Economic Action Plan 2014 Act, No. 2 (S.C. 2014, c. 39)
Full Document:
Assented to 2014-12-16
Marginal note:2001, c. 9, s. 306(3)
286. Subsection 375(3) of the Act is replaced by the following:
Marginal note:Restriction
(3) Subject to any order that may be made by the Superintendent under section 61 or 62, an association shall not receive money on deposit from a federal credit union, local cooperative credit society or cooperative corporation that is not a member of the association.
Marginal note:2001, c. 9, s. 310(3)
287. Subsection 379(3) of the Act is repealed.
288. The Act is amended by adding the following after section 379:
Marginal note:Restriction — liquidity support
379.1 An association shall not provide any prescribed form of liquidity support for central cooperative credit societies or local cooperative credit societies except in accordance with prescribed terms and conditions.
Marginal note:1996, c. 6, s. 60
289. Subsection 442(1.2) of the Act is replaced by the following:
Marginal note:Notice of proposed action
(1.2) The Superintendent must notify an association of any action proposed to be taken in respect of it under paragraph (1)(b) and of its right to make written representations to the Superintendent within the time specified in the notice, not exceeding 10 days after it receives the notice.
290. Subsection 463(1) of the Act is amended by adding the following after paragraph (b):
(b.1) specifying what constitutes predominance for the purposes of paragraph 27(g.1) and subsection 50(1.1);
Marginal note:1993, c. 34, s. 56(F); 1997, c. 15, s. 163(E); 2001, c. 9, s. 342(2); 2005, c. 54, s. 211
291. Part XVI of the Act is repealed.
292. Part XVII of the Act is repealed.
Termination of Agreements
Definition of “agreement”
293. In sections 294 to 297, “agreement” means
(a) section 5 of the agreement between the Canada Deposit Insurance Corporation and the Quebec Deposit Insurance Board that was made on January 22, 1969;
(b) the agreement between the Canada Deposit Insurance Corporation and the Credit Union Reserve Board of British Columbia that was made on March 7, 1975;
(c) the agreement between the Canada Deposit Insurance Corporation and the Credit Union Stabilization Corporation of Alberta that was made on July 5, 1977;
(d) any agreement specified in regulations made under section 297; or
(e) any amendment to section 5 of the agreement referred to in paragraph (a) or to an agreement referred to in any of paragraphs (b) to (d).
Marginal note:Agreements are terminated
294. The agreements are terminated and all obligations and liabilities arising out of the agreements and all rights acquired under them are extinguished.
Marginal note:No liability
295. No action or other proceeding, including any action or proceeding in restitution, or for damages of any kind, that is based on or is in relation to any agreement, lies or may be instituted by anyone against Her Majesty or any minister or any employee or agent of Her Majesty, or any person engaged to provide advice or services to Her Majesty in relation to any agreement, for anything done or omitted to be done or for anything purported to have been done or omitted to be done, in the exercise or performance of their powers, duties and functions.
Marginal note:No compensation
296. No one is entitled to any compensation from Her Majesty in connection with the coming into force of section 294.
Marginal note:Regulations
297. The Governor in Council may make regulations specifying, for the purposes of paragraph 293(d), agreements entered into by the Canada Deposit Insurance Corporation under section 39 of the Canada Deposit Insurance Corporation Act or section 482 of the Cooperative Credit Associations Act, as those sections read immediately before the day on which this section comes into force.
Dissolution
Marginal note:Dissolution
298. On the day on which this section comes into force, the Credit Union Central of Canada is deemed to have applied, in accordance with section 328 of the Cooperative Credit Associations Act, for letters patent dissolving it and the Minister is deemed to have approved the application under subsection 329(2) of that Act unless, before that day, it has applied
(a) for those letters patent; or
(b) for letters patent or a certificate of continuance referred to in subsection 32(1) of that Act.
Marginal note:No compensation
299. No one is entitled to any compensation from Her Majesty in connection with the coming into force of section 298.
Consequential Amendments
R.S., c. 18 (3rd Supp.)Office of the Superintendent of Financial Institutions Act
Marginal note:2001, c. 9, s. 466(1)
300. Paragraph (c) of the definition “financial institution” in section 3 of the Office of the Superintendent of Financial Institutions Act is replaced by the following:
(c) an association to which the Cooperative Credit Associations Act applies,
1991, c. 45Trust and Loan Companies Act
Marginal note:2001, c. 9, s. 478(3)
301. (1) Paragraph (c) of the definition “federal financial institution” in section 2 of the Trust and Loan Companies Act is replaced by the following:
(c) an association to which the Cooperative Credit Associations Act applies, or
Marginal note:2001, c. 9, s. 478(2)
(2) Paragraph (c) of the definition “financial institution” in section 2 of the Act is replaced by the following:
(c) an association to which the Cooperative Credit Associations Act applies,
1991, c. 47Insurance Companies Act
Marginal note:2001, c. 9, s. 345(5)
302. (1) Paragraph (d) of the definition “federal financial institution” in subsection 2(1) of the Insurance Companies Act is replaced by the following:
(d) an association to which the Cooperative Credit Associations Act applies;
Marginal note:2001, c. 9, s. 345(4)
(2) Paragraph (d) of the definition “financial institution” in subsection 2(1) of the Act is replaced by the following:
(d) an association to which the Cooperative Credit Associations Act applies,
Coming into Force
Marginal note:Order in council
303. The provisions of this Division, other than sections 270 to 277, come into force on a day or days to be fixed by order of the Governor in Council.
Division 23R.S., c. F-11Financial Administration Act
Amendments to the Act
304. The Financial Administration Act is amended by adding the following after section 155.1:
Marginal note:Small amounts
155.2 (1) If an appropriate Minister — or any person authorized in writing by that Minister — determines, at any time, that an amount owing by a person to Her Majesty in right of Canada for which that Minister is accountable, or that an amount payable by Her Majesty in right of Canada to any person the payment of which requires the requisition of that Minister — or of any person authorized in writing by that Minister — does not exceed the amount established by regulations made under paragraph (2)(a), that amount is deemed to be nil, subject to any regulations made under paragraphs (2)(b) to (d).
Marginal note:Regulations
(2) The Treasury Board may make regulations
(a) establishing an amount for the purposes of subsection (1), including, if the Treasury Board is of the opinion that circumstances justify doing so, establishing that amount by class, determined by method of payment or on any other basis;
(b) specifying circumstances in which amounts that would otherwise be deemed to be nil under subsection (1) accumulate so that the aggregate of the amounts is payable, and for when that aggregate amount is payable;
(c) if the Treasury Board is of the opinion that circumstances justify doing so, excluding from the application of subsection (1) specified amounts, including amounts specified by class, determined by method of payment, by class of persons that amounts are owing to or payable by or on any other basis; and
(d) generally respecting the operation of subsection (1).
Marginal note:Terms and conditions deemed to be met
(3) If an amount is not paid because it is deemed to be nil, any requirements that relate to the amount and any terms and conditions that apply to its payment are deemed to be met, and the amount is not subject to interest.
Marginal note:Terms and conditions deemed to be met
(4) If an amount is not paid because it is accumulating, any requirements that relate to the amount and any terms and conditions that apply to its payment are deemed to be met during the period in which it is accumulating, and the amount is not subject to interest during that period.
Marginal note:Inconsistency
(5) Subsections (1), (3) and (4) and regulations made under subsection (2) prevail over any provision of any Act of Parliament, or of any regulation, order, contract or arrangement, to the extent of any inconsistency between them.
Marginal note:Exceptions
(6) Subsections (1) to (5) do not apply to the following amounts:
(a) an amount owing by any person other than Her Majesty in right of Canada to a Crown corporation, or an amount payable by a Crown corporation to any person other than Her Majesty in right of Canada;
(b) an amount related to the public debt, or to interest on the public debt; and
(c) an amount owing by a person to Her Majesty in right of Canada, or payable by the Minister of National Revenue to any person, under the Air Travellers Security Charge Act, the Excise Act, 2001, the Excise Tax Act, the Income Tax Act or the Softwood Lumber Products Export Charge Act, 2006.
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