Financial Consumer Agency of Canada Act (S.C. 2001, c. 9)

• (b) review those procedures and their effectiveness in ensuring that the company is complying with Part XI;

• (b.1) if a widely held bank holding company or a widely held insurance holding company has a significant interest in any class of shares of the company,

  • (i) establish policies for entering into transactions referred to in subsection 483.1(1), and

  • (ii) review transactions referred to in subsection 483.3(1); and

Marginal note:Reliance on statement

216. A director, an officer or an employee of a company is not liable under subsection 162(1) or (2) or section 212 or 215 or subsection 494(1) if the director, officer or employee relies in good faith on

Marginal note:Indemnisation

• 217. (1) La société peut indemniser ses administrateurs ou ses dirigeants — ou leurs prédécesseurs —, ainsi que les personnes qui, à sa demande, agissent ou ont agi en cette qualité pour une entité dont elle est ou a été actionnaire ou créancière, de tous leurs frais, y compris les montants versés en règlement d’une action ou pour satisfaire à un jugement, entraînés par des procédures civiles, pénales ou administratives auxquelles ils étaient parties en cette qualité, sauf à l’occasion d’actions intentées par la société ou pour son compte en vue d’obtenir un jugement favorable, si :

Marginal note:Incorporating instrument

220. On the application of a company duly authorized by special resolution, the Minister may approve a proposal to add, change or remove any provision that is permitted by this Act to be set out in the incorporating instrument of the company.

Marginal note:Letters patent to amend

• 221. (1) On receipt of an application referred to in section 220, the Minister may issue letters patent to effect the proposal.

Marginal note:Proposal to amend

• 226. (1) Subject to subsection (2), a director or a shareholder who is entitled to vote at an annual meeting of shareholders of a company may, in accordance with sections 146 and 147, make a proposal to make an application referred to in section 220 or to make, amend or repeal the by-laws referred to in subsection 222(1) of the company.

• Marginal note:Application of sections 22 to 25

  (3) If two or more bodies corporate, none of which is a company, apply for letters patent under subsection (1), sections 22 to 25 apply in respect of the application with any modifications that the circumstances require.

• Marginal note:Matters for consideration

  (4) Before issuing letters patent of amalgamation continuing the applicants as one company, the Minister shall take into account all matters that the Minister considers relevant to the application, including

  • (a) the sources of continuing financial support for the amalgamated company;

  • (b) the soundness and feasibility of the plans of the applicants for the future conduct and development of the business of the amalgamated company;

  • (c) the business record and experience of the applicants;

  • (d) the reputation of the applicants for being operated in a manner that is consistent with the standards of good character and integrity;

  • (e) whether the amalgamated company will be operated responsibly by persons with the competence and experience suitable for involvement in the operation of a financial institution;

  • (f) the impact of any integration of the operations and businesses of the applicants on the conduct of those operations and businesses; and

  • (g) the best interests of the financial system in Canada.

Marginal note:Court enforcement

• 234.1 (1) If a company or any director, officer, employee or agent of a company is contravening or has failed to comply with any term or condition made in respect of the issuance of letters patent of amalgamation, the Minister may, in addition to any other action that may be taken under this Act, apply to a court for an order directing the company or the director, officer, employee or agent to comply with the term or condition, cease the contravention or do any thing that is required to be done, and on the application the court may so order and make any other order it thinks fit.

• Marginal note:Appeal

  (2) An appeal from an order of a court under this section lies in the same manner as, and to the same court to which, an appeal may be taken from any other order of the court.