Bank of Canada Act

Marginal note:Time limit for unpaid debts

• 22 (1) The Bank is not liable in respect of any unpaid debt in respect of which a federal financial institution has made a payment to the Bank under the relevant Act in respect of the federal financial institution if

  • (a) the amount paid to the Bank was less than $1,000; and

  • (b) at least 40 years have gone by since the later of

    • (i) the last time a transaction took place on the books of the federal financial institution in respect of the unpaid debt, and

    • (ii) the last time a statement of account was requested of or acknowledged to the federal financial institution by the former creditor in respect of the unpaid debt.

• Marginal note:Time limit for instruments

  (1.1) The Bank is not liable in respect of any instrument in respect of which a federal financial institution has made a payment to the Bank under the relevant Act in respect of the federal financial institution if

  • (a) the amount paid to the Bank was less than $1,000; and

  • (b) no payment has been made in respect of the instrument for at least 40 years after the day the instrument was issued or accepted.

• Marginal note:Time limit for liquidation claims

  (1.2) The Bank is not liable in respect of any claim against a liquidator in respect of the winding-up of a federal financial institution if

  • (a) the amount of the claim has been paid to the Minister and by the Minister to the Bank under the relevant Act in respect of the federal financial institution;

  • (b) the amount paid to the Bank was less than $1,000; and

  • (c) at least 40 years have gone by since the later of

    • (i) the last time a transaction took place on the books of the federal financial institution in respect of the subject-matter of the claim, and

    • (ii) the last time a statement of account was requested of or acknowledged to the federal financial institution by the former creditor in respect of the subject-matter of the claim.

• Marginal note:Limitation of Bank’s liability

  (1.3) The Bank is not liable in respect of a debt referred to in subsection (1), an instrument referred to in subsection (1.1) or a claim referred to in subsection (1.2) if the amount paid to the Bank in respect of the debt, instrument or claim was $1,000 or more and at least 100 years have gone by since the payment was made to the Bank.

• Marginal note:Application

  (1.4) For greater certainty, subsections (1) to (1.3) also apply in respect of amounts paid to the Bank before the coming into force of this subsection.

• Marginal note:No liability where claims paid

  (2) The Bank is not liable in respect of

  • (a) any unpaid debt or any instrument in respect of which a federal financial institution has paid an amount to the Bank in accordance with the relevant Act in respect of the federal financial institution, or

  • (b) any claim against a liquidator in respect of the winding-up of a federal financial institution the amount of which claim has been paid to the Minister and by the Minister to the Bank under the relevant Act in respect of the federal financial institution,

  where an amount equal to the amount so paid has been paid by the Bank to the creditor in accordance with the relevant Act in respect of the federal financial institution or to the Receiver General under subsection (3).

• Marginal note:Amounts to be paid to Receiver General

  (3) An amount equal to the amount paid to the Bank in respect of a debt, instrument or claim referred to in subsection (1) shall, within two months after the end of the calendar year in which the applicable twenty year period expired, be paid by the Bank without interest to the Receiver General and the Bank may destroy all records relating to the debt, instrument or claim.

• Marginal note:Amounts part of C.R.F.

  (4) Any amount paid by the Bank to the Receiver General under subsection (3) shall form part of the Consolidated Revenue Fund.

• Marginal note:Definitions

  (5) For the purposes of this section,

  federal financial institution

  institution financière fédérale

  federal financial institution means a bank, an authorized foreign bank, a company to which the Trust and Loan Companies Act applies or an association to which the Cooperative Credit Associations Act applies; (institution financière fédérale)

  relevant Act

  loi pertinente

  relevant Act in respect of a federal financial institution means

  • (a) in the case of a bank or authorized foreign bank, the Bank Act,

  • (b) [Repealed, 1999, c. 28, s. 97]

  • (c) in the case of a company to which the Trust and Loan Companies Act applies, that Act, and

  • (d) in the case of an association to which the Cooperative Credit Associations Act applies, that Act. (loi pertinente)