Financial Consumer Agency of Canada Act (S.C. 2001, c. 9)
Full Document:
Assented to 2001-06-14
Marginal note:1992, c. 27, s. 30
573. Paragraph 65.1(7)(b) of that Act is replaced by the following:
(b) to prevent a member of the Canadian Payments Association established by the Canadian Payments Act from ceasing to act as a clearing agent or group clearer for an insolvent person in accordance with that Act and the by-laws and rules of that Association.
574. The Act is amended by adding the following after section 69.41:
Marginal note:No stay, etc., in certain cases
69.42 Despite anything in this Act, no provision of this Act shall have the effect of staying or restraining, and no order may be made under this Act staying or restraining,
(a) the exercise by the Minister of Finance or the Superintendent of Financial Institutions of any power, duty or function assigned to them by the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act or the Trust and Loan Companies Act;
(b) the exercise by the Governor in Council, the Minister of Finance or the Canada Deposit Insurance Corporation of any power, duty or function assigned to them by the Canada Deposit Insurance Corporation Act; or
(c) the exercise by the Attorney General of Canada of any power, assigned to him or her by the Winding-up and Restructuring Act.
Marginal note:R.S., c. C-36
Companies’ Creditors Arrangement Act
575. Section 2 of the Companies’ Creditors Arrangement Act is amended by adding the following in alphabetical order:
“Superintendent of Financial Institutions”
« surintendant des institutions financières »
“Superintendent of Financial Institutions” means the Superintendent of Financial Institutions appointed under subsection 5(1) of the Office of the Superintendent of Financial Institutions Act;
Marginal note:1997, c. 12, s. 124
576. Subsection 11.1(2) of the Act is replaced by the following:
Marginal note:No stay, etc., in certain cases
(2) No order may be made under this Act staying or restraining the exercise of any right to terminate, amend or claim any accelerated payment under an eligible financial contract or preventing a member of the Canadian Payments Association established by the Canadian Payments Act from ceasing to act as a clearing agent or group clearer for a company in accordance with that Act and the by-laws and rules of that Association.
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