Hyperlawhypertext legal database Related Party of a Retail Association Regulations current to 2019-06-21

SOR-2005-138 Related Party of a Retail Association Regulations

Current to 2019-06-21 · last amended 2006-03-22

Contents
Provision

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 410(1.1) a and paragraph 463(i.2) b of the Cooperative Credit Associations Act c, hereby makes the annexed Related Party of a Retail Association Regulations. S.C. 2001, c. 9, s. 315(3) S.C. 2001, c. 9, s. 339 S.C. 1991, c. 48

Interpretation

s. 1

In these Regulations, Act means the Cooperative Credit Associations Act.

Exclusions

s. 2

For the purpose of subsection 410(1.1) of the Act, a person is not a related party of a retail association if the person would be a related party of the retail association only because the person is

s. 2(a)

a member of the retail association other than a member who

s. 2(a)(i)

controls, or has a significant interest in, the retail association, or

s. 2(a)(ii)

has the right to exercise more than 10% of the votes that may be cast at an annual meeting of the retail association or to appoint or elect more than 10% of the directors of the retail association;

s. 2(b)

a member of an association — other than a member that controls that association — that controls, or has a significant interest in, the retail association;

s. 2(c)

the spouse or common-law partner, or a child who is less than 18 years of age, of a person described in paragraph (a) or (b); or

s. 2(d)

an entity that is controlled, determined without regard to paragraph 3(1)(e) of the Act, by a person described in paragraphs (a) to (c).

Coming into Force

s. 3

These Regulations come into force on the day on which they are registered.