(b) the chief executive officer, chief operating officer, president, secretary, treasurer, controller, chief financial officer, chief accountant, chief auditor or chief actuary of the body corporate;
	(c) a natural person who performs functions for the body corporate similar to those performed by a person referred to in paragraph (b);
	(d) the head of the strategic planning unit of the body corporate;
	(e) the head of the unit of the body corporate that provides legal services or human resources services to the body corporate; or
	(f) any other officer reporting directly to the body corporate's board of directors, chief executive officer or chief operating officer.
	151. (1) Paragraph 410(1)(b) of the Act is replaced by the following:
	(b) is a director or senior officer of the association;
	(2) Paragraphs 410(1)(d) to (g) of the Act are replaced by the following:
	(d) is an entity that is controlled by a person referred to in any of paragraphs (a) to (c); or
	(e) is a person, or a member of a class of persons, designated under subsection (2) or (3) as, or deemed under subsection (4) to be, a related party of the association.
	(3) Subsections 410(5) to (7) of the Act are replaced by the following:
	(5) The Superintendent may, by order, designate a class of non-voting shares of an association for the purpose of this subsection. If a class of non-voting shares of an association is so designated , a person is deemed, notwithstanding paragraph (1)(a), not to be a related party of the association if the person would otherwise be a related party of the association only because the person has a significant interest in that class.
Determi- nation of control	(6) For the purposes of paragraph (1)(d) , ``controlled'' means ``controlled, within the meaning of section 3, determined without regard to paragraph 3(1)(e)''.
	152. Subsection 419(3) of the Act is replaced by the following:
Service corporations	(3) Notwithstanding subsection 413(2), an association is deemed not to have indirectly entered into a transaction in respect of which this Part applies if the transaction is entered into by a service corporation, as defined in subsection 386(1) , that is controlled by the association and the transaction is on terms and conditions at least as favourable to the association as market terms and conditions, as defined in subsection 425(2).
	153. (1) Paragraphs 420(1)(a) and (b) of the Act are replaced by the following:
	(a) a natural person who is a related party of the association only because the person is
	(i) a director or a senior officer of the association, or
	(ii) the spouse, or a child who is less than eighteen years of age, of a director or senior officer of the association; or
	(b) an entity that is a related party of the association only because the entity is controlled by
	(i) a director or senior officer of the association, or
	(ii) the spouse, or a child who is less than eighteen years of age, of a director or senior officer of the association.
	(2) Subsection 420(2) of the Act is replaced by the following:
Loans to full-time senior officers	(2) An association may, with respect to a related party of the association referred to in subsection (1) who is a full-time senior officer of the association, make, take an assignment of or otherwise acquire a loan to the related party only if the aggregate principal amount of all outstanding loans to the related party that are held by the association and its subsidiaries, together with the principal amount of the proposed loan, does not exceed the greater of the annual salary of the related party and $50,000.
	(3) Subsections 420(4) and (5) of the Act are replaced by the following:
Preferred terms - loan to senior officer	(4) Notwithstanding section 425, an association may make a loan, other than a margin loan, to a senior officer of the association on terms and conditions more favourable to the officer than market terms and conditions, as defined in subsection 425(2), if those terms and conditions of the loan have been approved by the conduct review committee of the association.
Preferred terms - other financial services	(5) Notwithstanding section 425, an association may offer financial services, other than loans or guarantees, to a senior officer of the association, on terms and conditions more favourable than market terms and conditions, as defined in subsection 425(2), if
	(a) the financial services are offered by the association to employees of the association on those favourable terms and conditions; and
	(b) the conduct review committee of the association has approved the practice of making those financial services available on those favourable terms and conditions to senior officers of the association.
	154. Subparagraph 421(1)(d)(ii) of the Act is replaced by the following:
	(ii) where the related party is a full-time senior officer of the association, loans to the related party that are permitted by subsection 420(2),
	155. Section 422 of the Act is replaced by the following:
Margin loans	422. The Superintendent may establish terms and conditions with respect to the making by an association of margin loans to a senior officer of the association.
	156. Sections 426 and 427 of the Act are repealed.
	157. Section 429 of the Act is replaced by the following:
Notice to Superinten- dent	429. If an association has entered into a transaction that the association is prohibited by this Part from entering into, or an association has entered into a transaction for which approval is required under subsection 421(1) without having obtained the approval, the association shall, on becoming aware of that fact, notify the Superintendent without delay .
	158. Paragraph 435(2)(a) of the Act is replaced by the following:
	(a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision ,
	(a.1) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision, and
	159. The Act is amended by adding the following after section 459:
Alternative means of publication	459.1 (1) Anything that is required by a provision of this Act to be published in the Canada Gazette or to be published in any other way may, instead of being published in that way, be published in any manner that may be prescribed for the purpose of that provision.
Alternative means of publishing summaries	(2) Anything that is required by a provision of this Act to be summarized in a publication may instead be summarized and published in any manner that may be prescribed for the purpose of that provision.
Publication conditions	(3) Any condition under a provision of this Act that something be published in the Canada Gazette or in any other way is satisfied if that thing is published instead in any manner that may be prescribed for the purpose of that provision.
Other consequences	(4) Where a provision of this Act provides for consequences to follow the publication of something in the Canada Gazette or in any other manner, the same consequences follow the publication of that thing in any other manner that may be prescribed for the purpose of that provision.
	160. Section 463 of the Act is amended by adding the following after paragraph (a):
	(a.1) prescribing the way in which anything that is required or authorized by this Act to be prescribed shall be determined;
	161. Paragraphs 466(1)(a) and (b) of the Act are replaced by the following:
	(a) in the case of a natural person, liable
	(i) on summary conviction, to a fine not exceeding $100,000 or to imprisonment for a term not exceeding twelve months, or to both, or
	(ii) on conviction on indictment, to a fine not exceeding $500,000 or to imprisonment for a term not exceeding five years, or to both; and
	(b) in the case of an entity, liable
	(i) on summary conviction, to a fine not exceeding $500,000, or
	(ii) on conviction on indictment, to a fine not exceeding $5,000,000.
	162. Section 467 of the Act is replaced by the following:
Liability of officers, directors, etc.	467. Where an entity commits an offence under this Act, any officer, director or agent of the entity who directed, authorized, assented to, acquiesced in or participated in the commission of the offence is a party to and guilty of the offence and liable on summary conviction or on conviction on indictment to the punishment provided under paragraph 466(1)(a) for the offence, whether or not the entity has been prosecuted or convicted.
	163. Subsection 474(1) of the Act is amended by adding the following after paragraph (a):
	(a.1) paragraphs 167(2)(a) and (b) ,
1992, c. 56	green shield canada act
1996, c. 6, s. 165	164. (1) The portion of subsection 17(1) of the Green Shield Canada Act before paragraph (a) is replaced by the following:
Application of the Insurance Companies Act	17. (1) Subject to any other provision of this Act, the following provisions of the Insurance Companies Act, as amended or enacted by An Act to amend certain laws relating to financial institutions , enacted during the second session of the thirty-fifth Parliament, together with any regulations made under or for the purposes of those provisions , apply to the Association, with such modifications as the circumstances require:
	(2) Paragraph 17(1)(e) of the Act is replaced by the following:
	(e) sections 160 to 162 and 165 to 167, subsection 168(1), sections 170 to 172, subsections 174(1) and (3) to (6), subsection 174(7) (except the reference in it to subsection 173(4)), subsections 175(1) and (4), sections 177 and 189 to 194, subsection 195(1), sections 196 and 202 to 206, paragraphs 207(a), (b), (c), (h) and (i), sections 208 to 215, paragraphs 216(2)(d) and (e), subsections 217(1) and (2), paragraphs 217(3)(a) and (c), sections 218 to 223, 244, 254 to 256 and 260, subsections 261(1) and (2) and 262(1) to (6), sections 266 to 268, paragraphs 269(a) and (b), sections 270, 278, 279 and 330, subsections 331(1) and (2), paragraphs 331(3)(b) and (c), subsection 331(4), sections 332 to 357 and 359.1 to 380, paragraph 381(1)(a), subsection 381(2) and sections 382 to 406 of Part VI;
1991, c. 47	insurance companies act
	165. (1) The definitions ``actuary'', ``life company'' and ``society'' in subsection 2(1) of the Insurance Companies Act are replaced by the following:
``actuary'' « actuaire »	``actuary'' means a Fellow of the Canadian Institute of Actuaries;
``life company'' « société d'assurance- vie »	``life company'' means a company or a provincial company that is permitted to insure risks falling within the class of life insurance, other than a company or a provincial company that is also permitted to insure risks falling within any other class of insurance other than accident and sickness insurance, accident insurance, personal accident insurance, sickness insurance and loss of employment insurance ;
``society'' « société de secours »	``society'' means a body corporate referred to in subsection 13(2) that is a fraternal benefit society ;
	(2) Paragraphs (a) and (b) of the definition ``complainant'' in subsection 2(1) of the Act are replaced by the following:
	(a) a registered holder or beneficial owner, and a former registered holder or beneficial owner, of a security of the company or any of its affiliates,
	(a.1) a policyholder entitled to vote at a meeting of policyholders or shareholders and policyholders of the company,
	(b) a director or an officer, or a former director or officer, of the company or any of its affiliates, or
	(3) Paragraph (a) of the definition ``financial institution'' in subsection 2(1) of the Act is replaced by the following:
	(a) a company or a society ,
	(4) Subsection 2(1) of the Act is amended by adding the following in alphabetical order:
``fraternal benefit society'' « société de secours mutuel »	``fraternal benefit society'' means a body corporate
	(a) that is without share capital,
	(b) that has a representative form of government, and
	(c) that was incorporated for fraternal, benevolent or religious purposes, including the provision of insurance benefits solely to its members or the spouses or children of its members;
	166. The portion of subsection 11(1) of the Act before paragraph (a) is replaced by the following:
Distribution to the public	11. (1) Subject to subsection (2), for the purposes of this Act, a security of a body corporate or an unincorporated entity
	167. Subsection 13(2) of the Act is replaced by the following:
Application of certain provisions	(2) This Part and Parts II to IV, sections 224, 225 and 245 to 258 and Parts X, XII and XV to XVII apply to every body corporate
	(a) that is incorporated or continued as a society under this Act, or
	(b) to which any of the provisions of Parts I and II, Part III, except section 77, Part IV, except sections 123 to 130 and 153 to 158, and Parts V and VII of the Canadian and British Insurance Companies Act applied immediately before June 1, 1992
	and that is not discontinued under this Act.
	168. Section 21 of the Act is replaced by the following:
Sunset provision	21. Companies and societies shall not carry on business after March 31, 2002, except that if Parliament dissolves after December 31, 2001 and before April 1, 2002, companies and societies may continue to carry on business until the day that is one hundred and eighty days after the first day of the first session of the next Parliament.
	169. Subsection 23(2) of the Act is replaced by the following:
Societies	(2) Letters patent incorporating a society may not be issued if the society is to operate for profit or as a commercial enterprise or its property is not to be under the control of persons periodically elected by members of the society.