Jobs and Economic Growth Act (S.C. 2010, c. 12)
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Assented to 2010-07-12
2100. Section 39.13 of the Act is amended by adding the following after subsection (2):
Marginal note:Federal credit union
(2.1) In addition to subsection (2), if an order made under paragraph (1)(a) is in respect of a federal credit union, the Corporation has the powers, rights and privileges it would have if it were a member of the federal credit union and the federal credit union is exempt from any requirement to have a minimum number of members for so long as the shares are vested in the Corporation.
2101. Section 39.14 of the Act is amended by adding the following after subsection (1):
Marginal note:Suspension of powers, rights, etc.
(1.1) In addition to subsection (1), if an order made under paragraph 39.13(1)(a) or (b) is in respect of a federal credit union, the powers, rights and privileges of its members are suspended, but nothing in this subsection affects the powers, rights and privileges of the Corporation under subsection 39.13(2.1).
Marginal note:2001, c. 9, s. 213(1)
2102. Paragraph 39.19(1)(a) of the Act is replaced by the following:
(a) section 12.1, paragraph 28(1)(a.1), section 35.1, paragraphs 40(f) and (g), sections 40.1, 47.03, 47.04, 47.06, 47.11, 47.12, 47.15, 47.17 and 47.18, subsection 53(2), paragraph 54(1)(b), section 60.1, subsections 79.2(1) and (2) and sections 159.1, 372, 373, 374, 375, 376, 376.1, 376.2, 377, 377.1, 377.2, 379, 382.1, 385, 401.11, 401.2 and 401.3 of the Bank Act;
2103. The Act is amended by adding the following after section 39.19:
Marginal note:Provisions do not apply
39.191 (1) Section 12.1, paragraph 28(1)(a.1), section 35.1, paragraphs 40(f) and (g), section 40.1, 47.11, 47.12, 47.15 and 47.18, subsection 53(2), paragraph 54(1)(b) and section 159.1 of the Bank Act do not apply if the Corporation is appointed as receiver of a federal member institution that is a federal credit union by an order made under paragraph 39.13(1)(b).
Marginal note:Termination
(2) Subsection (1) ceases to apply in respect of a federal member institution on the date specified in a notice described in subsection 39.2(3) in respect of the federal member institution.
Marginal note:2001, c. 9, s. 214
2104. Section 45.2 of the Act is replaced by the following:
Marginal note:Confidentiality
45.2 All information regarding the affairs of a federal institution, provincial institution or local cooperative credit society, or of any person dealing with it, that is obtained or produced by or for the Corporation is confidential and must be treated accordingly.
2105. The references after the heading “SCHEDULE” in the schedule to the Act is amended by adding a reference to subsections 12.1(2) and (3).
2106. (1) The definition “date of deposit” in section 1 of the schedule to the Act is replaced by the following:
“date of deposit”
« date du dépôt »
“date of deposit” means, with respect to any moneys constituting a deposit, the day on which credit for the moneys is given to the account of the depositor or the day on which an instrument is issued for the moneys by the institution, as the case may be;
(2) Section 1 to the schedule of the Act is amended by adding the following in alphabetical order:
“patronage allocation”
« ristourne »
“patronage allocation” has the same meaning as in section 2 of the Bank Act;
Marginal note:R.S., c. 18 (3rd Supp.), s. 72
2107. (1) The portion of subsection 2(1) of the schedule to the Act before paragraph (a) is replaced by the following:
Definition of “deposit”
2. (1) Subject to subsection (2), for the purposes of this Act and the by-laws of the Canada Deposit Insurance Corporation, “deposit” means the unpaid balance of the aggregate of moneys received or held by a federal institution, provincial institution or local cooperative credit society, from or on behalf of a person in the usual course of the deposit-taking business of the institution, for which the institution
(2) Paragraph 2(2)(b) of the schedule to the Act is replaced by the following:
(b) moneys held by the institution that were received by it when it was not a federal institution, a provincial institution or a local cooperative credit society.
(3) Section 2 of the schedule to the Act is amended by adding the following after subsection (6):
Marginal note:Patronage allocation
(7) A patronage allocation does not constitute a deposit.
R.S., c. 1 (5th Supp.)Income Tax Act
2108. Clauses (ii)(A) and (B) in the description of C in paragraph 61.3(1)(b) of the Income Tax Act are replaced by the following:
(A) where the corporation is not an insurance corporation, a federal credit union or a bank to which clause (B) or (C) applies and the balance sheet as of the end of the year was presented to the shareholders of the corporation and was prepared in accordance with generally accepted accounting principles, be considered to be the total liabilities shown on the balance sheet,
(B) where the corporation is a bank, a federal credit union or an insurance corporation that is required to report to the Superintendent of Financial Institutions and the balance sheet as of the end of the year was accepted by the Superintendent, be considered to be the total liabilities shown on that balance sheet,
2109. (1) The definition “bank” in subsection 248(1) of the Act is replaced by the following:
“bank”
« banque »
“bank” means a bank within the meaning assigned by section 2 of the Bank Act (other than a federal credit union) or an authorized foreign bank;
(2) Subsection 248(1) of the Act is amended by adding the following in alphabetical order:
“federal credit union”
« coopérative de crédit fédérale »
“federal credit union” has the meaning assigned by section 2 of the Bank Act;
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