Jobs and Economic Growth Act (S.C. 2010, c. 12)
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Assented to 2010-07-12
PART 17FEDERAL CREDIT UNIONS
R.S., c. C-3Canada Deposit Insurance Corporation Act
Marginal note:R.S., c. 18 (3rd Supp.), s. 72
2107. (1) The portion of subsection 2(1) of the schedule to the Act before paragraph (a) is replaced by the following:
Definition of “deposit”
2. (1) Subject to subsection (2), for the purposes of this Act and the by-laws of the Canada Deposit Insurance Corporation, “deposit” means the unpaid balance of the aggregate of moneys received or held by a federal institution, provincial institution or local cooperative credit society, from or on behalf of a person in the usual course of the deposit-taking business of the institution, for which the institution
(2) Paragraph 2(2)(b) of the schedule to the Act is replaced by the following:
(b) moneys held by the institution that were received by it when it was not a federal institution, a provincial institution or a local cooperative credit society.
(3) Section 2 of the schedule to the Act is amended by adding the following after subsection (6):
Marginal note:Patronage allocation
(7) A patronage allocation does not constitute a deposit.
R.S., c. 1 (5th Supp.)Income Tax Act
2108. Clauses (ii)(A) and (B) in the description of C in paragraph 61.3(1)(b) of the Income Tax Act are replaced by the following:
(A) where the corporation is not an insurance corporation, a federal credit union or a bank to which clause (B) or (C) applies and the balance sheet as of the end of the year was presented to the shareholders of the corporation and was prepared in accordance with generally accepted accounting principles, be considered to be the total liabilities shown on the balance sheet,
(B) where the corporation is a bank, a federal credit union or an insurance corporation that is required to report to the Superintendent of Financial Institutions and the balance sheet as of the end of the year was accepted by the Superintendent, be considered to be the total liabilities shown on that balance sheet,
2109. (1) The definition “bank” in subsection 248(1) of the Act is replaced by the following:
“bank”
« banque »
“bank” means a bank within the meaning assigned by section 2 of the Bank Act (other than a federal credit union) or an authorized foreign bank;
(2) Subsection 248(1) of the Act is amended by adding the following in alphabetical order:
“federal credit union”
« coopérative de crédit fédérale »
“federal credit union” has the meaning assigned by section 2 of the Bank Act;
Related Amendments
R.S., c. B-2Bank of Canada Act
2110. Section 6 of the Bank of Canada Act is amended by adding the following after subsection (4):
Marginal note:Prohibitions — federal credit union
(5) Neither the Governor nor the Deputy Governor shall
(a) directly or indirectly hold any interest or right in membership shares of a federal credit union, within the meaning of section 2 of the Bank Act, in excess of the minimum number of membership shares of the federal credit union that is required for membership; or
(b) exercise any right he or she has as a member of such a federal credit union, except any right that he or she has as a customer of the federal credit union.
2111. Section 10 of the Act is amended by adding the following after subsection (3):
Marginal note:Restriction — membership shares of federal credit union
(3.1) If a federal credit union is an institution referred to in any of paragraph (2)(a) to (e), any person who, at the time of being appointed director of the Bank, directly or indirectly holds any interest or right in more than the minimum number of membership shares of the federal credit union, within the meaning of section 2 of the Bank Act, that is required for membership shall, within three months after the appointment, dispose of all membership shares that exceed that minimum number.
Marginal note:Restriction — rights of members
(3.2) If a federal credit union is an institution referred to in any of paragraph (2)(a) to (e), no director of the Bank who is a member of a federal credit union, within the meaning of section 2 of the Bank Act, shall exercise any right that the director has as a member of the federal credit union, except any right that the director has as a customer of the federal credit union.
Marginal note:1997, c. 15, s. 101(E)
2112. Paragraph 23(b) of the Act is replaced by the following:
(b) purchase, or make loans on the security of, its own shares or the shares or membership shares of any bank, except the Bank for International Settlements;
1998, c. 1Canada Cooperatives Act
2113. Section 285 of the Canada Cooperatives Act is amended by adding the following after subsection (11):
Marginal note:Federal credit union
(11.1) If a federal credit union, within the meaning of section 2 of the Bank Act, is continued as a cooperative under this Act,
(a) its membership shares are deemed to be membership shares to which are attached the rights, privileges and restrictions set out in this Act and the articles;
(b) the members of the federal credit union are deemed to be the members of the cooperative; and
(c) any agreement made before continuance under which the members of the federal credit union have agreed to vote in a manner provided in the agreement is of no effect.
1991, c. 48Cooperative Credit Associations Act
2114. Section 2 of the Cooperative Credit Associations Act is amended by adding the following in alphabetical order:
“federal credit union”
« coopérative de crédit fédérale »
“federal credit union” has the same meaning as in section 2 of the Bank Act;
Marginal note:2007, c. 6, s. 140
2115. (1) The portion of subsection 31.6(2) of the Act before paragraph (a) is replaced by the following:
Marginal note:Membership shares — body corporate
(2) When a body corporate other than a federal credit union is continued as an association,
(2) Section 31.6 of the Act is amended by adding the following after subsection (2):
Marginal note:Membership shares — federal credit union
(3) When a federal credit union is continued as an association,
(a) its membership shares are deemed to be membership shares of the association to which are attached the rights, privileges and restrictions set out in this Act;
(b) the members of the federal credit union are deemed to be the members of the association; and
(c) any agreement made before continuance under which the members of the federal credit union have agreed to vote in a manner provided in the agreement is of no effect.
2001, c. 9Financial Consumer Agency of Canada Act
2116. Section 14 of Financial Consumer Agency of Canada Act is renumbered as subsection (1) and is amended by adding the following:
Marginal note:Prohibitions — federal credit union
(2) No Commissioner, person appointed under subsection 4(4) or Deputy Commissioner shall
(a) directly or indirectly hold any interest or right in membership shares of a federal credit union, within the meaning of section 2 of the Bank Act, in excess of the minimum number of membership shares of the federal credit union that is required for membership; or
(b) exercise any right he or she has as a member of such a federal credit union, except any right that he or she has as a customer of the federal credit union.
1991, c. 47Insurance Companies Act
2117. Subsection 2(1) of the Insurance Companies Act is amended by adding the following in alphabetical order:
“federal credit union”
« coopérative de crédit fédérale »
“federal credit union” has the same meaning as in section 2 of the Bank Act;
Marginal note:2001, c. 9, s. 357
2118. Subsection 32(1) of the Act is replaced by the following:
Marginal note:Federal corporations
32. (1) A body corporate incorporated under the Canada Business Corporations Act or any other Act of Parliament, including an insurance holding company but not including a federal credit union, may apply to the Minister for letters patent continuing the body corporate as a company under this Act.
Marginal note:2001, c. 9, s. 390
2119. Subsections 245(1) and (2) of the Act are replaced by the following:
Marginal note:Application to amalgamate
245. (1) On the joint application of two or more bodies corporate, incorporated by or under an Act of Parliament, including companies and insurance holding companies but not including federal credit unions, the Minister may issue letters patent amalgamating and continuing the applicants as one mutual company.
Marginal note:Application to amalgamate
(2) On the joint application of two or more bodies corporate incorporated by or under an Act of Parliament, including companies — other than mutual companies — and insurance holding companies but not including federal credit unions, the Minister may issue letters patent amalgamating and continuing the applicants as one company.
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