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This is an official version. Copyright © 2000: Queen's Printer, Important Information
Statutes of Newfoundland 1991 CHAPTER 14 AN ACT TO AMEND THE CO-OPERATIVE (Assented to May 31, 1991) Analysis 1. S.2(1) Amdt. 2. S.3 Amdt. 3. S.4 R&S 4. Ss. 15, 19, 43 & 65 Amdt. 5. S.36(1) R&S 6. S.67(2) Amdt. 7. S.69(2) R&S 8. S.74 Added 9. General Amdts. Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: RSN 1970 c.65 as amended 1. (1) Paragraph 2(1)(c) of The Co-operative Societies Act is amended by (a) striking out the word "and" at the end of subparagraph (viii); (b) adding a comma and the word "and" at the end of subparagraph (ix); and (c) adding immediately after subparagraph (ix) the following: (x) a corporation incorporated or continued under The Corporations Act. (2) Paragraph 2(1)(d) of the Act is repealed and the following substituted: (d) "minister" means (i) with respect to the administration of those registered societies commonly called credit unions, the Minister of Finance, or (ii) with respect to the administration of co-operative societies, the Minister of Development; (3) Paragraph 2(1)(g) of the Act is repealed and the following substituted: (g) "registrar" means (i) the person in the Department of Finance appointed under section 4 to perform the duties of registrar of those registered societies commonly called credit unions, or (ii) the person in the Department of Development appointed under section 4 to perform the duties of registrar of co-operative societies; (4) Paragraph 2(1)(h) of the Act is repealed and the following substituted: (h) "regulations" means regulations made under this Act. 2. Section 3 of the Act is amended by striking out the figure "(ix)" and substituting the figure "(x)". 3. Section 4 of the Act is repealed and the following substituted: Registrars 4. (1) The Lieutenant-Governor in Council shall appoint a registrar of co-operative societies and a registrar of registered societies commonly called credit unions and may appoint deputies of those registrars. (2) A deputy registrar appointed under subsection (1) shall in the absence of the appropriate registrar or when the office of registrar is vacant perform the functions and duties and may exercise the powers of the appropriate registrar. (3) There shall be appointed in the manner authorized by law those officers, clerks and employees that are necessary for the proper conduct of the business of each registrar and each registry and, subject to subsection (1), the Lieutenant-Governor in Council may, by general or special order, confer upon those officers, clerks or employees all or any of the powers, functions and duties of each registrar under this Act. (4) Each registrar shall have an official seal that may be approved by the appropriate minister. (5) The impressions of each seal approved under subsection (4) shall be judicially noticed and admitted in evidence. (6) There shall be offices in St. John's called the Registry of Co-operative Societies and the Registry of Credit Unions, which shall be the offices of the appropriate registrars and the places of filing and deposit of all documents relating to co-operative societies and those registered societies commonly called credit unions. 4. (1) Subsection 15(3.1), section 19 and subsection 43(2) of the Act are amended by striking out the words "Stabilization Fund Board" and by substituting the words "Credit Union Deposit Guarantee Corporation". (2) Section 65 of the Act is amended by striking out the words "Stabilization Fund" and by substituting the words "Credit Union Deposit Guarantee Corporation". 5. Subsection 36(1) of the Act is repealed and the following substituted: (1) A registered society may, if its constitution permits, make loans to its members subject to paragraph 67(2)(j); and, subject to subsection (2), a registered society shall not make a loan to a person who is not a member. 6. (1) Paragraph 67(2)(j) of the Act is repealed and the following substituted: (j) prescribe the terms and conditions under which a registered society may make loans, to whom the registered society may make loans and different classes of loans, the terms and conditions to be complied with by members applying for loans, the period for which loans may be made, the amount which may be loaned to an individual member and the manner in which loans shall be repaid; (2) Paragraph 67(2)(s) of the Act is amended (a) by striking out the words "The Companies Act for the time being in force" and by substituting the words "The Corporations Act"; and (b) by adding at the end of that paragraph the word "and". (3) Paragraphs 67(2)(t), (u) and (v) of the Act are repealed. 7. Subsection 69(2) of the Act is repealed and the following substituted: (2) Every registered society, officer or member of a society, or other person guilty of an offence under this section shall be liable, upon summary conviction, to a fine not exceeding $5,000 in the case of an individual and $25,000 in the case of a registered society. 8. The Act is amended by adding after section 73 the following: Credit Union Deposit Guarantee Corporation 74. (1) There is established a corporation to be called the Credit Union Deposit Guarantee Corporation. (2) The objects of the Credit Union Deposit Guarantee Corporation are (a) to compensate members for losses suffered in liquidation; (b) to provide those services that in the opinion of the corporation may be necessary to avert financial difficulties or losses to credit unions or their members; and (c) to aid credit unions in financial difficulties. (3) The Credit Union Deposit Corporation shall be managed by a board of directors and shall be governed by this Act and the regulations. (4) The Credit Union Deposit Guarantee Corporation shall assume control of the assets, liabilities and responsibilities of the Newfoundland and Labrador Credit Union Stabilization Fund Board. (5) The Corporations Act does not apply to the Credit Union Deposit Guarantee Corporation. General Amdts. 9. (1) The Act is amended by striking out the word "Minister" wherever it occurs and by substituting the word "minister". (2) The Act is amended by striking out the word "Rules" wherever it occurs and by substituting the word "regulations". (3) The Act is amended by striking out the word "Registrar" wherever it occurs and by substituting the word "registrar". ©Earl G. Tucker, Queen's Printer |