Related Party of a Retail Association Regulations (SOR/2005-138)

Interpretation

1 In these Regulations, Act means the Cooperative Credit Associations Act.

Exclusions

2 For the purpose of subsection 410(1.1) of the Act, a person is not a related party of a retail association if the person would be a related party of the retail association only because the person is

• (a) a member of the retail association other than a member who

  • (i) controls, or has a significant interest in, the retail association, or

  • (ii) has the right to exercise more than 10% of the votes that may be cast at an annual meeting of the retail association or to appoint or elect more than 10% of the directors of the retail association;

• (b) a member of an association — other than a member that controls that association — that controls, or has a significant interest in, the retail association;

• (c) the spouse or common-law partner, or a child who is less than 18 years of age, of a person described in paragraph (a) or (b); or

• (d) an entity that is controlled, determined without regard to paragraph 3(1)(e) of the Act, by a person described in paragraphs (a) to (c).

Coming into Force

3 These Regulations come into force on the day on which they are registered.