Applications to Superintendent

Content of applications

461.1 (1) The following applications to the Superintendent must contain the information, material and evidence that the Superintendent may require:

    (a) applications for approval under subsection 74(1), 80(2), 82(4), 86(5), 87(1), 177(1), 221(2), 385(1), 390(6) or (10), 393(1) or (2) or 406(1), subparagraph 411(2)(a)(iv), section 414 or subsection 418(3) or (3.1);

    (b) applications for consent under subsection 79(1);

    (c) applications for exemptions under subsection 166.05(3) or 242(1); and

    (d) applications for extensions of time under subsection 393(3) or (5), 394(4) or 395(4).

Receipt

(2) Without delay after receiving the application, the Superintendent shall send a receipt to the applicant certifying the date on which it was received.

Notice of decision to applicant

(3) Subject to subsection (4), the Superintendent shall, within a period of thirty days after the receipt of the application, send to the applicant

    (a) a notice approving the application, subject to any terms and conditions that the Superintendent considers appropriate; or

    (b) if the Superintendent is not satisfied that it should be approved, a notice to that effect.

Extension of period

(4) If the Superintendent is unable to complete the consideration of the application within the period referred to in subsection (3), the Superintendent shall, within that period, send a notice to the applicant informing the applicant that the Superintendent has extended the period for a further period set out in the notice.

Deemed approval

(5) If the applicant does not receive the notice required by subsection (3) and, where applicable, subsection (4), within the required period, the Superintendent is deemed to have approved the application and granted the approval, consent, extension or exemption to which the application relates, regardless of whether the approval, consent, extension or exemption is to be in writing or not.

339. Section 463 of the Act is amended by striking out the word ``and'' at the end of paragraph (i) and by adding the following after paragraph (i):

    (i.1) respecting the determination of the equity of an association;

    (i.2) respecting persons who are a related party to a retail association; and

340. The Act is amended by adding the following after section 467:

Limitation period

467.1 (1) Proceedings by way of summary conviction in respect of an offence under a provision of this Act may be commenced at any time within, but not later than, two years after the day on which the subject-matter of the proceedings became known, in the case of an offence under a consumer provision, to the Commissioner and, in any other case, to the Superintendent.

Certificate of Superinten-
dent or Commission-
er

(2) A document appearing to have been issued by the Superintendent or Commissioner, as the case may be, certifying the day on which the subject-matter of any proceedings became known to the Superintendent or Commissioner is admissible in evidence without proof of the signature or official character of the person appearing to have signed it and is, in the absence of evidence to the contrary, proof of the matter asserted in it.

341. Section 469 of the Act is replaced by the following:

Compliance or restraining order

469. (1) If an association or any director, officer, employee or agent of an association does not comply with any provision of this Act or the regulations other than a consumer provision , or of the incorporating instrument or any by-law of the association, the Superintendent, any complainant or any creditor of the association may, in addition to any other right that that person has, apply to a court for an order directing the association, director, officer, employee or agent to comply with - or restraining the association, director, officer, employee or agent from acting in breach of -the provision and, on the application, the court may so order and make any further order it thinks fit.

Compliance or restraining order - consumer provisions

(2) If a retail association or any director, officer, employee or agent of a retail association does not comply with any applicable consumer provision, the Commissioner or any complainant may, in addition to any other right that that person has, apply to a court for an order directing the retail association, director, officer, employee or agent to comply with - or restraining the retail association, director, officer, employee or agent from acting in breach of - the consumer provision and, on the application, the court may so order and make any further order it thinks fit.

1997, c. 15, s. 163

342. (1) Paragraph 474(1)(d) of the Act is replaced by the following:

    (d) Parts IX to XV and XVII, other than subsection 375(3), section 375.1 and paragraph 442(1.1)(g) ,

(2) Section 474 of the Act is amended by adding the following after subsection (4):

Exception

(5) Paragraph 390(4)(a) does not apply to the acquisition or increase of a substantial investment by a central in an association referred to in section 14.

1992, c. 56

Green Shield Canada Act

1997, c. 15, s. 164(1)

343. (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 establish the Financial Consumer Agency of Canada and to amend certain Acts in relation to financial institutions , enacted during the first session of the thirty-seventh 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:

1997, c. 15, s. 164(2)

(2) Paragraph 17(1)(e) of the Act is replaced by the following:

    (e) sections 160 to 162, paragraphs 165(a) to (e), (h) and (i), sections 166 and 167, subsection 168(1), sections 170 to 172, subsections 174(1) and (3) to (6), 174(7) (excepting therefrom the reference to subsection 173(4)) and 175(1) and (4), sections 177 and 189 to 194, subsection 195(1), sections 196, 202 and 203, subsections 204(1) and (2), paragraphs 204(3)(a) to (c), subsections 204(4) to (6), sections 205 and 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), subsections 331(4) and (6) , sections 332 to 357 and 359.1 to 380, paragraph 381(1)(a), subsection 381(2) and sections 382 to 406 of Part VI;

(3) Paragraph 17(1)(f) of the Act is replaced by the following:

    (f) paragraph 441(1)(d), subsection 441(3) and sections 448, 450, 465 to 472 and 476 to 478 of Part VIII;

    (f.1) paragraphs 165(2)(f) and (g) of Part VI and sections 479 to 489 and 489.2 of Part VIII;

(4) Paragraphs 17(1)(h) and (i) of the Act are replaced by the following:

    (h) sections 515 to 517 of Part X; and

    (i) Part XI, except sections 528.1 to 528.3, and Parts XV, XVI, XVIII and XIX.

344. Subsection 17(2) of the Act is amended by adding the following after paragraph (l):

    (l.1) a reference to a consumer provision shall be deemed to be a reference to a provision referred to in paragraph (e) of the definition ``consumer provision'' in section 2 of the Financial Consumer Agency of Canada Act;

1991, c. 47

Insurance Companies Act

1996, c. 6, s. 66(1)

345. (1) Paragraph (a) of the definition ``provincial company'' in subsection 2(1) of the Insurance Companies Act is repealed.

1996, c. 6, s. 66(1)

(2) The definitions ``annual statement'', ``central securities register'' or ``securities register'', ``head office'', ``incorporator'', ``recorded address'', ``regulatory capital'', ``subsidiary'' and ``total assets'' in subsection 2(1) of the Act are replaced by the following:

``annual statement''
« rapport annuel »

``annual statement'', in relation to a company , means the annual financial statement of the company within the meaning of paragraph 331(1)(a) and, in relation to an insurance holding company, means the annual financial statement of the insurance holding company within the meaning of paragraph 887(1)(a);

``central securities register'' or ``securities register''
« registre central des valeurs mobilières » ou « registre des valeurs mobilières »

``central securities register'' or ``securities register'', in relation to a company or an insurance holding company , means the register referred to in section 271;

``head office''
« siège »

``head office'' means

      (a) in relation to a company , the office required to be maintained by the company under section 260,

      (b) in relation to a society, the office required to be maintained by the society under section 544, and

      (c) in relation to an insurance holding company, the office required to be maintained by the insurance holding company under section 868;

``incorporator ''
« fondateur »

``incorporator'', in relation to a company or an insurance holding company , means a person who applied for letters patent to incorporate the company or insurance holding company, as the case may be ;

``recorded address''
« adresse enregistrée »

``recorded address'' means

      (a) in relation to a person who is a shareholder of a company or an insurance holding company , the latest postal address of the person according to the central securities register of the company or the insurance holding company, as the case may be , and

      (b) in relation to a person in any other respect, the latest postal address of the person according to the records of the company or insurance holding company ;

``regulatory capital''
« capital réglementai-
re »

``regulatory capital'', in respect of a company, a society, a provincial company or an insurance holding company , has the meaning given that expression by the regulations;

``subsidiary''
« filiale »

``subsidiary'' means an entity that is a subsidiary of another entity within the meaning of section 5;

``total assets''
« actif total »

``total assets'', in respect of a company, society, provincial company or insurance holding company , has the meaning given that expression by the regulations;

(3) Paragraph (c) of the definition ``complainant'' in subsection 2(1) of the Act is replaced by the following:

      (c) any other person who, in the discretion of a court, is a proper person to make an application under section 371, 375 or 1031 ;

1991, c. 48, par. 495(1)(a)

(4) Paragraph (d) of the definition ``financial institution'' in subsection 2(1) of the Act is replaced by the following:

      (d) an association to which the Cooperative Credit Associations Act applies or a central cooperative credit society for which an order has been made under subsection 473(1) of that Act,

(5) Subsection 2(1) of the Act is amended by adding the following in alphabetical order:

``Agency''
« Agence »

``Agency'' means the Financial Consumer Agency of Canada established under section 3 of the Financial Consumer Agency of Canada Act;

``bank holding company''
« société de portefeuille bancaire »

``bank holding company'' means a body corporate that is incorporated or formed under Part XV of the Bank Act;

``Commission er''
« commissaire »

``Commissioner'' means the Commissioner of the Financial Consumer Agency of Canada appointed under section 4 of the Financial Consumer Agency of Canada Act;

``consumer provision''
« disposition visant les consomma-
teurs »

``consumer provision'' means a provision referred to in paragraph (c) of the definition ``consumer provision'' in section 2 of the Financial Consumer Agency of Canada Act;

``converted company''
« société transformée »

``converted company'' means a mutual company that has been converted under this Act into a company with common shares;

``equity''
« capitaux propres »

``equity'', in respect of a company or an insurance holding company, means its equity as determined in accordance with the regulations;

``federal financial institution''
« institution financière fédérale »

``federal financial institution'' means

      (a) a company or a society,

      (b) a bank,

      (c) a body corporate to which the Trust and Loan Companies Act applies, or

      (d) an association to which the Cooperative Credit Associations Act applies or a central cooperative credit society for which an order has been made under subsection 473(1) of that Act;

``insurance holding company''
« société de portefeuille d'assuran-
ces »

``insurance holding company'' means a body corporate that is incorporated or formed under Part XVII;

(6) Section 2 of the Act is amended by adding the following after subsection (2):

Major shareholder

(3) For the purposes of this Act, a person is a major shareholder of a body corporate if

    (a) the aggregate of the shares of any class of voting shares of the body corporate that are beneficially owned by the person and that are beneficially owned by any entities controlled by the person is more than 20 per cent of the outstanding shares of that class of voting shares of the body corporate; or

    (b) the aggregate of the shares of any class of non-voting shares of the body corporate that are beneficially owned by the person and that are beneficially owned by any entities controlled by the person is more than 30 per cent of the outstanding shares of that class of non-voting shares of the body corporate.

Widely held

(4) For the purposes of this Act, a body corporate is widely held if it has no major shareholder.

346. (1) Paragraph 3(1)(d) of the French version of the Act is replaced by the following:

    d) dans tous les cas, la personne dont l'influence directe ou indirecte auprès de l'entité est telle que son exercice aurait pour résultat le contrôle de fait de celle-ci.

(2) The portion of subsection 3(3) of the Act before paragraph (a) is replaced by the following:

Deemed control

(3) A person is deemed to control, within the meaning of paragraph (1)(a) or (b) , an entity if the aggregate of

(3) Section 3 of the Act is amended by adding the following after subsection (3):

Guidelines

(4) The Minister may, for any purpose of any provision of this Act that refers to control within the meaning of paragraph (1)(d), make guidelines respecting what constitutes such control, including guidelines describing the policy objectives that the guidelines and the relevant provisions of the Act are intended to achieve and, if any such guidelines are made, the reference to paragraph (1)(d) in that provision shall be interpreted in accordance with the guidelines.

347. Sections 4 and 5 of the Act are replaced by the following:

Holding body corporate

4. A body corporate is the holding body corporate of any entity that is its subsidiary.

Subsidiary

5. An entity is a subsidiary of another entity if it is controlled by the other entity .