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• (3) The portion of subsection 192(1) of the English version of the Act after paragraph (b) is repealed.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:

111. Section 3.12 of the Act is amended by adding the following after subsection (3):

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: