When information to be provided	(3) The information required by subsection (2) shall be provided to the Superintendent
	(a) at least thirty days prior to the date or proposed date of the election or appointment or within such shorter period as the Superintendent may allow; or
	(b) in the case of a person referred to in paragraph (2)(c), within fifteen days after the date of the election of the person.
Disqualifi- cation	(4) Where, in respect of a company, society or provincial company, the Superintendent is of the opinion that on the basis of the competence, business record, experience or character of a person referred to in
	(a) paragraph (2)(a) or (c), the person is not suitable for a position as a member of its board of directors, or
	(b) paragraph (2)(b), the person is not suitable for the discharge of the duties and responsibilities associated with the position referred to in that paragraph,
	the Superintendent may, subject to subsection (5), by order, disqualify the person from being elected or appointed to the position or, in the case of a person referred to in paragraph (2)(c), from continuing to hold office as a director.
Representa- tions may be made	(5) The Superintendent must in writing notify the company, society or provincial company and the person concerned of any action that the Superintendent proposes to take under subsection (4) and must afford them an opportunity within fifteen days after the date of the notice to make representations to the Superintendent in relation to the matter.
Prohibition	(6) Where an order has been made under subsection (4) disqualifying a person
	(a) from being elected or appointed to a position, the person shall not be, and the company, society or provincial company shall not permit the person to be, elected or appointed to the position; or
	(b) from continuing to hold office as a director, the person shall not hold, and the company, society or provincial company shall not permit the person to continue to hold, office as a director.
	96. Sections 679 to 682 of the Act are replaced by the following:
Superin- tendent may take control	679. (1) Subject to this Act, where any of the circumstances described in subsection (1.1) exist in respect of a company, society or provincial company or any of the circumstances described in subsection (1.2) exist in respect of a foreign company, the Superintendent may
	(a) take control, for a period not exceeding sixteen days, of the assets of the company, society or provincial company or, in the case of a foreign company, of its assets in Canada together with its other assets held in Canada under the control of its chief agent including all amounts received or receivable in respect of its insurance business in Canada; or
	(b) unless the Minister advises the Superintendent that the Minister is of the opinion that it is not in the public interest to do so,
	(i) take control, for a period exceeding sixteen days, of the assets of the company, society or provincial company or, in the case of a foreign company, of its assets in Canada together with its other assets held in Canada under the control of its chief agent including all amounts received or receivable in respect of its insurance business in Canada,
	(ii) where control of assets has been taken under paragraph (a), continue the control beyond the sixteen days referred to in that paragraph, or
	(iii) take control of the company, society or provincial company.
Circumstan- ces re other than foreign company	(1.1) Control by the Superintendent under subsection (1) may be taken in respect of a company, society or provincial company, other than a foreign company, where
	(a) the company, society or provincial company has failed to pay its liabilities or, in the opinion of the Superintendent, will not be able to pay its liabilities as they become due and payable;
	(b) in the opinion of the Superintendent, a practice or state of affairs exists in respect of the company, society or provincial company that may be materially prejudicial to the interests of its policyholders or creditors;
	(c) the assets of the company, society or provincial company are not, in the opinion of the Superintendent, sufficient to give adequate protection to its policyholders and creditors;
	(d) any asset appearing on the books or records of the company, society or provincial company is not, in the opinion of the Superintendent, satisfactorily accounted for;
	(e) the regulatory capital of the company, society or provincial company has, in the opinion of the Superintendent, reached a level or is eroding in a manner that may detrimentally affect its policyholders or creditors; or
	(f) the company, society or provincial company has failed to comply with an order of the Superintendent under paragraph 515(3)(a) or subsection 516(4).
Circumstan- ces re foreign company	(1.2) Control by the Superintendent under subsection (1) may be taken in respect of a foreign company where
	(a) in respect of its insurance business in Canada, it has failed to pay its liabilities or, in the opinion of the Superintendent, will not be able to pay its liabilities as they become due and payable;
	(b) in the opinion of the Superintendent, a practice or state of affairs exists in respect of a foreign company that may be materially prejudicial to the interests of its policyholders or creditors in Canada;
	(c) its assets in Canada are not, in the opinion of the Superintendent, sufficient to give adequate protection to its policyholders and creditors in Canada;
	(d) any asset relating to its insurance business in Canada appearing on the books or records of the foreign company is not, in the opinion of the Superintendent, satisfactorily accounted for; or
	(e) it has failed to comply with an order of the Superintendent under paragraph 608(3)(a) or subsection 609(2).
Notice of proposed action	(1.3) The Superintendent must notify a company, society, provincial company or foreign company 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 ten days after it receives the notice.
Objectives of Superin- tendent	(2) Where the Superintendent has, pursuant to subsection (1), control of the assets of a company, society, provincial company or foreign company referred to in that subsection, the Superintendent may do all things necessary or expedient to protect the rights and interests of the policyholders and creditors of the company, society or provincial company or the policyholders and creditors in Canada of the foreign company.
Powers of Superin- tendent	(3) Where the Superintendent has, pursuant to subsection (1), control of the assets of a company, society, provincial company or foreign company referred to in that subsection,
	(a) the company, society, provincial company or foreign company shall not make, acquire or transfer any loan or make any purchase, sale or exchange of securities or any disbursement or transfer of cash of any kind without the prior approval of the Superintendent or a representative designated by the Superintendent; and
	(b) no director, officer or employee of the company, society, provincial company or foreign company nor the chief agent of the foreign company shall have access to any cash or securities held by the company, society, provincial company or foreign company unless
	(i) a representative of the Superintendent accompanies the director, officer or employee or the chief agent, or
	(ii) the access is previously authorized by the Superintendent or the Superintendent's representative.
	97. Sections 683 to 685 of the Act are replaced by the following:
Powers of directors and officers suspended	683. (1) Where the Superintendent takes control of a company, society or provincial company pursuant to subparagraph 679(1)(b)(iii), the powers, duties, functions, rights and privileges of the directors of the company, society or provincial company and of the officers of the company, society or provincial company responsible for its management are suspended.
Superin- tendent to manage company	(2) Where the Superintendent takes control of a company, society or provincial company pursuant to subparagraph 679(1)(b)(iii), the Superintendent shall manage the business and affairs of the company, society or provincial company and in so doing the Superintendent
	(a) may perform any of the duties and functions that the persons referred to in subsection (1) were performing prior to the taking of control; and
	(b) has and may exercise any power, right or privilege that any such person had or could have exercised prior to the taking of control.
Persons to assist	(3) Where the Superintendent takes control of a company, society or provincial company pursuant to subparagraph 679(1)(b)(iii), or of the assets of a foreign company pursuant to subparagraph 679(1)(b)(i) or (ii), the Superintendent may appoint one or more persons to assist in the management of the company, society or provincial company or of the insurance business in Canada of the foreign company.
Expiration of control	684. Control by the Superintendent under subsection 679(1) of a company, society or provincial company or of the assets of a company, society or provincial company or of the assets in Canada of a foreign company together with its other assets held in Canada under the control of its chief agent including all amounts received or receivable in respect of its insurance business in Canada expires on the day on which a notice by the Superintendent is sent to
	(a) the directors and officers who conducted the business and affairs of the company, society or provincial company, or
	(b) the chief agent in Canada of the foreign company,
	stating that the Superintendent is of the opinion that the circumstances leading to the taking of control by the Superintendent have been substantially rectified and that the company, society or provincial company or the foreign company, as the case may be, can resume control of its business and affairs, assets or its insurance business in Canada, as the case may be.
Superin- tendent may request winding-up	684.1 The Superintendent may, at any time before the receipt of a request under section 685 to relinquish control of a company, society or provincial company or of the assets of a company, society or provincial company or of the assets in Canada of a foreign company together with its other assets held in Canada under the control of its chief agent including all amounts received or receivable in respect of its insurance business in Canada, request the Attorney General of Canada to apply for a winding-up order under section 10.1 of the Winding-up and Restructuring Act in respect of
	(a) the company, society or provincial company, where the assets of the company, society or provincial company are under the control of the Superintendent pursuant to subparagraph 679(1)(b)(i) or (ii);
	(b) the insurance business in Canada of the foreign company, where the assets in Canada of the foreign company together with its other assets referred to in subparagraph 679(1)(b)(i) or (ii) are under the control of the Superintendent pursuant to that subparagraph; or
	(c) the company, society or provincial company, where it is under the control of the Superintendent pursuant to subparagraph 679(1)(b)(iii).
Requirement to relinquish control	685. Where no action has been taken by the Superintendent under section 684.1 and, after thirty days following the taking of control by the Superintendent under subsection 679(1) of a company, society or provincial company or of the assets of a company, society or provincial company or of the assets in Canada of a foreign company together with its other assets held in Canada under the control of its chief agent including all amounts received or receivable in respect of its insurance business in Canada, the Superintendent receives from the board of directors of the company, society or provincial company or, in case of a foreign company, its chief agent, a notice in writing requesting the Superintendent to relinquish control, the Superintendent must, not later than twelve days after receipt of the notice,
	(a) comply with the request; or
	(b) request the Attorney General of Canada to apply for a winding-up order under section 10.1 of the Winding-up and Restructuring Act in respect of the company, society or provincial company or the insurance business in Canada of the foreign company.
	98. Subparagraph 686(1)(a)(ii) of the Act is replaced by the following:
	(ii) exercising control of the assets of a foreign company pursuant to subparagraph 679(1)(b)(i) or (ii),
	99. Subsection 689(2) of the Act is repealed.
	100. Section 690 of the Act is repealed.
	101. Section 691 of the Act is replaced by the following:
Expenses payable by company, etc.	691. (1) Where the Superintendent has taken control of a company, society or provincial company pursuant to subparagraph 679(1)(b)(iii) and the control expires or is relinquished pursuant to section 684 or paragraph 685(a), the Superintendent may direct that the company, society or provincial company be liable for repayment of all or part of the expenses resulting from the taking of control of the company, society or provincial company and assessed against and paid by other companies, societies, provincial companies and foreign companies pursuant to section 687, together with such interest in respect thereof at such rate as is specified by the Superintendent.
Expenses payable by foreign company	(2) Where the Superintendent has taken control of the assets of a foreign company pursuant to subparagraph 679(1)(b)(i) or (ii) and the control expires or is relinquished pursuant to section 684 or paragraph 685(a), the Superintendent may direct that the foreign company be liable for repayment of all or part of the expenses resulting from the taking of control of the assets of the foreign company and assessed against and paid by other companies, societies, foreign companies and provincial companies pursuant to section 687, together with such interest in respect thereof at such rate as is specified by the Superintendent.
1991, c. 47, par. 702(4)(a)	102. Subsection 702(1) of the Act is replaced by the following:
Appeal to Federal Court	702. (1) An appeal lies to the Federal Court from any direction of the Minister made pursuant to subsection 432(1).
	103. Paragraph 703(d) of the Act is replaced by the following:
	(d) respecting the regulatory capital and total assets of a company, society or provincial company;
	(d.1) respecting the standards of sound business and financial practices for companies, societies, provincial companies and foreign companies;