Jobs and Growth Act, 2012 (S.C. 2012, c. 31)

Assented to 2012-12-14

Marginal note:2001, c. 9, s. 465

 The portion of subsection 947(2) of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Exception

    (2) Except for an application by an eligible agent for an approval under section 927, and subject to section 933, the Minister shall take into account only paragraph (1)(d) if the application is in respect of a transaction that would result in the applicant or applicants holding

Marginal note:2001, c. 9, s. 465

 Subsection 950(2) of the Act is replaced by the following:

  • Marginal note:Notice of decision

    (2) Subject to subsections (4) and 951(2), the notice referred to in paragraph (1)(a) or (b) shall be sent by the Minister within a period of 45 days after the certified date referred to in subsection 949(1) in the following cases:

    • (a) the application involves the acquisition of control of an insurance holding company;

    • (b) the application is made by an eligible agent or an entity controlled by an eligible agent; or

    • (c) an application is made for the approval referred to in subsection 954(3).

Marginal note:2001, c. 9, s. 465

 Subsection 951(2) of the English version of the Act is replaced by the following:

  • Marginal note:Reasonable opportunity to make representations

    (2) If, after receipt of the notice sent in accordance with subsection 950(2) that the Minister is not satisfied that the transaction to which the application relates should be approved, the applicant advises the Minister that the applicant wishes to make representations, the Minister shall provide the applicant with a reasonable opportunity within a period of 45 days after the date of the notice, or within any further period that may be agreed on by the applicant and the Minister, to make representations in respect of the matter.

Marginal note:2012, c. 19, s. 346

 Subsection 954(4) of the Act is replaced by the following:

  • Marginal note:Application made jointly

    (4) The application for the approval referred to in subsection (3) must be made jointly by the insurance holding company and the eligible agent.

  • Marginal note:Matters for consideration

    (5) The Minister, in determining whether to grant the approval referred to in subsection (3), shall take into account all matters that he or she considers relevant, including those set out in paragraphs 947(1)(a) to (g).

  • Marginal note:Consequence of revocation of approval

    (6) If an approval referred to in subsection (3) is revoked, the insurance holding company shall delete any entry in its securities register in respect of the recording of the issuance of shares to the eligible agent.

  • Marginal note:Disposition of shareholdings

    (7) If an insurance holding company or an eligible agent fails to comply with any undertaking or term or condition in relation to an approval referred to in subsection (3), or if an eligible agent ceases to be an eligible agent, the Minister may, if the Minister considers it to be in the public interest to do so, by order, direct the eligible agent or former eligible agent and any person controlled by the eligible agent or former eligible agent to dispose of any number of shares of the insurance holding company beneficially owned by the eligible agent or former eligible agent or the persons controlled by the eligible agent or former eligible agent that the Minister specifies in the order, within the time specified in the order and in the proportion, if any, as between the eligible agent or former eligible agent and the persons controlled by the eligible agent or former eligible agent that is specified in the order.

  • Marginal note:Representations

    (8) No direction shall be made under subsection (7) unless the Minister has provided each person to whom the direction relates and the insurance holding company concerned with a reasonable opportunity to make representations in respect of the subject-matter of the direction.

  • Marginal note:Appeal

    (9) Any person with respect to whom a direction has been made under subsection (7) may, within 30 days after the date of the direction, appeal the matter in accordance with section 1020.

 Section 955 of the Act is amended by adding the following after subsection (3):

  • Marginal note:Consequence of suspension of approval

    (4) If an approval referred to in subsection 954(3) is suspended, the eligible agent shall not exercise, in person or by proxy, any voting rights attached to any share of the insurance holding company that is beneficially owned by the eligible agent.

Marginal note:2001, c. 9, s. 465

 Subsection 957(1) of the Act is replaced by the following:

Marginal note:Application to court
  • 957. (1) If a person fails to comply with a direction made under subsection 954(7) or 956(1), an application on behalf of the Minister may be made to a court for an order to enforce the direction.

Marginal note:2001, c. 9, s. 465

 Subsection 1020(1) of the Act is replaced by the following:

Marginal note:Appeal to Federal Court
  • 1020. (1) An appeal lies to the Federal Court from any direction of the Minister made under subsection 428(7), 432(1), 954(7) or 956(1).

2010, c. 12Jobs and Economic Growth Act

 Section 2073 of the English version of the Jobs and Economic Growth Act is amended by replacing the portion of subsection 402(1) that it enacts before paragraph (a) with the following:

Marginal note:Disposition
  • 402. (1) If, with respect to any bank, a person contravenes section 372 or subsection 373(1), 374(1) or 375(1) or section 376.1 or 376.2, subsection 377(1) or section 377.1 or 377.2 or fails to comply with an undertaking referred to in subsection 390(2) or with any terms and conditions imposed under section 397, the Minister may, if the Minister considers it in the public interest to do so, by order, direct that person and any person controlled by that person to

Coordinating Amendments

Marginal note:2010, c. 12
  •  (1) In this section, “other Act” means the Jobs and Economic Growth Act.

  • (2) On the first day on which both section 2062 of the other Act and section 110 of this Act are in force, section 381 of the Bank Act is replaced by the following:

    Marginal note:Exception — small holdings

    381. Despite section 379, if, as a result of a transfer or issue of shares of a class of shares, or of membership shares, of a bank to a person, other than an eligible agent, the total number of shares of that class registered in the securities register of the bank, or the total number of membership shares registered in the members register of the bank, as the case may be, in the name of that person would not exceed 5,000 and would not exceed 0.1% of the outstanding shares of that class or of the outstanding membership shares, as the case may be, the bank is entitled to assume that no person is acquiring or increasing a significant interest in that class of shares or in membership shares of the bank as a result of that issue or transfer of shares or membership shares.

  • (3) On the first day on which both subsection 2071(2) of the other Act and subsection 116(1) of this Act are in force, subsection 401.2(2.1) of the Bank Act is replaced by the following:

    • Marginal note:Certain foreign banks excluded

      (2.1) Subsection (2) does not permit a bank to record in its securities register or members register a transfer or issue of any share or membership share of the bank to a foreign bank that is a foreign bank by reason only of paragraph (f) of the definition “foreign bank” in section 2.

  • (4) If section 2073 of the other Act comes into force before section 153 of this Act, then

    • (a) that section 153 and the heading before it are deemed never to have come into force and are repealed; and

    • (b) the portion of subsection 402(1) of the English version of the Bank Act preceding paragraph (a) is replaced by the following:

      Marginal note:Disposition
      • 402. (1) If, with respect to any bank, a person contravenes section 372 or subsection 373(1), 374(1) or 375(1) or section 376.1 or 376.2, subsection 377(1) or section 377.1 or 377.2 or fails to comply with an undertaking referred to in subsection 390(2) or with any terms and conditions imposed under section 397, the Minister may, if the Minister considers it in the public interest to do so, by order, direct that person and any person controlled by that person to

  • (5) If section 2073 of the other Act comes into force on the same day as section 153 of this Act, then that section 153 is deemed to have come into force before that section 2073.

Marginal note:2012, c. 19

 On the first day on which both section 117 of this Act is in force and subsection 348(2) of the Jobs, Growth and Long-term Prosperity Act has produced its effects, subsection 401.3(4) of the Bank Act, as enacted by section 117 of this Act, is renumbered as subsection 401.3(5) and is repositioned accordingly if required.

Division 2Shipping

2001, c. 26Canada Shipping Act, 2001

 Paragraph 16(4)(d) of the Canada Shipping Act, 2001 is replaced by the following:

  • (d) the applicant has not paid a fee for services related to the document or has not paid a fine or penalty imposed on them under this Act; or

Marginal note:2001, c. 29, par. 72(g)

 Subparagraph 20(1)(g)(i) of the Act is replaced by the following:

  • (i) the applicant has not paid a fee for services related to the document, or

 
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