Marginal note:2001, c. 9, s. 425

• 138. (1) Subsections 489.1(2) and (3) of the Act are replaced by the following:

  • Marginal note:Filing

    (2) A company shall, at the prescribed time and place and in the prescribed form and manner, file a copy of the statement with the Commissioner.

  • Marginal note:Provision of statement to public

    (3) A company shall, at the prescribed time and place and in the prescribed form and manner, disclose the statement to its customers and to the public.

• Marginal note:2001, c. 9, s. 425

  (2) Paragraph 489.1(4)(a) of the Act is replaced by the following:

  • (a) the name, contents and form of a statement referred to in subsection (1) and the time and place at which and the manner in which it must be prepared;

• Marginal note:2001, c. 9, s. 425

  (3) Paragraphs 489.1(4)(c) and (d) of the Act are replaced by the following:

  • (c) the time and place at which and the form and manner in which a statement must be filed under subsection (2); and

  • (d) the time and place at which and the form and manner in which a statement mentioned in subsection (3) is to be disclosed, respectively, to a company’s customers and to the public.

Marginal note:2001, c. 9, s. 425

139. Paragraph 489.2(b) of the Act is replaced by the following:

Marginal note:2007, c. 6, s. 235(3)

• 140. (1) Subsection 495(3.1) of the Act is replaced by the following:

  • Marginal note:Exception

    (3.1) Despite paragraph (3)(a), a life company may acquire control of, or acquire or increase a substantial investment in, any entity that acts as a trustee for a trust if the entity has been permitted under the laws of a province to act as a trustee for a trust and the following conditions are satisfied:

    • (a) the entity acts as a trustee only with respect to a closed-end fund or mutual fund entity; and

    • (b) if the entity engages in other business, that business is limited to engaging in one or more of the following:

      • (i) the activities of a mutual fund distribution entity,

      • (ii) any activity that a company is permitted to engage in under subsection 441(1.1), and

      • (iii) the provision of investment counselling services and portfolio management services.

• Marginal note:2007, c. 6, s. 235(5)

  (2) Subsection 495(5.1) of the Act is replaced by the following:

  • Marginal note:Exception

    (5.1) Despite paragraph (5)(a), a property and casualty company, or a marine company, may acquire control of, or acquire or increase a substantial investment in, any entity that acts as a trustee for a trust if the entity has been permitted under the laws of a province to act as a trustee for a trust and the following conditions are satisfied:

    • (a) the entity acts as a trustee only with respect to a closed-end fund or mutual fund entity; and

    • (b) if the entity engages in other business, that business is limited to engaging in one or more of the following:

      • (i) the activities of a mutual fund distribution entity, and

      • (ii) the provision of investment counselling services and portfolio management services.

• (3) Subsection 495(7) of the Act is amended by adding the following after paragraph (b):

  • (b.1) acquire control of an entity referred to in paragraph (1)(j) if the company is a company with equity of two billion dollars or more and

    A + B > C

    where

    A

    is the value of the entity’s consolidated assets, as it would have been reported in the entity’s annual financial statements if those statements had been prepared immediately before the acquisition,

    B

    is the aggregate of the values of the consolidated assets of all other entities referred to in paragraph (1)(j) that the company has acquired control of within the preceding 12 months, as the value for each entity would have been reported in its annual financial statements if those statements had been prepared immediately before the acquisition of control of that entity, and

    C

    is 10% of the value of the company’s consolidated assets, as shown in the company’s last annual statement that was prepared before its first acquisition of control of an entity referred to in paragraph (1)(j) within the preceding 12 months;

• (4) Section 495 of the Act is amended by adding the following after subsection (7):

  • Marginal note:Matters for consideration

    (7.1) In addition to any matters or conditions provided for in this Act that are relevant to the granting of an approval, the Minister may, in considering whether to grant the approval under paragraph (7)(b.1), take into account all matters that he or she considers relevant in the circumstances, including

    • (a) the stability of the financial system in Canada; and

    • (b) the best interests of the financial system in Canada.

Marginal note:2009, c. 2, s. 285

141. Paragraph 542.061(3)(b) of the English version of the Act is replaced by the following:

142. The Act is amended by adding the following after section 549:

Marginal note:1997, c. 15, s. 298

143. Subsection 570.07(2) of the Act is replaced by the following:

Marginal note:2007, c. 6, s. 265

144. Paragraph 581(1)(a) of the Act is replaced by the following:

Marginal note:2007, c. 6, s. 266(E)

145. Section 582 of the English version of the Act is replaced by the following:

Marginal note:1997, c. 15, s. 307

146. Subsection 599(1) of the Act is replaced by the following:

Marginal note:1997, c. 15, s. 308(3)

• 147. (1) Paragraph 601(1)(c) of the Act is replaced by the following:

  • (c) at the prescribed time and place and in the prescribed form and manner, any changes respecting the cost of borrowing or the loan agreement;

• Marginal note:1997, c. 15, s. 308(3)

  (2) Paragraph 601(1)(e) of the Act is replaced by the following:

  • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

• Marginal note:1997, c. 15, s. 308(4)

  (3) Subsection 601(2) of the Act is replaced by the following:

  • Marginal note:Disclosure in credit card applications

    (2) A foreign company shall, in accordance with the regulations, at the prescribed time and place and in the prescribed form and manner, provide prescribed information in any application forms or related documents that it prepares for the issuance of credit, payment or charge cards in Canada and provide prescribed information to any person applying to it in Canada for a credit, payment or charge card.

• Marginal note:1997, c. 15, s. 308(4)

  (4) Paragraphs 601(3)(d) and (e) of the Act are replaced by the following:

  • (d) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing or the loan agreement; and

  • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.

• Marginal note:1997, c. 15, s. 308(4)

  (5) Paragraphs 601(4)(d) and (e) of the Act are replaced by the following:

  • (d) at the prescribed time and place and in the prescribed form and manner, any prescribed changes respecting the cost of borrowing or the loan agreement; and

  • (e) any other prescribed information, at the prescribed time and place and in the prescribed form and manner.