Office of the Superintendent of Financial Institutions Act (R.S.C., 1985, c. 18 (3rd Supp.))

Act current to 2014-04-02 and last amended on 2013-12-12. Previous Versions

STAFF OF THE OFFICE

Marginal note:Officers, etc.

 Such employees as are necessary to enable the Superintendent to perform the duties of the Superintendent shall be appointed in accordance with the Public Service Employment Act.

Marginal note:Continuity of employment

 Every person who was an employee of the Department of Insurance or the office of the Inspector General of Banks immediately prior to the coming into force of this Part becomes an employee of the Office and is deemed to have been appointed pursuant to section 11.

Marginal note:Responsibility for human resources management

 In respect of persons appointed under section 11, the Superintendent is authorized to exercise the powers and perform the functions of the Treasury Board that relate to human resources management within the meaning of paragraphs 7(1)(b) and (e) and section 11.1 of the Financial Administration Act, and those of deputy heads under subsection 12(2) of that Act, as that subsection reads without regard to any terms and conditions that the Governor in Council may direct, including the determination of terms and conditions of employment and the responsibility for employer and employee relations.

  • R.S., 1985, c. 18 (3rd Supp.), s. 13;
  • 2003, c. 22, s. 177.
Marginal note:Collective agreements

 Any collective agreement affecting employees of the Department of Insurance or the office of the Inspector General of Banks that was entered into before the coming into force of this Act remains in force and binds the Superintendent as employer of those persons until the expiration of that agreement.

Marginal note:Classification standards

 Classification standards may be prepared by the Superintendent for positions to which persons are appointed under section 11.

FINANCIAL

Marginal note:Appropriation

 Subject to section 17, all expenses incurred in the administration of this Part shall be paid out of moneys appropriated by Parliament for the purpose.

Marginal note:Expenditures out of the C.R.F.
  •  (1) The Minister may make expenditures out of the Consolidated Revenue Fund to defray the expenses arising out of the operations of the Office.

  • Marginal note:Authority to spend assessments and revenues

    (2) The Minister may spend, for the purpose mentioned in subsection (1), any assessment and interim assessment received under section 23 or 23.1 and any other revenue arising out of the operations of the Office.

  • Marginal note:Excess expenditures

    (3) The aggregate of expenditures made under subsection (1) shall not at any time exceed by more than $40,000,000, or such other amount as may be specified in an appropriation Act, the total of the assessments and revenues referred to in subsection (2).

  • Marginal note:Treasury Board approval

    (4) No expenditure may be made under subsection (1) without the approval of the Treasury Board if the aggregate of the expenditures actually made under that subsection at any time exceeds the aggregate of

    • (a) all assessments and revenues referred to in subsection (2), and

    • (b) moneys appropriated by Parliament pursuant to section 16.

  • R.S., 1985, c. 18 (3rd Supp.), s. 17;
  • 1997, c. 15, s. 337.