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Volume 55, No. 15

206/2012

The British Columbia Gazette,

Part II

July 31, 2012

B.C. Reg. 206/2012 , deposited July 19, 2012, pursuant to the CREDIT UNION INCORPORATION ACT [section 108]. Order in Council 550/2012, approved and ordered July 18, 2012.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that, effective November 1, 2012, the attached Credit Union Incorporation Act Regulation is made.

— K. FALCON, Minister of Finance and Deputy Premier ; S. CADIEUX, Presiding Member of the Executive Council .

CREDIT UNION INCORPORATION ACT REGULATION

Prescribed name requirements

1 For the purposes of

section 14.1 (4) of the Credit Union Incorporation Act , a name must not resemble

(

a) the name of a credit union,

(

b) a name by which any other corporation has been incorporated in British Columbia,

(

c) a name that has been reserved for a corporation by the registrar,

(

d) the name by which a foreign entity has, under the Business Corporations Act , been registered as an extraprovincial company, or

(

e) the name of an extraprovincial credit union that has a business authorization under the Financial Institutions Act

to such an extent that, in the opinion of the registrar, the name is likely to confuse or mislead.

Information for annual general meeting

2 Subject to

section 3 of this regulation, the directors of a credit union must place before each annual general meeting a statement of

(

a) any change in the nature of the business carried on by the credit union or its subsidiaries during the most recent complete financial year,

(

b) business conditions as they affected the credit union, its subsidiaries and the financial results for the past year,

(

c) the total capital expenditures and dispositions, without set-off, for the past year, capital expenditures to which the credit union is currently committed and the effect of each on production capacity,

(

d) any major changes in long or short term financing arrangements that have occurred during the most recent complete financial year or that are contemplated,

(

e) the sales volume of the credit union, if applicable, expressed in those units of production applicable to the industry,

(

f) any material acquisitions made during the last complete financial year,

(

g) all new or major projects begun or brought into operation during the most recent complete financial year and their effect on the financial statements of the credit union,

(

h) the total number of employees at the end of the most recent complete financial year and the total remuneration paid to the employees of the credit union for each of the last two complete financial years, and

(

i) the general competitive environment in which the credit union operates, including any material changes in the pricing of products or the cost of raw materials.

Harmful information need not be disclosed

3 If the release of any of the information required under

section 2 would be harmful to the business of the credit union or its subsidiaries, that information does not need to be included in the statement referred to in

section 2.

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