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I-13.2.2, r. 2 - Regulation respecting the application of sections 40.15 to 40.17 of the Deposit Institutions and Deposit Protection Act to protected financial contracts and their transfer
Section 11
Disposition versions
11. The Autorité des marchés financiers may transfer a protected financial contract to which a legal person belonging to a cooperative group is a party only to an eligible acquirer or an eligible legal person.
If it transfers a protected financial contract entered into between a legal person belonging to a cooperative group and a counterparty, the Authority must also transfer to the acquirer of the contract all other protected financial contracts entered into between the legal person and the counterparty.
When it transfers a protected financial contract entered into by a legal person belonging to a cooperative group, the Authority must transfer to the acquirer:
(1) all the legal person’s obligations arising under the contract;
(2) all the rights securing the performance of the legal person’s obligations under the contract.
For the purposes of the second paragraph, protected financial contracts entered into with the same counterparty include any protected financial contracts entered into with any group affiliated with that counterparty.
In force: 2019-03-31
11. The Autorité des marchés financiers may transfer a protected financial contract to which a legal person belonging to a cooperative group is a party only to an eligible acquirer or an eligible legal person.
If it transfers a protected financial contract entered into between a legal person belonging to a cooperative group and a counterparty, the Authority must also transfer to the acquirer of the contract all other protected financial contracts entered into between the legal person and the counterparty.
When it transfers a protected financial contract entered into by a legal person belonging to a cooperative group, the Authority must transfer to the acquirer:
(1) all the legal person’s obligations arising under the contract;
(2) all the rights securing the performance of the legal person’s obligations under the contract.
For the purposes of the second paragraph, protected financial contracts entered into with the same counterparty include any protected financial contracts entered into with any group affiliated with that counterparty.
