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Economic Action Plan 2014 Act, No. 1 (S.C. 2014, c. 20)

Assented to 2014-06-19

PART 6VARIOUS MEASURES

Division 111990, c. 3Museums Act

Transitional Provisions

Marginal note:Assets

 On the day on which this section comes into force, the assets of the Department of Canadian Heritage that relate exclusively to the program are transferred to the Museum.

Coming into Force

Marginal note:Order in council

 The provisions of this Division come into force on a day or days to be fixed by order of the Governor in Council.

Division 121990, c. 4Nordion and Theratronics Divestiture Authorization Act

Marginal note:1994, c. 24, s. 34(2)(F)

 The definitions “Nordion” and “Theratronics” in subsection 2(1) of the Nordion and Theratronics Divestiture Authorization Act are replaced by the following:

“Nordion”

« Nordion »

“Nordion” means Nordion International Inc., a corporation incorporated under the Canada Business Corporations Act or any successor to that corporation;

“Theratronics”

« Theratronics »

“Theratronics” means Theratronics International Limited, a corporation incorporated under the Canada Business Corporations Act or any successor to that corporation.

  •  (1) Subsection 6(3) of the Act is amended by striking out “or” at the end of paragraph (a), by adding “or” at the end of paragraph (b) and by adding the following after paragraph (b):

    • (c) by any person if the acquisition of those shares by that person

      • (i) is an investment that, under sections 21 to 23 of the Investment Canada Act, is, or is deemed, likely to be of net benefit to Canada, and

      • (ii) is not prohibited under Part IV.1 of that Act.

  • (2) Section 6 of the Act is amended by adding the following after subsection (3):

    • Marginal note:Exception  — subsequent holders

      (3.1) No provision imposing constraints under subsection (1) and no regulation referred to in subsection (2) apply in respect of any voting shares of Nordion referred to in paragraph (3)(c) that are subsequently held by any other person.

 Section 7 of the Act is renumbered as subsection 7(1) and is amended by adding the following:

  • Marginal note:Exception

    (2) Subsection (1) does not apply if a person holds voting shares referred to in paragraph 6(3)(c) or subsection 6(3.1).

 The portion of section 8 of the Act before paragraph (a) is replaced by the following:

Marginal note:Provisions applicable to Theratronics

8. Sections 5 to 7, with the exception of paragraph 6(3)(c) and subsections 6(3.1) and 7(2), apply to Theratronics as if

Division 131991, c. 46Bank Act

 The Bank Act is amended by adding the following after section 415.1:

Marginal note:Derivatives  — regulations
  • 415.2 (1) The Governor in Council may make regulations respecting a bank’s activities in relation to derivatives.

  • Definition of “derivative”

    (2) In this section, “derivative” means an option, swap, futures contract, forward contract or other financial or commodity contract or instrument whose market price, value, delivery obligations, payment obligations or settlement obligations are derived from, referenced to or based on an underlying interest, including a price, rate, index, value, variable, event, probability or thing.

Marginal note:Benchmarks  — regulations
  • 415.3 (1) The Governor in Council may make regulations respecting a bank’s activities in relation to benchmarks.

  • Definition of “benchmark”

    (2) In this section, “benchmark” means a price, estimate, rate, index or value that is

    • (a) determined from time to time by reference to an assessment of one or more underlying interests;

    • (b) made available to the public, either free of charge or on payment; and

    • (c) used for reference for any purpose, including

      • (i) determining the interest payable, or other sums that are due, under loan agreements or other financial contracts or instruments,

      • (ii) determining the value of financial instruments or the price at which they may be bought or sold, and

      • (iii) measuring the performance of financial instruments.

Division 141991, c. 47Insurance Companies Act

  •  (1) Subsection 237(2) of the Insurance Companies Act is amended by adding the following after paragraph (a):

    • (a.01) respecting the process that precedes the calling of a special meeting under subsection (1.1), including the development of a conversion proposal, and respecting the calling of that meeting;

  • (2) Paragraph 237(2)(c) of the Act is replaced by the following:

    • (c) governing the ownership of shares issued by a mutual company that has been converted into a company with common shares, including limiting the circumstances in which the Minister may give approval under subsection 407(1);

  • (3) Section 237 of the Act is amended by adding the following after subsection (2):

    • Marginal note:Regulations made under paragraph (2)(a.01)

      (2.1) Regulations made under paragraph (2)(a.01) may provide for court intervention in the process referred to in that paragraph, including the circumstances in which the court is to be seized of any matter in relation to that process, and may govern the court’s powers and procedures in that regard. They may also govern authorizations by the Superintendent in respect of notices to be sent in the context of that process.

Division 15Regulatory Cooperation

1993, c. 16Motor Vehicle Safety Act

 The long title of the French version of the Motor Vehicle Safety Act is replaced by the following:

Loi régissant la fabrication et l’importation des véhicules et équipements automobiles en vue de limiter les risques de mort, de blessures et de dommages matériels et environnementaux
Marginal note:1999, c. 33, s. 350
  •  (1) The definitions “national safety mark”, “standard” and “vehicle” in section 2 of the Act are replaced by the following:

    “national safety mark”

    « marque nationale de sécurité »

    “national safety mark” means a prescribed expression, symbol or abbreviation or any combination of them;

    “standard”

    « norme »

    “standard” means a standard that governs the design, manufacture, functioning or marking of vehicles or equipment for the purpose of reducing, directly or indirectly, the risk of death, injury or property damage from vehicle use, including a standard aimed at increasing the use of safety features by the public or facilitating the creation, recording or retrieval of information;

    “vehicle”

    « véhicule »

    “vehicle” means any vehicle that is designed to be, or is capable of being, driven or drawn on roads by any means other than muscular power exclusively, but does not include any vehicle that is designed to run exclusively on rails.

  • (2) The definition fabrication ou construction in section 2 of the French version of the Act is replaced by the following:

    « fabrication » ou « construction »

    “manufacture”

    fabrication ou construction S’agissant d’un véhicule, ensemble des opérations de réalisation de celui-ci y compris les modifications qui y sont apportées, jusqu’à sa vente au premier usager.

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

  • Marginal note:Use of marks

    (2) A company authorized by the Minister, as provided for in the regulations, may apply a national safety mark to a vehicle or equipment, as provided for in the regulations.

  • Marginal note:Provision of address

    (2.1) The company shall provide the Minister with the address of the premises at which the national safety mark is to be applied.

 The heading before section 5 of the Act is replaced by the following:

VEHICLE AND EQUIPMENT REQUIREMENTS

  •  (1) Paragraph 5(1)(b) of the Act is replaced by the following:

    • (b) evidence of that conformity has been obtained and produced as provided for in the regulations or, if the regulations so provide, to the Minister’s satisfaction;

  • (2) Paragraphs 5(1)(d) to (h) of the Act are replaced by the following:

    • (d) prescribed information is marked on the vehicle or equipment as provided for in the regulations;

    • (e) prescribed documentation or prescribed accessories accompany the vehicle or equipment as provided for in the regulations;

    • (f) prescribed information relating to the operation of the vehicle or equipment is disseminated as provided for in the regulations;

    • (g) records are maintained and furnished, as provided for in the regulations, in relation to the design, manufacture, testing and field performance of the vehicle or equipment, for the purpose of

      • (i) enabling an inspector to determine whether the vehicle or equipment conforms to all requirements applicable to it, and

      • (ii) facilitating the identification and analysis of defects referred to in subsection 10(1); and

    • (h) in the case of equipment, the company maintains, as provided for in the regulations, a registration system by which any person who has purchased equipment manufactured, imported or sold by the company and who wishes to be identified may be so identified.

  • (3) Subsection 5(2) of the Act is repealed.

  •  (1) Paragraph 7(1)(a) of the Act is replaced by the following:

    • (a) before the importation, the person importing the vehicle or equipment makes a declaration, as provided for in the regulations, that the vehicle or equipment

      • (i) will be used in Canada solely for a prescribed purpose,

      • (ii) will remain in Canada for a period of not more than one year or any other period that is specified by the Minister, and

      • (iii) meets or will meet any other prescribed requirement; or

  • (2) Paragraph 7(1)(b) of the Act is replaced by the following:

    • (b) the vehicle or equipment is passing through Canada to another country or is exclusively for use by a visitor to Canada.

  • (3) Section 7 of the Act is amended by adding the following after subsection (1):

    • Marginal note:Export or destruction

      (1.01) A person who imports a vehicle or equipment under paragraph (1)(a) shall, as provided for in the regulations, export or destroy the vehicle or equipment before the end of the period referred to in subparagraph (1)(a)(ii).

    • Marginal note:Exception  — donation

      (1.02) Despite subsection (1.01), a person who imports a vehicle under paragraph (1)(a) may, with the Minister’s approval, donate it as provided for in the regulations.

  • (4) Subsection 7(2) of the Act is replaced by the following:

    • Marginal note:Vehicles from the United States or Mexico

      (2) Sections 5 and 6 do not apply to the importation of a vehicle that has been sold at the retail level in the United States or that is a prescribed vehicle from Mexico if

      • (a) the vehicle meets any prescribed requirements; and

      • (b) the person importing the vehicle makes a declaration, as provided for in the regulations, that the vehicle will be, before being presented for registration by a province and within the prescribed period,

        • (i) brought into compliance with any prescribed requirements, and

        • (ii) certified, as provided for in the regulations, as compliant with the requirements referred to in subparagraph (i) by the person designated in the regulations.

    • Marginal note:Importation for components

      (2.1) Sections 5 and 6 do not apply to the importation of a vehicle that has been sold at the retail level in the United States or that is a prescribed vehicle from Mexico if the person importing the vehicle makes a declaration, as provided for in the regulations, that the vehicle

      • (a) will not be presented for registration by a province;

      • (b) will be registered, as provided for in the regulations, by the person designated in the regulations; and

      • (c) will be dismantled for its components.

  • (5) Subsection 7(4) of the Act is repealed.

  • (6) Subsection 7(5) of the Act is replaced by the following:

    • Marginal note:Declarations binding

      (5) A person who makes a declaration under this section shall comply with the declaration.

 The Act is amended by adding the following after section 7:

Marginal note:Analytical aids

8. A company that applies a national safety mark to any vehicle or equipment or that imports any vehicle or equipment of a class for which standards are prescribed shall, on the Minister’ request, provide the Minister with the means to retrieve and analyse information created or recorded by the vehicle or equipment.

 The portion of subsection 9(1) of the Act before paragraph (a) is replaced by the following:

Marginal note:Exemption from standards
  • 9. (1) On application by a company as provided for in the regulations, the Governor in Council may, by order, grant an exemption for a specified period, in accordance with any conditions specified in the order, for any model of vehicle manufactured or imported by the company from conformity with any prescribed standard if conformity with that standard would, in the opinion of the Governor in Council,

 The heading before section 10 of the Act is replaced by the following:

NOTICE OF DEFECT AND OF NON-COMPLIANCE

  •  (1) Subsections 10(1) to (4) of the Act are replaced by the following:

    Marginal note:Notice of defect
    • 10. (1) A company that applies a national safety mark to any vehicle or equipment, sells any vehicle or equipment to which a national safety mark has been applied or imports any vehicle or equipment of a class for which standards are prescribed shall, as provided for in the regulations, give notice of any defect in the design, manufacture or functioning of the vehicle or equipment that affects or is likely to affect the safety of any person to

      • (a) the Minister, on becoming aware of the defect; and

      • (b) the current owner and any other prescribed person, within the period provided for in the regulations.

    • Marginal note:Notice already given

      (2) A company is not required to give notice of a defect

      • (a) for which notice has already been given by another company that manufactured, sold or imported the vehicle or equipment; or

      • (b) for which a notice of non-compliance has been given under section 10.1.

    • Marginal note:Subsequent notice

      (2.1) If the Minister determines that a defect has not been corrected in an adequate number of vehicles or equipment for which notice was given under subsection (1), the Minister may, by order, require the company to provide, in accordance with any conditions specified in the order, a subsequent notice to those persons who have not had the defect corrected. In making this determination, the Minister shall take into consideration, among other things,

      • (a) the nature of the defect;

      • (b) the safety risk arising from it; and

      • (c) the total number of vehicles or equipment affected.

    • Marginal note:Unknown owner

      (3) If the Minister is satisfied that the current owner of a vehicle or equipment cannot reasonably be determined by a company,

      • (a) the company shall give notice in any other manner that is acceptable to the Minister; or

      • (b) the Minister may exempt the company from the requirement to give notice to the current owner.

    • Marginal note:Power to order

      (4) The Minister may, by order, require any company that applies a national safety mark to any vehicle or equipment, sells any vehicle or equipment to which a national safety mark has been applied or imports any vehicle or equipment of a class for which standards are prescribed to give notice of a defect in the manner specified in the order, if the Minister considers that it is in the interest of safety.

    • Marginal note:Statutory Instruments Act

      (4.1) The Statutory Instruments Act does not apply to an order made under subsection (2.1) or (4).

  • (2) Subsections 10(6) and (7) of the Act are repealed.

 

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