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

 The Act is amended by replacing the expression “one billion dollars” with the expression “two billion dollars” wherever it occurs in the following provisions:

  • (a) subsections 385(1) and (2);

  • (b) section 387;

  • (c) subsections 893(1) and (2); and

  • (d) section 896.

 The French version of the Act is amended by replacing the expression “qui exerce une” with the expression “dont l’activité commerciale comporte une” wherever it occurs in the following provisions:

  • (a) paragraphs 468(4)(c) and (d); and

  • (b) paragraphs 930(4)(c) and (d).

PART 21991, c. 48AMENDMENTS TO THE COOPERATIVE CREDIT ASSOCIATIONS ACT

 The definition “recorded address” in section 2 of the Cooperative Credit Associations Act is amended by striking out the word “and” at the end of paragraph (a), by adding the word “and” at the end of paragraph (b) and by adding the following after paragraph (b):

  • (c) in relation to any other person in respect of a retail association, the latest postal address of the person according to the records of the branch concerned.

 Section 10 of the Act is amended by adding the following after subsection (3):

  • Marginal note:Contravention

    (4) A member contravenes section 52 if the member agrees to act jointly or in concert with one or more other members in such a manner that a deemed single member contravenes that section.

 Section 11 of the Act is amended by adding the following after subsection (4):

  • Marginal note:Contravention

    (5) A person contravenes a provision of Part VIII if the person agrees to act jointly or in concert with one or more other persons in such a manner that a deemed single person contravenes the provision.

Marginal note:2001, c. 9, s. 254; 2006, c. 4, s. 200

 Section 22 of the Act is replaced by the following:

Marginal note:Sunset provision
  • 22. (1) Subject to subsections (2) and (3), associations shall not carry on business after the day that is the fifth anniversary of the day on which this section comes into force.

  • Marginal note:Extension

    (2) The Governor in Council may, by order, extend by up to six months the time during which associations may continue to carry on business. No more than one order may be made under this subsection.

  • Marginal note:Exception

    (3) If Parliament dissolves on the fifth anniversary of the day on which this section comes into force, on any day within the three-month period before that anniversary or on any day within an extension under subsection (2), associations may continue to carry on business for 180 days after the first day of the first session of the next Parliament.