Interpretation

1  (1)  In this regulation:

"Act" means the Financial Institutions Act;

"credit union region" means any of the following:

(a) the Kootenays credit union region, comprised of the area of land within the Kootenay Boundary, Central Kootenay and East Kootenay regional districts;

(b) the Northline credit union region, comprised of the area of land within the Cariboo, Kitimat-Stikine, Peace River-Liard, Bulkley-Nechako, Central Coast, Fraser-Fort George and Skeena-Queen Charlotte regional districts and the area of the Province that is not within a regional district;

(c) the Okanagan credit union region, comprised of the area of land within the North Okanagan, Central Okanagan, Okanagan-Similkameen, Columbia-Shuswap and Thompson-Nicola regional districts and the part of the Squamish-Lillooet regional district that is east of the Cascade Mountains;

(d) the Vancouver Island credit union region, comprised of the area of land within the Capital, Cowichan Valley, Nanaimo, Alberni-Clayoquot, Powell River, Comox-Strathcona and Mount Waddington regional districts;

(e) the Vancouver/Westminister/Fraser Valley credit union region, comprised of the area of land within the Sunshine Coast, Greater Vancouver, Central Fraser Valley, Dewdney-Allouette and Fraser-Cheam regional districts and the part of the Squamish-Lillooet regional district that is west of the Cascade Mountains;

"regional district" means a regional district incorporated under the Municipal Act.

(2)  In the Act and this regulation, "office", in relation to a credit union, means a place of business at which the credit union receives money for investment in its shares or for deposit or at which the credit union makes loans, but does not include a place of business where an automated banking machine and no other service of the credit union is located.

 Location of offices

2  (1)  A credit union with a common bond of membership based on community or geographic area may operate, locate or relocate one or more offices, but only if it does so within the same credit union region as the community or geographic area described in its common bond.

(2)  A credit union with a common bond of membership based on religious interest, ethnic interest, social interest, occupation or employment may operate, locate or relocate one or more offices, but only if it does so within a credit union region from which its members may be conveniently served.

 Restrictions on location of offices

3  Where

(a) a credit union having a common bond of membership based on religious interest, ethnic interest, social interest, occupation or employment either

(i)  amends its common bond to one based on community or geographic area, or

(ii)  for the purpose of accommodating an amalgamation or a sale or purchase of assets, has for its common bond more than one basis, including community or geographic area, and

(b) the credit union has one or more offices located outside of the credit union region within which the community or geographic area described in its amended common bond is located,

the credit union

(c) may continue to operate or relocate any office located outside the credit union region within which the community or geographic area described in its amended common bond is located, and

(d) shall not operate an additional office unless that office is located within the same credit union region as the head office of the credit union.