Marginal note:1997, c. 15, s. 381

• 173. (1) The portion of paragraph 440(a) of the Act before subparagraph (i) is replaced by the following:

  • (a) respecting the time and place at which, and the form and manner in which, a company is to disclose to a borrower

• Marginal note:1997, c. 15, s. 381

  (2) Paragraph 440(f) of the Act is replaced by the following:

  • (f) respecting the time and place at which, and the form and manner in which, any rights, obligations, charges or penalties referred to in sections 435.1 to 439 are to be disclosed;

Marginal note:2001, c. 9, s. 547(1)

174. Subsection 442(1) of the Act is replaced by the following:

Marginal note:2009, c. 2, s. 291

175. Paragraph 443.2(b) of the Act is replaced by the following:

Marginal note:2001, c. 9, s. 548

176. Paragraphs 444.1(5)(a) and (b) of the Act are replaced by the following:

Marginal note:2001, c. 9, s. 548

• 177. (1) Subsections 444.2(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. 548

  (2) Paragraph 444.2(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 within which, the place at which and the manner in which it must be prepared;

• Marginal note:2001, c. 9, s. 548

  (3) Paragraphs 444.2(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. 548

178. Paragraph 444.3(b) of the Act is replaced by the following:

Marginal note:2007, c. 6, s. 371(4)

• 179. (1) Subsection 453(3.1) of the Act is replaced by the following:

  • Marginal note:Exception

    (3.1) Despite paragraph (3)(d), a 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 paragraph 410(1)(d.1), and

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

• (2) Subsection 453(5) 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;

• (3) Section 453 of the Act is amended by adding the following after subsection (5):

  • Marginal note:Matters for consideration

    (5.1) 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 (5)(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.

180. Paragraph 505(2)(a) of the Act is replaced by the following:

181. The Act is amended by adding the following after section 527.8:

Marginal note:2007, c. 6, s. 384

182. Subsection 529.2(1) of the Act is replaced by the following:

PART 5AMENDMENTS TO OTHER ACTS

R.S., c. B-2Bank of Canada Act

Marginal note:2007, c. 6, s. 394

• 183. (1) Subsection 22(1.3) of the Bank of Canada Act is replaced by the following:

  • Marginal note:Time limit for returned payments

    (1.21) The Bank is not liable in respect of any returned payment as defined in section 2 of the Canada Deposit Insurance Corporation Act in respect of which the Canada Deposit Insurance Corporation has made a payment to the Bank under subsection 14.01(1) of that Act if

    • (a) the amount paid to the Bank was less than $1,000; and

    • (b) at least 40 years have gone by since the applicable date referred to in subsection 14(2.9) of that Act.

  • Marginal note:Limitation of Bank’s liability

    (1.3) The Bank is not liable in respect of a debt referred to in subsection (1), an instrument referred to in subsection (1.1), a claim referred to in subsection (1.2) or a returned payment referred to in subsection (1.21) if the amount paid to the Bank in respect of the debt, instrument, claim or returned payment was $1,000 or more and at least 100 years have gone by since the payment was made to the Bank.

• Marginal note:1991, c. 46, s. 582

  (2) Subsection 22(3) of the Act is replaced by the following:

  • Marginal note:No liability where claims paid — returned payments

    (2.1) The Bank is not liable in respect of any returned payment as defined in section 2 of the Canada Deposit Insurance Corporation Act in respect of which the Canada Deposit Insurance Corporation has paid an amount to the Bank under subsection 14.01(1) of that Act if an amount equal to the amount so paid has been paid by the Bank to a claimant under subsection 14.01(4) of that Act or to the Receiver General under subsection (3).

  • Marginal note:Amounts to be paid to Receiver General

    (3) An amount equal to the amount paid to the Bank in respect of a debt referred to in subsection (1), an instrument referred to in subsection (1.1), a claim referred to in subsection (1.2) or a returned payment referred to in subsection (1.21) shall, within two months after the end of the calendar year in which the applicable 40-year period expired, be paid by the Bank without interest to the Receiver General and the Bank may destroy all records relating to the debt, instrument, claim or returned payment.