes of the applicable legislation, is not a distributing association for the purpose of subsection (1).