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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

Marginal note:2001, c. 9, s. 568

 Paragraph 529.1(1)(c) of the Act is replaced by the following:

  • (c) applications for exemptions under subsection 160.05(3); and

 The Act is amended by adding the following after section 529.1:

Applications for Certain Approvals

Marginal note:Application for certain approvals
  • 529.2 (1) An application for the prior written approval of the Minister in respect of paragraph 410(1)(c) or (c.1) or 453(5)(c), (d) or (d.1) must be filed with the Superintendent and contain the information, material and evidence that the Superintendent may require.

  • Marginal note:Certification of receipt of application

    (2) If, in the opinion of the Superintendent, the application contains all the required information, the Superintendent must refer it to the Minister, together with his or her analysis in relation to the application, and send a receipt to the applicant certifying the date on which the application was referred to the Minister.

  • Marginal note:Incomplete application

    (3) If, in the opinion of the Superintendent, the application is incomplete, the Superintendent must send a notice to the applicant specifying the information required by the Superintendent to complete it.

  • Marginal note:Notice of decision

    (4) Subject to subsection (5), the Minister must, within 30 days after the certified date referred to in subsection (2), send to the applicant

    • (a) a notice approving the application; or

    • (b) if the Minister is not satisfied that the application should be approved, a notice to that effect.

  • Marginal note:Extension of period

    (5) If the Minister is unable to complete the consideration of an application within the 30-day period, the Minister must, within that period, send a notice to the applicant informing the applicant that the Minister has extended the period for a further period set out in the notice.

  • Marginal note:Deemed approval

    (6) If the Minister does not send the notice referred to in subsection (4) or, where applicable, subsection (5), within the required period, the Minister is deemed to have approved the application.

 Section 533 of the Act is amended by adding the following after subsection (1):

  • Marginal note:False or misleading information

    (1.1) Every person who knowingly provides false or misleading information in relation to any matter under this Act or the regulations is guilty of an offence.

PART 5AMENDMENTS TO OTHER ACTS

2005, c. 54An Act to amend certain Acts in relation to financial institutions

 Section 11 of An Act to amend certain Acts in relation to financial institutions is repealed.

 Section 89 of the Act is repealed.

 Section 149 of the Act is repealed.

 Section 223 of the Act is repealed.

 Section 310 of the Act is repealed.

 Section 376 of the Act is repealed.

R.S., c. B-2Bank of Canada Act

 Subsection 6(4) of the Bank of Canada Act is amended by adding the word “or” at the end of paragraph (c), by striking out the word “or” at the end of paragraph (d) and by repealing paragraph (e).

 Subsection 10(4) of the Act is amended by adding the word “or” at the end of paragraph (a), by striking out the word “or” at the end of paragraph (b) and by repealing paragraph (c).

Marginal note:1997, c. 15, s. 100

 Subsections 22(1) to (1.2) of the Act are replaced by the following:

Marginal note:Time limit for unpaid debts
  • 22. (1) The Bank is not liable in respect of any unpaid debt in respect of which a federal financial institution has made a payment to the Bank under the relevant Act in respect of the federal financial institution if

    • (a) the amount paid to the Bank was less than $1,000; and

    • (b) at least 40 years have gone by since the later of

      • (i) the last time a transaction took place on the books of the federal financial institution in respect of the unpaid debt, and

      • (ii) the last time a statement of account was requested of or acknowledged to the federal financial institution by the former creditor in respect of the unpaid debt.

  • Marginal note:Time limit for instruments

    (1.1) The Bank is not liable in respect of any instrument in respect of which a federal financial institution has made a payment to the Bank under the relevant Act in respect of the federal financial institution if

    • (a) the amount paid to the Bank was less than $1,000; and

    • (b) no payment has been made in respect of the instrument for at least 40 years after the day the instrument was issued or accepted.

  • Marginal note:Time limit for liquidation claims

    (1.2) The Bank is not liable in respect of any claim against a liquidator in respect of the winding-up of a federal financial institution if

    • (a) the amount of the claim has been paid to the Minister and by the Minister to the Bank under the relevant Act in respect of the federal financial institution;

    • (b) the amount paid to the Bank was less than $1,000; and

    • (c) at least 40 years have gone by since the later of

      • (i) the last time a transaction took place on the books of the federal financial institution in respect of the subject-matter of the claim, and

      • (ii) the last time a statement of account was requested of or acknowledged to the federal financial institution by the former creditor in respect of the subject-matter of the claim.

  • Marginal note:Limitation of Bank’s liability

    (1.3) The Bank is not liable in respect of a debt referred to in subsection (1), an instrument referred to in subsection (1.1) or a claim referred to in subsection (1.2) if the amount paid to the Bank in respect of the debt, instrument or claim was $1,000 or more and at least 100 years have gone by since the payment was made to the Bank.

  • Marginal note:Application

    (1.4) For greater certainty, subsections (1) to (1.3) also apply in respect of amounts paid to the Bank before the coming into force of this subsection.

 

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