Bank of Canada Act (R.S.C., 1985, c. B-2)

AMENDMENTS NOT IN FORCE

• — 2014, c. 39, s. 266

  • 2001, c. 9, s. 194(2)

    266 Paragraph 18(h) of the Bank of Canada Act is replaced by the following:

    • (h) subject to section 19.1, make loans or advances for periods not exceeding six months to members of the Canadian Payments Association on taking security in any property that the institution to which the loan or advance is made is authorized to hold;

• — 2014, c. 39, s. 267

  • 267 The Act is amended by adding the following after section 19:

    • Provincial members

      19.1 The Bank may make a loan or advance under paragraph 18(h) to a central cooperative credit society or local cooperative credit society, as those expressions are defined in subsection 2(1) of the Canadian Payments Act, only if

      • (a) a province has agreed in writing to indemnify the Bank for any loss that the Bank could incur as a result of the loan or advance; or

      • (b) the loan or advance is made to a participant in a clearing and settlement system, as defined in section 2 of the Payment Clearing and Settlement Act, operated by the Canadian Payments Association and it is made for the sole purpose of enabling the participant to settle its clearing balance in the system.

• — 2017, c. 33, s. 187

  • 2014, c. 39, s. 266

    187 On the first day on which both section 266 of the Economic Action Plan 2014 Act, No. 2 and section 185 of this Act are in force, paragraph 18(h) of the Bank of Canada Act is replaced by the following:

    • (h) subject to section 19.1, make loans or advances for periods of not more than six months to any member of the Canadian Payments Association on taking

      • (i) security in any property, including in any real property or immovable situated in Canada, or

      • (ii) an assignment or transfer of the member’s right, title or interest in any real property or immovable situated in Canada, including any mortgage or hypothec on that real property or immovable;