Budget Implementation Act, 2016, No. 1 (S.C. 2016, c. 7)
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Assented to 2016-06-22
PART 4Various Measures (continued)
DIVISION 5Bank Recapitalization Regime (Bail-in) (continued)
R.S., c. C-3Canada Deposit Insurance Corporation Act (continued)
Marginal note:2009, c. 2, s. 252
149 Section 45.11 of the Act is replaced by the following:
Marginal note:Directors and officers of institutions
45.11 (1) Directors and officers of a federal member institution in respect of which an order is made under paragraph 39.13(1)(a) or (b) or of a bridge institution are not liable for any damages, payment, compensation, contribution or indemnity that any person may suffer or claim by reason of anything done or omitted to be done during the period set out in subsection (3), in good faith, in the exercise, execution or performance of any powers, duties and functions as directors or officers of the institution.
Marginal note:Indemnification
(2) Section 119 of the Financial Administration Act and the regulations made under that section apply to the directors and officers referred to in subsection (1) in respect of anything done or omitted to be done in the exercise, execution or performance of their powers, duties and functions during the period set out in subsection (3), as if the federal member institution or the bridge institution were a Crown corporation within the meaning of section 83 of that Act.
Marginal note:Time period
(3) The period referred to in subsections (1) and (2) begins on the day on which the order is made under subsection 39.13(1) and ends
(a) on the date specified in a notice described in subsection 39.2(3) in respect of the federal member institution;
(b) on the day on which the bridge institution ceases to be designated as such; or
(c) on the day on which a winding-up order is made in respect of the federal member institution or the bridge institution.
Marginal note:Foreign relief — no recognition or enforcement
45.12 (1) Except with the consent of the Attorney General of Canada, no judgment, order or other relief given in a proceeding outside Canada in respect of an order made under subsection 39.13(1) shall be recognized or enforceable in any manner in Canada.
Marginal note:No proceedings
(2) Except with the consent of the Attorney General of Canada, no proceedings shall be commenced in any court in Canada in respect of the judgment, order or other relief given outside Canada.
Marginal note:2009, c. 2, s. 253
150 (1) Subsections 45.3(1) and (2) of the Act are replaced by the following:
Marginal note:Disclosures prohibited
45.3 (1) Subject to subsection 12(1) of the Privacy Act, any information with respect to the affairs of a federal member institution in respect of which an order is made under paragraph 39.13(1)(a) or (b), a bridge institution, a subsidiary of either of those institutions or any person dealing with such an institution or subsidiary is confidential, shall be treated accordingly and shall not be disclosed.
Marginal note:Duration of prohibition
(2) The prohibition applies only during the period set out in subsection 45.11(3).
Marginal note:2009, c. 2, s. 253
(2) Paragraph 45.3(3)(d) of the Act is replaced by the following:
(d) to the Corporation for the purposes of fulfilling its functions under this Act or as a shareholder of the federal member institution or the bridge institution;
Marginal note:2009, c. 2, s. 253
(3) Paragraphs 45.3(4)(a) and (b) of the Act are replaced by the following:
(a) in the normal conduct of the business of the federal member institution, the bridge institution or a subsidiary of either of those institutions;
(b) for the purposes of selling the shares or assets of the federal member institution, the bridge institution or a subsidiary of either of those institutions;
Marginal note:2009, c. 2, s. 253
(4) Paragraph 45.3(4)(f) of the Act is replaced by the following:
(f) in any other circumstance that the board of directors of the federal member institution, the bridge institution or a subsidiary of either of those institutions considers necessary.
Marginal note:2001, c. 9, s. 215
151 The portion of section 47 of the Act before paragraph (a) is replaced by the following:
Marginal note:False statements
47 A person is guilty of an offence if the person prepares, signs, approves or concurs in any account, statement, return, report or other document required to be submitted to the Corporation under the provisions of this Act, the regulations or the by-laws or under an application to become a member institution or a policy of deposit insurance that
Marginal note:1996, c. 6, s. 45
152 (1) The portion of section 49 of the English version of the Act before paragraph (a) is replaced by the following:
Marginal note:Failure to provide information, etc.
49 A member institution is guilty of an offence if it fails or neglects
Marginal note:1996, c. 6, s. 45
(2) Paragraphs 49(a) and (b) of the Act are replaced by the following:
(a) within the time limited for so doing, to provide the Corporation with any account, statement, return, report or other document respecting the affairs of the member institution that is required to be submitted to the Corporation under the provisions of this Act, the regulations or the by-laws or under the policy of deposit insurance of the member institution; or
(b) to respond, within a reasonable time, to a request for information or explanations respecting the member institution made by or on behalf of the Corporation under the provisions of this Act, the regulations or the by-laws or under the policy of deposit insurance of the member institution.
Marginal note:1996, c. 6, s. 45
(3) The portion of section 49 of the English version of the Act after paragraph (b) is repealed.
Marginal note:1996, c. 6, s. 45
153 Section 50 of the Act is replaced by the following:
Marginal note:General offence
50 A member institution or other person is guilty of an offence if they, without reasonable cause, contravene a provision of this Act, other than section 47, 48 or 49, or a provision of the regulations or the by-laws.
Marginal note:1996, c. 6, s. 45
154 Section 51 of the Act is replaced by the following:
Marginal note:Court may order compliance
51 If a member institution or other person has been convicted of an offence under this Act, the court may, in addition to any fine or term of imprisonment that may be imposed, order the member institution or person to rectify the contravention of a provision of this Act, the regulations or the by-laws or the policy of deposit insurance in respect of which the member institution or person was convicted.
Marginal note:1996, c. 6, s. 45
155 (1) Subsection 52(1) of the French version of the Act is replaced by the following:
Marginal note:Sanction pécuniaire additionnelle
52 (1) Le tribunal peut également, s’il est convaincu que l’institution membre ou la personne condamnée pour l’infraction a tiré des avantages financiers de l’infraction, lui ordonner de payer, malgré toute disposition de la présente loi établissant un plafond à cet égard, une amende supplémentaire jusqu’à concurrence de ces avantages.
Marginal note:1996, c. 6, s. 45
(2) Subsection 52(2) of the Act is replaced by the following:
Marginal note:Restraining or compliance order
(2) If a member institution or other person does not comply with any provision of this Act, the regulations or the by-laws or the policy of deposit insurance that applies in respect of the member institution or person, the Corporation may apply to a superior court for an order directing the member institution or person to comply with or restraining the member institution or person from acting in breach of the provision or the policy and, on the application, the court may so order and make any further order that it thinks fit.
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