C-67.3, r. 1 - Regulation respecting the acquisition of shares by certain financial services cooperatives

Section 5 Disposition versions

2012-09-01

5. A financial services cooperative may acquire, directly or through a legal person or a partnership it controls, 30% to 50% of the assets or the voting rights attached to the shares of a legal person carrying out a joint venture, where all of the following conditions apply:

(1)  the financial services cooperative has entered into a business partnership with respect to the joint venture;

(2)  the partners in the joint venture control it;

(3)  the principal activities of the joint venture are one or more of the following:

(a)  the provision of financial products and services, including their production and distribution;

(b)  the transport of valuables;

(c)  payment systems and services;

(d)  payroll services;

(e)  the development and marketing of computer applications or systems or telecommunications that relate to the activities of financial institutions;

(f)  management, consulting and supply services that relate to the activities of financial institutions.

The voting rights attached to the shares of a legal person carrying out a joint venture may enable the financial services cooperative to elect more than one-third of the directors of that legal person.

O.C. 691-2001, s. 5.