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His Excellency the Governor General recommends to the House of
Commons the appropriation of public revenue under the circumstances,
in the manner and for the purposes set out in a measure entitled ``An Act
to amend, enact and repeal certain laws relating to financial
institutions''.
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This enactment amends a number of Acts governing financial
institutions, amends legislation related to the regulation of financial
institutions, amends the Winding-up Act and enacts a new Act dealing
with the regulation of systems for the clearing and settlement of
payment obligations. Notable among the amendments are the
following:
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(a) similar amendments to the Bank Act, Cooperative Credit
Associations Act, Insurance Companies Act and Trust and Loan
Companies Act dealing with
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(i) the disclosure of information,
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(ii) the elimination of appeals in relation to certain matters,
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(iii) the disqualification of persons from becoming office-holders
of an institution,
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(iv) the taking of control of an institution by the Superintendent
of Financial Institutions, and
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(v) changes to the duties of the Superintendent;
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(b) amendments to the Winding-up Act respecting
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(i) the circumstances and procedures for winding up an
institution, and
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(ii) a revised Part III dealing with the restructuring of insurance
companies; and
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(c) amendments to the Canada Deposit Insurance Corporation Act
concerning
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(i) the business affairs of the Corporation,
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(ii) the restructuring of institutions by means of the vesting of
shares, etc., and the Corporation becoming a receiver,
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(iii) the assessment and collection of deposit insurance
premiums, and
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(iv) the enforcement of the Act.
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