Register for company

(2) The register in respect of a company shall contain a copy of

    (a) the incorporating instrument of the company;

    (b) the information referred to in paragraphs 668(1)(a), (c) and (e) to (h) contained in the latest return provided to the Superintendent by the company as required by section 668; and

    (c) the by-laws of the company sent to the Superintendent as required by section 669.

Register for society

(3) The register in respect of a society shall contain a copy of

    (a) the incorporating instrument of the society;

    (b) the information referred to in paragraphs 549(1)(a) and (c) to (f) contained in the latest return provided to the Superintendent by the society as required by subsection 549(1); and

    (c) the by-laws of the society sent to the Superintendent as required by subsection 548(3).

Public access to register

(4) Any person is entitled to examine the register in respect of a company or society during regular business hours and to make copies of or take extracts from the documents contained in it.

325. Paragraph 672(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.01) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision,

1996, c. 6, s. 96

326. (1) Paragraph 679(1)(a) of the Act is replaced by the following

    (a) take control, for a period not exceeding sixteen days, of the assets of the company, society or provincial company and the assets under its administration or, in the case of a foreign company, of its assets in Canada together with its other assets held in Canada under control of its chief agent, including all amounts received or receivable in respect of its insurance business in Canada; or

1996, c. 6, s. 96

(2) Subparagraph 679(1)(b)(i) of the Act is replaced by the following:

      (i) take control, for a period exceeding sixteen days, of the assets of the company, society or provincial company and the assets under its administration 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,

1996, c. 6, s. 96

(3) Paragraph 679(1.1)(b) of the Act is replaced by the following:

    (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 or the owners of any assets under the administration of the company, society or provincial company;

1996, c. 6, s. 96

(4) Paragraph 679(1.1)(d) of the Act is replaced by the following:

    (d) any asset appearing on the books or records of the company, society or provincial company or held under its administration is not, in the opinion of the Superintendent, satisfactorily accounted for;

327. Subsection 688(1) of the Act is replaced by the following:

Application of certain provisions of the Office of the Superinten-
dent of Financial Institutions Act

688. (1) Subsection 23(4) and section 23.2 of the Office of the Superintendent of Financial Institutions Act apply, with such modifications as the circumstances require, in respect of an assessment under section 687.

1996, c. 6, par. 167(1)(h)

328. Section 692 of the Act is replaced by the following:

Reduction of assessments

692. Any amount paid to or recovered by Her Majesty under section 691 of this Act or paragraph 161(1)(d) or (6)(c) or subparagraph 161(8)(b)(iv) of the Winding-up and Restructuring Act in respect of a company, society, foreign company or provincial company shall be applied to the extent and the manner that may be prescribed.

329. The Act is amended by adding the following after section 699:

Alternative means of publication

699.1 (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.

330. Section 703 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;

331. Subsection 706(1) of the Act is replaced by the following:

Punishment

706. (1) Every person who is guilty of an offence under any of subsections 705(1) to (4) is

    (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.

332. Section 707 of the Act is replaced by the following:

Liability of officers, directors, etc.

707. 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 706(1)(a) for the offence, whether or not the entity has been prosecuted or convicted.

333. The schedule to the Act is amended by adding the following in alphabetical order:

``loss of employment insurance''
« perte d'emploi »

``loss of employment insurance'' means insurance against the involuntary loss of employment by a person where the loss of employment benefit is limited to all or part of the debt of the person;

R.S., c. 18 (3rd Supp.), Part I

office of the superintendent of financial institutions act

334. Subsection 6(1) of the Office of the Superintendent of Financial Institutions Act and the heading before that subsection are replaced by the following:

Powers , Duties and Functions of the Superintendent

Duties, powers and functions of the Superinten-
dent

6. (1) The Superintendent has the powers , duties and functions assigned to the Superintendent by the Acts or provisions referred to in the schedule to this Part and shall examine into and report to the Minister from time to time on all matters connected with the administration of those Acts or provisions .

335. Subsection 7(1) of the Act is replaced by the following:

Duties and functions generally

7. (1) The Superintendent shall engage exclusively in the duties and functions of the Superintendent under section 6 and the duties and functions of the Superintendent as the deputy head of the Office.

336. Section 10 of the Act is replaced by the following:

Delegation by Superinten-
dent

10. The Superintendent may delegate any of the Superintendent's powers, duties and functions under this Act to a Deputy Superintendent.

337. Subsection 17(2) of the Act is replaced by the following:

Authority to spend assessments and revenues

(2) The Minister may spend, for the purpose mentioned in subsection (1), any assessment and interim assessment received under section 23 or 23.1 and any other revenue arising out of the operations of the Office.

1994, c. 26, s. 49(F)

338. Paragraph 22(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.01) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision,

1991, c. 46, s. 602, c. 47, s. 743(4); 1992, c. 56, s. 18(3); 1996, c. 6, s. 110, c. 21, s. 72(1)

339. Section 23 of the Act is replaced by the following:

Superinten-
dent to ascertain expenses

23. (1) The Superintendent shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year for or in connection with the administration of the Bank Act, the Cooperative Credit Associations Act, the Green Shield Canada Act, the Insurance Companies Act and the Trust and Loan Companies Act.

Amount conclusive

(2) The amount ascertained by the Superintendent under subsection (1) is final and conclusive for the purposes of this section.

Assessment

(3) As soon as possible after ascertaining the amount referred to in subsection (1), the Superintendent shall assess the amount against each financial institution to any extent and in any manner that the Governor in Council may, by regulation, prescribe.

Interim assessment

(4) The Superintendent may, during each fiscal year, prepare an interim assessment against any financial institution.

Meaning of ``person''

23.1 (1) For the purpose of this section, ``person'' means a natural person, a personal representative, a body corporate, a trust, a partnership, a fund, an unincorporated association or organization, Her Majesty in right of Canada or of a province, an agency of Her Majesty in either of those rights, the government of a foreign country or of a political subdivision of a foreign country, an agency of the government of a foreign country or an agency of the government of a political subdivision of a foreign country.

Assessment of particular expenses

(2) The Superintendent may assess against a person a prescribed charge and applicable disbursements for any service provided by or on behalf of the Superintendent for the person's benefit or for the benefit of a group of persons of which the person is a member.

Interim assessment

(3) The Superintendent may, during each fiscal year, prepare an interim assessment against any person towards the amount to be assessed against the person under subsection (2).

Assessment is binding

23.2 (1) Every assessment and interim assessment made under section 23 or 23.1 is final and conclusive and binding on the person against whom it is made.

Recovery

(2) Every assessment and interim assessment made under section 23 or 23.1 constitutes a debt due to Her Majesty and is immediately payable and may be recovered as a debt in any court of competent jurisdiction.

Interest

(3) Interest may be charged on the unpaid amount of an assessment or interim assessment under section 23 or 23.1 at a rate equal to the rate prescribed under the Income Tax Act for amounts payable by the Minister of National Revenue as refunds of overpayments of tax under that Act in effect from time to time plus two per cent.

Regulations

Power to make regulations

23.3 The Governor in Council may make regulations

    (a) prescribing anything that is required or authorized by this Act to be prescribed; and

    (b) prescribing the way in which anything that is required or authorized by this Act to be prescribed shall be determined.

1991, c. 45

trust and loan companies act

340. The portion of subsection 11(1) of the Trust and Loan Companies 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

341. Section 20 of the Act is replaced by the following:

Sunset provision

20. Companies shall not carry on business after March 31, 2002 except that if Parliament dissolves after December 31, 2001 and before April 1, 2002, companies 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.

342. (1) The portion of subsection 37(1) of the Act before paragraph (a) is replaced by the following:

Transitional

37. (1) Notwithstanding any other provision of this Act or the regulations, the Minister may, on the recommendation of the Superintendent , by order, grant to a company in respect of which letters patent were issued under subsection 33(1) permission to

(2) Subsections 37(3) and (4) of the Act are replaced by the following:

Renewal

(3) Subject to subsection (4), the Minister may, on the recommendation of the Superintendent , by order, renew a permission granted by order under subsection (1) with respect to any matter described in paragraphs (1)(b) to (e) for such further period or periods as the Minister considers necessary.

Limitation

(4) The Minister shall not grant to a company any permission

    (a) with respect to matters described in paragraph (1)(b), that purports to be effective more than ten years after the date of the approval for the company to commence and carry on business, unless the Minister is satisfied on the basis of evidence on oath provided by an officer of the company that the company will not be able at law to redeem at the end of the ten years the outstanding debt obligations to which the permission relates; and

    (b) with respect to matters referred to in paragraphs (1)(d) and (e), that purports to be effective more than ten years after the date of the approval for the company to commence and carry on business.

343. Paragraphs 38(2)(b) and (c) of the Act are replaced by the following:

    (b) in the case of an application referred to in paragraph (1)(a), the company

      (i) holds no deposits that are insured under the Canada Deposit Insurance Corporation Act, and

      (ii) is not carrying on any of the fiduciary activities referred to in section 412; and