REGULATION OF ASSOCIATIONS — SUPERINTENDENT

Marginal note:Report of unclaimed deposits

• 431.1 (1) A retail association shall, within sixty days after the end of each calendar year, provide the Superintendent with a return, in the form that the Superintendent may determine, as of the end of that calendar year, in respect of all deposits made with the association in Canada in Canadian currency for which no transaction has taken place and no statement of account has been requested or acknowledged by the depositors during a period of nine years or more.

• Marginal note:Period

  (2) The period referred to in subsection (1) shall be calculated

  • (a) in the case of a deposit made for a fixed period, from the day on which the fixed period terminated, and

  • (b) in the case of any other deposit, from the day on which the last transaction took place or a statement of account was last requested or acknowledged by the depositor, whichever is later,

  until the date of the return under that subsection.

• Marginal note:Content of return

  (3) A return made under subsection (1) must show, insofar as is known to the association,

  • (a) the name of each depositor in whose name each deposit is held;

  • (b) the recorded address of each such depositor;

  • (c) the outstanding amount of each deposit; and

  • (d) the branch of the association at which the last transaction took place in respect of the deposit, and the date of that transaction.

• Marginal note:Amounts under one hundred dollars

  (4) If the total outstanding amount of deposits in the name of a depositor is less than one hundred dollars, the association may omit the particulars in respect thereof required by subsection (3) from the return required by subsection (1).

Marginal note:Return on unclaimed bills of exchange

• 431.2 (1) A retail association shall, within sixty days after the end of each calendar year, provide the Superintendent with a return, in the form that the Superintendent may determine, as of the end of that calendar year, in respect of all negotiable instruments (including instruments drawn by one branch of the association on another branch of the association but not including instruments issued in payment of a dividend on the capital of the association) payable in Canada in Canadian currency that have been issued, certified or accepted by the association at branches of the association in Canada and for which no payment has been made for a period of nine years or more calculated from the date of issue, certification, acceptance or maturity, whichever is the latest, until the date of the return.

• Marginal note:Content of return

  (2) A return made under subsection (1) must show, insofar as is known to the association,

  • (a) the name of each person to whom or at whose request each instrument was issued, certified or accepted;

  • (b) the recorded address of each such person;

  • (c) the name of the payee of each instrument;

  • (d) the amount and date of each instrument;

  • (e) the name of the place where each instrument was payable; and

  • (f) the branch of the association at which each instrument was issued, certified or accepted.

• Marginal note:Amounts under one hundred dollars

  (3) If the amount of an instrument in respect of which subsection (1) applies is less than one hundred dollars, the association may omit the particulars in respect thereof required by subsection (2) from the return required by subsection (1).

• Marginal note:Money orders

  (4) A retail association may omit from a return required by subsection (1) the particulars required by subsection (2) in respect of any money order in respect of which subsection (1) applies.

Marginal note:Total to be reported

431.3 If a retail association, under subsection 431.1(4) or 431.2(3) or (4), omits from a return required by subsection 431.1(1) or 431.2(1) the particulars of any deposit or instrument, the total of the amounts of all deposits or instruments that have been so omitted must be reported in the return.

Marginal note:Copy of by-laws

433. An association shall send to the Superintendent within thirty days after the coming into effect of a by-law or an amendment to a by-law, a copy of the by-law or amendment.

Marginal note:Register of associations

• 434. (1) The Superintendent shall, in respect of each association, cause a register to be maintained containing a copy of

  • (a) the incorporating instrument of the association; and

  • (b) the information referred to in paragraphs 432(1)(a) and (c) to (g) contained in the latest return sent to the Superintendent under section 432.

• Marginal note:Form

  (2) The register may be maintained in

  • (a) a bound or loose-leaf form or in a photographic film form; or

  • (b) a system of mechanical or electronic data processing or any other information storage device that is capable of reproducing any required information in intelligible written form within a reasonable time.

• Marginal note:Access

  (3) Persons are entitled to reasonable access to the register and may make copies of or take extracts from the information in it.

• Marginal note:Evidence

  (4) A statement containing information in the register and purporting to be certified by the Superintendent is admissible in evidence in all courts as proof, in the absence of evidence to the contrary, of the facts stated in the statement without proof of the appointment or signature of the Superintendent.

Marginal note:Publication

435.2 The Superintendent shall cause to be published in the Canada Gazette the information contained in each of the returns made under sections 431.1 and 431.2 within sixty days after the expiration of the time provided by this Act for providing the return.

Marginal note:Report respecting disclosure

436.3 The Superintendent shall prepare a report, to be included in the report referred to in section 40 of the Office of the Superintendent of Financial Institutions Act, respecting the disclosure of information by associations and describing the state of progress made in enhancing the disclosure of information in the financial services industry.

Marginal note:Examination of associations

• 437. (1) The Superintendent, from time to time, but at least once in each calendar year, shall make or cause to be made any examination and inquiry into the business and affairs of each association that the Superintendent considers to be necessary or expedient to determine whether the association is complying with the provisions of this Act and whether the association is in a sound financial condition and, after the conclusion of each examination and inquiry, shall report on it to the Minister.

Prudential Agreements

Marginal note:Prudential agreement

438.1 The Superintendent may enter into an agreement, called a “prudential agreement”, with an association for the purposes of implementing any measure designed to maintain or improve its safety and soundness.

Marginal note:Court enforcement

• 441. (1) Where an association or person

  • (a) is contravening or has failed to comply with a prudential agreement entered into under section 438.1 or a direction of the Superintendent issued to the association or person pursuant to subsection 439(1) or (3),

  • (b) is contravening this Act, or

  • (c) has omitted to do any thing under this Act that is required to be done by or on the part of the association or person,

  the Superintendent may, in addition to any other action that may be taken under this Act, apply to a court for an order requiring the association or person to comply with the prudential agreement or the direction, cease the contravention or do any thing that is required to be done, and on such application the court may so order and make any other order it thinks fit.

Disqualification and Removal of Directors or Senior Officers

Meaning of “senior officer”

441.01 In sections 441.1 and 441.2, “senior officer” means the chief executive officer, secretary, treasurer, controller of an association or any other officer reporting directly to the association’s board of directors or chief executive officer.