Jobs and Economic Growth Act (S.C. 2010, c. 12)
Full Document:
Assented to 2010-07-12
2009. (1) Subsection 240(1) of the Act is replaced by the following:
Marginal note:Lists
240. (1) A person who is entitled to a basic list of shareholders or members of a bank (in this section referred to as the “applicant”) may request the bank to furnish the applicant with a basic list within ten days after receipt by the bank of the affidavit referred to in subsection (2) and, on payment of a reasonable fee by the applicant, the bank must comply with the request.
Marginal note:2005, c. 54, s. 51
(2) Subsections 240(3) and (4) of the Act are replaced by the following:
Marginal note:Entitlement to list
(3) A shareholder, member or creditor of a bank or their personal representative — or, if the bank is a distributing bank, any person — is entitled to a basic list of shareholders or members of the bank.
Marginal note:Basic list
(4) A basic list of shareholders or members of a bank consists of a list of shareholders or members that is made up to a date not more than ten days before the receipt of the affidavit referred to in subsection (2) and that sets out
(a) the names of the shareholders or members, as the case may be, of the bank;
(b) the number of shares owned by each shareholder, or the number of membership shares owned by each member, as the case may be; and
(c) the address of each shareholder or member as shown in the records of the bank.
(3) Subsection 240(5) of the English version of the Act is replaced by the following:
Marginal note:Supplemental lists
(5) A person requiring a bank to supply a basic list may, if the person states in the accompanying affidavit that supplemental lists are required, request the bank or its agent, on payment of a reasonable fee, to provide supplemental lists of shareholders or members setting out any changes from the basic list in the names and addresses of the shareholders or members, as the case may be, and the number of shares owned by each shareholder, or the number of membership shares owned by each member, as the case may be, for each business day following the date to which the basic list is made up.
2010. Section 241 of the English version of the Act is replaced by the following:
Marginal note:Option holders
241. A person requiring a bank to supply a basic list or a supplemental list of shareholders or members may also require the bank to include in that list the name and address of any known holder of an option or right to acquire shares of the bank.
2011. The portion of section 242 of the Act before paragraph (b) is replaced by the following:
Marginal note:Use of list
242. No person shall use a list of shareholders or members obtained under section 240 except in connection with
(a) an effort to influence the voting of shareholders or members of the bank;
Marginal note:2007, c. 6, s. 17
2012. Subsection 245(1) of the Act is replaced by the following:
Marginal note:Requirement to maintain copies and process information in Canada
245. (1) If the Superintendent is of the opinion that it is incompatible with the fulfilment of the Superintendent’s responsibilities under this Act for a bank to maintain, in another country, copies of records referred to in section 238 or of its central securities register or members register or for a bank to process, in another country, information or data relating to the preparation and maintenance of those records or of its central securities register or members register — or if the Superintendent is advised by the Minister that, in the opinion of the Minister, it is not in the national interest for a bank to do any of those activities in another country — the Superintendent must direct the bank to not maintain those copies, or to not process the information or data, as the case may be, in that other country or to maintain those copies or to process the information or data only in Canada.
2013. Subsection 246(1) of the Act is amended by striking out “and” at the end of paragraph (b), by adding “and” at the end of paragraph (c) and by adding the following after paragraph (c):
(d) the members register referred to in subsection 254.1(1).
Marginal note:2005, c. 54, s. 53
2014. Subsection 248(3) of the Act is replaced by the following:
Marginal note:Access to central securities register
(3) Shareholders and creditors of a bank and their personal representatives — and, if the bank is a federal credit union, its members and their personal representatives — may examine the central securities register during the usual business hours of the bank and may take extracts from it free of charge or have copies of it made on payment of a reasonable fee. If the bank is a distributing bank, any other person may, on payment of a reasonable fee, examine the central securities register during the usual business hours of the bank and take extracts from it or have copies of it made.
2015. The Act is amended by adding the following after section 254:
Members Register
Marginal note:Members register
254.1 (1) A federal credit union must maintain a members register in which it must record
(a) the names, alphabetically arranged, and latest known addresses of the members and former members of the federal credit union;
(b) the number of membership shares held by each member; and
(c) the date and particulars of the issue and transfer of each membership share.
Marginal note:Similar registers
(2) For the purposes of subsection (1), “members register” includes similar registers required by law to be maintained by a body corporate that was continued, or amalgamated and continued, as a federal credit union before the continuance or amalgamation and continuance.
Marginal note:Access to members register
(3) Members, shareholders and creditors of a federal credit union, and their personal representatives, may examine the members register during the usual business hours of the federal credit union and may take extracts from it free of charge or have copies of it made on payment of a reasonable fee. If the federal credit union is a distributing bank, any other person may, on payment of a reasonable fee, examine the members register during the usual business hours of the bank and take extracts from it or have copies of it made.
Marginal note:Electronic access
(4) The federal credit union may make the information contained in the members register available by any mechanical or electronic data processing system or other information storage device that is capable of reproducing it in intelligible written form within a reasonable time.
Marginal note:Affidavit and undertaking
(5) A person who wishes to examine the members register, take extracts from it or have copies of it made must provide the federal credit union with an affidavit containing their name and address — or, if they are an entity, the name and address for service of the entity — and an undertaking that the information contained in the register will not be used except in the same way as a list of shareholders or members may be used under section 242. In the case of an entity, the affidavit is to be sworn by a director or officer of the entity or a person acting in a similar capacity.
Marginal note:Supplementary information
(6) A person who wishes to examine a members register, take extracts from it or have copies of it made may, on payment of a reasonable fee, if they state in the accompanying affidavit that supplementary information is required, request the federal credit union or its agent to provide supplementary information setting out any changes made to the register.
Marginal note:When supplementary information to be provided
(7) A federal credit union or its agent must provide the supplementary information within
(a) 10 days after the day on which the members register is examined if the changes take place before that day; and
(b) 10 days after the day to which the supplementary information relates if the changes take place on or after the day on which the members register is examined.
Marginal note:Branch members registers
254.2 A federal credit union may establish as many branch members registers as it considers necessary.
Marginal note:Agents
254.3 A federal credit union may appoint an agent to maintain its members register and each of its branch members registers.
Marginal note:Location of members register
254.4 (1) The members register of a federal credit union is to be maintained by the federal credit union at its head office or at any other place in Canada designated by the federal credit union’s directors.
Marginal note:Location of branch members register
(2) A branch members register of a federal credit union may be kept at any place in or outside Canada designated by the directors of the federal credit union.
Marginal note:Particulars in branch members register
254.5 (1) A branch members register must contain only particulars of the membership shares issued or transferred at the branch for which that register is established.
Marginal note:Particulars in members register
(2) Particulars of each issue or transfer of a membership share registered in a branch members register of a federal credit union must also be kept in the members register of the federal credit union.
Marginal note:Cancelled membership share certificates
254.6 A federal credit union, its agent or a trustee within the meaning of section 294 is not required to produce a cancelled membership share certificate in registered form after six years from the day on which it is cancelled.
2016. The definition “share” in subsection 265(1) of the Act is amended by striking out “and” at the end of paragraph (a) by adding “and” at the end of paragraph (b) and by adding the following after paragraph (b):
(c) a membership share.
2017. (1) Section 271 of the Act is amended by adding the following after subsection (1):
Extended meaning of “insider” — federal credit union
(1.1) In addition to subsection (1), in this section and sections 271.1 and 272, “insider” with respect to a bank that is a federal credit union means a member of the federal credit union who holds more than the prescribed percentage of the membership shares of the federal credit union.
Marginal note:2005, c. 54, s. 57
(2) Paragraph 271(2)(a) of the Act is replaced by the following:
(a) a membership share of the bank, if the bank is a federal credit union;
(a.1) a put, call, option or other right or obligation to purchase or sell a security of the bank; and
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