C-67.3 - Act respecting financial services cooperatives

Section 564.5 Disposition versions

2018-07-13

564.5. The Authority may require a financial services cooperative to establish a legal person of which the cooperative will be the holder of control to carry on an activity other than the activities of a financial services cooperative,

(1)  if the activity constitutes the operation of an enterprise, regardless of the cooperative’s other activities; and

(2)  if, in the Authority’s opinion, the activity renders the application of this Act difficult or ineffective.

For the purposes of the first paragraph, an activity is deemed not to constitute the operation of an enterprise if it generates less than 2% of the gross income of a financial services cooperative.

2018, c. 23, s. 318.