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Registration of Bank Special Security Regulations (SOR/92-301)

Regulations are current to 2020-09-09

Registration of Bank Special Security Regulations

SOR/92-301

BANK ACT

Registration 1992-05-21

Regulations Respecting the Operation of a System of Registration of Security Interests

P.C. 1992-1076 1992-05-21

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 426(2) and sections 427 and 559 of the Bank ActFootnote *, is pleased hereby to revoke the Payment of Fees Regulations, made by Order in Council P.C. 1980-3281 of December 4, 1980Footnote ** and the Registration of Security Regulations, made by Order in Council P.C. 1982-56 of January 14, 1982Footnote ***, and to make the annexed Regulations respecting the operation of a system of registration of security interests in substitution therefor, effective June 1, 1992.

Short Title

 These Regulations may be cited as the Registration of Bank Special Security Regulations.

Interpretation

 In these Regulations,

Act

Act means the Bank Act; (Loi)

certificate of release

certificate of release means a certificate of release referred to in paragraph 427(4)(b) of the Act; (certificat de dégagement)

notice of intention

notice of intention means a notice of intention referred to in paragraph 427(4)(a) of the Act; (préavis)

special security

special security means a security interest given under section 426 or 427 of the Act. (garantie particulière)

System of Registration

 On receipt from a bank of a notice of intention for registration, an agent shall

  • (a) register it by numbering it consecutively and endorsing it with the place, date and time of receipt thereof; and

  • (b) provide to the bank a certified copy of the registered notice of intention, endorsed with the signature and title of the agent.

 On receipt from a bank of a certificate of release, an agent shall

  • (a) register it by numbering it consecutively and endorsing it with the place, date and time of receipt thereof and the number, place, date and time of registration of the notice of intention in respect of which the certificate is submitted for registration; and

  • (b) provide to the bank a certified copy of the registered certificate of release, endorsed with the signature and title of the agent.

 On registration of a certificate of release under section 4, the registration of the notice of intention to which the certificate relates is cancelled and the notice of intention may be removed from the system of registration and destroyed.

 A registered certificate of release may be removed from the system of registration and destroyed after the expiration of five years after the date of receipt of the certificate of release.

  •  (1) Every bank shall, annually during the month of March, send by registered mail to each appropriate agency a statement

    • (a) listing every notice of intention that was registered in the agency more than five years before the end of the preceding December in respect of which the special security that was given to the bank is still in effect, and indicating the number, place, date and time of registration thereof, and the name of the person who gave the special security; or

    • (b) stating that there are no notices of intention as described in paragraph (a).

  • (2) At the time that a bank sends the statement referred to in subsection (1), the registration of each notice of intention listed in the statement is extended.

  • (3) On receipt of a statement referred to in subsection (1), an agent shall cancel the registration of, and may remove from the system of registration, all notices of intention that

    • (a) were registered in the agency more than five years before the end of the December preceding the receipt of the statement; and

    • (b) are not shown in the statement.

  • SOR/94-367, s. 2(E)

Form of Security for Loans or Advances

  •  (1) For the purposes of subsection 426(2) of the Act, the form of instrument for the giving of a special security is the form set out in Schedule I.

  • (2) For the purposes of subsection 427(1) of the Act, the form of document for the giving of a special security is the form set out in Schedule II.

Form of Notice of Intention

 For the purposes of subsection 427(5) of the Act, the form of a notice of intention is the form set out in Schedule III.

Payment of Fees

  •  (1) Every person who requests a service in respect of the registration of a special security shall pay to the Bank of Canada at the appropriate agency a fee in the amount of

    • (a) for the registration of a notice of intention for an initial five-year period and the provision of a certified and endorsed copy thereof, eight dollars;

    • (b) for the registration of a notice of intention for each year beyond the initial five-year period, two dollars;

    • (c) for the provision of any of the following services, three dollars, namely,

      • (i) the registration of an amendment to a notice of intention registered in the agency and the provision of a certified and endorsed copy thereof,

      • (ii) the production for inspection or the provision of a copy of a notice of intention registered in the agency,

      • (iii) the production for inspection or the provision of a copy of a certificate of release registered in the agency, and

      • (iv) the production for inspection of a register maintained in the agency;

    • (d) for each search conducted by the personnel of the agency to ascertain whether a notice of intention in respect of a particular person is registered in the agency and, if so, to ascertain the name of the bank set out in the notice of intention, eight dollars; and

    • (e) for the provision of the following services, twelve dollars, namely,

      • (i) the registration of a notice of intention for an initial five-year period and the provision of a certified and endorsed copy thereof, and

      • (ii) a search conducted by the personnel of the agency to ascertain whether a person named in a notice of intention is named in any other notice of intention registered in the agency and, if so, to ascertain the name of the bank set out in the notice of intention.

  • (2) Notwithstanding subparagraph (1)(c)(iii), no fee shall be charged for the registration in an appropriate agency of a certificate of release submitted by a bank or the provision to the bank of a certified and endorsed copy thereof.

 
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