Marginal note:False statements

• 54. (1) Every director, officer, employee, agent or auditor of the Board or of any of its subsidiaries who, in carrying out a duty under this Act or the by-laws, prepares, signs, approves or concurs in any statement, report or other document respecting the affairs of the Board or the subsidiary that contains any false or deceptive information is guilty of an offence.

• Marginal note:Punishment

  (2) Every person who commits an offence under subsection (1) is liable on summary conviction

  • (a) in the case of a natural person, to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 12 months, or to both; or

  • (b) in any other case, to a fine not exceeding $500,000.

Marginal note:Insolvency and winding-up

55. No Act relating to the insolvency or winding-up of any corporation applies to the Board and in no case shall the affairs of the Board be wound up unless Parliament so provides.

Marginal note:Duty of Board

• 56. (1) The Board shall pay into the Consolidated Revenue Fund, for credit to the Canada Pension Plan Account established under subsection 108(1) of the Canada Pension Plan, any amount required under subsection 108.1(2) or 113(1.1) of that Act.

• Marginal note:Transfer of securities

  (2) The Board shall transfer to the Minister any designated securities of a province or of Canada that the Minister requires under subsection 113(1.1) of the Canada Pension Plan.

Marginal note:Costs

57. Where the Minister is of the opinion that the Board cannot pay its administration costs, the Minister shall pay those costs out of the Consolidated Revenue Fund and any such payment shall be charged to the Canada Pension Plan Account established under subsection 108(1) of the Canada Pension Plan.

58. to 99. [Amendments]

100. to 107. [Amendments]

108. and 109. [Amendments]

Marginal note:Coming into force

• Footnote ^*110. (1) Sections 1 to 59, 61, 69 to 71, 74 and 76, subsection 77(1) and sections 81, 83, 89 to 94, 96 to 98, 108 and 109 come into force, in accordance with subsection 114(4) of the Canada Pension Plan, on a day or days to be fixed by order of the Governor in Council.

• Marginal note:Coming into force

  (2) Section 84, subsection 90(3) of the Canada Pension Plan as enacted by section 86, section 90.1 of the Canada Pension Plan as enacted by section 87, sections 100 and 101, subsection 44(4) of the Old Age Security Act as enacted by section 106 and section 44.1 of the Old Age Security Act as enacted by section 107 come into force on a day or days to be fixed by order of the Governor in Council.

  • Return to footnote ^*[Note: Sections 58, 59, 61, 69 to 71, 74 and 76, subsection 77(1) and sections 81, 83, 92 to 94 and 96 to 98 in force January 1, 1998, sections 1 to 57, 89 to 91 and 108 and 109 in force April 1, 1998, see SI/98-24; section 84, subsection 90(3) and section 90.1 of the Canada Pension Plan as enacted by sections 86 and 87, respectively, sections 100 and 101, subsection 44(4) and section 44.1 of the Old Age Security Act as enacted by sections 106 and 107 in force April 1, 2010, see SI/2010-16.]