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B.C. Reg. 309/90
O.C. 1337/90
Deposited September 7, 1990
effective September 15, 1990
This consolidation is current to May 21, 2024.

Credit Union Incorporation Act

Credit Union Disclosure Statement
Exemptions Regulation

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

Contents
1Interpretation
2Exemption for equity shares
3Exemption for other securities
4Prescribed form of disclosure statement
Requirements for Disclosure Statements Form

Interpretation

1   In this regulation, "the Act" means the Credit Union Incorporation Act.

Exemption for equity shares

2   (1) 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

(a) 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

(b) 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.

(2) 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

3   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 if

(a) under section 75 of the Securities Act, section 61 of that Act does not apply to a distribution of the security instrument,

(b) a preliminary prospectus and a prospectus have been filed for the security instrument and receipts obtained under section 61 of the Securities Act, or

(c) 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

4   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]