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B.C. Reg. 108/92
O.C. 508/92
Deposited April 2, 1992
This consolidation is current to February 27, 2024.

Financial Institutions Act

Credit Union Deposit Acceptance Regulation

Interpretation

1   In this regulation "Act" means the Financial Institutions Act.

Deposits from Crown corporations permitted

2   (1) The following persons are a prescribed class of persons, for the purpose of section 82 (1) (i) of the Act:

(a) a corporation

(i) that, under a statute of Canada, is an agent of the Crown,

(ii) of which the government of Canada owns, directly or indirectly, more than 50% of the issued voting shares, or

(iii) that is controlled by the government of Canada;

(b) a person designated as an agent of the Crown under a statute of the Province or of Canada.

(2) For the purpose of subsection (1) a corporation is controlled by the government of Canada if a majority of the members of the corporation or of its board of directors or board of management consists of either or both of the following:

(a) persons appointed as members by the Governor General in Council, by a federal minister or under a statute of Canada;

(b) public officers acting as such.

[Provisions of the Financial Institutions Act, R.S.B.C. 1996, c. 141, relevant to the enactment of this regulation: sections 82 (1) (i) and 289]