Cooperative Credit Associations Act

Marginal note:Location and processing of information or data

• 242 (1) Subject to subsection (3), an association shall maintain and process in Canada any information or data relating to the preparation or maintenance of the records referred to in section 235 or of its central securities register unless the Superintendent has, subject to any terms and conditions that the Superintendent considers appropriate, exempted the association from the application of this section.

• Marginal note:Copies

  (2) Subject to subsections (3) and (4), the association may maintain copies of the records referred to in section 235 or of its central securities register outside Canada and may process outside Canada any information or data relating to those copies.

• Marginal note:Information for Superintendent

  (3) Where an association, in accordance with subsection (2), maintains outside Canada copies of any records referred to in subsection (1) or further processes information or data relating to those copies outside Canada, the association shall so inform the Superintendent and provide the Superintendent with a list of those copies maintained outside Canada and a description of the further processing of information or data relating to those copies outside Canada and such other information as the Superintendent may require from time to time.

• Marginal note:Processing information in Canada

  (4) If the Superintendent is at any time of the opinion that the maintenance outside Canada of any copies referred to in subsection (3), or the further processing of information or data relating to any such copies outside Canada, is incompatible with the fulfilment of the Superintendent’s responsibilities under this Act or the Superintendent is advised by the Minister that, in the opinion of the Minister, such maintenance or further processing is not in the national interest, the Superintendent shall direct the association to maintain those copies, or to further process information or data relating to those copies, in Canada.

• Marginal note:Association to comply

  (5) An association shall forthwith comply with any direction issued under subsection (4).

• Marginal note:Guidelines

  (6) The Superintendent shall issue guidelines respecting the circumstances under which an exemption referred to in subsection (1) may be available.