Credit Union (Principal) Regulation (Alta. Reg. 249/1989)

Alta. Reg. 249/1989

Alberta — Regulations

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Note All persons making use of this consolidation are reminded that it has no legislative sanction, that amendments have been embodied for convenience of reference only. The official Statutes and Regulations should be consulted for all purposes of interpreting and applying the law.

(Consolidated up to 150/2026) ALBERTA REGULATION 249/89 Credit Union Act CREDIT UNION (PRINCIPAL) REGULATION Table of Contents

Part 1

Interpretation and Application 1

Interpretation of Regulation 2

Interpretation provisions applicable to the Act 3 Application of Securities Act

Part 2 Administration 4 Minimum periods for retention of documents 5 Provision of confidential information 6 Fees

Part 3 Commencement of Business 7 Minimum share subscription for commencing business 8 Minimum deposit requirement therefor 9 Conditions for holding of deposits and share subscriptions

Part 4 Organization and Structure 10

Interpretation 11 Change from no bond to bond 11.1 Distribution of list of members 12 Additional businesses permitted to credit unions 13 Credit union acting as financial leasing corporation 13.1 Subsidiary or affiliate as general insurance agent 14 Subsidiary or affiliate as service corporation 15 Subsidiary or affiliate as financial leasing corporation 15.01 Subsidiary as an alternative finance mortgage lender 15.1 Additional businesses permitted to subsidiaries and affiliates 16 Joint ventures and partnerships 17 Disposal of assets in initial fiscal year

AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 2 18 Trustee under self-dir ected RRSP, RRIF or RESP 19 Additional permitted related party transactions 20 Exemption from procedures requirement

Part 5 Directors, Officers, Employees and Committees 21 Qualifications of directors 22 Functions, etc. to be performed by board 23 Prescribed authorization to delegate 24 Non-delegable committee functions

Part 6 Financial Disclosure and Audit 25 Members ’ equity and financial reporting 25.1 Form of remuneration disclosure resolution 25.2 Disclosure of remuneration in annual financial statements 26 Joint ventures and partnerships 27 Reporting by auditor on adverse financial changes 28 Meeting between Minister and auditor 29 Auditor ’s right to information from Minister 30 Minister ’s access to audit papers

Part 7 Investments 31 Land acquisition in new credit union’s initial fiscal year 32 Interest in partnership land 33 Prohibited investments 37 Investments in subsidiaries, affiliates, etc.

Part 8 Equity and Deposits Division 1 Equity Generally 39 Statements on applicat ion for shares 40 Statement on shar e certificates 41 Intervals for common share statements 41.1 Disclosure of information before issue of common shares 41.2 Quarterly financial statements 42 Transfer of common shares 42.1 Transfer of common shares in new credit union 43 Redemption of shares 43.05 Protection of investment share dividends

AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 3 Division 1.1 Investment Shares 43.1

Interpretation and application 43.2 Authorization to create an d issue investment shares 43.3 General investment share provisions 43.31 Minister ’s receipt authorizing issue 43.32 Standard re fees for issuing receipts 43.4 Amendments affecting investment shares 43.41 Issue of investment shares 43.5 Financial restrictions on issue of shares 43.51 Investment share register 43.6 Transfer of investment shares 43.61 Acquisition of credit union’s own investment shares for redemption, etc. 43.7 Dividends, patronage rebates and priorities 43.71 Marketing of investment shares 43.8 Material changes 43.81 Disclosure, examination a nd production of documents 43.9 Rights of withdrawal Division 2 Deposits 44 Deposits from related party financial institutions 45 Repayment of deposit and share redemption on death

Part 9 Borrowings 47 Meaning of net borrowings

Part 10 Loans and Guarantees 50 Financial leasing corporation transactions - treatment as loans 51 Required quality as to mortgages 52 Determination of quality mortgage loan where multiple security 53 Limits on loans and guarantees without credit committee review 54 Loan maximums 54.1 Inter-credit union loans, etc. 54.2 Loans to individual non-members 54.3 Deposits, loans and guarantees to non-members and non-residents 55 Loans and guarantees to related party financial institutions 56 Loans to employees 57 Loans, etc. to related party auditors

AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 4

Part 11 Credit Union Deposit Guarantee Corporation 58 Authorization to delegate 59 Composition of special loans committees 60 Non-acquirable securities 61 Maximum periodic assessment 62 Corporation ’s common shares 63 Stated capital accounts 64 Shares as capital of the Corporation 65 Directors ’ remuneration

Part 12 Credit Union Central Alberta Limited 65.01

Definitions 67 Central ’s purposes re other corporations 68 Delegation by board 69 Permitted businesses 70 Central ’s joint ventures and partnerships 70.1 Disclosure of remuneration and benefits 71 Financial disclosure 73 Investment powers 74 Acquisition of lender rights under existing loan agreements 74.1 Further class of shares 75 Loans and guarantees to members of credit unions by Central 76 Loans and guarantees to members of Central by Central

Part 12.1 Amalgamation and Continuance Under the Federal Act 77.1 Effect of having issued investment shares 77.2 Continuance of credit unions under federal Act 77.3 Prescribed matters — federal continuance

Part 13 Dissolution and Liquidation and Dissolution 78 Ranking of special shares 79 Issue of certificate witho ut discharge of bankruptcy

Part 14 Reviews 79.1 Reviewable action 80 Review board proceedings

Section 1 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 5

Part 15 Enforcement 81 Auditor ’s working papers 82 Orders affecting subsidiaries subject to Securities Act 83 Civil penalties and interest

Part 16 Miscellaneous 84 Valuation of property 85 Transitional - financial lease and conditional sales agreements 86 Transitional - loan limit exemptions 90 Amendment of O.C. 446/79 91 Repeals 91.1 Expiry 92 Coming into force Schedules

Part 1

Interpretation and Application

Interpretation of Regulation 1(1) In this Regulation, (a) “alternative finance mortga ge loan” means a residential mortgage loan in respect of which the borrower is legally liable to the lender for the following payments: (

i) the principal amount of the loan; (ii) any expense charged for the making of the loan; (iii) an amount that is payable in a form other than as principal, interest or an expense and that relates to a return or profit payable on the loan; (b) “buyer”, in relation to a conditional sales agreement, includes a bailee; (c) “conditional sales agreement” means an agreement for a sale of personal property where the right of property or the right of possession in whole or in part remains in the seller notwithstanding that the actual possession of the personal property passes to the buyer, and where credit is extended by the seller to the buyer;

Section 1 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 6 (c.1) “dwelling unit” means a self-contained unit of living quarters with separate living, cooking, sleeping and bathroom facilities; (

d) repealed AR 17/2020 s2; (e) “farming operation” me ans an agricultural activity conducted for gain or reward on land whose use for agriculture is a permitted or discretionary use under the land use by-law of the municipality in which the land is situated or is permitted under

section 74 of the Planning Act, including (

i) the cultivation of land, (ii) the raising of livestock or poultry, (iii) the raising of fur-bearin g animals, pheasants or fish, (iv) the production of agricultural field crops or the growing of mushrooms, (

v) the production of fruit, vegetables, sod, trees, shrubs and other specialty horticultural crops, (vi) the production of eggs and milk, and (vii) the production of honey; (f) “financial lease agreemen t” means an agreement for a lease of personal property whereby credit is extended by the lessor to the lessee for the purpose of enabling the lessee to meet his financial obligations under the lease; (g) “financial leasing corpora tion” means a corporation whose business activities are limited to or, if the corporation is a credit union or Central, include entering into or acquiring and operating conditional sales agreements or financial lease agreements or both, including, if the corporation is a subsidiary or an affiliate of a credit union or Central, raising money for the purpose of financing those activities and holding and investing in short term securities any money so raised pending the employment of the money in those activities; (h) “initial fiscal year” means, in respect of a new credit union, its initial fiscal year of operation following the date when approval to commence business was granted to it under

section 24 of the Act; (i) “insurer” means an insurer within the meaning of the Insurance Act who is authorized to carry on the business

Section 1 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 7 of insurance in Canada under a statute of Canada or of a province; (i.01) “investment grade securities” means debt securities or preferred shares (

i) with ratings at least as high as those listed in the following table, (ii) with ratings by other rating organizations, both the rating and the organization being approved by the Minister, or (iii) that meet the requirements of subsection (4): Rating Organization Commercial Paper Bonds/ Debentures Preferred Shares S & P Global Ratings Canada A-1 A A Moody’s Canada Inc. P-1 A A DBRS Limited R-1 A Pfd-2 Fitch Ratings Inc. F-1 A A (i.1) “investment shares” means th e class of shares referred to in

section 43.2(1); (j) “land” includes physical land; (k) “Ministerial Regulation” means the Credit Union (Ministerial) Regulation (Alta. Reg. 250/89); (l) “mortgage loan” means a loan that is or is to be secured by a mortgage of land and includes an alternative finance mortgage loan; (m) “quality mortgage loan”, subject to

section 52, means a mortgage loan where (

i) the amount of the indebtedness, together with the amount of the indebtedness under other mortgages on the land mortgaged that rank equally with or in priority to the mortgage loan, (

A) does not exceed 80% of the fair market rate of the land at the time the mortgage is granted, or (

B) repealed AR 66/99 s2,

Section 1 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 8 (ii) a government guarantee or insurance exists such that the amount of any loan loss for which a credit union or lending subsidiary, as the case may be, is potentially liable cannot exceed 20% of the fair market rate of the land; (m.1) “residential mortgage loan” means a mortgage loan made by a credit union or lending subsidiary to an individual to finance one or more dwelling units on a parcel of land where (

i) the parcel does not exceed 160 acres, (ii) the parcel contains no more than 4 dwelling units, including the dwelling unit or units to be financed by the mortgage loan, and (iii) at least one dwelling unit on the parcel is occupied by the owner of the parcel; (n) “section 24 approval dat e” means, in respect of a new credit union in its initial fiscal year, the date when approval to commence business was granted to it under

section 24 of the Act; (o) “seller”, in relation to a conditional sales agreement, includes a bailor; (

p) repealed AR 111/2004 s2.

(2) The

definitions in

section 2(1) and (2) apply to this Regulation.

(2.1) The definition of “assets” in

section 2(9) applies in sections 2(4), 15(1)(b), 17, 26(3), 31, 32, 33, 43(1), 44(2), 54, 54.1 and 65.01(c).

(3) For the purposes of this Regulation, a corporation is able to continue as a going concern if, in the opinion of the person making the determination, it will be able to realize its assets and discharge its liabilities in the normal course of its business for the foreseeable future.

(4) Where a debt security or preferred share issued by a corporation does not have a rating, it is an investment grade security if the lower of (

a) the corporation’s corporate rating, and (

b) the rating of that other security issued by that corporation that has terms that are most closely similar to the terms of the debt security or preferred share in question,

Section 2 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 9 or either of those ratings if both do not exist, is used as the rating for that security to determine whether or not the security meets the requirements of the table set out in subsection (1)(i.01). AR 249/89 s1;21/95;66/99;111/2004;112/2007;17/2020; 3/2025;150/2026

Interpretation provisions applicable to the Act 2(1) For the purposes of the Act, (a) “beneficially owned” includes owned through a trustee, legal representative, agent or other intermediary; (a.1) “executive managers” means, in relation to a credit union, (

i) its chief executive officer or general manager, (ii) its chief financial officer, and (iii) vice-presidents not included in subclause (

i) or (ii) who perform executive and policy functions, or the persons who occupy positions similar to those positions or fulfil functions normally performed by persons occupying those positions. (b) “guarantee” includes the issue of a letter of credit; (b.1) “internal operations report” means, (

i) where a credit union has an auditor, the management letter accompanying the audited financial statements, and (ii) where it does not have an auditor, a report on the credit union’s internal controls; (

c) repealed AR 21/95 s3; (d) “total capital” means total capital within the meaning of the capital requirements standard established under

section 145.1 of the Act.

(1.1) The Bank Act (Canada) is prescribed for the purposes of

section 1(1)(v.1) of the Act.

(2) In

section 2(4)(f), (6) and (7) of the Act, “held” means held as the legal owner or as the owner according to the share or voting records of the corporation or trust in question.

Section 2 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 10

(3) For the purposes of

section 2(6)(

c) of the Act, a body corporate holds a voting interest if it is in possession of a proxy entitling it to vote that interest whichever way it chooses.

(4) With reference to

section 1(1)(dd)(iii) of the Act and for the purposes of the Act except for

section 111(3)(

a) thereof, “insolvent” includes a case where the realizable value of the credit union’s assets is or would be less than the aggregate of its liabilities and the stated capital of its common and investment shares.

(5) The amount prescribed for the purposes of

section 1(1)(gg) and (aaa) of the Act is $2 000 000.

(6) Notwithstanding

section 1(1)(gg) and (aaa) of the Act, for the purposes of the Act, a new credit union in its initial fiscal year is a large or a small credit union depending on whether the aggregate of the money that has been paid to the credit union as share subscriptions under

section 24(2)(c)(ii) of the Act and deposits under

section 24(2)(c)(iii) of the Act as at the

section 24 approval date is equal to or in excess of $2 000 000 or is less than $2 000 000.

(7) For the purposes of

section 1(1)(jj) of the Act, the book value of the shares issued by a financial institution that is a subsidiary or affiliate of Central and that are held by Central shall be deducted in determining Central’s members’ equity.

(8) The other equity accounts referred to in

section 1(1)(jj)(iii) of the Act are reserves and contributed surplus as accounted for in accordance with

section 5 of the Act.

(9) For the purposes of sections 1(1)(gg), 1(1)(aaa), 89(1), 99(1)(b), 126(1), 183(7) and 199(2), and the 2nd reference in

section 47(2), of the Act and the provisions of

Part 13 of the Act that apply any of those enactments in relation to Central, “assets”, in relation to a credit union or Central, as the case may be, means the total book value of its assets, calculated in accordance with the methods referred to in or pursuant to

section 5(1)(

a) and, where applicable, 5(2) or (3) of the Act.

(10) The class of employees referred to in

section 2(4)(

e) of the Act consists of employees who are chief financial officers, branch managers or chief credit officers of the body corporate, or who perform functions for the body corporate normally performed by any such person. AR 249/89 s2;21/95;66/99;111/2004;3/2025;86/2025

Section 3 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 11 Application of Securities Act 3 With reference to

section 3(2) of the Act, the Securities Act does not apply to common shares issued by Central. AR 249/89 s3

Part 2 Administration Minimum periods for retention of documents 4(1) The period of time for which a body corporate is required by

section 15(1) of the Act to retain a document is (

a) as long as the body corporate exists, in the case of (

i) minutes of board and of general meetings, (ii) the general ledger or other book of final entry containing summaries of year-to-year transactions, and (iii) special agreem ents necessary to an understanding of the entries in the general ledger or other book of final entry referred to in subclause (ii), and (

b) in the case of (

i) all other records an d books of account and of accounts and vouchers necessary to verify the information contained in those records and books, and (ii) minutes of committee and executive committee meetings, the period ending 6 years after the end of the last fiscal year to which the records and books of account or minutes relate.

(2) The period following the dissolution of a credit union or Central for which the Corporation is required by

section 15(4) of the Act to retain a document is (

a) in the case of a document referred to in subsection (1)(a), the period ending 5 years after the date of the dissolution, and

Section 5 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 12 (

b) in the case of a document referred to in subsection (1)(b), the period ending 6 years after the end of the last fiscal year to which the records and books of account relate. AR 249/89 s4 Provision of confidential information 5 Pursuant to

section 16(3) or (4) of the Act, the Minister or the Corporation, as the case may be, may provide (

a) information referred to in

section 16(1) of the Act that is required by an insurer to enable it to negotiate insurance coverage on behalf of a body corporate, to that insurer, (

b) with the specific consent of a body corporate and for any purpose that the Minister or the Corporation considers expedient, any information about that body corporate to any other body corporate, (

c) aggregated financial data about credit unions based on data provided by them individually, whether in the form of registered information or not, to any person, (

d) until June 30, 1997, any information or documents referred to in

section 16(1) of the Act to the Ombudsman for the purpose of an investigation under the Ombudsman Act, (

e) to the person who prepares an internal operations report, for the purpose of enabling that person to fulfil the duties and functions imposed on such a person by the Act, such information as is necessary to enable the achievement of that purpose, or (

f) any information referred to in

section 16(1) of the Act to the Bank of Canada for a purpose authorized by an agreement, contract, memorandum of understanding or other written arrangement made, with the prior approval of the Minister, between the Corporation and the Bank of Canada. AR 249/89 s5;31/97;48/97;66/99;240/2020 Fees 6 The fees payable to the Minister for services rendered by the Minister under the Act or, except where specifically prescribed in this Regulation, under this Regulation are fees in the same amount as are payable to the Registrar of Corporations for corresponding services under the Business Corporations Act. AR 249/89 s6;21/95;77/2023

Section 7 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 13

Part 3 Commencement of Business Minimum share subscription for commencing business 7 The number of common shares prescribed for the purposes of

section 24(2)(c)(ii) of the Act is (

a) in the case of a credit union with no bond of association, 250 000, and (

b) in the case of a credit union with a bond of association, 10 000. AR 249/89 s7 Minimum deposit requirement therefor 8 The amount prescribed as required deposits for the purposes of

section 24(2)(c)(iii) of the Act is (

a) in the case of a credit union with no bond of association, $750 000, and (

b) in the case of a credit union with a bond of association, $30 000. AR 249/89 s8 Conditions for holding of deposits and share subscriptions 9(1) The conditions on which Central is required to hold deposits and share subscriptions and is permitted to allow withdrawals from those deposits and subscriptions under

section 24(4) of the Act are as set out in this section.

(2) Central must pay interest on the money at a rate at least equal to and on conditions that are not less favourable than the rate and conditions generally applicable to 30-day term deposits by credit unions with Central.

(3) Central may allow withdrawals only for the purpose of enabling the payment of incorporation and initial organization expenses included in a credit union’s business plan that have been approved by the Corporation.

(4) Central must report total withdrawals to the Corporation on a weekly basis.

(5) Where the total withdrawals have exceeded or are about to exceed the level of incorporation and initial organization expenses approved, Central must, if the Corporation so directs, suspend further withdrawals until a review of the credit union’s business plan has been conducted.

Section 10 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 14

(6) In this section, “withdrawals” does not include the reimbursement of money paid by subscribers or depositors for the shares or deposits. AR 249/89 s9

Part 4 Organization and Structure

Interpretation 10 In this Part, (a) “borrower” means a person to whom credit is extended pursuant to a financial lease agreement or a conditional sales agreement; (b) “estimated residual value” means, in respect of personal property leased or to be leased under a financial lease agreement by a financial leasing corporation, the value of the property immediately after the expiry of the lease as estimated by the financial leasing corporation at the time of its acquisition of the property. AR 249/89 s10 Change from no bond to bond 11 The conditions prescribed in relation to

section 28(2) of the Act are that the credit union satisfy the Minister that (a)

section 24(2)(c)(i), (ii), (iii) and (iv) of the Act, as those subclauses apply in respect of a credit union with a bond of association, have been complied with, with references in those subclauses to the approval to commence business being replaced by references to the coming into effect of the amendment of the articles effecting the change, and (

b) the change is not contrary to the public interest. AR 249/89 s11 Distribution of list of members 11.1(1) Where the circumstances set out in

section 37(6.1) of the Act apply, a member may direct the credit union, on a matter that is fundamentally related to the business or affairs of the credit union, to distribute on the member’s behalf to all members who can receive information by means of the distribution method directed under subsection (2), and including that member, the information related to that matter that is specified in writing by the member.

Section 12 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 15

(2) Where a direction is given under subsection (1), the member must also direct the credit union as to the method of distributing the information.

(3) The credit union shall comply with the directions given under subsections (1) and (2) unless its board passes a resolution to the effect that the board considers that (

a) the matter that is the subj ect-matter of the direction under subsection (1) is not fundamentally related to the business or affairs of the credit union, (

b) the last-mentioned direction is frivolous or vexatious, or (

c) that direction substantively repeats a previous direction that has been addressed by the board within the previous 4 years.

(4) Nothing in subsection (1) prevents the voluntary distribution by the credit union of the information to members not referred to in that subsection.

(5) The credit union may charge the member who gives the direction under subsection (1) with the expenses incurred in distributing the information to the extent that the method of distribution complies with the direction given under subsection (2). AR 17/2020 s3 Additional businesses permitted to credit unions 12(1) The businesses that a credit union may carry on pursuant to

section 46(3) of the Act are (

a) acting as a custodian of property, (

b) subject to

section 13, acting as a financial leasing corporation, (

c) providing tax preparation services, so long as the individuals who actually perform those services on the credit union’s behalf have demonstrated competence and have participated in a course in that field, (c.1) providing registry services pursuant to

Schedule 12 to the Government Organization Act, and (

d) any other business that is incidental or conducive to the attainment of a credit union’s purposes or any of them.

Section 13 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 16

(2) A credit union may not act as the underwriter within the meaning of the Securities Act of securities issued or to be issued by another entity. AR 249/89 s12;66/99;111/2004 Credit union acting as financial leasing corporation 13(1) In this section, (a) “agreement” means a fina ncial lease agreement or a conditional sales agreement held or to be held by a credit union; (b) “property” means the personal property leased or conditionally sold or to be leased or conditionally sold under an agreement.

(2) A credit union may, with the approval of the Corporation, act as a financial leasing corporation if the following terms and conditions are met: (

a) the credit union must not direct its customers or potential customers to particular dealers in the property; (

b) at no time may the aggregate of the estimated residual values of all the property of the credit union, excluding motor vehicles and subject to subsection (2.1), leased under financial lease agreements exceed 10% of the aggregate of the cost of acquisition of that leased property to the credit union; (

c) the estimated residual value of property leased under a financial lease agreement must not exceed (

i) in the case of motor ve hicles, 50% of their cost of acquisition, and (ii) in the case of any other property and subject to subsection (2.1), 20% of its cost of acquisition to the credit union; (

d) the specific property must be selected by the lessee or buyer and (

i) must be acquired by the lessor or seller at the request of the lessee or buyer, or (ii) must have been acquired by the lessor or seller specifically in respect of an earlier agreement;

Section 13 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 17 (

e) a financial lease agreement held by the credit union must yield a return that will compensate the credit union for not less than its full investment in the leased property and, without limiting the generality of the foregoing, the agreement must yield a rate of return that is reasonable, taking into consideration the term of the lease and the other terms and conditions of it and the rate of return sought by other lessors in respect of the financial leasing of similar property subject to similar terms and conditions, and that is based on the aggregate of (

i) rental charges paid or to be paid by the lessee, (ii) estimated tax benefits of the lease to the credit union, including tax credits and capital cost allowance claims, and (iii) the amount of, (

A) where the lessee or a third party who is dealing at arm’s length with the credit union has, on or before the commencement of the lease, contracted to purchase the leased property or unconditionally guaranteed the resale value of the leased property at the expiry of the lease, the purchase price or the resale value so guaranteed, or (

B) in any other case, the estimated residual value of the property, to the maximum specified in clause (c); (

f) an agreement must include a provision (

i) assigning and conveying to the lessee or buyer the benefit of all warranties, guarantees or other undertakings made by a manufacturer or supplier relating to the property, or (ii) setting out the respon sibilities of the credit union with regard to the warranties, guarantees or other undertakings referred to in subclause (i); (

g) an agreement must substantially transfer to the lessee or buyer the benefits and risks incidental to the operation of the property and must not entail responsibility on the part of the credit union to install, promote, service, clean, maintain or repair the property; (

h) where a lessee or buyer defaults in the manner set out in an agreement and the default is not waived or the

Section 13.1 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 18 agreement, including any renewals or extensions of it, expires, the credit union must (

i) liquidate its interest in the property, or (ii) enter into a new financial lease agreement or conditional sales agreement, as the case may be, in respect of that property within 2 years of that default or expiry or, where proceedings in respect of that property have prevented the credit union from complying with that requirement within that period, within 2 years of the completion of those proceedings.

(2.1) There shall be deducted from the estimated residual values of property for the purposes of the calculations under subsection (2)(

b) and (c)(ii) those portions of the estimated residual values that are either insured or in respect of which the lessee or a third party who is dealing at arm’s length with the credit union has, on or before the commencement of the lease agreement, contracted to purchase the leased property or has unconditionally guaranteed the resale value of the leased property at the end of the lease agreement. (3) Subsection (2)(

d) does not apply in respect of an agreement acquired by the credit union from another person.

(4) An agreement may be renewed on its expiry and may be extended during its term. AR 249/89 s13;21/95;111/2004 Subsidiary or affiliate as general insurance agent 13.1(1) In this section, (a) “customers” includes clients and, in the case of a credit union, members; (b) “one body corporate”, to th e extent that the context is being construed as dealing with (

i) the credit union referred to in subsection (2), means that credit union, or (ii) the subsidiary or affiliate referred to in subsection (2), means that subsidiary or affiliate; (c) “the other body corporate”, to the extent that the one body corporate is being construed as (

i) that credit union, means that subsidiary or affiliate, or

Section 13.1 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 19 (ii) that subsidiary or affiliate, means that credit union.

(2) Pursuant to

section 46(4) of the Act, a subsidiary or an affiliate of a credit union may act as an insurance agent in a class of insurance under the Insurance Act that is not life insurance only if, with respect to one body corporate, its business, the premises where or from which its business is conducted and the communication systems used by or in its business are, viewed from the standpoint of a reasonable customer of its business and of the businesses of the other body corporate, kept entirely separate and distinct from, respectively, all businesses carried on by the other body corporate, all premises of the other body corporate itself and all communication systems used by or in the other body corporate’s businesses, and also, in particular, (

a) none of the employees of one body corporate are also employed by or working at the other body corporate, (

b) no records regarding any of the customers of one body corporate are commingled or located together with records maintained by the other body corporate, (

c) no information is provided, directly or indirectly, by one body corporate to the other body corporate respecting any of the one body corporate’s customers, except that where a credit union or lending subsidiary is providing a loan and the loan agreement requires that the loan be protected by insurance, that insurance agent may provide such information to the credit union or lending subsidiary, as the case may be, (

d) no business is carried on by one body corporate on premises that are adjacent to any premises of the other body corporate unless (

i) it is clearly indicated on the one body corporate’s premises that its businesses and the premises on which it carries on its business are separate and distinct, as regards its customers, from those of the other body corporate, and (ii) there is no access betw een the premises of the one body corporate and those of the other body corporate without the customers of the one body corporate having to exit the premises through a separate external entrance, and (

e) no accessibility is provided or allowed to any of the customers of one body corporate to any communication

Section 14 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 20 system that is primarily for the use of its customers if that system links any such customer with anyone at the other body corporate.

(3) A credit union referred to in subsection (1)(b)(

i) must not promote a subsidiary or affiliate referred to in subsection (1)(b)(ii), or that subsidiary or affiliate’s insurance policies, on that credit union’s premises or website, except for promoting those policies that that credit union is authorized to sell or where the promotion is limited to general information directed to all members of that credit union or the general public. AR 17/2020 s4;3/2025 Subsidiary or affiliate as service corporation 14(1) Pursuant to

section 46(4) of the Act, a subsidiary or an affiliate of a credit union may act as a service corporation, so long as the subsidiary or affiliate does not hold any shares issued by any other corporation.

(2) In subsection (1), “service corporation” means a corporation that limits its activities to the provision of services to entities that do not extend beyond the credit union and its subsidiaries and affiliates, other credit unions within the meaning of

section 1(1)(

p) of the Act and equivalent corporations registered under legislation elsewhere in Canada that is equivalent to the Act, and financial institutions. AR 249/89 s14;66/99;170/2006 Subsidiary or affiliate as financial leasing corporation 15(1) A subsidiary or an affiliate of a credit union may act as a financial leasing corporation only if (

a) it does not hold any shares issued by any other corporation, (

b) not less than 80% of its assets consists of receivables under its financial lease agreements or conditional sales agreements or both, and the value of the property to which those agreements relate, and (

c) the terms and conditions specified in

section 13 are met, with references in that

section to a credit union being deemed to be references to the subsidiary or affiliate.

(2) The restriction in subsection (1)(

b) does not apply until the expiration of the period of 12 months after the corporation first becomes a subsidiary or affiliate of the credit union if it was a financial leasing corporation when it became such a subsidiary or affiliate.

Section 15.01 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 21

(3) With respect to

section 46(5)(

b) of the Act, a subsidiary or an affiliate may lend money in the course of its acting as a financial leasing corporation. AR 249/89 s15 Subsidiary as an alternative finance mortgage lender 15.01 For the purposes of

section 46(5)(

b) of the Act, a subsidiary is entitled to make or acquire an alternative finance mortgage loan in accordance with

section 51. AR 3/2025 s5 Additional businesses permitted to subsidiaries and affiliates 15.1(1) Pursuant to

section 46(4) of the Act, a subsidiary or an affiliate of a credit union may, with the prior approval of the Corporation and subject to any other law, carry on any of the following financial services businesses: (

a) as a corporation that is an insurer within the meaning of the Insurance Act; (

b) as a real property brokerage corporation, that is a corporation whose activities are limited to acting as an agent for vendors or purchasers of real estate where the real estate is owned or administered by the credit union; (

c) as a real proper ty corporation, that is a corporation whose primary business activity consists of holding, managing or otherwise dealing with (

i) real property, or (ii) shares issued by a corporation (including another real property corporation) or ownership interests in an unincorporated entity that is primarily engaged in holding, managing or otherwise dealing with real property; (c.1) as a mortgage broker within the meaning of the Real Estate Act; (c.2) subject to subsection (2), as a bank; (c.3) subject to subsection (2), as a retail association within the meaning of

section 1 of the Retail Association Regulations under the Cooperative Credit Associations Act (Canada) (SOR/2002-216);

Section 16 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 22 (c.4) as a loan servicing corpor ation, being a corporation that performs administrative functions to carry out the obligations of a loan holder under a loan agreement; (

d) as a factoring corporation, that is a corporation whose activities are limited to acting as a factor in relation to accounts receivable, including the lending of money and the raising of money for the purpose of financing those activities; (

e) as a mutual fund distribution corporation, that is a corporation that is registered as a mutual fund dealer under the Securities Act; (

f) as an asset management corp oration, that is a corporation that administers and disposes of property acquired through realization of a security interest held by or for the benefit of the credit union; (

g) as an investment counselling corporation, that is a corporation that is registered as an investment counsel under the Securities Act; (

h) as a portfolio management corporation, that is a corporation that is registered as a portfolio manager under the Securities Act; (

i) repealed AR 240/2020 s2. (2) Subsection (1)(c.2) or (c.3) only applies if the credit union has entered into a written agreement with the Minister with respect to that subject-matter. AR 66/99 s7;111/2004;170/2006 Joint ventures and partnerships 16 Pursuant to

section 230(

k) of the Act,

section 46 of the Act and sections 14, 15 and 15.1 of this Regulation apply in relation to a joint venture or partnership in which a credit union has an interest as if that entity were a subsidiary of the credit union. AR 249/89 s16;111/2004;170/2006 Disposal of assets in initial fiscal year 17 Pursuant to

section 230(

n) of the Act, the reference in

section 47(2) of the Act to 10% of the credit union’s assets as at the end of the previous fiscal year shall be deemed, in respect of a new credit union in its initial fiscal year, to be substituted by a reference to 10% of its members’ equity as at the

section 24 approval date. AR 249/89 s17;111/2004

Section 18 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 23 Trustee under self-directed RRSP, RRIF or RESP 18 The classes of transaction prescribed for the purposes of

section 46(7) of the Act are acting under self-directed registered retirement savings plans, self-directed registered retirement income funds, self-directed registered tax-free savings accounts and self-directed registered education savings plans under the Income Tax Act (Canada). AR 249/89 s18;216/2008 Additional permitted related party transactions 19(1) The related party transactions that a credit union or its subsidiary may enter into without prior board authorization, unless the by-laws require that authorization, pursuant to

section 51(2)(c)(ii) of the Act are as set out in this section.

(2) Repealed AR 111/2004 s9.

(3) A large credit union or its subsidiary may maintain with a related party that is a securities dealer cash balances, in an amount not exceeding $50 000, in connection with the disposition of securities authorized as investments under

Part 8 of the Act.

(4) A subsidiary may acquire or dispose of its own shares from or to a party related to its holding credit union if the consideration is at fair market rate.

(5) A credit union or its subsidiary may enter into a contract with its auditor for the provision of auditing services and the payment of remuneration for those services. AR 249/89 s19;111/2004 Exemption from procedures requirement 20 Small credit unions are exempt from

section 54 of the Act. AR 249/89 s20

Part 5 Directors, Officers, Employees and Committees Qualifications of directors 21 The period prescribed for the purposes of

section 65(2)(

h) of the Act is 60 days. AR 249/89 s21

Section 22 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 24 Functions, etc. to be performed by board 22 To the extent that the following powers, duties and functions are exercised or performed, a credit union shall ensure that they are exercised or performed by resolution of the board: (

a) the submission to a general meeting of any matter requiring its approval; (

b) the filling of a vacancy on the board or on the audit or finance committee, or in the office of auditor; (

c) the removal of a director; (

d) the appointment or removal of the chief executive officer, the chairman or the president of the credit union; (

e) the issue of securities; (

f) the declaration of dividends or patronage rebates; (

g) repealed AR 21/95 s6; (g.1) authorization of the certification of the completeness and accuracy of a disclosure statement issued under

Part 8; (

h) approval of the annual financial statements or of the annual budget; (

i) approval of any item requiring the prior authorization of the board with respect to a related party transaction; (

j) the establishment of written procedures pursuant to

section 101(2) of the Act; (

k) the making of loans to, or the guaranteeing of obligations of, its employees or the employees of its subsidiaries. AR 249/89 s22;21/95;111/2004;3/2025 Prescribed authorization to delegate 23(1) The board of a credit union may, pursuant to

section 67(3) of the Act, delegate to the credit union’s executive committee, if any, or to any committee, director or officer, any of its powers, duties or functions except those described in

section 22.

(2) Section 22 does not prohibit or restrict the delegation under subsection (1) of the power to issue securities in the manner and on terms that have been authorized by resolution of the board. AR 249/89 s23

Section 24 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 25 Non-delegable committee functions 24 The by-laws of a credit union may not provide for the delegation under

section 82(3) of the Act of any of the functions referred to in

section 81 or 87(a), (b), (c), (d), (

f) or (

g) of the Act. AR 249/89 s24;111/2004

Part 6 Financial Disclosure and Audit Members’ equity and financial reporting 25 Deductions from capital, within the meaning of the capital requirements standard established under

section 145.1 of the Act, shall not be made in determining members’ equity for any purpose related to the preparation or auditing of a credit union’s financial statements or any reporting done pursuant to

Part 7 of the Act or any other financial reports made to the Minister or to the Corporation. AR 249/89 s25;21/95;3/2025 Form of remuneration disclosure resolution 25.1 The form of the resolution required by

section 83(4) of the Act is as follows:

BE IT RESOLVED THAT (name of credit union) disclose the total annual remuneration and benefits received directly or indirectly from the credit union and its subsidiaries and affiliates by each of the following of its executive managers as a notation to its annual financial statements in the form set out in

Schedule 1 to the Credit Union (Principal) Regulation: (Names or positions of executive managers whose remuneration and benefits are to be disclosed). AR 21/95 s8;66/99;111/2004;17/2020 Disclosure of remuneration in annual financial statements 25.2 If a resolution referred to in

section 25.1 has been passed by the members, the information prescribed for the purposes of

section 83(3)(a.01) and (

e) of the Act includes the information required by that resolution and

Schedule 1. AR 127/95 s2;66/99;111/2004;17/2020 Joint ventures and partnerships 26(1) Where a credit union has an interest in a joint venture or a partnership, the credit union shall ensure that the financial statements of the joint venture or partnership are audited and shall provide to the Minister the financial statements of that entity for

Section 27 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 26 each fiscal year of the entity, with the auditor’s report on them, within 3 months after the end of each such fiscal year. (2) Subsection (1) does not apply to the extent that the Minister exempts the credit union from the duty imposed by that subsection.

(3) The credit union shall state each joint venturer’s or partner’s share of the assets, liabilities, income and expenses of the joint venture or partnership in a note to the credit union’s annual financial statements.

AR 249/89 s26 Reporting by auditor on adverse financial changes 27(1) Where the auditor of a credit union considers that there has been a change in the circumstances of the credit union or of any of its subsidiaries that might reasonably be expected to affect the financial position of the credit union materially and adversely, then, subject to this section, the auditor shall forthwith report in writing to the credit union’s audit committee and to the Minister what the auditor considers to be the circumstances that constitute that change and why the auditor considers that those circumstances constitute such a change.

(2) Without limiting subsection (1), a change referred to in that subsection shall be considered to have taken place where (

a) there is evidence that th e corporation has suffered a material financial loss or there is a significant risk of its suffering a material financial loss, (

b) there has been a significant failure of or weakness in an internal control system affecting the accounting records of the corporation, (

c) reporting by the credit union to the Minister or to the Corporation, as required by the Act or the regulations, is misleading or misrepresents a particular issue, (

d) the credit union has failed to report or does not intend to report a matter and that failure to report is or would be materially misleading, (

e) conditions exist which cast doubt on the ability of the corporation to continue as a going concern, including, without limiting the generality of the foregoing, any situation where there is or are, with respect to the corporation, (

i) recurring financial operating losses,

Section 28 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 27 (ii) serious deficiencies in working capital, (iii) inability to obtain financing sufficient for continued operations, (iv) inability to comply with the terms of existing loan agreements or other types of financial contracts, (

v) insufficient funds to meet liabilities, or (vi) a plan to curtail significantly or to liquidate operations, (

f) there are circumstances whic h suggest that the directors or officers are acting imprudently, negligently, fraudulently or incompetently and that their actions may represent a significant risk to the corporation, or (

g) circumstances exist wher e the interests of customers having deposits with the credit union require that, or will be best protected if, those circumstances are brought to the attention of the Minister and of the audit committee.

(3) Notwithstanding anything in subsections (1) and (2), the auditor shall report circumstances which fall within subsection (2)(

f) only to the Minister.

(4) Notwithstanding subsection (1), the auditor is not required to report to the Minister a matter under this section, other than under subsection (2)(

f) or (g), if the auditor is satisfied that the credit union has already reported or is required within the next 30 days to report that matter to the Minister.

(5) Nothing in this

section is to be construed as expanding the scope of an audit. AR 249/89 s27;77/2023 Meeting between Minister and auditor 28 At the request of and on being given reasonable written notice by the auditor of a credit union, the Minister shall meet with the auditor to discuss the financial business and affairs of the credit union relating to the audit of its business and affairs. AR 249/89 s28 Auditor’s right to information from Minister 29 The Minister shall, on the written request of the auditor of a credit union, permit the auditor, during normal business hours, to inspect the following documents so far as they relate to the credit union and are in his possession:

Section 30 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 28 (

a) any completed reports that have been sent to the credit union relating to examinations conducted under

section 95 or 96 of the Act; (

b) copies of orders or directions made by the Minister or by the Corporation under the Act; (

c) any appraisals or information relating to appraisals made under

section 229 of the Act. AR 249/89 s29;111/2004 Minister’s access to audit papers 30 The auditor of a credit union shall, on the written request of a person authorized under

section 98(1) of the Act, permit that person, during normal business hours, to inspect working papers maintained by the auditor in respect of any audit of the credit union’s business. AR 249/89 s30;111/2004

Part 7 Investments Land acquisition in new credit union’s initial fiscal year 31 Pursuant to

section 230(

n) of the Act, the reference in

section 99(1)(

b) of the Act to 5% of the credit union’s assets as at the end of the fiscal year preceding the acquisition shall be deemed, in respect of a new credit union in its initial fiscal year, to be a reference to 10% of the credit union’s members’ equity as at the

section 24 approval date. AR 249/89 s31;111/2004 Interest in partnership land 32 Where a credit union has an interest in a partnership that owns land, there shall be taken into account, in determining the percentage of the credit union’s assets referred to in

section 99(1)(

b) of the Act or

section 31 of this Regulation, as the case may be, the value of that portion of the partnership land that is equal to the proportion of the credit union’s beneficial interest in that land in relation to the totality of the beneficial interests of all the partners. AR 249/89 s32;111/2004 Prohibited investments 33 The amount prescribed for the purpose of

section 102(1) of the Act is 2% of the credit union’s total assets, determined as at the time of acquisition of the securities. AR 249/89 s33;66/99;111/2004

Section 37 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 29 34 to 36 Repealed AR 66/99 s9. Investments in subsidiaries, affiliates, etc. 37(1) Pursuant to

section 230(

n) of the Act, where references are made in sections 104 and 105 of the Act to a credit union’s total capital as at the end of the fiscal year preceding the acquisition of shares, then, in relation to acquisitions of shares by a new credit union in its initial fiscal year, that total capital shall be treated as being equal to nothing.

(1.1) The percentage of total capital prescribed for the purposes of sections 104(3)(

a) and 105(1)(

a) of the Act is 10%.

(1.2) The percentage of total capital prescribed for the purposes of sections 104(3)(

b) and 105(1)(

b) of the Act is 20%.

(2) The corporation prescribed for the purposes of

section 105(2)(

c) of the Act is one that is an affiliate of the credit union and that carries on a business referred to in

section 46(4) of the Act. AR 249/89 s37;21/95;111/2004 38 Repealed AR 150/2026 s3.

Part 8 Equity and Deposits Division 1 Equity Generally Statements on application for shares 39(1) A credit union shall ensure that each application made for shares to be issued by it is in writing and clearly indicates that (

a) the shares applied for are not guaranteed or insured by the Corporation, and (

b) in the case of common shares, the redemption of the shares is at the discretion of the credit union subject to the restrictions contained in the Act and this Regulation.

(2) If the application is for investment shares, it must be in the form referred to in

section 43.41(4)(b). AR 249/89 s39;21/95

Section 40 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 30 Statement on share certificates 40 Where share certificates are issued by a credit union, each share certificate must state that the shares covered by the certificate are not guaranteed or insured by the Corporation. AR 249/89 s40 Intervals for common share statements 41(1) The intervals prescribed for the purposes of

section 107(10) of the Act are once every year.

(2) Notwithstanding subsection (1), if (

a) a statement is returned b ecause the shareholder cannot be found, (

b) the credit union has made reasonable efforts to locate the shareholder, and (

c) thereafter the shareholder still cannot be found, the intervals prescribed by subsection (1) become interrupted and do not resume until the shareholder has informed the credit union in writing of the shareholder’s new address. AR 249/89 s41;66/99;111/2004 Disclosure of information before issue of common shares 41.1(1) The circumstances prescribed for the purposes of

section 107(11) of the Act are (

a) where an individual already holds, or following the issue of the shares to an individual the individual will hold, 3000 or more common shares, exclusive of shares received as patronage rebates or dividends, or (

b) where the Minister has given written notice to the credit union that, in his opinion, the credit union is directly soliciting the purchase of common shares issued by it.

(2) For the purposes of subsection (1)(b), the credit union is not directly soliciting the purchase of common shares to the extent that, following the purchase, the person’s holding would not exceed the minimum holding of common shares required by the credit union as a prerequisite for membership or for the provision by it of a service or benefit.

(3) The information prescribed for the purposes of

section 107(11) of the Act is

Section 41.2 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 31 (

a) that contained, and in th e form set out, in Form 1 of

Schedule 3, (

b) the most recent audited financial statements and quarterly financial statements of the credit union, and (

c) the statement of material change, if any, required by subsection (4).

(4) A statement of material change is required for the purposes of

section 107(11) of the Act and this section, if Division 1.1 and Form 2 of

Schedule 3 would require a statement of material change were the shares investment rather than common shares. AR 21/95 s11;111/2004 Quarterly financial statements 41.2(1) A credit union shall prepare quarterly financial statements where such statements are necessary to enable the credit union to comply with

section 107(11) of the Act, this Part or a disclosure statement set out in

Schedule 3.

(2) A large credit union shall have the quarterly financial statements reviewed by its auditor where the initial issue of a disclosure statement in the form set out in Form 2 of

Schedule 3 is about to take place more than 3 months after the end of the most recently completed fiscal year of the credit union. AR 21/95 s11;111/2004 41.3 Repealed AR 3/2025 s8. Transfer of common shares 42 The circumstances prescribed for the purposes of

section 110(1)(

a) of the Act are that the transferor and the transferee both be members of the same family, whether related by blood, marriage or adoption or by virtue of an adult interdependent relationship. AR 249/89 s42;109/2003;111/2004 Transfer of common shares in new credit union 42.1 A transaction that is approved in writing by the Minister and that results only from (

a) the incorporation of a new credit union that is assuming part or all of the retained earnings of an institution referred to in

section 228 of the Act in return for common shares issued by the new credit union, (

b) an agreement to transfer those shares to members or prospective members of the new credit union, being

Section 43 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 32 members or shareholders or former members or shareholders of that institution, and (

c) the dissolution or proposed dissolution of that institution, is a transaction prescribed for the purposes of

section 110(1)(b)(iii) of the Act. AR 260/90 s2;111/2004 Redemption of shares 43(1) Pursuant to

section 1(1)(dd)(iii) of the Act and in construing

section 111(3)(

a) of the Act, “insolvent” includes a case where the realizable value of the credit union’s assets after the redemption or cancellation would be less than the aggregate of (

a) its liabilities, and (

b) the amounts that would be required for the redemption if all common and investment shares issued by it were being redeemed at that time.

(2) Pursuant to

section 230(

n) of the Act, the reference in

section 111(3)(

b) of the Act to the end of the fiscal year previous to the acquisition of shares shall be deemed, in respect of a new credit union in its initial fiscal year, to be a reference to the

section 24 approval date.

(3) The circumstances prescribed for the purposes of

section 111(4)(

b) of the Act are (

a) where a member is transferring the balance in his common share account with the credit union acquiring the shares to a common share account with another credit union, and the credit union acquiring the shares verifies the member’s membership at the other credit union and forwards the money payable from its acquisition of the shares directly to the other credit union on account of the member’s purchase of common shares from that other credit union, (

b) where a member is expelled, (

c) where a member has attain ed the age of 65 years, or (

d) where, according to the r ecords of the credit union, a member no longer resides in the area specified in its by-laws as the area over which it conducts its business provided that the total of all shares acquired by the credit union in the circumstances described in clauses (a), (

b) and (

d) cumulatively

Section 43.05 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 33 do not exceed 10% of its capital as at the end of the fiscal year preceding the acquisition. AR 249/89 s43;172/90;21/95;66/99;111/2004 Protection of investment share dividends 43.05 A large credit union shall not pay any dividend on its common shares if any dividend on investment shares issued by it has been declared and remains unpaid. AR 21/95 s13 Division 1.1 Investment Shares

Interpretation and application 43.1(1) In this Division and in Form 2 of

Schedule 3, (a) “authorizing by-law” means the by-law referred to in

section 43.2(3); (b) “authorizing instrument” means the authorizing by-law or the authorizing resolution, or both, as the case may be; (c) “authorizing resolution” means the board resolution referred to in

section 43.2(4) for the relevant series, and includes the authorizing by-law to the extent that that by-law includes a matter that could have been included in that resolution; (d) “class” means, with refere nce to a credit union’s overall share capital, the class known as investment shares; (e) “disclosure statement” mean s a statement for the relevant series in the form set out in Form 2 of

Schedule 3; (f) “material change” means a change that has taken place in the 5 years preceding the time in question in the business, operations or capital of a credit union, other than a change that results from a change in interest rates, and that would reasonably be expected to have a significant effect on the market value of investment shares issued by it; (g) “receipt for the series” m eans the receipt issued by the Minister under

section 43.31(1) for the series in question; (h) “series” means the series or , if more than one, each series of investment shares referred to in

section 43.2(2); (i) “shares” means investment shares.

Section 43.2 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 34

(2) This Division and Form 2 of

Schedule 3 apply only to large credit unions, and references in them to a credit union are to be taken as referring only to a large credit union. AR 21/95 s13;111/2004 Authorization to create and issue investment shares 43.2(1) A large credit union may, subject to and in accordance with

Part 9 of the Act and this Part, create, issue and maintain one (and only one) class of special shares, to be known as investment shares.

(2) Investment shares may be issued only in one or more series.

(3) A credit union that has not yet issued any investment shares but that wishes to do so must by special resolution make a by-law for the class, which must at least create the class and which may contain any limitations, restrictions and conditions on an issue or on the board’s powers with respect to making authorizing resolutions and any further matters, including those which may or must be included in authorizing resolutions, that are allowed by this Regulation or the Act to be included in it.

(4) Before a credit union issues investment shares in a particular series, its board must pass a resolution specifically for that series, and the resolution must, with respect to that series or those shares, (

a) create the series and author ize the issue of the investment shares in the series, (

b) designate the series by a sequential letter of the alphabet, (

c) specify the issue price of the shares, (

d) contain any restrictions, other than those imposed by this Part, on the issue or transferability of the shares, (

e) specify (

i) the dividend rights attaching to the shares, including the rate of, or the formula used to calculate, dividends and whether the right to dividends is cumulative or non-cumulative, (ii) the redemption rights attaching to the shares, including any right of the credit union to redeem the shares at its option, any rights of their holders to require the credit union to redeem the shares, and the repurchase date, if any, of the shares, and

Section 43.3 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 35 (iii) any rights of the holders of the shares to require the credit union to convert them into investment shares of another series, (

f) comply with any limitations , restrictions or conditions contained in the authorizing by-law, notwithstanding anything in this subsection, and (

g) contain any other matters required by this Division to be included in it, and the resolution may contain any further matters that are considered appropriate or that are allowed by this Regulation or the Act to be included in it.

(5) Notwithstanding subsection (4), the authorizing resolution does not need to deal with a matter to the extent that it is adequately dealt with in the authorizing by-law.

(6) An authorizing instrument may not entitle a credit union (

a) to exchange shares in a series for common shares, or for shares in any other series, that have been issued by the credit union, (

b) except at the instance of th e holder, to convert investment shares in the series into investment shares of another series, or (

c) to convert shares into comm on shares issued by the credit union. AR 21/95 s13;111/2004 General investment share provisions 43.3(1) Investment shares have no par value.

(2) Investment shares are non-assessable, and their holders are not liable to the credit union or to its creditors in respect of them.

(3) Investment shares carry no voting rights.

(4) Investment shares may not be held by any person other than one to whom the credit union has lawfully issued them or a person to whom they have been transferred in compliance with

section 43.6.

(5) Notwithstanding

section 108(5) of the Act, a credit union shall maintain a stated capital account for each series in which investment shares are issued and shall add to the stated capital account the full amount of money it receives for investment shares in that series and, if investment shares in the series are issued in

Section 43.31 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 36 payment of a dividend, it shall add the declared amount of the dividend, stated as an amount of money, to the stated capital account for the series.

(6) The rights, terms and conditions attaching to all investment shares of any one series are equal. AR 21/95 s13;111/2004 Minister’s receipt authorizing issue 43.31(1) On application by a credit union that wishes to issue investment shares, the Minister shall issue a receipt to the credit union if (

a) it has provided to the Minister (

i) a copy of the authorizin g by-law, with a certification properly executed on behalf of the credit union that it is a true copy and that the authorizing by-law complies with the Act and this Part, (ii) a copy of the authorizing resolution, with a certification properly executed on behalf of the credit union that it is a true copy and that the authorizing resolution complies with the authorizing by-law, the Act and this Part, (iii) a disclosure statement, (iv) repealed AR 21/95 s26, (

v) any written evidence that the Minister requires to establish that the credit union is in compliance with

section 43.5(1)(a), (

b) and (c), (vi) a letter from the credit union’s auditor to the Minister stating that the auditor has read the disclosure statement and knows of no misrepresentations in the information in the disclosure statement that is derived from the audited financial statements or that is within his knowledge as a result of his audit or, if applicable, his review of any financial statements, (vii) letters from all professional advisers whose opinions have been relied on and referred to or included in the disclosure statement, consenting to the reference or inclusion in the disclosure statement, and (viii) a specimen share certificat e, if share certificates are to be issued for the series,

Section 43.31 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 37 (

b) the Minister is satisfied that the documents provided under clause (

a) comply with this Part, and (

c) the credit union has paid the fee prescribed in the standard established under

section 43.32.

(2) Repealed AR 150/2026 s4.

(3) A credit union shall ensure that, as of the date of the disclosure statement, all information included in the disclosure statement is in all material respects complete and accurate and that the disclosure statement does not omit to state a material fact that is necessary to make the information, in the light of the circumstances under which it is presented, not misleading.

(4) The Minister shall enter into the register all documents provided under subsection (1)(

a) and a copy of each receipt for the series.

(5) If the application for a receipt under subsection (1) covers more than one series of investment shares, the receipt may cover both or all the series in respect of which the application is made. AR 21/95 s13;111/2004;150/2026 Standard re fees for issuing receipts 43.32(1) The Corporation shall, in accordance with and subject to this section, establish a standard prescribing fees for receipts issued under

section 43.31.

(2) The Corporation shall submit the standard to the Minister for approval.

(3) On reviewing the standard, the Minister shall (

a) approve the standard, (

b) reject the standard, or (

c) reject the standard with instructions setting out the changes required for the standard to be resubmitted for approval.

(4) If the Minister approves the standard, the standard is considered to be established in accordance with this section.

(5) In the absence of the Corporation establishing a standard approved by the Minister under this section, the Minister may establish the standard.

(6) A standard established under this

section is exempt from the Regulations Act, but the Corporation shall ensure it is published in

Section 43.4 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 38 such a form as the Corporation considers likely to make it available, generally, to persons likely to be affected by it. AR 150/2026 s5 Amendments affecting investment shares 43.4(1) A credit union may, with the prior approval of the Minister, at any time after the Minister has issued a receipt for the series but before issuing any investment shares in the series, amend an authorizing instrument or the disclosure statement.

(2) The credit union may not make any amendment to the rights, privileges, obligations or other features of any series after any investment shares in that series have been issued.

(3) The board shall certify as complete and accurate any amendments made to the disclosure statement. AR 21/95 s13;111/2004 Issue of investment shares 43.41(1) A credit union may issue investment shares only (

a) in accordance with th e authorizing instruments, (

b) if it has received a receipt for the series, and (

c) if the issue is in compliance with

Part 9 of the Act and this Part.

(2) A credit union shall not issue investment shares, other than as a dividend on investment shares to any person other than (

a) a member, (

b) another person where the shares are to be held under a registered retirement savings plan or a registered retirement income fund of which a member is the beneficiary, (

c) a trustee, executor, administrator or guardian of a member, or (

d) the Corporation or its subsidiary, if the issue is part of a financial restructuring of the credit union.

(3) A credit union shall not issue investment shares until they have been fully paid for.

(4) A credit union shall not issue investment shares, other than as a dividend, unless the subscriber

Section 43.5 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 39 (

a) has been provided with a copy of the disclosure statement and the other documents required by

section 43.81(1), and (

b) has completed and signed an application in the form set out in Form 3 of

Schedule 3.

(5) Subject to subsection (6), a credit union shall not issue investment shares, other than as a dividend, more than 6 months after the date of the receipt for the series.

(6) If within 6 months after the date of the receipt for the series, a person enters into an agreement to subscribe and pay for investment shares in the series by instalments, the credit union may continue to issue investment shares in the series to that person, in accordance with the instalment agreement, for up to 6 months after the instalment agreement was entered into.

(7) A credit union is not required to issue share certificates for investment shares unless an authorizing instrument so requires. AR 21/95 s13;111/2004 Financial restrictions on issue of shares 43.5(1) A credit union shall not issue investment shares unless (

a) its audited financial statements reflect that it has had net income, before patronage rebates but after tax, in each of the last 2 fiscal years for which audited financial statements are available or in 4 of the last 5 such fiscal years, (

b) its audited financial statements over the last 3 such fiscal years reflect that it has had average annual net income, before patronage rebates but after tax, of at least twice the projected average annual dividends, and (

c) its most recent audited fina ncial statements reflect that it had retained earnings of at least 3 times the projected average annual dividends.

(1.1) For the purposes of subsection (1)(

b) and (c), “projected average annual dividends” means the sum of (

a) the total dividends from the shares to be issued (assuming all the shares authorized for sale are sold) that are expected by the credit union to be incurred over the 3 years following the date of their issue pursuant to any rights or policies stated in the disclosure statement for the share issue, divided by 3, and

Section 43.51 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 40 (

b) the total dividends expected to be incurred over the next 12 months on all investment shares that are currently outstanding.

(1.2) Where the dividend right or policy is variable, the calculation of the rate is to be based on the conditions existing at the time that the receipt for the current disclosure statement is granted.

(2) A credit union shall not lend, or otherwise finance or guarantee the financing of, the whole or any part of the subscription price of shares to be issued by it. AR 21/95 s13;66/99;111/2004 Investment share register 43.51(1) A credit union shall establish a register for its investment shares and maintain that register in regard to all investment shares that remain outstanding, listing the name and address of, and the number and series of investment shares held by, each holder, the date of issue or transfer of the investment shares to the holder and, if applicable, the name of the person who transferred the investment shares to the holder.

(2) Subject to this section, any person who holds investment shares in a particular series or an agent with a written authorization from any such person may, during the normal business hours of the credit union, on giving reasonable notice to the credit union and on paying such reasonable fee as the credit union requires, examine the part of the investment share register that pertains to that series.

(3) The credit union may require persons referred to in subsection (2), as a condition of the access to the investment share register, to undertake in writing not to use the information contained in the register for any purpose not related to protecting or exercising rights of holders of investment shares in the series.

(4) The credit union may deny a person access to its investment share register if it reasonably concludes that it is not for a purpose related to protecting or exercising rights of holders of investment shares in the series.

(5) In the absence of evidence to the contrary, the investment share register constitutes proof of the legal ownership of investment shares. AR 21/95 s13;111/2004 Transfer of investment shares 43.6(1) An investment share may not be transferred, and a credit union shall not accept the transfer of an investment share issued by it, unless the transfer

Section 43.61 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 41 (

a) is made to a person referred to in

section 43.41(2), or (

b) results only from the death of the holder of the share or the realization of security that consists of or includes the share, and the transfer complies with any transfer restrictions and procedures contained in this Division and in the authorizing instruments.

(2) A credit union shall enter a transfer of investment shares in the investment share register, but only if (

a) it has provided to the proposed transferee a copy of the disclosure statement and the other documents required by

section 43.81(1), and (

b) either (

i) it has received a transfer in the form set out in Form 4 of

Schedule 3 duly completed and signed by the proposed transferor and transferee, or (ii) the board is satisfied, ha ving regard to the particular circumstances, that the transfer form cannot be fully completed and signed and passes a resolution accepting the transfer.

(3) The restriction in subsection (2)(

a) does not apply (

a) to the extent that, by reason of the particular circumstances, the proposed transferee or the proposed beneficial owner of the investment shares where the proposed transferee is a person referred to in

section 43.41(2)(

b) or (

c) will, in effect, have received the documents previously, or (

b) where the transfer results only from the death of the holder of the investment shares or the realization of security that consists of or includes the investment shares.

(4) A valid designation of a beneficiary under

section 71 of the Wills and Succession Act, to the extent that it has the effect of transferring investment shares on a person’s death, is deemed to be a properly executed transfer for the purposes of subsection (2). AR 21/95 s13;111/2004;31/2012 Acquisition of credit union’s own investment shares for redemption, etc. 43.61(1) Subject to this

section and to the extent provided by the authorizing instruments, a credit union may at any time acquire

Section 43.61 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 42 investment shares issued by it for redemption either at its own instance or at the instance of their holder.

(2) A credit union shall not acquire any investment shares issued by it, or redeem or cancel investment shares, (

a) under any circumstances whatsoever, if there are reasonable grounds for believing that the credit union is or would thereby become insolvent, or (

b) subject to subsections (3) and (4), if any redemption or cancellation would result in its ceasing to meet the requirements of, or if it is already in contravention of,

section 109 of the Act, but this subsection does not apply to acquisitions of investment shares pursuant to a lien or the taking or realization of security.

(3) Subject to subsection (2)(a), the authorizing resolution may entitle a holder to require the credit union to acquire investment shares and redeem them if (

a) the redemption results only from the death of their holder, or (

b) the investment shares are he ld in a qualifying registered retirement income fund and their value represents the minimum amount of the fund that the tax rules under the Income Tax Act (Canada) require to be taken into the holder’s income for the year.

(4) The Corporation may exempt a credit union in whole or in part from the requirement of subsection (2)(

b) to meet the requirements of

section 109 of the Act.

(5) A credit union shall not acquire investment shares issued by it except for redemption and, on the acquisition of any shares, it shall forthwith redeem and cancel them.

(6) A credit union acquiring investment shares for redemption shall pay for the acquisition an amount equal to the price at which the shares were issued and all unpaid dividends on them.

(7) A credit union may acquire investment shares under this

section from related parties.

(8) A credit union shall give investment shareholders advance notice that their investment shares will be acquired and redeemed and shall deposit the proceeds in their account.

Section 43.7 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 43

(9) Before redeeming or cancelling all or a portion exceeding 25% of the initial issue of a series of investment shares issued by it, a credit union shall notify the Corporation of its intention to do so. AR 21/95 ss13,26;111/2004 Dividends, patronage rebates and priorities 43.7(1) Investment shares entitle their holders to the dividends specified in the authorizing instruments and declared, and to receive those dividends in preference to dividends or any return of capital payable to the holders of common shares.

(2) All series have, as among themselves, equal priority in respect of dividends and return of capital, and if any cumulative dividends or amounts payable on return of capital in respect of a series are not paid in full, the shares of all series shall participate rateably in respect of accumulated dividends and return of capital.

(3) In construing

section 112(2) of the Act as it applies to investment shares, (

a) the by-laws may not allow the credit union to issue investment shares as patronage rebates, and (

b) the authorization to issue shares generally as dividends extends only to the issue of investment shares of the same series as the shares on which the dividend is to be paid.

(4) Where investment shares are issued as a dividend under

section 112(2) of the Act, the credit union may issue fractional shares.

(5) A credit union shall not pay any dividend on investment shares in cash if (

a) repealed AR 21/95 s26, (

b) its total capital is less than, or payment of the dividend would result in its total capital being less than, the amount of capital that the credit union is required by

section 109 of the Act to maintain. (

c) repealed AR 111/2004 s37. AR 21/95 ss13,26;111/2004 Marketing of investment shares 43.71(1) Where a credit union proposes to issue investment shares other than by way of a dividend, its board shall take all reasonable measures, including establishing, implementing and monitoring appropriate policies, to ensure that

Section 43.8 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 44 (

a) the shares are promoted and sold only by persons who understand and are fully familiar with the requirements of

Part 9 of the Act and this Part as to investment shares and the details of the authorizing instruments, the disclosure statement and the other documents referred to in

section 43.81(1), (

b) the persons promoting or selling the shares do not advise others, with respect to investing in shares except in compliance with those provisions of the Securities Act that would apply to them as advisers within the meaning of that Act, if that Act applied to them, (

c) those persons receive no bonus, commission or other incentive for selling or promoting the shares and are not subject to any disincentive for failing to sell or promote the shares, (

d) the shares are not sold or promoted in circumstances where the credit union has reasonable grounds to believe that it would be contrary to the best interests of any person to subscribe for the shares, unless that person has received independent professional advice with respect to the subscription, and (

e) the shares are issued only in accordance with

Part 9 of the Act and this Part.

(2) A credit union shall not sell or promote investment shares in any area at any of its places of business that is primarily used by it for serving deposit and withdrawal transactions. AR 21/95 s13;111/2004 Material changes 43.8 A credit union, on becoming aware of any material change, shall forthwith (

a) prepare a written material change statement describing the change, and (

b) send a copy of that statem ent to the Minister and to each of its branches. AR 21/95 s13 Disclosure, examination and production of documents 43.81(1) Whenever a credit union provides a disclosure statement to any person, it shall append to that statement copies of

Section 43.9 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 45 (

a) any material change statements that it was required by

section 43.8 to send to the Minister in the preceding 5 years, if the events that constituted the material changes reflected in them may still have a significant effect on the market value of the shares, (

b) its most recent audited financial statements, and (

c) if applicable, its financial statements for the most recently completed quarter of its fiscal year.

(2) A credit union that has issued or that intends to issue investment shares shall keep available for examination by current and prospective holders of shares at all its branches copies of (

a) the authorizing instruments, (

b) any disclosure statements the credit union has provided to the Minister, and (

c) the documents referred to in subsection (1)(a), (

b) and (c), as amended or as most recently issued as the case may be.

(3) The credit union shall provide copies of the documents referred to in subsection (2)(

c) at no charge to any current or prospective holder of investment shares who requests them.

(4) The credit union shall prominently display the documents referred to in subsection (2)(

c) at all its branches and at all times while it remains an issuer of investment shares and while the documents remain material to holders of investment shares. AR 21/95 s13;111/2004 Rights of withdrawal 43.9(1) A person who has agreed to subscribe for investment shares to be issued by a credit union may cancel the agreement by ensuring that notice in writing cancelling the agreement is actually received (

a) by or on behalf of the credit union through a method of serving documents described in

section 35 of the Act, or (

b) at any branch of the credit union, by the close of business on the fifth business day of the credit union after the date when the form applying to subscribe for the shares was signed by that person.

(2) On cancelling the agreement under subsection (1), the person is relieved from any obligation to subscribe or pay for the shares or is

Section 44 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 46 entitled to be refunded their full subscription price, as the case may be.

(3) The subscription agreement is not cancellable by a person who has entered into the agreement except pursuant to subsection (1). AR 21/95 s13 Division 2 Deposits Deposits from related party financial institutions 44(1) The purposes prescribed for the purposes of

section 115(1)(

a) of the Act are (

a) to support the short-term liquidity needs of the credit union, and (

b) to enable the clearance of cheques drawn on it.

(2) The amount prescribed for the purpose of

section 115(1)(

a) of the Act is that amount that causes the aggregate of all deposits received from all related party financial institutions to be equal to 2% of the credit union’s assets as at the end of the fiscal year preceding the deposit or, in the case of a new credit union in its initial year, the

section 24 approval date. AR 249/89 s44;111/2004 Repayment of deposit and share redemption on death 45 The amount prescribed for the purpose of

section 116(1) of the Act is $20 000. AR 249/89 s45;66/99;111/2004 46 Repealed AR 66/99 s14.

Part 9 Borrowings Meaning of net borrowings 47 For the purposes of

section 125(1) of the Act, “net borrowings”, in so far as it relates to borrowings from a particular lender with whom deposits are held for the purpose of maintaining the greater amount required by

section 106(1) of the Act shall be deemed to mean net borrowings from that lender less the total amount of deposits held by the credit union with that lender other than those deposits so held only for that purpose. AR 249/89 s47;111/2004

Section 50 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 47 48 Repealed AR 66/99 s14.

Part 10 Loans and Guarantees 49 Repealed AR 66/99 s14. Financial leasing corporation transactions - treatment as loans 50(1) Where a credit union or its subsidiary or affiliate enters into a financial lease agreement or a conditional sales agreement, a sum equal to the value of the property leased or conditionally sold less the amount of any down payment or deposit made, shall be treated for the purposes of the Act and this Regulation as having been loaned by it to the lessee or buyer.

(2) Where a credit union or its subsidiary or affiliate acquires a financial lease agreement or a conditional sales agreement from another person, a sum equal to the value at which the property leased or conditionally sold is acquired shall be treated for the purposes of the Act and this Regulation as having been loaned by it to the lessee or buyer. AR 249/89 s50 Required quality as to mortgages 51(1) A credit union shall not make a mortgage loan, or acquire the rights of a lender under a mortgage loan, unless the loan is a quality mortgage loan.

(2) Notwithstanding subsection (1), a credit union may make a mortgage loan that is not a quality mortgage loan (

a) if the loan is not a residential mortgage loan and has previously been approved by the Corporation, or (

b) as part of the sale of for eclosed land to a purchaser if the prior approval of a special loans committee has been received for the making of the loan.

(3) A lending subsidiary shall not make an alternative finance mortgage loan, or acquire the rights of a lender under an alternative finance mortgage loan, unless the loan is a quality mortgage loan.

(4) Notwithstanding subsection (3), a lending subsidiary may make an alternative finance mortgage loan that is not a quality mortgage loan as part of the sale of foreclosed land to a purchaser if the prior approval of a special loans committee has been received for the making of the loan. AR 249/89 s51;21/95;111/2004;3/2025

Section 52 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 48 Determination of quality mortgage loan where multiple security 52 Where (

a) a loan is or is to be secured by a mortgage of land and also by at least one other form of security, and (

b) the loan would not, but for this section, be a quality mortgage loan, then, for the purpose of determining whether the loan is a quality mortgage loan, with respect to the mortgage of land as distinct from the other form or forms of security, that loan may be considered as separate loans and the aggregate amount of the loan divided up into separate amounts and the determination made on the basis of the separate loan and amount allocated in respect of that mortgage.

AR 249/89 s52 Limits on loans and guarantees without credit committee review 53(1) The Corporation may establish financial limits on a credit union’s ability to grant loans or give guarantees without a review of the transaction by its credit committee.

(2) A credit union shall not grant a loan or give a guarantee in an amount exceeding a limit established under subsection (1) unless the transaction has been reviewed by its credit committee. AR 249/89 s53 Loan maximums 54(1) Subject to this section, the amount prescribed for the purpose of

section 130(2)(

a) of the Act is (

a) in the case of a credit union with assets of less than $10 000 000 as at the end of the fiscal year preceding that in which the loan would be made or, where applicable, as at the

section 24 approval date, 100% of its total capital as at whichever of those dates is applicable or $300 000, whichever is the greater, (

b) in the case of a credit union with assets of $10 000 000 or more but not more than $500 000 000 as at the applicable date referred to in clause (a), 40%, or with the prior approval of the Corporation such higher percentage up to 100%, of its total capital as at that date or $500 000, whichever is the greater, and (

c) in the case of a credit union with assets of more than $500 000 000 as at the applicable date referred to in clause (a),

Section 54.1 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 49 (

i) if it meets the requirements of

section 109 of the Act, 40% of its total capital as at that date, or (ii) if it does not, 20% of its total capital as at that date or $4 000 000, whichever is the greater.

(2) Repealed AR 111/2004 s44.

(3) Where the loan is secured by the assignment of (

a) securities issued or guar anteed by the government of Canada or of a province or by an agency of such a government, or (

b) deposits with the credit union, the limit prescribed by subsection (1) is increased by an amount equal to the value of those securities or deposits.

(4) Where the whole or any part of the loan is guaranteed or insured by the government of Canada or of a province or by an agency of such a government or is insured under an insurance policy issued by an insurer, then the limit prescribed by subsection (1) is increased by an amount equal to the amount so guaranteed or insured.

(5) The amount prescribed for the purpose of

section 130(2)(

a) of the Act is unlimited where the loan is made to (

a) a government or agency referred to in subsection (3)(a), (

b) a municipality or school division, (b.1) a provincial health agency , regional health authority or provincial health corporation under the Provincial Health Agencies Act, or (

c) a university or polytechnic institution established or continued by or under the Post-secondary Learning Act. AR 249/89 s54;21/95;111/2004;170/2006;10/2019; 81/2019;17/2020;125/2024;199/2025 Inter-credit union loans, etc. 54.1 The amount prescribed for the purpose of

section 130(3) of the Act is (

a) in the case of a small credit union or its lending subsidiary making a loan to or placing a deposit with a large credit union, 100% of the small credit union’s total assets, or

Section 54.2 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 50 (

b) in any other case of a credit union or its lending subsidiary making a loan or placing a deposit with another credit union, 2% of the credit union’s total assets, such assets being determined as at the time of its or its lending subsidiary making the loan or placing the deposit. AR 66/99 s15;111/2004;3/2025 Loans to individual non-members 54.2 A loan that is part of a program approved by the Corporation as a promotional loan program is a prescribed class of transactions for the purpose of

section 132(

d) of the Act. AR 66/99 s15;111/2004 Deposits, loans and guarantees to non-members and non-residents 54.3 For the purpose of

section 132.1 of the Act, the amount prescribed is (a) 15% of total outstanding de posits for

section 132.1(

a) of the Act, and (b) 15% of total outstanding loans and guarantees for

section 132.1(

b) of the Act. AR 77/2023 s4 Loans and guarantees to related party financial institutions 55(1) Repealed AR 111/2004 s47.

(2) The amount prescribed for the purpose of

section 133(9) of the Act is 10% of the credit union’s members’ equity as at the end of the fiscal year preceding that in which the transaction would take place or, in the case of a new credit union in its initial fiscal year, as at the

section 24 approval date, subject however to a maximum of the amount prescribed by

section 54. AR 249/89 s55;111/2004 56 Repealed AR 21/95 s16. Loans, etc. to related party auditors 57 Where a credit union or its subsidiary makes a loan to, or guarantees the obligations of, (

a) a party related to the credit union who is also the credit union’s auditor,

Section 58 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 51 (

b) a corporation controlled by that auditor or more than 10% of whose voting shares are held or beneficially owned, directly or indirectly, by that auditor, or (

c) any other entity more than 10% beneficially owned, directly or indirectly, by that auditor, the credit union shall forthwith provide to the Minister a written report containing the amount and the terms and conditions of the loan or guarantee. AR 249/89 s57

Part 11 Credit Union Deposit Guarantee Corporation Authorization to delegate 58 Pursuant to

section 141(1) (incorporating

section 67(3)) of the Act, the Corporation may delegate (

a) to a member of its staff who has been authorized pursuant to

section 98 of the Act to exercise powers under that section, its powers under

section 97 of the Act, and (

b) to a committee, its executive committee, an officer or a member of its staff, if its by-laws permit that delegation, any of its other powers, duties or functions, except those under sections 22(b), 24(2)(b), 89(4), 128(3), 177(1), (2), (5) or (6), 180(1), (2) or (6), 183(5) or (6), 185(1), 191(3) and 214(1) of the Act. AR 249/89 s58;111/2004 Composition of special loans committees 59 Each special loans committee is to consist of individuals appointed by the Corporation, one of whom is to be an individual nominated to the office by Central or, if no individual has been so nominated, one of the individuals appointed as directors under

section 8(1)(

a) of the Act, ex officio. AR 249/89 s59;66/99;111/2004 Non-acquirable securities 60 The securities prescribed for the purposes of

section 146(3) of the Act are (

a) securities that are neither investment grade securities nor deposits in the Consolidated Cash Investment Trust Fund, and

Section 61 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 52 (

b) investment shares, stabilization shares or debentures issued by a credit union, except those issued as part of a financial restructuring of the credit union. AR 249/89 s60;21/95;66/99;111/2004 Maximum periodic assessment 61 The rate prescribed for the purpose of

section 148 of the Act in any quarter commencing on November 1, February 1, May 1 or August 1, is 1/16 of 1% of the average over the preceding quarter of the aggregates of the balances of deposits held at the end of each month by the credit union and its subsidiaries and affiliates and the borrowings by the credit union as at each month-end from Central, the Corporation and eligible financial institutions. AR 249/89 s61;111/2004;170/2006 Corporation’s common shares 62(1) Subject to subsection (2), the Corporation may create and issue an unlimited number and amount of common shares.

(2) The following rights, privileges, restrictions and conditions are attached to common shares issued by the Corporation: (

a) the shares may be issued in one or more series; (

b) the shares may be issued only to the Government and are not thereafter transferable to any person; (

c) the shares shall be issued for a consideration and issue price per share of $10 in money or in other property, other than a promissory note or a promise to pay given by the Government, and a share shall not be issued until the consideration for the share is fully paid or provided; (

d) the shares are non-assessabl e and, on payment of the issue price, are fully paid, and the Government is not liable in respect of them to the Corporation or to its creditors or for any obligation, act or default of the Corporation; (

e) the shares carry no right to vote at any meeting of the Corporation; (

f) the shares are redeemable for the issue price but only on the written demand of the Government, which demand may be exercised at any time on 90 days’ written notice given to the Corporation; (

g) instruments evidencing the shares must specify that the Government is entitled to the shares or to the rights that they evidence and that they may not be transferred;

Section 63 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 53 (

h) the rights carried by all the shares are equal in all respects. AR 249/89 s62 Stated capital accounts 63(1) The Corporation shall maintain a separate stated capital account for each series of shares it issues to the Government.

(2) The Corporation shall add to the appropriate stated capital account the full amount of consideration it receives for shares it issues.

(3) On the issue of a share the Corporation shall not add to a stated capital account in respect of the share it issues an amount greater than the amount of the consideration it receives for the share.

(4) The Corporation shall not reduce its stated capital or any stated capital account except for the purposes of a redemption under

section 62(2)(f).

(5) On a redemption by the Corporation under

section 62(2)(f), the Corporation shall deduct from the stated capital account maintained for the series of shares redeemed an amount equal to the result obtained by multiplying the stated capital of the shares of that series by the number of shares of that series redeemed, divided by the number of issued shares of that series immediately before the redemption.

(6) Shares issued by the Corporation and redeemed shall be cancelled. AR 249/89 s63 Shares as capital of the Corporation 64 Where there are any shares issued by the Corporation and outstanding, all the capital of the Corporation is appropriated to the Government. AR 249/89 s64 Directors’ remuneration 65 The chairman and directors of the Corporation shall be paid remuneration, fees and expenses in accordance with an order made by the Minister. AR 249/89 s65

Section 65.01 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 54

Part 12 Credit Union Central Alberta Limited

Definitions 65.01 In this Part, (a) “exempted entity” means a credit union, Credit Union Central of Canada, the Corporation or any subsidiary of the Corporation; (a.1) “maximum loan exposure level” means that amount of Central’s interests in all pooling funds and other loans held, and guarantees given, by Central, excluding (

i) qualifying transitional loans, and (ii) loans and guarantees to exempted entities, that does not exceed 150% of Central’s members’ equity as at the end of the previous fiscal year or such higher amount as has previously been approved by the Minister; (b) “maximum single entity exposure level” means that amount of (

i) loans held by Central, where the borrower is not an exempted entity, (ii) guarantees given by Central, where the person whose obligations are guaranteed is an exempted entity, and (iii) investments held by Ce ntral, where the person who issued the securities underlying the investment is an exempted entity, that does not exceed 15% of Central’s members’ equity as at the end of the previous fiscal year or such higher amount, if any, as is approved by the Minister; (c) “pooling fund” means a numb er of loans that are being held in a fund for the purpose of enabling credit unions and Central to invest by purchasing interests in that fund and to receive amounts of principal and interest computed by reference to the value of their proportionate interests in the assets of the fund; (d) “qualifying transitional loans” means those loans, owned by Central for a period of less than 180 days from acquisition or such longer period as is approved by the Minister, that are to be included in a pooling fund.

AR 66/99 s18;111/2004

Section 67 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 55 65.1 and 66 Repealed AR 17/2020 s8. Central’s purposes re other corporations 67 Pursuant to

section 158(3) of the Act, Central’s purposes, as they relate to corporations referred to in

section 17.1 of the Ministerial Regulation, are (

a) to provide the services to those corporations of (

i) accepting deposits from them, (ii) lending money to them, (iii) guaranteeing their loans, and (iv) providing and managing their clearing house arrangements, (

b) to manage those of their investments that are held with Central, and (

c) to provide them with any other services that support any purposes referred to in clauses (

a) and (b). AR 249/89 s67;111/2004;17/2020 Delegation by board 68 Pursuant to

section 163(9) of the Act, Central’s by-laws may not provide for the delegation by the board of any powers, duties or functions referred to in

section 22 of this Regulation or the power to make, amend, repeal or replace by-laws. AR 249/89 s68;111/2004 Permitted businesses 69(1) The businesses that Central may carry on pursuant to

section 165(1.1)(

b) of the Act are (

a) providing corporations referred to in

section 17.1 of the Ministerial Regulation with educational, technical and advisory services, (

b) acting as a data processing corporation, (

c) subject to the terms and conditions specified in

section 13, acting as a financial leasing corporation, (

d) any other business that is incidental or conducive to the attainment of Central’s purposes or any of them, and

Section 70 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 56 (

e) providing corporations that operate automated teller machines or point-of-sale terminals in Canada on the Everlink Payment Services Inc.’s network with settlement facilities, including related deposit and credit facilities, under that network.

(2) The businesses that a subsidiary or an affiliate of Central may carry on pursuant to

section 165(1.2)(

c) of the Act are (

a) the businesses referred to in subsection (1)(

a) and (b), (

b) acting as a service corporati on, so long as the subsidiary or affiliate does not hold any shares issued by any other corporation, (

c) subject to the terms and conditions specified or referred to in

section 15, acting as a financial leasing corporation, for which purpose

section 15(3) applies, (

d) providing credit card se rvices to any person, and (

e) any business, where the subsidiary or affiliate is a corporation referred to in

section 17.1(

b) of the Ministerial Regulation.

(2.1) For the purposes of

section 165(1) (as it incorporates

section 46(5)) of the Act, a subsidiary or affiliate of Central is entitled to engage in the business of lending money in the course of a business referred to in subsection (2)(d).

(3) In this section, (a) “data processing corpor ation” means a corporation primarily engaged in the collection and manipulation of information of a financial or economic nature and the transmission of information of a financial nature; (b) “service corporation” mean s a corporation that limits its activities to the provision of services to Central or to members of Central or to both. AR 249/89 s69;13/96;111/2004;178/2005;17/2020 Central’s joint ventures and partnerships 70 Pursuant to

section 230(

k) of the Act,

section 165(1) of the Act, in so far as it incorporates

section 46 of the Act,

section 165(2) of the Act and

section 69(2) of this Regulation apply in relation to a joint venture or partnership in which Central has an interest as if that entity were a subsidiary of Central. AR 249/89 s70;111/2004

Section 70.1 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 57 Disclosure of remuneration and benefits 70.1 Pursuant to

section 166(1), as it incorporates

section 83(3)(e), of the Act,

section 25.1 of this Regulation and

Schedule 1 apply in relation to Central. AR 21/95 s18;111/2004 Financial disclosure 71 Sections 26 to 30 of this Regulation apply in relation to Central. AR 249/89 s71 72 Repealed AR 66/99 s20. Investment powers 73(1) Under

section 168(5) of the Act and subject to subsection (2), Central shall hold and maintain securities averaging in aggregate value over the course of each calendar month an amount that is not less than the level of liquidity it considers prudent, in the form of liquid assets that meet the requirements of a standard referred to in

section 145.2(1)(

a) of the Act.

(2) Liquid assets owned by Central for which a third party claim exists are not to be counted as liquid assets for the purposes of subsection (1) unless they exist under a national liquidity agreement for credit unions. AR 249/89 s73;21/95;66/99;111/2004;150/2026 Acquisition of lender rights under existing loan agreements 74 Pursuant to

section 168(4) of the Act, Central may acquire the rights of a lender under an existing loan agreement only if it has obtained the prior approval of the Minister to do so or if (

a) the acquisition is for a pooling fund, (

b) payment under the loan agreement of any of the applicable payments referred to in

section 1(1)(hh) of the Act is not in arrears, (

c) the acquisition does not cause Central to exceed (

i) the maximum single entity exposure level, or (ii) the maximum loan exposure level, (

d) in making the acquisition, Central is not acting directly or indirectly in competition with any credit union, and (

e) where the loan agreement is secured by a mortgage,

Section 74.1 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 58 (

i) the mortgage is on land in Canada, (

A) on which a building exists or is being or is about to be constructed, (

B) where a farming operation is carried on by a farmer, or (

C) that is vacant land in a municipality whose use is restricted by law to commercial, industrial or residential purposes, (ii) the mortgage secures a quality mortgage loan, and (iii) where the mortgage secures land situated outside Alberta, the mortgage is guaranteed or fully insured by the government of Canada or of a province or by an agency of such a government or is insured under an insurance policy issued by an insurer. AR 249/89 s74;172/90;21/95;66/99;111/2004;3/2025 Further class of shares 74.1(1) In addition to the common shares falling within

section 170 of the Act, Central may, with the prior written approval of the Minister, create and issue a further class of shares to meet special circumstances either to facilitate specialized transactions on a temporary basis or to allow for differential voting rights for non-credit union investors in Central.

(2) Shares created under subsection (1) are subject to any restrictions and other conditions described in

section 230(b)(

i) to (

v) of the Act that are contained in the Minister’s approval under subsection (1) and the Minister may in writing subject those shares to any further terms as are considered necessary. AR 17/2020 s11 Loans and guarantees to members of credit unions by Central 75 The conditions prescribed in relation to

section 172(6) of the Act are (

a) that, in making the loan or giving the guarantee, Central is not acting to any extent in competition with the credit union, (

b) that the loan or guarantee is to be made or given by Central together with one or more credit unions,

Section 76 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 59 (

c) if the loan or guarantee is for an aggregate amount in excess of $1 000 000, that the transaction has received the prior approval of a special loans committee, and (

d) that the loan or guarant ee does not cause Central to exceed (

i) the maximum single entity exposure level, or (ii) the maximum loan exposure level. AR 249/89 s75;66/99;111/2004 Loans and guarantees to members of Central by Central 76 The amount prescribed for the purposes of

section 172(7)(

a) and (

b) of the Act is that amount that would not cause Central to exceed (

a) the maximum single entity exposure level, or (

b) the maximum loan exposure level. AR 249/89 s76;21/95;66/99;111/2004 77 Repealed AR 66/99 s21.

Part 12.1 Amalgamation and Continuance Under the Federal Act Effect of having issued investment shares 77.1 A credit union with issued and outstanding investment shares may not enter into an amalgamation agreement unless, under the terms of that agreement, (

a) those investment shares w ill be converted into investment shares issued by the amalgamated credit union having dividend, redemption and conversion rights equivalent to the rights attaching to the shares before the amalgamation, or (

b) the Corporation is permitted to, and does, approve another manner of disposing of the investment shares issued by the amalgamating credit union. AR 21/95 s23 Continuance of credit unions under federal Act 77.2(1) A credit union seeking the Minister’s approval to apply for federal continuance under

section 175.2(1) of the Act must

Section 77.2 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 60 (

a) obtain, by special resolution, the approval of its members to apply for federal continuance, and (

b) provide the Minister (

i) information or documents establishing, to the satisfaction of the Minister, that (

A) the credit union has sufficiently notified and informed its members of the effects of the credit union’s proposed federal continuance, and (

B) the credit union’s proposed federal continuance will not be (

I) unsound from a business point of view, or (II) prejudicial to the interests of the members, customers or creditors of the credit union, and (ii) any other information or documents required by the Minister in deciding whether to approve the credit union to apply for federal continuance.

(2) All information or documents provided by a credit union under subsection (1)(

b) shall be delivered to and received, on the Minister’s behalf, by the Corporation.

(3) The Corporation shall assist the Minister to (

a) manage the provision of information or documents under subsection (1)(

b) by (

i) identifying and requesting the information or documents that the credit union must provide, (ii) receiving and revi ewing the information or documents provided by the credit union, and (iii) delivering the informa tion or documents received from the credit union to the Minister, (

b) assess the impact of the credit union securing federal continuance on the Alberta credit union system, and (

c) determine whether to approve the credit union to apply for federal continuance by (

i) providing the Corporation’s analysis of the matters referred to in subsection (1)(b)(i), and

Section 77.3 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 61 (ii) providing any additional assistance or guidance in respect of the credit union’s proposed federal continuance that the Minister considers appropriate.

(4) The directors of a credit union may, if authorized by the members of the credit union at the time of approving an application for federal continuance under this section, abandon the application without further approval of the members.

(5) A credit union that receives the Minister’s approval to apply for federal continuance must promptly notify the Minister and the Corporation when it has secured federal continuance.

(6) On receipt of notice satisfactory to the Minister that the credit union has secured federal continuance, the Minister shall (

a) issue a certificate of discontinuance, (

b) enter the certificate of di scontinuance into the register, and (

c) publish notice of the issuance of the certificate of discontinuance in the gazette.

(7) A certificate of discontinuance issued under subsection (6) must be dated as of the day the credit union is continued under the federal Act.

(8) On the date shown on the certificate of discontinuance, the credit union has secured federal continuance and becomes a federally continued corporation.

(9) A credit union that has secured federal continuance is not entitled to recover any amount paid to the Corporation as an assessment under sections 148 to 150 of the Act.

(10) A credit union that has secured federal continuance is not entitled to any share of Central’s retained earnings. AR 86/2025 s4 Prescribed matters — federal continuance 77.3(1) The Corporation shall establish the form and period of notice required under

section 175.2(3) of the Act.

(2) For the purposes of

section 175.3(2) of the Act, (a) “any other Act” includes the federal Act, and (b) “market conduct rules” means the codes, standards or rules that govern a business’s dealings with its customers and the public.

Section 78 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 62 AR 86/2025 s4

Part 13 Dissolution and Liquidation and Dissolution Ranking of special shares 78(1) For the purposes of

section 204(b)(ii) of the Act, proceeds shall be applied in priority of payment, as respects special shares amongst themselves, (

a) first to the holders of investment shares to the extent of return of capital, (

b) second to the holders of investment shares to the extent of unpaid dividends, and (

c) third to the holders of stab ilization preferred shares to the extent of return of capital.

(2) Subject to subsection (1), the shares of all series of investment shares participate rateably in respect first of return of capital and then unpaid dividends. AR 249/89 s78;21/95;111/2004 Issue of certificate without discharge of bankruptcy 79 The exceptions prescribed with reference to

section 206(8) of the Act are where the Minister is satisfied that all proceedings under the bankruptcy have terminated and that it is reasonable to expect that no third party will be affected by the dissolution. AR 249/89 s79;111/2004

Part 14 Reviews Reviewable action 79.1 The refusal by the Corporation to give an approval referred to in

section 15.1 is a prescribed action for the purposes of

section 211(1)(

n) of the Act. AR 66/99 s22;111/2004 Review board proceedings 80 Proceedings before a review board held under

section 212 of the Act shall be held in camera. AR 249/89 s80;111/2004

Section 81 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 63

Part 15 Enforcement Auditor’s working papers 81 For the avoidance of doubt, the reference in

section 217(1) of the Act to a document includes an auditor’s working papers referred to in

section 30 of this Regulation. AR 249/89 s81;111/2004 Orders affecting subsidiaries subject to Securities Act 82 Where an order under

section 218 of the Act would relate to the performing of an activity by a subsidiary of a credit union or of Central whose business activities are regulated by or administered in accordance with the Securities Act, the Minister shall not make the order unless the making of the order has previously been consented to in writing by the Executive Director, as defined in that Act. AR 249/89 s82;111/2004;77/2023 Civil penalties and interest 83(1) For the purpose of

section 225(2) of the Act, the prescribed amount for each day or part of a day in respect of a contravention is (a) $125, if the total assets of the contravening body corporate are $300 000 000 or less, (b) $200, if the total assets of the contravening body corporate are more than $300 000 000 but less than $1 000 000 000, and (c) $350, if the total assets of the contravening body corporate are $1 000 000 000 or more.

(1.1) The total amount of a civil penalty under

section 225 of the Act in respect of a contravention must not exceed $25 000.

(2) The interest rate prescribed for the purposes of

section 225(3) of the Act is the rate set out in

section 10 of the Ministerial Regulation. AR 249/89 s83;111/2004;150/2026

Part 16 Miscellaneous Valuation of property 84(1) In this section, “appraiser” means a person who

Section 85 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 64 (

a) is current in terms of being trained, experienced and certified in the appraisal of land, and (

b) where (

i) the land appraised is located in Canada, is a member in good standing of the Appraisal Institute of Canada or another appraisal institute recognized by the Minister and is designated as an “Accredited Appraiser Canadian Institute” or a “Canadian Residential Appraiser” or by an equivalent designation recognized by the Appraisal Institute of Canada, or (ii) the land appraised is located outside Canada, has qualifications satisfactory to the Minister.

(2) An appraisal under

section 229(1) of the Act must be conducted by an appraiser in accordance with the standards of the appraisal institute of which the appraiser is a member. AR 249/89 s84;111/2004;77/2023 Transitional - financial lease and conditional sales agreements 85 Notwithstanding anything in

section 13 or 69, where a credit union or Central, as the case may be, entered into a financial lease agreement or a conditional sales agreement before November 1, 1989 and that agreement does not comply or causes that body corporate to be in non-compliance with that section, the body corporate may renew the agreement, but only with the prior approval of the Corporation, in the case of a credit union, or the Minister, in the case of Central. AR 249/89 s85 Transitional - loan limit exemptions 86(1) Where a loan that was originally made by a credit union before November 1, 1989 exceeds any maximum loan limit imposed by

Part 11 of the Act, the Corporation may nevertheless approve the renewal or restructuring of the loan.

(2) Where a loan that was originally made by Central before November 1, 1989 exceeds any maximum loan limit imposed by

section 172 of the Act, the Minister may nevertheless approve the renewal of the loan. AR 249/89 s86;111/2004 87 Repealed AR 66/99 s23. 88 and 89 Repealed AR 111/2004 s73.

Section 90 AR 249/89 CREDIT UNION (PRINCIPAL) REGULATION 65 Amendment of O.C. 446/79 90 Order in Council numbered 446/79 is amended by striking out “sections 6 and 64 of The Credit Union Act (Alberta),” and “sections 6 et 64 de la

Loi sur les Caisses Populaires (Alberta),”. AR 249/89 s90 Repeals 91 The following are repealed: (

a) the Credit Union Regulation (Alta. Reg. 201/84); (

b) the Standard By-laws under the Credit Union Act (Alta. Reg. 134/57); (

c) Order in Council numbered 944/65; (

d) Order in Council numbered 1037/69, as amended; (

e) Alberta Regulations 25/74, 333/74 and 241/75. AR 249/89 s91 Expiry 91.1 For the purpose of ensuring that this Regulation is reviewed for ongoing relevancy and necessity, with the option that it may be repassed in its present or an amended form following a review, this Regulation expires on November 30, 2027. AR 77/2023 s7 Coming into force 92 This Regulation comes into force on November 1, 1989, but, notwithstanding sec

Document details

Collection	Alberta — Regulations
Citation	Alta. Reg. 249/1989
Type	regulation
Volume / chapter	1989 249
Language	en
Format	pdf
Source	PROVINCIAL
Identifier	4e9d894f5980c1350698e01a0e6d6de97df6f299

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