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Meetings and Proposals (Cooperative Credit Associations) Regulations (SOR/2006-315)

Regulations are current to 2024-05-28

Meetings and Proposals (Cooperative Credit Associations) Regulations

SOR/2006-315

COOPERATIVE CREDIT ASSOCIATIONS ACT

Registration 2006-11-28

Meetings and Proposals (Cooperative Credit Associations) Regulations

P.C. 2006-1440 2006-11-28

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsections 145(1)Footnote a and (3)a, 146(1)Footnote b, 152(2)Footnote c and (3)c, 153(1)Footnote d, 160(6)Footnote e and 463(1)Footnote f of the Cooperative Credit Associations ActFootnote g, hereby makes the annexed Meetings and Proposals (Cooperative Credit Associations) Regulations.

Interpretation

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

Record Date

  •  (1) For the purpose of subsection 145(1) of the Act, except paragraphs 145(1)(b) and (c), the prescribed period for the record date is not more than 60 days before the day on which the particular action is to be taken.

  • (2) For the purposes of paragraphs 145(1)(b) and (c) of the Act, the prescribed period for the record date is not less than 21 days and not more than 60 days before the day of the meeting.

  • (3) For the purpose of subsection 145(3) of the Act, the prescribed period for the notice of the record date to be given is not less than seven days before the date fixed.

Notice of Meeting

 For the purpose of subsection 146(1) of the Act, the prescribed period for the notice to be sent is not less than 21 days and not more than 60 days before the day of the meeting.

Member Proposals

 For the purpose of subsection 152(2) of the Act, the proposal and the statement in support of it together are not to exceed 500 words.

 For the purpose of paragraph 152(3)(a) of the Act, the prescribed number of days is 90 days.

 For the purpose of paragraph 152(3)(c) of the Act, the prescribed period is two years.

  •  (1) For the purpose of paragraph 152(3)(d) of the Act, the prescribed minimum amount of support for a proposal is

    • (a) 3% of the total number of votes cast if the proposal was introduced at an annual meeting;

    • (b) 6% of the total number of votes cast at its last submission if the proposal was introduced at two annual meetings; and

    • (c) 10% of the total number of votes cast at its last submission if the proposal was introduced at three or more annual meetings.

  • (2) For the purpose of paragraph 152(3)(d) of the Act, the prescribed period is five years.

 For the purpose of subsection 153(1) of the Act, the prescribed period for the person to be notified is 21 days after the day on which the association receives the proposal.

Electronic Voting

 For the purpose of paragraph 160(6)(a) of the Act, when a vote is held at a meeting, the voting may be carried out by means of a telephonic, electronic or other communication facility, if the facility

  • (a) enables the votes to be gathered in a manner that permits their subsequent verification; and

  • (b) permits the tallied votes to be presented to the association without it being possible for the association to identify how each member or shareholder or group of members or group of shareholders voted.

Coming into Force

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


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