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B.C. Reg. 310/90
O.C. 1338/90
Deposited September 7, 1990
effective September 15, 1990
This consolidation is current to May 21, 2024.
Link to Point in Time

Credit Union Incorporation Act

Credit Union Extraprovincial Business of Subsidiaries Regulation

[includes amendments up to B.C. Reg. 185/2015, October 5, 2015]

Definitions

1   In this regulation:

"Act" means the Credit Union Incorporation Act;

"financial leasing" means leasing property by means of a direct financing lease as defined in the CPA Canada Handbooks, as amended from time to time;

"venture capital corporation" has the same meaning as in section 141 of the Financial Institutions Act.

[en. B.C. Reg. 215/2002, s. (a); am. B.C. Regs. 567/2004, Sch. s. 2; 185/2015, s. 3.]

Permitted extraprovincial business

2   For the purpose of section 81 (2) (b) of the Act, the following kinds of business are prescribed:

(a) trust business and business ancillary to trust business;

(b) deposit business and business ancillary to deposit business;

(c) insurance business and business ancillary to insurance business;

(d) investment counselling;

(e) portfolio management;

(f) the provision of data processing or information services related to financial institutions, but the total direct and indirect investment in any subsidiary carrying on those services outside British Columbia must not exceed 1% in the aggregate of the credit union's assets;

(g) financial leasing;

(h) business of a venture capital corporation.

[am. B.C. Reg. 215/2002, s. (b); am. B.C. Reg. 567/2004, Sch. s. 3.] 

[Provisions relevant to the enactment of this regulation: Credit Union Incorporation Act, R.S.B.C. 1996, c. 82, section 108]