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Budget Implementation Act, 2006 (S.C. 2006, c. 4)

Assented to 2006-06-22

Marginal note:Regulations

  • 194. (1) The Governor in Council may make regulations respecting

    • (a) the percentage of the original principal amount to be subtracted under subsection 193(3), including the mortgages or hypothecs to which that percentage applies;

    • (b) information and documents, electronic or otherwise, to be maintained by a person who is a party to an agreement referred to in section 193; and

    • (c) the disclosure of any information and documents, electronic or otherwise, by such a person to the Minister of Finance or any person designated by the Minister of Finance.

  • Marginal note:Application of regulations

    (2) A regulation made under paragraph (1)(a) does not apply in respect of a mortgage or hypothec that became insured before the coming into force of the regulation by an insurance policy that is subject to an agreement referred to in section 193.

Marginal note:Amount to be paid out of C.R.F.

195. From and out of the Consolidated Revenue Fund there may, on the requisition of the Minister of Finance, be paid any amounts to be paid under an agreement entered into under section 193.

Marginal note:2004, c. 1

196. Finance vote 16b of Appropriation Act No. 4, 2003-2004 is repealed.

Marginal note:Appropriation Act No. 1, 2006-2007

197. If a bill entitled Appropriation Act No. 1, 2006-2007 is introduced in the first session of the 39th Parliament and receives royal assent, Finance vote 10 of that Act is repealed.

Marginal note:Appropriation Act No. 1, 2006-2007

198. If a bill entitled Appropriation Act No. 1, 2006-2007 is introduced in the first session of the 39th Parliament and comes into force before section 196 of this Act, section 196 of this Act is repealed.

PART 10

AMENDMENTS RELATING TO FINANCIAL INSTITUTIONS

Marginal note:1991, c. 46

Bank Act

Marginal note:2001, c. 9, s. 44

199. Subsection 21(1) of the Bank Act is replaced by the following:

Marginal note:Sunset provision

  • 21. (1) Subject to subsection (2), banks shall not carry on business and authorized foreign banks shall not carry on business in Canada after April 24, 2007, except that if Parliament dissolves on that day or at any time within the three-month period before that day, banks may continue to carry on business, and authorized foreign banks may continue to carry on business in Canada, respectively, until the day that is one hundred and eighty days after the first day of the first session of the next Parliament.