309/90

O.C. 1337/90

September 7, 1990

September 15, 1990

Credit Union Incorporation Act

Credit Union Disclosure Statement Exemptions Regulation

[includes amendments up to B.C. Reg. 518/2004, January 1, 2005]

Interpretation

In this regulation, the Act means the Credit Union Incorporation

Act .

Exemption for equity shares

Any equity share in a credit union that is not a membership share other than an

equity share in a central credit union that is issued only to members of the central

credit union is a prescribed type of equity share for the purpose of

section 62 (3) (b)

(

i) of the Act if

one or more of that type of equity shares is issued at a cost to the person

acquiring the shares of not more than $5 000, or

one or more of that type of equity shares is issued at a cost to the person

acquiring the shares that brings the aggregate acquisition costs of that person's shares

of that type, whenever issued, to no more than $5 000.

Any equity share in a central credit union that is not a membership share and that

is issued only to members of the central credit union is a prescribed type of equity share

for the purpose of

section 62 (3) (b) (

i) of the Act.

[am. B.C. Reg. 82/91, s. 2.]

Exemption for other securities

Any security instrument in a credit union, other than an equity share, is a

prescribed type of security instrument for the purpose of

section 62 (3) (b) (ii) of the Act

under

section 75 of the Securities

Act ,

section 61 of that Act does not apply to a distribution of the

security instrument,

a preliminary prospectus and a prospectus have been filed for the security

instrument and receipts obtained under

section 61 of the Securities

Act , or

the security instrument is in respect of the sale or lease of a development unit,

within the meaning of the Real Estate Development Marketing Act ,

for which a disclosure statement has been filed under that Act in relation to the

development property in which the development unit is located.

[am. B.C. Reg. 518/2004, Sch. s. 4.]

Prescribed form of disclosure statement

In addition to the requirements for a disclosure statement in

section 62 of the Act,

the form of disclosure statement referred to in that

section shall be in a form that

conforms to the requirements set out in the attached form entitled "Requirements for

Disclosure Statements".

Requirements for Disclosure Statements Form

[en. B.C. Reg. 82/91, s. 2.]

[Provisions of the Credit Union Incorporation

Act , R.S.B.C. 1996, c. 82, relevant to the enactment of this

regulation:

section 108]