Vol. 140, No. 36 — September 9, 2006

Civil Remedies (Cooperative Credit Associations) Regulations

Statutory authority

Cooperative Credit Associations Act

Sponsoring department

Department of Finance

REGULATORY IMPACT ANALYSIS STATEMENT

For the Regulatory Impact Analysis Statement, see the Civil Remedies (Banks and Bank Holding Companies) Regulations.

PROPOSED REGULATORY TEXT

Notice is hereby given that the Governor in Council, pursuant to subsections 266(1) (see footnote 1), (3) (see footnote 2)and (6) (see footnote 3) and 463(1) (see footnote 4) of the Cooperative Credit Associations Act (see footnote 5), proposes to make the annexed Civil Remedies (Cooperative Credit Associations) Regulations.

Interested persons may make representations with respect to the proposed Regulations within 30 days after the date of publication of this notice. All such representations must cite the Canada Gazette,Part I, and the date of this notice and be addressed to Mr. Gerry Salembier, Financial Sector Policy Branch, Department of Finance, L'Esplanade Laurier, 15th floor, East Tower, 140 O'Connor Street, Ottawa, Ontario K1A 0G5.

Ottawa, August 25, 2006

MARY O'NEILL
Assistant Clerk of the Privy Council

CIVIL REMEDIES (COOPERATIVE CREDIT ASSOCIATIONS) REGULATIONS

INTERPRETATION

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

CIVIL REMEDIES

2. For the purpose of paragraph 266(1)(f) of the Act, the prescribed percentage of voting rights attached to all of the cooperative credit association's outstanding shares is 10%.

3. For the purpose of subsection 266(3) of the Act, "take-over bid" means a take-over bid under any legislation that is set out in column 2 of the schedule.

4. For the purpose of paragraph 266(6)(c) of the Act, the prescribed circumstances are that the insider

(a) entered into the purchase or sale of the security as an agent pursuant to a specific unsolicited order to purchase or sell;

(b) made the purchase or sale of the security pursuant to participation in an automatic dividend reinvestment plan, share purchase plan or other similar automatic plan that the insider entered into before the acquisition of the confidential information;

(c) made the purchase or sale of the security to fulfil a legally binding obligation that the insider entered into before the acquisition of the confidential information; or

(d) purchased or sold the security as agent or trustee in the circumstances described in paragraph (b) or (c).

COMING INTO FORCE

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

SCHEDULE
(Section 3)

TAKE-OVER BID

Item	Column 1 Jurisdiction	Column 2 Legislation
1.	Ontario	the definition "take-over bid" in subsection 89(1) of the Securities Act, R.S.O. 1990, c. S.5, as amended from time to time
2.	Quebec	the definition "take-over bid" in section 110 of the Securities Act, R.S.Q., c. V-1.1, as amended from time to time
3.	Nova Scotia	the definition "take-over bid" in paragraph 95(1)(l) of the Securities Act, R.S.N.S. 1989, c. 418, as amended from time to time
4.	New Brunswick	the definition "take-over bid" in subsection 106(1) of the Securities Act, S.N.B. 2004, c. S-5.5, as amended from time to time
5.	Manitoba	the definition "take-over bid" in subsection 80(1) of The Securities Act, C.C.S.M., c. S50, as amended from time to time
6.	British Columbia	the definition "take over bid" in subsection 92(1) of the Securities Act, R.S.B.C. 1996, c. 418, as amended from time to time
7.	Saskatchewan	the definition "take-over bid" in paragraph 98(1)(j) of The Securities Act, 1988, S.S. 1988-89, c. S-42.2, as amended from time to time
8.	Alberta	the definition "take-over bid" in paragraph 158(1)(r) of the Securities Act, R.S.A. 2000, c. S-4, as amended from time to time
9.	Newfoundland and Labrador	the definition "take-over bid" in paragraph 90(1)(l) of the Securities Act, R.S.N.L. 1990, c. S-13, as amended from time to time
10.	Yukon	the definition "take-over bid" in section 196 of the Business Corporations Act, R.S.Y. 2002, c. 20, as amended from time to time
11.	Northwest Territories	the definition "take-over bid" in section 196 of the Business Corporations Act, S.N.W.T. 1996, c. 19, as amended from time to time
12.	Nunavut	the definition "take-over bid" in section 196 of the Business Corporations Act (Nunavut), S.N.W.T. 1996, c. 19, as amended from time to time

[36-1-o]

Footnote 1

S.C. 2005, c. 54, s. 194

Footnote 2

S.C. 2005, c. 54, s. 194

Footnote 3

S.C. 2005, c. 54, s. 194

Footnote 4

S.C. 2005, c. 54, s. 208

Footnote 5

S.C. 1991, c. 48

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