An Act to amend the law governing financial institutions and to provide for related and consequential matters (S.C. 2007, c. 6)

Assented to 2007-03-29

R.S., c. C-44; 1994, c. 24, s. 1(F)Canada Business Corporations Act

Marginal note:1991, c. 47, s. 719(3)

 Subsection 3(4) of the Canada Business Corporations Act is replaced by the following:

Marginal note:2001, c. 14, s. 92(1)

 Subsection 188(2) of the Act is replaced by the following:

Marginal note:1994, c. 24, s. 32; 2001, c. 14, ss. 133(1) and (2)(E)

 Subsections 268(2) to (7) of the Act are replaced by the following:

  • Marginal note:Amendment of charter — special Act

    (2) In connection with a continuance under this Act, the shareholders of a body corporate incorporated or continued by or under a special Act of Parliament who are entitled to vote at annual meetings of shareholders may, despite the charter of the body corporate,

    • (a) by special resolution, authorize the directors of the body corporate to apply under section 187 for a certificate of continuance; and

    • (b) by the same resolution, make any amendment to the charter of the body corporate that a corporation incorporated under this Act may make to its articles.

  • Marginal note:Amendment of charter — other Act

    (2.1) In connection with a continuance under this Act, the shareholders of a body corporate incorporated or continued by or under an Act of Parliament, other than this Act or a special Act, who are entitled to vote at annual meetings of shareholders may, subject to any other Act of Parliament or the charter of the body corporate,

    • (a) by special resolution, authorize the directors of the body corporate to apply under section 187 for a certificate of continuance; and

    • (b) by the same resolution, make any amendment to the charter of the body corporate that a corporation incorporated under this Act may make to its articles.

  • Marginal note:Change of class rights

    (3) Despite subsections (2) and (2.1), the shareholders of a body corporate may not, by a special resolution under any of those subsections, make any change of the nature referred to in subsection 176(1) that affects a class or series of shares, unless

    • (a) the charter of the body corporate otherwise provides in respect of an amendment of the nature referred to in paragraph 176(1)(a), (b) or (e); or

    • (b) the holders of the class or series of shares approve the change in accordance with section 176.

  • Marginal note:Authorizing continuance

    (4) Subject to subsections (6) and (7), the directors of a body corporate incorporated or continued by or under a special Act of Parliament may, despite the charter of the body corporate, apply under section 187 for a certificate of continuance if the articles of continuance do not make any amendment to the charter of the body corporate other than an amendment required to conform to this Act.

  • Marginal note:Authorizing continuance

    (4.1) Subject to subsections (6) and (7), the directors of a body corporate incorporated or continued by or under an Act of Parliament, other than this Act or a special Act, may, subject to any other Act of Parliament or the charter of the body corporate, apply under section 187 for a certificate of continuance if the articles of continuance do not make any amendment to the charter of the body corporate other than an amendment required to conform to this Act.

  • Marginal note:Financial institutions

    (4.2) For the purposes of this section, every body corporate that is incorporated or continued under an Act of Parliament and to which the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act or the Trust and Loan Companies Act applies is deemed to be incorporated or continued by or under an Act of Parliament other than this Act or a special Act.

  • Marginal note:No dissent

    (5) A shareholder is not entitled to dissent under section 190 in respect of an amendment made under subsection (2), (2.1), (3), (4) or (4.1).

  • Marginal note:Discretionary continuance

    (6) The Governor in Council may, by order, require that a body corporate incorporated by or under an Act of Parliament to which Part I or II of the Canada Corporations Act, chapter C-32 of the Revised Statutes of Canada, 1970, does not apply, apply for a certificate of continuance under section 187 within any period that may be prescribed except for the following:

  • Marginal note:Discretionary continuance — Canada Corporations Act

    (7) A body corporate to which Part IV of the Canada Corporations Act, chapter C-32 of the Revised Statutes of Canada, 1970, applies, other than a body corporate that carries on a business referred to in any of paragraphs (6)(a.1) to (c), may apply for a certificate of continuance under section 187.