Cooperative Credit Associations Act

Marginal note:Content of applications

• 461.1 (1) The following applications to the Superintendent must contain the information, material and evidence that the Superintendent may require:

  • (a) applications for approval under subsection 74(1), 80(2), 82(4), 86(5), 87(1), 177(1), 221(2), 385(1), 390(6) or (10), 393(1) or (2) or 406(1), subparagraph 411(2)(a)(iv), section 414 or subsection 418(3) or (3.1);

  • (b) applications for consent under subsection 79(1);

  • (c) applications for exemptions under subsection 166.05(3); and

  • (d) applications for extensions of time under subsection 393(3) or (5), 394(4) or 395(4).

• Marginal note:Receipt

  (2) Without delay after receiving the application, the Superintendent shall send a receipt to the applicant certifying the date on which it was received.

• Marginal note:Notice of decision to applicant

  (3) Subject to subsection (4), the Superintendent shall, within a period of thirty days after the receipt of the application, send to the applicant

  • (a) a notice approving the application, subject to any terms and conditions that the Superintendent considers appropriate; or

  • (b) if the Superintendent is not satisfied that it should be approved, a notice to that effect.

• Marginal note:Extension of period

  (4) If the Superintendent is unable to complete the consideration of the application within the period referred to in subsection (3), the Superintendent shall, within that period, send a notice to the applicant informing the applicant that the Superintendent has extended the period for a further period set out in the notice.

• Marginal note:Deemed approval

  (5) If the applicant does not receive the notice required by subsection (3) and, where applicable, subsection (4), within the required period, the Superintendent is deemed to have approved the application and granted the approval, consent, extension or exemption to which the application relates, regardless of whether the approval, consent, extension or exemption is to be in writing or not.