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. 289
285. (1) Subsection 233.1(1) of the Act is replaced by the following:
Marginal note:Sale by association
233.1 (1) An association may sell all or substantially all of its assets to a financial institution incorporated under an Act of Parliament, a bank holding company or an authorized foreign bank in respect of its business in Canada if the purchasing financial institution, bank holding company or authorized foreign bank assumes all or substantially all of the liabilities of the association.
Marginal note:2001, c. 9, s. 289
(2) Subsection 233.1(3) of the Act is replaced by the following:
Marginal note:Consideration
(3) Despite anything in this Act, the consideration for a sale referred to in subsection (1) may be cash or fully paid securities of the purchasing financial institution, bank holding company or authorized foreign bank or in part cash and in part fully paid securities of the purchasing financial institution, bank holding company or authorized foreign bank or any other consideration that is provided for in the sale agreement.
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 Subsection 379(3) of the Act is repealed.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.
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