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Cooperative Credit Associations Act

Version of section 478 from 2003-01-01 to 2017-01-14:


Marginal note:Revocation of order

  •  (1) Subject to subsections (2) and (3), where a central ceases to be a member of an association or applies to the Superintendent to have the order under subsection 473(1) revoked, the Superintendent shall, by order, revoke the order.

  • Marginal note:Conditions

    (2) The Superintendent shall not revoke an order pursuant to subsection (1) on a central ceasing to be a member of an association, unless the Superintendent is satisfied that

    • (a) the regulatory authorities in the province in which the central is incorporated have been duly notified by the central of the cessation of membership; and

    • (b) the central is following standards of sound business and financial practice.

  • Marginal note:Idem

    (3) The Superintendent shall not revoke an order pursuant to subsection (1) on an application by a central, unless the Superintendent is satisfied that

    • (a) the regulatory authorities in the province in which the central is incorporated have been duly notified by the central of its intention to apply for revocation;

    • (b) the central has published in the Canada Gazette at least 30 days before making the application a notice of its intention to apply for revocation; and

    • (c) the central is following standards of sound business and financial practice.


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