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An Act to amend the law governing financial institutions and to provide for related and consequential matters (S.C. 2007, c. 6)

Assented to 2007-03-29

PART 11991, c. 46AMENDMENTS TO THE BANK ACT

Marginal note:2001, c. 9, s. 183

130. Subsection 989(2) of the Act is replaced by the following:

  • Marginal note:Compliance or restraining order — authorized foreign bank

    (2) If an authorized foreign bank or any of its directors, officers, employees or agents does not comply with any provision of this Act or the regulations other than a consumer provision, or of an order made under subsection 524(1), 528(1) or (1.1) or 534(1) in respect of the authorized foreign bank, the Superintendent, any complainant or any creditor of the authorized foreign bank may, in addition to any other right that that person has, apply to a court for an order directing the authorized foreign bank, director, officer, employee or agent to comply with — or restraining the authorized foreign bank, director, officer, employee or agent from acting in breach of — the provision and, on the application, the court may so order and make any further order that it thinks fit.

131. Schedules I and II to the French version of the Act are amended by replacing the expression “Siège social” with the expression “Siège”.

132. The Act is amended by replacing the expression “five billion dollars” with the expression “eight billion dollars” wherever it occurs in the following provisions:

  • (a) subsection 138(1.1);

  • (b) subsection 156.09(2);

  • (c) subsection 168(3.1);

  • (d) subsection 223(3);

  • (e) section 374;

  • (f) subsection 374.1(1);

  • (g) subsection 375(1);

  • (h) subsection 376(1);

  • (i) subsection 376.01(1);

  • (j) sections 376.1 and 376.2;

  • (k) subsection 377(1);

  • (l) section 380;

  • (m) subsection 382(1);

  • (n) subsection 383(2);

  • (o) subsections 385(1) and (2);

  • (p) section 385.1;

  • (q) section 387;

  • (r) subsection 393(1);

  • (s) subsection 393.1(1);

  • (t) subsection 394(1);

  • (u) paragraph 396(2)(a);

  • (v) subsection 727(2);

  • (w) subsection 756(4);

  • (x) subsection 803(3);

  • (y) section 876;

  • (z) subsection 877(1);

  • (z.1) subsection 878(1);

  • (z.2) subsection 879(1);

  • (z.3) subsection 879.1(1);

  • (z.4) sections 880 and 881;

  • (z.5) subsection 882(1);

  • (z.6) section 884;

  • (z.7) section 888;

  • (z.8) subsection 890(1);

  • (z.9) subsection 891(2);

  • (z.10) subsection 893(1);

  • (z.11) paragraph 893(2)(a);

  • (z.12) section 894;

  • (z.13) section 896;

  • (z.14) subsection 902(1);

  • (z.15) subsection 903(1);

  • (z.16) subsection 904(1); and

  • (z.17) paragraph 906(2)(a).

133. The Act is amended by replacing the expression “one billion dollars” with the expression “two billion dollars” wherever it occurs in the following provisions:

  • (a) subsections 385(1) and (2);

  • (b) section 387;

  • (c) subsections 893(1) and (2); and

  • (d) section 896.

134. The French version of the Act is amended by replacing the expression “qui exerce une” with the expression “dont l’activité commerciale comporte une” wherever it occurs in the following provisions:

  • (a) paragraphs 468(4)(c) and (d); and

  • (b) paragraphs 930(4)(c) and (d).

PART 21991, c. 48AMENDMENTS TO THE COOPERATIVE CREDIT ASSOCIATIONS ACT

135. The definition “recorded address” in section 2 of the Cooperative Credit Associations Act is amended by striking out the word “and” at the end of paragraph (a), by adding the word “and” at the end of paragraph (b) and by adding the following after paragraph (b):

  • (c) in relation to any other person in respect of a retail association, the latest postal address of the person according to the records of the branch concerned.

136. Section 10 of the Act is amended by adding the following after subsection (3):

  • Marginal note:Contravention

    (4) A member contravenes section 52 if the member agrees to act jointly or in concert with one or more other members in such a manner that a deemed single member contravenes that section.

137. Section 11 of the Act is amended by adding the following after subsection (4):

  • Marginal note:Contravention

    (5) A person contravenes a provision of Part VIII if the person agrees to act jointly or in concert with one or more other persons in such a manner that a deemed single person contravenes the provision.

Marginal note:2001, c. 9, s. 254; 2006, c. 4, s. 200

138. Section 22 of the Act is replaced by the following:

Marginal note:Sunset provision

  • 22. (1) Subject to subsections (2) and (3), associations shall not carry on business after the day that is the fifth anniversary of the day on which this section comes into force.

  • Marginal note:Extension

    (2) The Governor in Council may, by order, extend by up to six months the time during which associations may continue to carry on business. No more than one order may be made under this subsection.

  • Marginal note:Exception

    (3) If Parliament dissolves on the fifth anniversary of the day on which this section comes into force, on any day within the three-month period before that anniversary or on any day within an extension under subsection (2), associations may continue to carry on business for 180 days after the first day of the first session of the next Parliament.

Marginal note:2001, c. 9, s. 256

139. Subparagraph 24(b)(ii) of the Act is replaced by the following:

  • (ii) two local cooperative credit societies not all of which are incorporated under the laws of one province, or

Marginal note:2001, c. 9, s. 258

140. Section 31.6 of the Act is renumbered as subsection 31.6(1) and is amended by adding the following:

  • Marginal note:Membership shares

    (2) When a body corporate is continued as an association,

    • (a) its common shares are deemed to be membership shares to which are attached the rights, privileges and restrictions set out in this Act;

    • (b) the holders of the common shares of the body corporate are deemed to be the members of the association; and

    • (c) any agreement made before continuance under which the holders of any common shares of the body corporate have agreed to vote those shares in a manner provided in the agreement is of no effect.

Marginal note:2001, c. 9, s. 258

141. Paragraph 31.7(1)(e) of the Act is replaced by the following:

  • (e) maintain outside Canada any records or registers required by this Act to be maintained in Canada.

Marginal note:2001, c. 9, s. 259

142. Sections 32 to 34 of the Act are replaced by the following:

Marginal note:Transferring to other federal Acts

  • 32. (1) An association may

    • (a) apply, under the Bank Act, for letters patent continuing the association as a bank or a bank holding company under that Act, or amalgamating and continuing the company as a bank or a bank holding company under that Act;

    • (b) apply, with the approval in writing of the Minister, under the Canada Business Corporations Act for a certificate of continuance as a corporation under that Act;

    • (c) apply, with the approval in writing of the Minister, under the Canada Cooperatives Act for a certificate of continuance, or a certificate of continuance and a certificate of amalgamation, as a cooperative under that Act;

    • (d) apply, under the Insurance Companies Act, for letters patent continuing the association as a company (other than a mutual company) or an insurance holding company under that Act, or amalgamating and continuing the association as a company (other than a mutual company) or an insurance holding company under that Act; or

    • (e) apply, under the Trust and Loan Companies Act, for letters patent continuing the association as a company under that Act, or amalgamating and continuing the association as a company under that Act.

  • Marginal note:Conditions for approval

    (2) The approval referred to in paragraph (1)(b) or (c) may be given only if the Minister is satisfied that

    • (a) the association has published, once a week for four consecutive weeks in the Canada Gazette and in a newspaper in general circulation at or near the place where the head office of the association is situated, a notice of its intention to apply for the approval;

    • (b) the application has been authorized by a special resolution; and

    • (c) the association does not hold deposits, other than deposits that are made by a member, a person who controls the association or a person who has a significant interest in a class of shares of the association and that are not insured by the Canada Deposit Insurance Corporation.

  • Marginal note:Withdrawing application

    (3) If a special resolution authorizing the application for the certificate or letters patent so states, the directors of the association may, without further approval, withdraw the application before it is acted on.

  • Marginal note:Restriction on other transfers

    (4) An association may not apply to be continued, or to be amalgamated and continued, as the case may be, as a body corporate other than one referred to in subsection (1).

Marginal note:Act ceases to apply

33. If an association applies for a certificate or letters patent referred to in section 32 in accordance with that section and the certificate is given or the letters patent are issued, this Act ceases to apply to the association as of the day the certificate or the letters patent take effect.

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