PART 5AMENDMENTS TO OTHER ACTS

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

Marginal note:2007, c. 6, s. 394

• 183. (1) Subsection 22(1.3) of the Bank of Canada Act is replaced by the following:

  • Marginal note:Time limit for returned payments

    (1.21) The Bank is not liable in respect of any returned payment as defined in section 2 of the Canada Deposit Insurance Corporation Act in respect of which the Canada Deposit Insurance Corporation has made a payment to the Bank under subsection 14.01(1) of that Act if

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

    • (b) at least 40 years have gone by since the applicable date referred to in subsection 14(2.9) of that Act.

  • 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), a claim referred to in subsection (1.2) or a returned payment referred to in subsection (1.21) if the amount paid to the Bank in respect of the debt, instrument, claim or returned payment was $1,000 or more and at least 100 years have gone by since the payment was made to the Bank.

• Marginal note:1991, c. 46, s. 582

  (2) Subsection 22(3) of the Act is replaced by the following:

  • Marginal note:No liability where claims paid — returned payments

    (2.1) The Bank is not liable in respect of any returned payment as defined in section 2 of the Canada Deposit Insurance Corporation Act in respect of which the Canada Deposit Insurance Corporation has paid an amount to the Bank under subsection 14.01(1) of that Act if an amount equal to the amount so paid has been paid by the Bank to a claimant under subsection 14.01(4) of that Act or to the Receiver General under subsection (3).

  • Marginal note:Amounts to be paid to Receiver General

    (3) An amount equal to the amount paid to the Bank in respect of a debt referred to in subsection (1), an instrument referred to in subsection (1.1), a claim referred to in subsection (1.2) or a returned payment referred to in subsection (1.21) shall, within two months after the end of the calendar year in which the applicable 40-year period expired, be paid by the Bank without interest to the Receiver General and the Bank may destroy all records relating to the debt, instrument, claim or returned payment.

Marginal note:2001, c. 9, s. 199; 2007, c. 6, s. 397

184. Section 29 of the Act is replaced by the following:

R.S., c. C-3Canada Deposit Insurance Corporation Act

Marginal note:R.S., c. 18 (3rd Supp.), s. 47(2)

• 185. (1) The definition “receiver” in section 2 of the English version of the Canada Deposit Insurance Corporation Act is replaced by the following:

  “receiver”

  « séquestre »

  “receiver” includes a receiver-manager and a sequestrator;

• (2) Section 2 of the Act is amended by adding the following in alphabetical order:

  “returned payment”

  « paiement retourné »

  “returned payment” means any portion of a payment made by the Corporation under subsection 14(2) or (2.1) that is either returned to the Corporation or that otherwise remains under its control;

Marginal note:2009, c. 2, s. 236(2)

• 186. (1) The description of A in subsection 10.1(3.1) of the Act is replaced by the following:

  A 

  is $15,000,000,000; and

• Marginal note:2009, c. 2, s. 236(2)

  (2) The description of D in subsection 10.1(3.2) of the Act is replaced by the following:

  D 

  is the total amount of deposits insured by the Corporation on April 30, 2008.

• Marginal note:2009, c. 2, s 236(2)

  (3) Subsection 10.1(3.4) of the Act is replaced by the following:

  • Marginal note:No change

    (3.4) The amount that the total principal indebtedness outstanding at any time in respect of borrowings under subsections (1) and (2) shall not exceed does not change if the amount determined under subsection (3.1) for the current year is less than the amount published under subsection (3.6) for the previous year.

187. Section 11 of the Act is amended by adding the following after subsection (2.1):

Marginal note:1996, c. 6, s. 26(1)

• 188. (1) Paragraph 14(2.1)(c) of the French version of the Act is replaced by the following:

  • c) l’institution fédérale membre est visée par le décret pris en application du paragraphe 39.13(1).

• (2) Section 14 of the Act is amended by adding the following after subsection (2.9):

  • Marginal note:Posting requirement

    (2.91) For the purposes of calculating the payment to be made by the Corporation in respect of any deposit insured by deposit insurance, the deposit, other than accrued interest, must be posted in the member institution’s records in accordance with the member institution’s regular transaction posting process as of the applicable date referred to in subsection (2.9).

• Marginal note:R.S., c. 18 (3rd Supp.), s. 52(2)

  (3) Subsection 14(4.1) of the Act is replaced by the following:

  • Marginal note:Subrogation — returned payment

    (4.01) In the case of a returned payment, at the expiry of one year from the applicable date referred to in subsection (2.9), the Corporation is subrogated, to the extent of the amount of the returned payment, to all the rights and interests of the depositor and may maintain an action in respect of those rights and interests in the name of the depositor or in the name of the Corporation.

  • Marginal note:Priority

    (4.1) If the Corporation is subrogated to the rights and interests of a depositor under subsection (4) or (4.01) in respect of any deposit with a member institution that is being wound up, the Corporation ranks,

    • (a) to the extent that the payment was made under subsection (2) or (2.1), including in the case of a returned payment, equally with the depositor in respect of their deposit; and

    • (b) to the extent that the payment includes any interest paid under subsection (2.4), equally with the depositor in respect of interest accruing and payable on their deposit after the date of the making of the winding-up order.