Economic Action Plan 2013 Act, No. 1 (S.C. 2013, c. 33)
Full Document:
Assented to 2013-06-26
1991, c. 46Bank Act
105. (1) The portion of subsection 183(1) of the Bank Act before paragraph (a) is replaced by the following:
Marginal note:Resident Canadian majority
183. (1) The directors of a bank shall not transact business at a meeting of directors unless
(2) The portion of subsection 183(2) of the English version of the Act before paragraph (a) is replaced by the following:
Marginal note:Exception
(2) Despite subsection (1), the directors of a bank may transact business at a meeting of directors without the required proportion of directors who are resident Canadians if
Marginal note:2001, c. 9, s. 183
106. (1) The portion of subsection 772(1) of the French version of the Act before paragraph (a) is replaced by the following:
Marginal note:Majorité de résidents canadiens
772. (1) Les administrateurs ne peuvent délibérer en conseil que si :
Marginal note:2001, c. 9, s. 183
(2) The portion of subsection 772(2) of the English version of the Act before paragraph (a) is replaced by the following:
Marginal note:Exception
(2) Despite subsection (1), the directors of a bank holding company may transact business at a meeting of directors without the required proportion of directors who are resident Canadians if
1991, c. 47Insurance Companies Act
107. (1) The portion of subsection 192(1) of the Insurance Companies Act before paragraph (a) is replaced by the following:
Marginal note:Resident Canadian majority
192. (1) The directors of a company shall not transact business at a meeting of directors unless
(2) Paragraphs 192(1)(a) and (b) of the English version of the Act are replaced by the following:
(a) in the case of a company that is the subsidiary of a foreign institution, at least one half of the directors present are resident Canadians; and
(b) in the case of any other company, a majority of the directors present are resident Canadians.
(3) The portion of subsection 192(1) of the English version of the Act after paragraph (b) is repealed.
(4) The portion of subsection 192(2) of the English version of the Act before paragraph (a) is replaced by the following:
Marginal note:Exception
(2) Despite subsection (1), the directors of a company may transact business at a meeting of directors without the required proportion of directors who are resident Canadians if
Marginal note:2001, c. 9, s. 465
108. (1) The portion of subsection 819(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Resident Canadian majority
819. (1) The directors of an insurance holding company shall not transact business at a meeting of directors unless
Marginal note:2001, c. 9, s. 465
(2) Paragraphs 819(1)(a) and (b) of the English version of the Act are replaced by the following:
(a) in the case of an insurance holding company that is the subsidiary of a foreign institution, at least one half of the directors present are resident Canadians; and
(b) in the case of any other insurance holding company, a majority of the directors present are resident Canadians.
Marginal note:2001, c. 9, s. 465
(3) The portion of subsection 819(1) of the English version of the Act after paragraph (b) is repealed.
Marginal note:2001, c. 9, s. 465
(4) The portion of subsection 819(2) of the English version of the Act before paragraph (a) is replaced by the following:
Marginal note:Exception
(2) Despite subsection (1), the directors of an insurance holding company may transact business at a meeting of directors without the required proportion of directors who are resident Canadians if
1991, c. 48Cooperative Credit Associations Act
109. (1) Subsection 188(1) of the Cooperative Credit Associations Act is replaced by the following:
Marginal note:Resident Canadian majority
188. (1) The directors of an association shall not transact business at a meeting of directors unless a majority of the directors present are resident Canadians.
(2) The portion of subsection 188(2) of the English version of the Act before paragraph (a) is replaced by the following:
Marginal note:Exception
(2) Despite subsection (1), the directors of an association may transact business at a meeting of directors without the required proportion of directors who are resident Canadians if
Division 3R.S., c. F-8; 1995, c. 17, s. 45(1)Federal-Provincial Fiscal Arrangements Act
Marginal note:2007, c. 29, s. 62; 2009, c. 2, s. 383
110. Sections 3 to 3.11 of the Federal-Provincial Fiscal Arrangements Act are replaced by the following:
Marginal note:Fiscal equalization payment
3. Subject to the other provisions of this Act, there may be paid to a province a fiscal equalization payment not exceeding the amounts determined under this Part for each fiscal year in the period beginning on April 1, 2007 and ending on March 31, 2019.
111. Section 3.12 of the Act is amended by adding the following after subsection (3):
Marginal note:Additional fiscal equalization payment — 2013-2014 fiscal year
(4) An additional fiscal equalization payment may be paid for the fiscal year beginning on April 1, 2013 equal to,
(a) for New Brunswick, $48,891,000; and
(b) for Manitoba, $6,915,000.
Marginal note:2007, c. 29, s. 62
112. (1) The portion of subsection 3.2(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:General rule
3.2 (1) Subject to the other provisions of this Part, the fiscal equalization payment that may be paid to a province for a fiscal year is the amount, as determined by the Minister, equal to the greater of
Marginal note:2009, c. 2, s. 384
(2) Subsection 3.2(4) of the Act is repealed.
Marginal note:2007, c. 29, s. 62
113. Section 3.3 of the Act is repealed.
Marginal note:2009, c. 2, s. 385
114. Subsection 3.4(10) of the Act is repealed.
Marginal note:2009, c. 2, s. 386
115. (1) The definition “per capita pre-adjustment equalized fiscal capacity” in subsection 3.5(1) of the Act is replaced by the following:
“per capita pre-adjustment equalized fiscal capacity”
« capacité fiscale par habitant après péréquation et avant rajustement »
“per capita pre-adjustment equalized fiscal capacity” means, in respect of a province for a fiscal year, the amount determined by the formula
A + B + C + (E / F)
where
- A, B, E and F
- have the same meaning as the descriptions of A, B, E and F, respectively, in the definition “total per capita fiscal capacity”; and
- C
- is the per capita equalization payment for that province for that fiscal year.
Marginal note:2007, c. 29, s. 62
(2) The formula in the definition “total per capita fiscal capacity” in subsection 3.5(1) of the Act is replaced by the following:
A + B + [(C + E) / F]
Marginal note:2007, c. 35, s. 161
(3) The descriptions of C to E in the definition “total per capita fiscal capacity” in subsection 3.5(1) of the Act are replaced by the following:
- C
- is any fiscal equalization payment that would be paid to that province for that fiscal year if the amount of that payment were determined in accordance with section 3.2 without regard to section 3.4;
- E
- is, with respect to Nova Scotia, any amount that may be paid to that province for that fiscal year in accordance with sections 7 and 8 and 10 to 14 of the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act; and
Marginal note:2007, c. 29, s. 62, c. 35, ss. 162 and 163; 2009, c. 2, s. 387
116. The heading before section 3.6 and sections 3.6 to 3.71 of the Act are replaced by the following:
Nova Scotia
Marginal note:Additional fiscal equalization payment
3.71 (1) An additional fiscal equalization payment for the period referred to in subsection (2) may be paid to Nova Scotia equal to the amount by which
(a) the aggregate of the following amounts:
(i) the aggregate of the fiscal equalization amounts computed under section 3.72 for that province for all fiscal years in the period, and
(ii) the aggregate of the amounts that would be paid to that province for all fiscal years in the period in accordance with sections 7 to 14 of the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act as that Act read on April 1, 2007, computed as if the fiscal equalization payment for that province for each fiscal year in the period were equal to the fiscal equalization amount computed under section 3.72 for that province for that fiscal year
is greater than
(b) the aggregate of the following amounts:
(i) the aggregate of the fiscal equalization payments paid to that province for the period, and
(ii) the aggregate of the amounts paid to that province for the period in accordance with sections 7 to 14 of the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act.
Definition of “period”
(2) For the purpose of subsection (1), “period” means the period beginning on April 1, 2008 and ending on the earlier of
(a) March 31 of the fiscal year preceding the first fiscal year with respect to which Nova Scotia does not meet the conditions under paragraphs 12(1)(a) and (b) of the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act and is not receiving any transitional payments under section 14 of that Act, and
(b) March 31, 2020.
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