Jobs, Growth and Long-term Prosperity Act (S.C. 2012, c. 19)
Full Document:
Assented to 2012-06-29
320. Sections 33 and 34 of the Act are repealed.
321. Section 36 of the Act and the heading before it are repealed.
322. The schedule to the Act is amended by replacing the references after the heading “SCHEDULE” with the following:
(Sections 6, 6.1 and 7)
323. The schedule to the Act is amended by adding the following after Part 2:
PART 3
ACTS
PART 4
REGULATIONS
2000, c. 32Canada National Parks Act
324. Subsection 11(2) of the Canada National Parks Act is replaced by the following:
Marginal note:Review of management plans by Minister
(2) The Minister shall review the management plan for each park at least every 10 years and shall cause any amendments to the plan to be tabled in each House of Parliament.
2002, c. 18Canada National Marine Conservation Areas Act
325. Subsection 9(2) of the Canada National Marine Conservation Areas Act is replaced by the following:
Marginal note:Review of management plans by Minister
(2) The Minister shall review the management plan for each marine conservation area at least every 10 years and shall cause any amendments to the plan to be tabled in each House of Parliament.
Division 10Financial Institutions
1991, c. 45Trust and Loan Companies Act
326. Section 164 of the Trust and Loan Companies Act is amended by adding the following after paragraph (f):
(f.1) a person who is an officer, director, employee or agent of — or any other person nominated by or acting on behalf of — an eligible agent within the meaning of section 374.1;
Marginal note:1994, c. 47, s. 205
327. Section 374.1 of the Act is replaced by the following:
Marginal note:Definitions
374.1 The following definitions apply in this Part.
“agent”
« mandataire »
“agent” means
(a) in relation to Her Majesty in right of Canada or of a province, any agent of Her Majesty in either of those rights, and includes a municipal or public body empowered to perform a function of government in Canada or any entity empowered to perform a function or duty on behalf of Her Majesty in either of those rights, but does not include
(i) an official or entity performing a function or duty in connection with the administration or management of the estate or property of a natural person,
(ii) an official or entity performing a function or duty in connection with the administration, management or investment of a fund established to provide compensation, hospitalization, medical care, annuities, pensions or similar benefits to natural persons, or moneys derived from such a fund, or
(iii) the trustee of any trust for the administration of a fund to which Her Majesty in either of those rights contributes and of which an official or entity that is an agent of Her Majesty in either of those rights is a trustee; and
(b) in relation to the government of a foreign country or any political subdivision thereof, a person empowered to perform a function or duty on behalf of the government of the foreign country or political subdivision, other than a function or duty in connection with the administration or management of the estate or property of a natural person.
“eligible agent”
« mandataire admissible »
“eligible agent” means an agent or agency of Her Majesty in right of Canada or of a province or an agent or agency of a government of a foreign country or any political subdivision of a foreign country
(a) whose mandate is publicly available;
(b) that controls the assets of an investment fund in a manner intended to maximize long-term risk-adjusted returns and that fund is
(i) one to which, as the case may be, Her Majesty in right of Canada or of a province or the government of a foreign country or political subdivision contributes, or
(ii) established to provide compensation, hospitalization, medical care, annuities, pensions or similar benefits to natural persons; and
(c) whose decisions with respect to the assets of the fund referred to in paragraph (b) are not influenced in any significant way by, as the case may be, Her Majesty in right of Canada or of the province or the government of the foreign country or the political subdivision.
Marginal note:Associates
374.2 (1) For the purpose of determining ownership of a company by an eligible agent, where two persons, at least one of whom is an eligible agent, are associated with each other, those persons are deemed to be a single eligible agent who beneficially owns the aggregate number of shares of the company beneficially owned by them.
Marginal note:Associates
(2) For the purposes of subsection (1), a person is associated with another person if
(a) each person is an agent or agency of Her Majesty in right of Canada;
(b) each person is an agent or agency of Her Majesty in right of the same province;
(c) each person is an agent or agency of a government of the same foreign country or a political subdivision of the same foreign country;
(d) one person is Her Majesty in right of Canada and the other person is an agent or agency of Her Majesty in that right;
(e) one person is Her Majesty in right of a province and the other person is an agent or agency of Her Majesty in right of that province; or
(f) one person is a government of a foreign country or any political subdivision of a foreign country and the other person is its agent or agency.
328. Section 396 of the Act is amended by adding the following after subsection (2):
Marginal note:Exception
(3) Despite subsection (1), a company may, with the Minister’s approval, record in its securities register the issue of any share of the company to an eligible agent.
Marginal note:Ministerial approval
(4) The Minister, in determining whether to grant the approval referred to in subsection (3), shall take into account all matters that he or she considers relevant, including those set out in paragraphs 388(1)(a) to (g).
329. Section 399 of the Act is amended by adding the following after subsection (4):
Marginal note:Exception — eligible agent
(5) Subsection (2) does not apply in respect of the exercise of voting rights attached to any share referred to in subsection 396(3).
1991, c. 46Bank Act
330. Section 160 of the Bank Act is amended by adding the following after paragraph (f):
(f.1) a person who is an officer, director, employee or agent of — or any other person nominated by or acting on behalf of — an eligible agent within the meaning of subsection 370(1);
331. Subsection 370(1) of the Act is amended by adding the following in alphabetical order:
“eligible agent”
« mandataire admissible »
“eligible agent” means an agent or agency of Her Majesty in right of Canada or of a province or an agent or agency of a government of a foreign country or any political subdivision of a foreign country
(a) whose mandate is publicly available;
(b) that controls the assets of an investment fund in a manner intended to maximize long-term risk-adjusted returns and that fund is
(i) one to which, as the case may be, Her Majesty in right of Canada or of a province or the government of a foreign country or political subdivision contributes, or
(ii) established to provide compensation, hospitalization, medical care, annuities, pensions or similar benefits to natural persons; and
(c) whose decisions with respect to the assets of the fund referred to in paragraph (b) are not influenced in any significant way by, as the case may be, Her Majesty in right of Canada or of the province or the government of the foreign country or the political subdivision.
332. The Act is amended by adding the following after section 371:
Marginal note:Associates
371.1 (1) Despite section 371, for the purpose of determining ownership of a bank by an eligible agent, where two persons, at least one of whom is an eligible agent, are associated with each other, those persons are deemed to be a single eligible agent who beneficially owns the aggregate number of shares of the bank beneficially owned by them.
Marginal note:Associates
(2) For the purposes of subsection (1), a person is associated with another person if
(a) each person is an agent or agency of Her Majesty in right of Canada;
(b) each person is an agent or agency of Her Majesty in right of the same province;
(c) each person is an agent or agency of a government of the same foreign country or a political subdivision of the same foreign country;
(d) one person is Her Majesty in right of Canada and the other person is an agent or agency of Her Majesty in that right;
(e) one person is Her Majesty in right of a province and the other person is an agent or agency of Her Majesty in right of that province; or
(f) one person is a government of a foreign country or any political subdivision of a foreign country and the other person is its agent or agency.
333. Section 401.2 of the Act is amended by adding the following after subsection (2):
Marginal note:Exception
(3) Despite subsection (1), a bank may, with the Minister’s approval, record in its securities register the issue of any share of the bank to an eligible agent.
Marginal note:Ministerial approval
(4) The Minister, in determining whether to grant the approval referred to in subsection (3), shall take into account all matters that he or she considers relevant, including those set out in paragraphs 396(1)(a) to (h).
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