Jobs and Economic Growth Act (S.C. 2010, c. 12)
Full Document:
Assented to 2010-07-12
R.S., c. C-3Canada Deposit Insurance Corporation Act
Marginal note:1992, c. 26, s. 1(2)
2094. (1) The definition “share” in section 2 of the Canada Deposit Insurance Corporation Act is replaced by the following:
“share”
« action »
“share” includes
(a) a conversion or exchange privilege, issued by a member institution, that is convertible at any time into a share,
(b) an option or a right, issued by a member institution, to acquire a share or a privilege referred to in paragraph (a), and
(c) a membership share within the meaning of section 2 of the Bank Act;
(2) Section 2 of the Act is amended by adding the following in alphabetical order:
“federal credit union”
« coopérative de crédit fédérale »
“federal credit union” has the same meaning as in section 2 of the Bank Act;
“local cooperative credit society”
« société coopérative de crédit locale »
“local cooperative credit society” has the same meaning as in section 2 of the Bank Act;
“shareholder”
« actionnaire »
“shareholder” includes the holder of a membership share of a federal credit union;
Marginal note:R.S., c. 18 (2nd Supp.), s. 1(1)
2095. Paragraph 5(1.1)(c) of the Act is replaced by the following:
(c) a director, officer or employee of a federal institution, a provincial institution or a local cooperative credit society.
2096. Paragraph 6(3)(c) of the Act is replaced by the following:
(c) is a director, officer or employee of a federal institution, a provincial institution or a local cooperative credit society.
Marginal note:2009, c. 2, s. 235
2097. Paragraph 10.01(1)(a) of the Act is replaced by the following:
(a) sections 47.03, 47.04, 47.06, 47.09, 47.11, 47.15, 47.17, 47.18 and 60.1, subsection 79.2(1) and sections 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;
2098. The Act is amended by adding the following after section 12:
Marginal note:Definitions
12.1 (1) The following definitions apply in this section.
“continuation day”
« date de prorogation »
“continuation day”, in respect of a local cooperative credit society continued as a federal credit union, means the day set out in the federal credit union’s letters patent continuing the local cooperative credit society as a federal credit union.
“pre-existing deposit”
« dépôt préexistant »
“pre-existing deposit” means a deposit that was made with a local cooperative credit society before it is continued as a federal credit union and that remains outstanding on the continuation day.
“transition period”
« période transitoire »
“transition period”, in respect of a pre-existing deposit, means
(a) in the case of a pre-existing deposit that is to be repaid on a fixed day, the period that begins on the continuation day and ends on that fixed day; and
(b) in the case of any other pre-existing deposit, the period that begins on the continuation day and ends on the day that is 180 days after the continuation day.
Marginal note:Duty to insure certain pre-existing deposits
(2) Despite paragraph 12(c) and subsection 3(1.1) of the schedule, but subject to the other provisions of this Act, if a pre-existing deposit is held by a federal credit union that is a member institution and all or a portion of the pre-existing deposit would have been guaranteed or insured under the law of a province if the local cooperative credit society had not been continued as a federal credit union, the Corporation shall insure the pre-existing deposit during the transition period up to the amount that would have been guaranteed or insured under the law of that province.
Marginal note:Duty to insure certain pre-existing deposits repayable on a fixed day
(3) Despite paragraph 2(2)(a) of the schedule, the Corporation shall insure a pre-existing deposit during the transition period if the deposit is held by a federal credit union that is a member institution and
(a) is repayable on a fixed day that is more than five years after the deposit was made with the local cooperative credit society that was continued as a federal credit union; and
(b) would have been guaranteed or insured under the law of a province if the local cooperative credit society had not been continued as a federal credit union.
Marginal note:Deemed separate deposit
(4) During the transition period, a pre-existing deposit, less any withdrawals from the pre-existing deposit, is deemed, for the purposes of deposit insurance with the Corporation, to be a deposit separate from any deposit made on or after the continuation day.
Marginal note:1996, c. 6, s. 25
2099. Subsection 13(3) of the Act is replaced by the following:
Marginal note:Exception
(2.1) A deposit that is insured under subsection 12.1(2) is not to be taken into account when calculating the aggregate of a person’s deposits under subsection (2).
Marginal note:Where assets acquired
(3) For the purpose of deposit insurance with the Corporation, if a member institution assumes deposit liabilities of another member institution, those member institutions are deemed to be amalgamating institutions and subsections (1) to (2.1) apply if a person has deposits with both institutions.
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;
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