Cooperative Credit Associations Act

Marginal note:Records

• 235 (1) An association shall prepare and maintain records containing

  • (a) its incorporating instrument and the by-laws of the association and all amendments thereto;

  • (b) minutes of meetings and resolutions of members and shareholders;

  • (c) the information referred to in paragraphs 432(1)(a) and (c) to (g) contained in all returns provided to the Superintendent pursuant to section 432;

  • (d) particulars of any authorizations, conditions and limitations established by the Superintendent under section 61 or subsection 62(1) that are from time to time applicable to the association; and

  • (e) written approvals of the Minister and the Superintendent relating to special resolutions of members and shareholders and changes in the by-laws of the association.

• Marginal note:Additional records

  (2) In addition to the records described in subsection (1), an association shall prepare and maintain adequate

  • (a) corporate accounting records;

  • (b) records containing minutes of meetings and resolutions of the directors and any committee thereof; and

  • (c) records showing, for each member and customer of the association, on a daily basis, particulars of the transactions between the association and that member and customer and the balance owing to or by the association in respect of that member or customer.

• Marginal note:Amalgamated and former-Act associations

  (3) For the purposes of paragraph (1)(b) and subsection (2),

  • (a) in the case of a body corporate amalgamated and continued as an association under this Act, “records” includes similar records required by law to be maintained by the body corporate before it was so amalgamated; and

  • (b) in the case of the former-Act association, “records” includes similar records required by law to be maintained by the association before the coming into force of this section.