Fundraising—requirements or restrictions on who can deposit money with deposit-taking co-operatives (section 332)
3.16 Fundraising—requirements or restrictions on who can deposit money with deposit-taking co-operatives (section 332)
The purpose of this regulation is to impose requirements or restrictions on the obtaining of financial accommodation by a deposit-taking co-operative, as contemplated by section 332 of the Law, as regards the persons from whom deposits of money may be accepted.
A deposit-taking co-operative must not obtain financial accommodation by accepting deposits of money from persons other than its members and employees.
Maximum penalty: $2,000.
Subregulation (2) does not prevent a person whose money was deposited with the co-operative immediately before the commencement of section 332 of the Law in this jurisdiction from continuing to deposit money with the co-operative.
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