Budget Implementation Act, 2009 (S.C. 2009, c. 2)

Assented to 2009-03-12

 The Act is amended by adding the following after section 45.1:

Marginal note:Directors and officers of bridge institution

45.11 Directors and officers of a bridge institution are not liable for any damages, payment, compensation or indemnity that any person may suffer or claim by reason of anything done or omitted to be done, in good faith, in the exercise, execution or performance of any powers, duties and functions as directors or officers of the bridge institution.

 The Act is amended by adding the following after section 45.2:

Marginal note:Disclosures prohibited — bridge institution
  • 45.3 (1) Subject to subsection 12(1) of the Privacy Act, any information with respect to the affairs of a federal institution designated as a bridge institution or of any person dealing with it is confidential, shall be treated accordingly and shall not be disclosed.

  • Marginal note:Duration of prohibition

    (2) The prohibition applies only during the period that the federal institution is designated as a bridge institution.

  • Marginal note:Exception — entity or person

    (3) The prohibition does not apply if the information is disclosed

    • (a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision;

    • (b) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision;

    • (c) to the Financial Transactions and Reports Analysis Centre of Canada established by section 41 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, for the purpose of complying with that Act;

    • (d) to the Corporation for the purposes of fulfilling its functions under this Act or as a shareholder of the federal institution designated as a bridge institution;

    • (e) to the Minister of Finance, the Deputy Minister of Finance or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance;

    • (f) to the Governor of the Bank of Canada or any officer of the Bank of Canada authorized in writing by the Governor of the Bank of Canada, for the purposes of policy analysis related to the regulation of financial institutions;

    • (g) to the Canada Revenue Agency solely for the purpose of the Income Tax Act or the Excise Tax Act; or

    • (h) to any other entity or person that is prescribed by regulation, in any circumstance or condition prescribed by regulation.

  • Marginal note:Other exceptions

    (4) The prohibition does not apply if the information is disclosed

    • (a) in the normal conduct of the business of the federal institution designated as a bridge institution;

    • (b) for the purposes of selling the shares or assets of the federal institution designated as a bridge institution;

    • (c) for the purpose of any legal proceedings;

    • (d) for the purpose of preparing the Corporation’s annual report and its corporate plan or if the information is disclosed in those documents;

    • (e) in any circumstance that is prescribed by regulation; or

    • (f) in any other circumstance that the board of directors of the federal institution designated as a bridge institution considers necessary.

  • Marginal note:Regulations

    (5) The Governor in Council may make regulations

    • (a) specifying the circumstances in which the prohibition does not apply; or

    • (b) specifying, for the purpose of paragraph (3)(h), the entity to which or person to whom information may be disclosed and the circumstances and conditions under which the information may be disclosed to that entity or person.

 Section 3 of the schedule to the Act is amended by adding the following after subsection (6):

  • Marginal note:Tax-free savings account

    (6.1) Despite subsection (2), for the purposes of deposit insurance with the Corporation, if moneys received by a member institution from a depositor in accordance with a tax-free savings account, within the meaning assigned by section 146.2 of the Income Tax Act, constitute a deposit or part of a deposit by or for the benefit of an individual, the aggregate of those moneys and any other moneys received from the same depositor in accordance with any other tax-free savings account that constitute a deposit or part of a deposit by or for the benefit of the same individual is deemed to be a single deposit separate from any other deposit of or for the benefit of that individual.

Consequential Amendments

R.S., c. A-1Access to Information Act

 Schedule II to the Access to Information Act is amended by adding, in alphabetical order, a reference to

  • Canada Deposit Insurance Corporation Act

    Loi sur la Société d’assurance-dépôts du Canada

and a corresponding reference to “subsection 45.3(1)”.

R.S., c. C-21; 2001, c. 9, s. 218Canadian Payments Act

 Subsection 4(1) of the Canadian Payments Act is amended by striking out “and” at the end of paragraph (c) and by adding the following after that paragraph:

R.S., c. F-11Financial Administration Act

  •  (1) Section 85 of the Financial Administration Act is amended by adding the following after subsection (2):

    • Marginal note:Exemption for federal member institution

      (2.1) Divisions I to IV do not apply to a member institution, as defined in section 2 of the Canada Deposit Insurance Corporation Act, any shares of which are held by the Canada Deposit Insurance Corporation as the result of the granting of an exemption referred to in section 10.01 of that Act.

  • (2) Section 85 of the Act is amended by adding the following after subsection (3):

    • Marginal note:Exemption — bridge institution

      (4) Sections 88 and 89.2 to 104 and Divisions II to IV do not apply to

      • (a) a bridge institution, as defined in section 2 of the Canada Deposit Insurance Corporation Act; or

      • (b) the Canada Deposit Insurance Corporation, as a parent Crown corporation in respect of a wholly-owned subsidiary that is a bridge institution.

R.S., c. W-11; 1996, c. 6, s. 134Winding-up and Restructuring Act

 Section 3 of the Winding-up and Restructuring Act is amended by striking out “or” at the end of paragraph (i), by adding “or” at the end of paragraph (j) and by adding the following after paragraph (j):

  • (k) if, in the case of a company that is a federal member institution, as defined in section 2 of the Canada Deposit Insurance Corporation Act, in respect of which the Canada Deposit Insurance Corporation has been appointed as receiver, a transfer of part of the business of the federal member institution to a bridge institution has been substantially completed.

Coming into Force

Marginal note:Order in council
  •  (1) The provisions of this Division, except for sections 235 and 254 and subsection 257(1), come into force on a day or days to be fixed by order of the Governor in Council.

  • Marginal note:Retroactivity

    (2) Section 254 is deemed to have come into force on January 27, 2009.

Division 3R.S., c. E-20; 2001, c. 33, s. 2(F)Export Development Act

Marginal note:1993, c. 26, s. 4(1)
  •  (1) Subsection 10(1) of the Export Development Act is replaced by the following:

    Marginal note:Purposes
    • 10. (1) The Corporation is established for the purposes of supporting and developing, directly or indirectly,

      • (a) domestic trade and Canadian capacity to engage in that trade and to respond to domestic business opportunities; and

      • (b) Canada’s export trade and Canadian capacity to engage in that trade and to respond to international business opportunities.

    • Marginal note:Complementary to commercial products and services

      (1.01) The Corporation shall carry out its purposes, with respect to domestic trade and domestic business, in a manner that complements the products and services available from commercial financial institutions and commercial insurance providers.

  • Marginal note:2001, c. 33, s. 8

    (2) Paragraph 10(3)(b) of the Act is replaced by the following:

    • (b) $45,000,000,000.

 Subsection 11(1) of the Act is replaced by the following:

Marginal note:Authorized capital
  • 11. (1) The authorized capital of the Corporation is $3,000,000,000 divided into 30 million shares of the par value of $100 each.

Marginal note:1993, c. 26, s. 8
  •  (1) The portion of subsection 24(1) of the Act before paragraph (a) is replaced by the following:

    Marginal note:Limit of liability
    • 24. (1) Subject to subsection (2), in respect of transactions entered into under section 23, the total of the following shall at no time exceed $20,000,000,000:

  • Marginal note:1993, c. 26, s. 8

    (2) The portion of subsection 24(1) of the English version of the Act after paragraph (c) is repealed.

Marginal note:Repeal
  •  (1) Paragraph 10(1)(a) and subsection 10(1.01) of the Act, as enacted by subsection 260(1), are repealed two years after the day on which they come into force.

  • Marginal note:Extension

    (2) The Governor in Council may, by order, extend the period referred to in subsection (1).

  • Marginal note:Arrangement entered into before repeal

    (3) The repeal of paragraph 10(1)(a) of the Act, as enacted by subsection 260(1), has no effect on any arrangement Export Development Canada entered into in order to carry out its purpose referred to in that paragraph. Despite the repeal, Export Development Canada may take any steps and do anything that it considers necessary or desirable to implement the arrangement or that it considers related to the arrangement.

  • Marginal note:Application suspended

    (4) Subsections 5(2) and 6(2) and (3) of the Export Development Canada Exercise of Certain Powers Regulations do not apply for the period beginning on the day on which paragraph 10(1)(a) of the Act, as enacted by subsection 260(1), comes into force and ending on the day on which that paragraph is repealed.

  • Marginal note:Transactions entered into before repeal

    (5) Despite subsection (4), subsections 5(2) and 6(2) and (3) of the Export Development Canada Exercise of Certain Powers Regulations do not apply to a new transaction that Export Development Canada enters into during the period that paragraph 10(1)(a) of the Act, as enacted by subsection 260(1), is in force, even after that paragraph is repealed. Despite the repeal, Export Development Canada may take any steps and do anything that it considers necessary or desirable to implement the transaction or that it considers related to the transaction.

 
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