Notice of Application

Coast Capital Savings Credit Union, headquartered in Surrey, British Columbia, has submitted an application to the Financial Institutions Commission (FICOM) and the Credit Union Deposit Insurance Corporation (CUDIC) for consent to continue from the jurisdiction of British Columbia to the jurisdiction of Canada where it would thereafter be governed by the federal Bank Act and any other applicable federal laws as a federal credit union.

The Credit Union Incorporation Act sets out the requirements for a credit union to transfer its incorporation from British Columbia

Transfer of incorporation from British Columbia

15.2 (1) A credit union, if authorized by
    (a) a special resolution,
    (b) the consent given by the commission and the deposit insurance corporation for the purpose of this section, and
    (c) the laws of another jurisdiction,
  (2) A credit union ceases to be a credit union under this Act on and after the date on which it is continued under the laws of the other jurisdiction and the credit union must promptly file with the registrar and the commission a copy of the instrument of continuation certified by the proper officer of the other jurisdiction.

The Credit Union Incorporation Act can be accessed online at http://www.bclaws.ca/civix/document/id/complete/statreg/96082_01

The Financial Institutions Commission and the Credit Union Deposit Insurance Corporation will invite comments from the public on the application from March 1, 2017 - March 30, 2017.

Frequently Asked Questions

Comments can be sent by e-mail to FICOM and CUDIC at:Commission.Consultation@ficombc.ca

Or to this mailing address:

Commission Consultation
Financial Institutions Commission
2800 - 555 West Hastings Street
Vancouver, BC
V6B 4N6