Budget Implementation Act, 2019, No. 1 (S.C. 2019, c. 29)

Marginal note:2018, c. 12, s. 87(2)

• 85 (1) Subparagraphs 238.1(2)(b)(i) and (ii) of the Act are replaced by the following:

  • (i) the dollar amount set out in subparagraph 1(a)(i) of Schedule 7,

  • (ii) if the stamp is in respect of a specified province, three times the dollar amount set out in subparagraph 1(a)(i) of Schedule 7, and

• (2) Subsection (1) comes into force, or is deemed to have come into force, on May 1, 2019.

Marginal note:2018, c. 12, s. 93

• 86 (1) Sections 1 to 4 of Schedule 7 to the Act are replaced by the following:

  • 1 Any cannabis product produced in Canada or imported: the amount equal to

    • (a) in the case of dried cannabis, fresh cannabis, cannabis plants and cannabis plant seeds, the total of

      • (i) $0.25 per gram of flowering material included in the cannabis product or used in the production of the cannabis product,

      • (ii) $0.075 per gram of non-flowering material included in the cannabis product or used in the production of the cannabis product,

      • (iii) $0.25 per viable seed included in the cannabis product or used in the production of the cannabis product, and

      • (iv) $0.25 per vegetative cannabis plant included in the cannabis product or used in the production of the cannabis product; and

    • (b) in any other case, $0.0025 per milligram of the total THC of the cannabis product.

  • 2 Any cannabis product produced in Canada: the amount obtained by multiplying the dutiable amount for the cannabis product by

    • (a) in the case of dried cannabis, fresh cannabis, cannabis plants and cannabis plant seeds, 2.5%; and

    • (b) in any other case, 0%.

  • 3 Any imported cannabis product: the amount obtained by multiplying the value of the cannabis product by

    • (a) in the case of dried cannabis, fresh cannabis, cannabis plants and cannabis plant seeds, 2.5%; and

    • (b) in any other case, 0%.

  • 4 Any cannabis product taken for use or unaccounted for: the amount obtained by multiplying the fair market value of the cannabis product by

    • (a) in the case of dried cannabis, fresh cannabis, cannabis plants and cannabis plant seeds, 2.5%; and

    • (b) in any other case, 0%.

• (2) Subsection (1) comes into force, or is deemed to have come into force, on May 1, 2019 except that for the purpose of determining the amount of duty imposed on or after that day under subsection 158.19(2) of the Act on any cannabis product that is packaged before that day, section 2 of Schedule 7 to the Act is to be read as it read on April 30, 2019.

PART 4Various Measures

DIVISION 1Financial Sector

SUBDIVISION A1991, c. 46Bank Act

Amendments to the Act

Marginal note:2010, c. 12, s. 1961(2)

• 87 (1) Subsection 151(5) of the Bank Act is replaced by the following:

  • Marginal note:Voting

    (5) The by-laws of a federal credit union may, subject to the regulations, allow members to vote, prior to the meeting, subject to any conditions set out in the by-laws,

    • (a) by mail;

    • (b) in person, at one of its branches;

    • (c) by telephonic or electronic means; or

    • (d) by any other prescribed means.

• Marginal note:2010, c. 12, s. 1961(2)

  (2) Paragraph 151(6)(b) of the Act is replaced by the following:

  • (b) respecting the manner and conditions of voting referred to in paragraphs (5)(a) to (d) by members of federal credit unions.

Marginal note:1997, c. 15, s. 10

88 Subsection 156.04(1) of the Act is replaced by the following:

Marginal note:1997, c. 15, s. 10

• 89 (1) Subsections 156.05(1) and (2) of the Act are replaced by the following:

  Marginal note:Soliciting proxies

  • 156.05 (1) A person shall not solicit proxies unless a proxy circular that is in accordance with the regulations is sent to the auditor or auditors of the bank, to each shareholder whose proxy is solicited and, in the case set out in paragraph (b), to the bank as follows:

    • (a) in the case of solicitation by or on behalf of the management of a bank, a management proxy circular, either as an appendix to or as a separate document accompanying the notice of meeting; and

    • (b) in the case of any other solicitation, a dissident’s proxy circular stating the purposes of the solicitation.

  • Marginal note:Exception — limited solicitation

    (1.1) Despite subsection (1), a person may solicit proxies, other than by or on behalf of the management of a bank, without sending a dissident’s proxy circular, if the total number of shareholders whose proxies are solicited is 15 or fewer, with two or more joint holders being counted as one shareholder.

  • Marginal note:Exception — solicitation by public broadcast

    (1.2) Despite subsection (1), a person may solicit proxies, other than by or on behalf of the management of a bank, without sending a dissident’s proxy circular if the solicitation is, in the prescribed circumstances, conveyed by public broadcast, speech or publication.

  • Marginal note:Copy to Superintendent

    (2) A person who sends a management proxy circular or dissident’s proxy circular shall concurrently send to the Superintendent a copy of it together with the form of proxy, any other documents for use in connection with the meeting and, in the case of a management proxy circular, a copy of the notice of meeting.

• Marginal note:1997, c. 15, s. 10

  (2) Subsection 156.05(4) of the Act is replaced by the following:

  • Marginal note:Publication of exemptions

    (4) The Superintendent shall publish in a publication generally available to the public, a notice of a decision made by the Superintendent granting an exemption under subsection (3).

Marginal note:2005, c. 54, s. 31

90 Section 156.071 of the Act is replaced by the following:

2005, c. 54An Act to amend certain Acts in relation to financial institutions

91 Subsection 27(2) of the English version of An Act to amend certain Acts in relation to financial institutions is amended by replacing the subparagraphs (a)(i) and (ii) of the definition solicitation that it enacts with the following: