Jobs and Economic Growth Act (S.C. 2010, c. 12)
Full Document:
Assented to 2010-07-12
Marginal note:2009, c. 2, s. 243(1)
1888. Paragraph 39.13(1)(c) of the Act is replaced by the following:
(c) direct the Minister to incorporate a federal institution designated in the order as a bridge institution and specify the date and time as of which the federal member institution’s deposit liabilities are assumed.
1889. Section 39.15 of the Act is amended by adding the following before subsection (8):
Marginal note:Assignment of eligible financial contracts
(7.2) The Corporation may assign to a bridge institution eligible financial contracts — including any claim under such contracts — that are between a federal member institution and an entity or any of the following entities provided that the Corporation assigns all of those eligible financial contracts to the bridge institution:
(a) another entity that is controlled — directly or indirectly — by the entity;
(b) another entity that controls — directly or indirectly — the entity; or
(c) another entity that is controlled — directly or indirectly — by the entity referred to in paragraph (b).
Marginal note:Assignment to bridge institution
(7.3) If the eligible financial contracts are assigned to a bridge institution,
(a) the undertaking referred to in subsection (7.1) that is provided applies to all the eligible financial contracts that are assigned; and
(b) the federal member institution’s interest or, in Quebec, right in property that secures its obligations under an eligible financial contract that is assigned is transferred to the bridge institution.
Marginal note:2007, c. 29, s. 103(1)
1890. The portion of subsection 39.15(9) of the Act before the definition “eligible financial contract” is replaced by the following:
Marginal note:Definitions
(9) The following definitions apply in this section.
1891. Subsection 39.202(1) of the Act is replaced by the following:
Marginal note:Deposit liabilities assumed
39.202 (1) A bridge institution shall assume a federal member institution’s deposit liabilities that are both insured by the Corporation and posted in the federal member institution’s records as of the date and time specified in the order referred to in paragraph 39.13(1)(c).
Marginal note:Interest
(1.1) Any interest accrued on the deposit liabilities referred to in subsection (1) is assumed by the bridge institution.
Marginal note:Deeming deposits or withdrawals not entered
(1.2) Any deposit or withdrawal that is made on or before that date and time but is not posted in the records of the federal member institution as of that date and time, and any deposit or withdrawal made after that date and time, are deemed to be deposited with or withdrawn from, as the case may be, the bridge institution.
Marginal note:Interest
(1.3) Any interest accruing on the deposits referred to in subsection (1.2) is owed by the bridge institution.
1892. The schedule to the Act is amended by replacing “(Section 2)” after the heading “SCHEDULE” with “(Sections 2 and 26.01 and subsection 11(2.1))”.
Coming into Force
Marginal note:Subsection 245(7) of the Budget Implementation Act, 2009
1893. Sections 1889 and 1890 come into force on the day on which subsection 245(7) of the Budget Implementation Act, 2009 comes into force or, if it is later, on the day on which this Act receives royal assent.
PART 17FEDERAL CREDIT UNIONS
1991, c. 46Bank Act
Marginal note:2001, c. 9, s. 35(2)
1894. (1) The definitions “affairs”, “personal representative” and “special resolution” in section 2 of the Bank Act are replaced by the following:
“affairs”
« affaires internes »
“affairs”, with respect to a bank, an authorized foreign bank or a bank holding company, means the relationships among the bank, authorized foreign bank or bank holding company and its affiliates and the shareholders, members, directors and officers of the bank, authorized foreign bank or bank holding company and its affiliates, but does not include the business of the bank, authorized foreign bank or bank holding company or any of its affiliates;
“personal representative”
« représentant personnel »
“personal representative” means a person who stands in place of and represents another person and, without limiting the generality of the foregoing, includes, as the circumstances require, a trustee, an executor, an administrator, a committee, a guardian, a tutor, a curator, an assignee, a receiver, an agent or an attorney of any person, but does not include a delegate;
“special resolution”
« résolution extraordinaire »
“special resolution” means a resolution passed by a majority of not less than two thirds of the votes cast in respect of that resolution or signed by all the persons who are entitled to vote on that resolution;
(2) The definitions détenteur and titreouvaleur mobilière in section 2 of the French version of the Act are replaced by the following:
« détenteur »
“holder”
détenteur L’actionnaire au sens de l’article 7, le membre visé à l’article 7.1 ou toute personne détenant un certificat de valeur mobilière délivré au porteur ou à son nom, ou endossé à son profit, ou encore en blanc.
« titre » ou « valeur mobilière »
“security”
titre ou valeur mobilière Dans le cas d’une personne morale, action de toute catégorie ou titre de créance sur cette dernière, ainsi que le bon de souscription correspondant, mais à l’exclusion des dépôts effectués auprès d’une institution financière ou des documents les attestant ou des parts sociales; dans le cas de toute autre entité, les titres de participation ou titres de créance y afférents.
(3) The definition “ordinary resolution” in section 2 of the English version of the Act is replaced by the following:
“ordinary resolution”
« résolution ordinaire »
“ordinary resolution” means a resolution passed by a majority of the votes cast in respect of that resolution;
(4) The definition “complainant” in section 2 of the Act is amended by striking out “or” at the end of paragraph (b), by adding “or” at the end of paragraph (c) and by adding the following after paragraph (c):
(d) a member or a former member of a federal credit union;
(5) The definition “recorded address” in section 2 of the Act is amended by striking out “and” at the end of paragraph (a) and by adding the following after that paragraph:
(a.1) in relation to a person who is a member of a federal credit union, the latest postal address of the person according to the members register, and
(6) The definition “holder” in section 2 of the English version of the Act is amended by striking out “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 respect of the ownership of a membership share, the member who holds the membership share within the meaning of section 7.1;
(7) Paragraph (a) of the definition “security” in section 2 of the English version of the Act is replaced by the following:
(a) in relation to a body corporate, a share of any class of shares of the body corporate or a debt obligation of the body corporate, and includes a warrant of the body corporate, but does not include a deposit with a financial institution or any instrument evidencing such a deposit or, for greater certainty, a membership share, and
(8) Section 2 of the Act is amended by adding the following in alphabetical order:
“delegate”
« délégué »
“delegate” means a natural person appointed or elected to represent a member of a federal credit union at a meeting of members;
“federal credit union”
« coopérative de crédit fédérale »
“federal credit union” means a bank that, within the meaning of section 12.1, is organized and carries on business on a cooperative basis;
“member”
« membre »
“member”, in relation to a federal credit union, means a person who is one of the members of the federal credit union in accordance with subsection 47.04(4);
“membership share”
« parts sociales »
“membership share”, in relation to a federal credit union, means an ownership interest in the federal credit union that confers the rights referred to in subsection 79.1(1);
“members register”
« registre des membres »
“members register”, in relation to a federal credit union, means the register referred to in section 254.1;
“patronage allocation”
« ristourne »
“patronage allocation” means an amount that a federal credit union allocates among its members based on the business done by them with or through the federal credit union;
(9) Section 2 of the English version of the Act is amended by adding the following in alphabetical order:
“share”
Marginal note:Version anglaise seulement
“share” does not include a membership share;
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