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Financial System Review Act (S.C. 2012, c. 5)

Assented to 2012-03-29

Marginal note:1996, c. 6, s. 41

200. The portion of subsection 39.17(1) of the Act before paragraph (a) is replaced by the following:

Marginal note:Leave of court

  • 39.17 (1) A superior court may, on any terms that it considers proper, grant leave to a person to do anything that the person would otherwise be prevented from doing by section 39.15 or lift, or reduce the length of, a stay under section 39.151 if the court is satisfied

Marginal note:2009, c. 2, s. 251

201. Section 39.372 of the Act is replaced by the following:

Marginal note:Non-liability with respect to employees

  • 39.372 (1) If a bridge institution becomes the employer of employees of a federal member institution, the bridge institution is not liable in respect of a liability, including one as a successor employer,

    • (a) that is in respect of the employees or former employees of the federal member institution or a predecessor of the federal member institution or in respect of a pension plan for the benefit of those employees or former employees; and

    • (b) that exists before the bridge institution becomes the employer or that is calculated by reference to a period before the bridge institution becomes the employer.

  • Marginal note:Liability of other successor employers

    (2) Subsection (1) does not affect the liability of a successor employer other than the bridge institution.

Marginal note:2009, c. 2, s. 251

  • 202. (1) The portion of paragraph 39.3723(1)(a) of the Act before subparagraph (i) is replaced by the following:

    • (a) exempt federal member institutions in respect of which an order directing the incorporation of a bridge institution is made, bridge institutions or subsidiaries of any of those institutions, or any class of those institutions or class of their subsidiaries, or any other person from the application of any provision of this Act or the regulations or of the following Acts or regulations made under them:

  • Marginal note:2009, c. 2, s. 251

    (2) Paragraph 39.3723(1)(b) of the Act is replaced by the following:

    • (b) provide that any provision of this Act or the regulations or of the Acts referred to in paragraph (a) or regulations made under them applies to federal member institutions in respect of which an order directing the incorporation of a bridge institution is made, bridge institutions or subsidiaries of any of those institutions, or any class of those institutions or class of their subsidiaries, or any other person but only in the manner and to the extent provided for in the regulation and adapt that provision for the purpose of that application.