Jobs and Economic Growth Act (S.C. 2010, c. 12)
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Assented to 2010-07-12
PART 17FEDERAL CREDIT UNIONS
1991, c. 46Bank Act
Marginal note:1996, c. 6, s. 14
2080. Paragraph 647(2)(c) of the Act is replaced by the following:
(c) each person who is newly elected as a director of the bank and who was not proposed for election by anyone involved in the management of the bank,
Marginal note:1996, c. 6, s. 17; 1999, c. 28, ss. 51(1) and (2)(E)
2081. Subsection 649(1) of the Act is replaced by the following:
Marginal note:Powers suspended
649. (1) If the Superintendent takes control of a bank pursuant to subparagraph 648(1)(b)(iii), the powers, duties, functions, rights and privileges of the directors of the bank and of the officers of the bank responsible for its management are suspended. If the bank is a federal credit union, the powers of the members to make, amend or repeal by-laws are also suspended.
Marginal note:1999, c. 28, s. 56
2082. Section 655 of the Act is replaced by the following:
Marginal note:Priority of claim in liquidation
655. In the case of the winding-up of a bank, the expenses resulting from the taking of control of the bank under subsection 648(1) and assessed against and paid by other banks and by authorized foreign banks under section 23 of the Office of the Superintendent of Financial Institutions Act, and interest in respect of the expenses at any rate that is specified by the Superintendent, constitute a claim of Her Majesty in right of Canada against the assets of the bank that ranks after all other claims but prior to any claim in respect of the shares or membership shares of the bank.
Marginal note:2001, c. 9, s. 183
2083. Subsection 682(1) of the Act is replaced by the following:
Marginal note:Federal corporations
682. (1) A body corporate incorporated under the Canada Business Corporations Act or any other Act of Parliament, including a bank but not including a federal credit union, may apply to the Minister for letters patent continuing the body corporate as a bank holding company under this Part.
Marginal note:2001, c. 9, s. 183
2084. Subsection 803(1) of the Act is replaced by the following:
Marginal note:Application to amalgamate
803. (1) On the joint application of two or more bodies corporate incorporated by or under an Act of Parliament, including banks and bank holding companies but not including federal credit unions, the Minister may issue letters patent amalgamating and continuing the applicants as one bank holding company.
Marginal note:2001, c. 9, s. 183
2085. (1) The portion of section 965 of the Act before paragraph (a) is replaced by the following:
Marginal note:Notice to directors, shareholders and members
965. A notice or document required by this Act or the regulations or by the incorporating instrument or by-laws of a bank or a bank holding company to be sent to a shareholder, member or director of the bank, or to a shareholder or director of the bank holding company, may be sent by prepaid mail addressed to, or may be delivered personally to,
(2) Section 965 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) the member at the member’s latest address as shown in the records of the bank.
Marginal note:2001, c. 9, s. 183; 2005, c. 54, s. 133
2086. Section 967 of the Act is replaced by the following:
Marginal note:Presumption of receipt
967. (1) A notice or document sent by mail in accordance with section 965 to a shareholder, member or director is deemed to be received by that person at the time it would be delivered in the ordinary course of mail unless there are reasonable grounds for believing that that person did not receive the notice or document at that time or at all.
Marginal note:Undelivered notices
(2) If a bank or bank holding company sends a notice or document to a shareholder or member in accordance with section 965 and it is returned on two consecutive occasions because the shareholder or member cannot be found, the bank or bank holding company is not required to send any further notices or documents to the shareholder or member until it is informed in writing of their new address.
Marginal note:2001, c. 9, s. 183
2087. (1) Subsection 969(1) of the English version of the Act is replaced by the following:
Marginal note:Certificate
969. (1) A certificate issued on behalf of a bank or a bank holding company stating any fact that is set out in the incorporating instrument, the by-laws, the minutes of the meetings of the directors, a committee of directors or the shareholders or members, or in a contract to which the bank or bank holding company is a party, may be signed by a director or an officer of the bank or bank holding company.
(2) Subsection 969(2) of the Act is amended by striking out “or” at the end of paragraph (b) and by adding the following after that paragraph:
(b.1) a certified extract from the members register of a federal credit union; or
Marginal note:2001, c. 9, s. 183
(3) Paragraph 969(2)(c) of the English version of the Act is replaced by the following:
(c) a certified copy of, or an extract from, minutes of a meeting of shareholders, directors or a committee of directors of a bank or a bank holding company or of a meeting of members of a federal credit union.
2088. Section 970 of the Act is renumbered as subsection 970(1) and is amended by adding the following:
Marginal note:Entry in members register
(2) An entry in the members register of a federal credit union is evidence that the person in whose name the membership share is registered is the owner of the membership share in the register.
2089. (1) Subsection 973.01(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) if the approval relates to a federal credit union, whether the approval will affect its ability to be organized and carry on business on a cooperative basis in accordance with section 12.1.
(2) Subsection 973.01(2) 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) if the approval relates to a federal credit union, whether the approval will affect its ability to be organized and carry on business on a cooperative basis in accordance with section 12.1.
Marginal note:2009, c. 2, s. 275
2090. (1) Subsection 973.2(6) of the Act is replaced by the following:
Marginal note:Acquisition
(6) Despite Part X of the Financial Administration Act, the Minister or an agent or agency of Her Majesty in right of Canada may, on any terms and conditions imposed under subsection (3), acquire and hold shares of a bank on behalf of or in trust for Her Majesty if, as a result of an order under subsection (1), the bank may record in its securities register or members register, as the case may be, the transfer or issue of shares to Her Majesty or an agent or agency of Her Majesty.
Marginal note:2009, c. 2, s. 275
(2) Subsection 973.2(8) of the Act is replaced by the following:
Marginal note:Registration of shares
(8) Shares acquired under subsection (6) by the Minister or an agent or agency of Her Majesty in right of Canada are to be registered in the name of the Minister, agent or agency, as the case may be, in the bank’s securities register or members register, as the case may be, if they are capable of being registered in it, and they are to be held by the Minister, agent or agency, as the case may be, on behalf of or in trust for Her Majesty.
Marginal note:2009, c. 2, s. 275
(3) Subsection 973.2(15) of the Act is replaced by the following:
Definition of “shares”
(15) For the purposes of this section, “shares” includes membership shares and any conversion or exchange privilege, option or right to acquire shares.
Marginal note:2001, c. 9, s. 183
2091. Paragraph 976(1)(a) of the Act is replaced by the following:
(a) applications for approval under subsection 65(1), 72(2), 75(4), 79(5), 79.1(2), 80(1), 170(1), 192.03(6), 217(3), 421(1), 468(6) or (11), 471(1) or (2) or 482(1), subparagraph 487(2)(a)(vi), section 490 or subsection 494(3) or (4), 495.3(1), 553.1(1), 709(1), 716(2), 718(4), 723(1), 758(1), 924(1), 930(6) or (11), 933(1) or 944(1);
Marginal note:2001, c. 9, s. 183
2092. Paragraph 978(1)(j) of the Act is replaced by the following:
(j) respecting the holding of shares, membership shares and ownership interests for the purposes of sections 70, 74 and 714;
2093. (1) Section 983 of the Act is amended by adding the following after subsection (2):
Marginal note:Unauthorized name — “credit union” and “bank”
(2.01) Subject to the regulations and subsections (4) to (5.1) and (12), every entity, other than a federal credit union, that acquires, adopts or retains a name that includes both the phrase “credit union” and the word “bank”, either alone or in combination with other words, to indicate or describe a business in Canada or any part of a business in Canada, without being authorized to do so by this Act or any other Act of Parliament, is guilty of an offence.
Marginal note:Unauthorized name — “credit union” and “federal”
(2.02) Subject to the regulations and subsections (4) to (5.1) and (12), every entity, other than a federal credit union, that acquires, adopts or retains a name that includes both the phrase “credit union” and the word “federal”, either alone or in combination with other words, to indicate or describe a business in Canada or any part of a business in Canada, without being authorized to do so by this Act or any other Act of Parliament, is guilty of an offence.
Marginal note:Unauthorized name — “cooperative” and “bank”
(2.03) Subject to the regulations and subsections (4) to (5.1) and (12), every entity, other than a federal credit union, that acquires, adopts or retains a name that includes both of the words “cooperative” and “bank”, either alone or in combination with other words, to indicate or describe a business in Canada or any part of a business in Canada, without being authorized to do so by this Act or any other Act of Parliament, is guilty of an offence.
Marginal note:Unauthorized name — “cooperative” and “federal”
(2.04) Subject to the regulations and subsections (4) to (5.1) and (12), every entity, other than a federal credit union, that acquires, adopts or retains a name that includes both of the words “cooperative” and “federal”, either alone or in combination with other words, to indicate or describe a business in Canada or any part of a business in Canada, without being authorized to do so by this Act or any other Act of Parliament, is guilty of an offence.
(2) Section 983 of the Act is amended by adding the following after subsection (4):
Marginal note:Permitted use
(4.1) No person commits an offence under any of subsections (2.01) to (2.04) if the activity referred to in that subsection is done
(a) in relation to a prescribed use;
(b) under prescribed circumstances; or
(c) in accordance with a prescribed approval and any terms and conditions that the Minister may impose.
Marginal note:2007, c. 6, s. 129(4)
(3) Subsection 983(5.1) of the Act is replaced by the following:
Marginal note:Permitted use
(5.1) No person commits an offence under subsections (2) to (2.1) if the activity referred to in that subsection is in relation to a business that is not engaged in financial activities, unless the business is carried out by a prescribed entity.
Marginal note:2007, c. 6, s. 129(4)
(4) Subsection 983(5.3) of the Act is replaced by the following:
Marginal note:Permitted use
(5.3) Subject to the regulations, no entity affiliated with a bank commits an offence by reason only that the entity uses the name of the bank in the entity’s corporate name or in a name under which the entity carries on business or by reason only that it uses any identifying mark of the bank in carrying on its business, if the entity does not use any of the words “bank”, “banker” or “banking” or the phrase “federal credit union” in its corporate name, in a name under which it carries on business or in any of its identifying marks.
(5) Section 983 of the Act is amended by adding the following after subsection (13):
Marginal note:Phrase “credit union”
(13.1) For the purposes of this section, the phrase “credit union” includes
(a) that phrase in any language; and
(b) any word or words, in any language, that are equivalent to any of the words in that phrase.
Marginal note:Words “cooperative” and “federal”
(13.2) For the purposes of this section, the words “cooperative” and “federal” include
(a) any of those words in any language; and
(b) any word or words, in any language, that are equivalent to any of those words.
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