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Jobs and Economic Growth Act (S.C. 2010, c. 12)

Assented to 2010-07-12

Marginal note:1997, c. 15, s. 101(E)

2112. Paragraph 23(b) of the Act is replaced by the following:

  • (b) purchase, or make loans on the security of, its own shares or the shares or membership shares of any bank, except the Bank for International Settlements;

Marginal note:1998, c. 1

Canada Cooperatives Act

2113. Section 285 of the Canada Cooperatives Act is amended by adding the following after subsection (11):

  • Marginal note:Federal credit union

    (11.1) If a federal credit union, within the meaning of section 2 of the Bank Act, is continued as a cooperative under this Act,

    • (a) its membership shares are deemed to be membership shares to which are attached the rights, privileges and restrictions set out in this Act and the articles;

    • (b) the members of the federal credit union are deemed to be the members of the cooperative; and

    • (c) any agreement made before continuance under which the members of the federal credit union have agreed to vote in a manner provided in the agreement is of no effect.

Marginal note:1991, c. 48

Cooperative Credit Associations Act

2114. Section 2 of the Cooperative Credit Associations Act is amended by adding the following in alphabetical order:

“federal credit union”

« coopérative de crédit fédérale »

“federal credit union” has the same meaning as in section 2 of the Bank Act;

Marginal note:2007, c. 6, s. 140

  • 2115. (1) The portion of subsection 31.6(2) of the Act before paragraph (a) is replaced by the following:

    • Marginal note:Membership shares — body corporate

      (2) When a body corporate other than a federal credit union is continued as an association,

  • (2) Section 31.6 of the Act is amended by adding the following after subsection (2):

    • Marginal note:Membership shares — federal credit union

      (3) When a federal credit union is continued as an association,

      • (a) its membership shares are deemed to be membership shares of the association to which are attached the rights, privileges and restrictions set out in this Act;

      • (b) the members of the federal credit union are deemed to be the members of the association; and

      • (c) any agreement made before continuance under which the members of the federal credit union have agreed to vote in a manner provided in the agreement is of no effect.