Cooperative Credit Associations Act

Marginal note:Transferring to other federal Acts

• 32 (1) An association may

  • (a) apply for letters patent continuing the association as a company under subsection 33(1) of the Trust and Loan Companies Act or amalgamating and continuing the association as a company under section 228 and subsection 234(1) of that Act;

  • (b) apply for letters patent continuing the association as a bank under subsection 35(1) of the Bank Act or amalgamating and continuing the association as a bank under section 223 and subsection 229(1) of that Act;

  • (c) apply for letters patent continuing the association as a bank holding company under subsection 684(1) of the Bank Act or amalgamating and continuing the association as a bank holding company under section 803 and subsection 809(1) of that Act;

  • (d) with the approval of the Minister, apply for a certificate of continuance under section 187 of the Canada Business Corporations Act; or

  • (e) with the approval of the Minister, apply for a certificate of continuance, or a certificate of continuance and a certificate of amalgamation, under section 285 of the Canada Cooperatives Act.

• Marginal note:Conditions for approval

  (2) No approval referred to in paragraph (1)(d) or (e) may be given to an association unless the Minister is satisfied that

  • (a) the application has been authorized by a special resolution of the members; and

  • (b) the association holds no deposits that are insured under the Canada Deposit Insurance Corporation Act.