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Cooperative Credit Associations Act

Version of section 475 from 2003-01-01 to 2017-01-14:


Marginal note:Additional powers

  •  (1) For the purposes of Part X, a central may make a deposit in or a loan to, invest in the debt obligations of, or purchase members’ shares issued by, a cooperative credit society, or a cooperative corporation, that is a member of that central, and any such loan, deposit, investment or purchase shall be deemed not to be a commercial loan.

  • Marginal note:Security interest

    (2) Notwithstanding section 383, a central may create a security interest in any of its property to secure an obligation of the central to

    • (a) an association of which the central is a member; or

    • (b) a deposit protection agency, or the government of the province in which the central is incorporated, if the agency or government is designated by the Minister.

  • Marginal note:Guarantees

    (3) Paragraph 379(1)(a) does not apply to a central where

    • (a) the guarantee is given on behalf of a member of the central or on behalf of another central; and

    • (b) the payment guaranteed represents the obligation of that member or other central to settle for payment items in accordance with the by-laws and rules of the Canadian Payments Association.


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