Economic Action Plan 2014 Act, No. 2 (S.C. 2014, c. 39)

“foreign entity”

« entité étrangère »

“foreign entity” means

• (a) an entity referred to in paragraph 5(h.1); or

• (b) an entity, other than one referred to in section 5, that is incorporated or formed by or under the laws of a country other than Canada, including its subsidiaries, if any, and that does not carry on business in Canada, if it carries out activities similar to those of entities referred to in any of paragraphs 5(a) to (g) or provides services similar to those referred to in paragraph 5(h) or (h.1).

“President”

« président »

“President” means the President of the Agency appointed under section 5.1.

PRESIDENT

Marginal note:Appointment

5.1 The President of the Agency is to be appointed by the Governor in Council to hold office during pleasure for a renewable term of up to five years.

Marginal note:Chief executive officer

5.2 The President is the chief executive officer of the Agency and has the rank and status of a deputy head of a department.

Marginal note:Remuneration

5.3 The President is to be paid the remuneration fixed by the Governor in Council.

Marginal note:Appointment

• 6. (1) The Governor in Council shall appoint a Chief Public Health Officer, who is an officer of the Agency.

• Marginal note:Advice

  (1.1) The Chief Public Health Officer shall provide the Minister and the President with public health advice that is developed on a scientific basis.

Definition of “amalgamated corporation”

249. In this Division, “amalgamated corporation” means any corporation resulting from an amalgamation referred to in subsection 252(1).

Marginal note:Continuance

250.1 Despite subsection 268(8.1) of the Canada Business Corporations Act, sections 6 to 13, 17, 18 and 21.1 of the Blue Water Bridge Authority Act continue to apply to the Blue Water Bridge Authority after its continuance under the Canada Business Corporations Act.

Marginal note:Amalgamated corporation an agent

253. An amalgamated corporation is an agent of Her Majesty in right of Canada.

Marginal note:Contracts

254. An amalgamated corporation may enter into contracts with Her Majesty as though it were not an agent of Her Majesty.

Marginal note:Borrowing authorized

255. An amalgamated corporation may borrow money otherwise than from the Crown, including by means of the issuance, sale and pledge of bonds, debentures, notes or other evidence of indebtedness, as long as the total principal amount of those borrowings that is outstanding does not exceed $130,000,000 at any time.

Marginal note:Charges

• 256. (1) An amalgamated corporation may fix and charge tolls, fees or other charges for the use of a bridge or tunnel that it owns or operates.

• Marginal note:Authorization by amalgamated corporation

  (2) An amalgamated corporation may authorize another person to fix or charge tolls, fees or other charges for the use of such a bridge or tunnel.

Marginal note:Auditor

257. The Auditor General of Canada is the auditor of an amalgamated corporation.

Marginal note:No compensation

258. Despite the provisions of any contract, agreement or order, no person who is appointed to hold office as a part-time member of the board of directors of The Federal Bridge Corporation Limited, of a corporation that results from an amalgamation referred to in subsection 252(2) or of Blue Water Bridge Authority has any right to claim or receive any compensation, damages, indemnity or other form of relief from Her Majesty in right of Canada or from any employee or agent of Her Majesty for ceasing to hold that office or for the abolition of that office following any amalgamation referred to in subsection 252(1).

Marginal note:Financial Administration Act

259. For the purposes of Part I of Sched­ule III to the Financial Administration Act, the reference in that Part to The Federal Bridge Corporation Limited is deemed to be a reference to the name of any corporation that results from an amalgamation referred to in subsection 252(1), if that name is “The Federal Bridge Corporation Limited”.

Marginal note:Payments in Lieu of Taxes Act

260. For the purposes of Schedule III to the Payments in Lieu of Taxes Act, the reference in that Schedule to The Federal Bridge Corporation Limited is deemed to be a reference to the name of any corporation that results from an amalgamation referred to in subsection 252(1), if that name is “The Federal Bridge Corporation Limited”.

Marginal note:Order in council

269. Sections 261 to 263 and 266 to 268 come into force on a day or days to be fixed by order of the Governor in Council.

• (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;

Marginal note: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.

• Marginal note:Continuance for purpose of amalgamation

  (3) A local cooperative credit society may, if so authorized by the laws of the jurisdiction in which it is incorporated, apply to the Minister for letters patent continuing it as a federal credit union if it proposes to be continued under this Act for the purpose of immediately amalgamating with another federal credit union in accordance with this Act.

• Marginal note:Continuance for purpose of amalgamation

  (4) Two or more local cooperative credit societies may, if so authorized by the laws of the jurisdiction in which they are incorporated, apply to the Minister for letters patent continuing each of them as a federal credit union if they propose to be continued under this Act for the purpose of immediately amalgamating with each other in accordance with this Act.

• Marginal note:Application for amalgamation required

  (5) An application referred to in subsection (3) or (4) must be made at the same time as an application referred to in subsection 223(1.2) or (1.3) in respect of the amalgamation.

• Marginal note:Power to issue letters patent

  (2) On the application of a local cooperative credit society under subsection 33(3) or (4), the Minister may, subject to this Part, issue letters patent continuing the local cooperative credit society as a federal credit union only if

  • (a) the Minister is of the opinion that the local cooperative credit society has complied with the regulations respecting notice and disclosure requirements;

  • (b) the Minister is of the opinion that the federal credit union that results from the amalgamation will satisfy the requirements for incorporation as a federal credit union; and

  • (c) the Minister will, immediately after issuing letters patent for the continuance, issue letters patent for the amalgamation under subsection 229(1).

• Marginal note:Notice of continuance and amalgamation

  (3) In the case of a continuance that results from an application made under subsection 33(3) or (4), the Superintendent may publish, in the form of a single notice, the notice referred to subsection (2), the notice required under subsection 229(3) in respect of the amalgamation and any notice required under subsection (2) in respect of other applicants for the amalgamation.

• Marginal note:Federal credit union and local cooperative credit society

  (1.2) On the joint application of one or more federal credit unions and one or more local cooperative credit societies that have applied under subsection 33(3) to be continued as federal credit unions, the Minister may issue letters patent amalgamating and continuing the applicants as one federal credit union.

• Marginal note:Local cooperative credit societies

  (1.3) On the joint application of two or more local cooperative credit societies that have applied under subsection 33(4) to be continued as federal credit unions, the Minister may issue letters patent amalgamating and continuing the applicants as one federal credit union.