Bill C-38
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Approvals: Terms, Conditions and Undertakings |
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Definition of
``approval''
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459.2 (1) In this section, ``approval''
includes any consent, order, exemption,
extension or other permission granted by the
Minister or the Superintendent under this Act,
and includes the issuance of letters patent.
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Minister -
terms,
conditions
and
undertakings
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(2) In addition to any other action that may
be taken under this Act, the Minister may, in
granting an approval, impose such terms and
conditions or require such undertaking as the
Minister considers necessary, including any
terms, conditions or undertaking specified by
the Superintendent to maintain or improve the
safety and soundness of any financial
institution regulated under an Act of
Parliament and to which the approval relates
or that may be affected by it.
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Superintend- ent - terms, conditions and undertakings
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(3) In addition to any other action that may
be taken under this Act, the Superintendent
may, in granting an approval, impose such
terms and conditions or require such
undertaking as the Superintendent considers
necessary.
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Effect of
non-complian
ce on
approval
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(4) Unless otherwise expressly provided in
this Act, a failure to comply with a term or
condition or an undertaking imposed or
required under any provision of this Act does
not invalidate the approval to which the term,
condition or undertaking relates.
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Non- compliance
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(5) In addition to any other action that may
be taken under this Act, in case of
non-compliance by a person with a term,
condition or undertaking imposed or required
under any provision of this Act, the Minister
or Superintendent, as the case may be, may
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Representa- tions
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(6) Before taking any action under
subsection (5), the Minister or the
Superintendent, as the case may be, shall
afford the person concerned a reasonable
opportunity to make representations.
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Revocation,
suspension or
amendment
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(7) At the request of the person concerned,
the Minister or the Superintendent, as the case
may be, may revoke, suspend or amend any
terms or conditions imposed by him or her or
may revoke or suspend an undertaking given
to him or her or approve its amendment.
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327. The Act is amended by adding the
following after section 461:
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Applications to Superintendent |
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Content of
applications
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461.1 (1) The following applications to the
Superintendent must contain the information,
material and evidence that the Superintendent
may require:
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Receipt
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(2) Without delay after receiving the
application, the Superintendent shall send a
receipt to the applicant certifying the date on
which it was received.
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Notice of
decision to
applicant
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(3) Subject to subsection (4), the
Superintendent shall, within a period of thirty
days after the receipt of the application, send
to the applicant
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Extension of
period
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(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.
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Deemed
approval
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(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.
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328. 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):
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329. The Act is amended by adding the
following after section 467:
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Limitation
period
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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.
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Certificate of
Superinten- dent or Commissioner
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(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.
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330. Section 469 of the Act is replaced by
the following:
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Compliance
or restraining
order
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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.
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Compliance
or restraining
order -
consumer
provisions
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(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.
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1997, c. 15,
s. 163
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331. Paragraph 474(1)(d) of the Act is
replaced by the following:
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(d) Parts IX to XV and XVII, other than
subsection 375(3), section 375.1 and
paragraph 442(1.1)(g) ,
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Bill C-23
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332. If Bill C-23, introduced in the 2nd
session of the 36th Parliament and entitled
the Modernization of Benefits and
Obligations Act (``that Act''), receives royal
assent, then
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Preferred
terms - loan
to spouse or
common-law
partner of
senior officer
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(4.1) Despite section 425, an association
may make a loan referred to in paragraph
415(b) to the spouse or common-law partner
of a senior officer of the association on terms
and conditions more favourable than market
terms and conditions, as defined in subsection
425(2), by the association if those terms and
conditions have been approved by the conduct
review committee of the association.
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Preferred
terms - other
financial
services
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(5) Despite section 425, an association may
offer financial services, other than loans or
guarantees, to a senior officer of the
association, or to the spouse or common-law
partner, or to a child who is less than eighteen
years of age, of a senior officer of the
association, on terms and conditions more
favourable than market terms and conditions,
as defined in subsection 425(2), if
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1992, c. 56
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Green Shield Canada Act |
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1997, c. 15,
s. 164(1)
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333. (1) The portion of subsection 17(1) of
the Green Shield Canada Act before
paragraph (a) is replaced by the following:
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Application of
the Insurance
Companies
Act
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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 second session of the thirty-sixth
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:
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1997, c. 15,
s. 164(2)
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(2) Paragraph 17(1)(e) of the Act is
replaced by the following:
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(3) Paragraph 17(1)(f) of the Act is
replaced by the following:
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(4) Paragraphs 17(1)(h) and (i) of the Act
are replaced by the following:
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334. Subsection 17(2) of the Act is
amended by adding the following after
paragraph (l):
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1991, c. 47
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Insurance Companies Act |
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1996, c. 6,
s. 66
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335. (1) Paragraph (a) of the definition
``provincial company'' in subsection 2(1) of
the Insurance Companies Act is repealed.
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1996, c. 6,
s. 66
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(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:
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``annual
statement'' « rapport annuel »
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``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);
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``central
securities
register'' or
``securities
register'' « registre central des valeurs mobilières » ou « registre des valeurs mobilières »
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``central securities register'' or ``securities
register'', in relation to a company or an
insurance holding company , means the
register referred to in section 271;
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``head office'' « siège »
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``head office'' means
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``incorpo- rator'' « fondateur »
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``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 ;
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``recorded
address'' « adresse enregistrée »
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``recorded address'' means
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``regulatory
capital'' « capital réglementai- re »
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``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;
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``subsidia- ry'' « filiale »
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``subsidiary'' means an entity that is a
subsidiary of another entity within the
meaning of section 5;
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``total assets'' « actif total »
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``total assets'', in respect of a company,
society, provincial company or insurance
holding company , has the meaning given
that expression by the regulations;
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(3) Paragraph (c) of the definition
``complainant'' in subsection 2(1) of the Act
is replaced by the following:
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1991, c. 48,
par. 495(1)(a)
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(4) Paragraph (d) of the definition
``financial institution'' in subsection 2(1) of
the Act is replaced by the following:
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(5) Subsection 2(1) of the Act is amended
by adding the following in alphabetical
order:
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``Agency'' « Agence »
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``Agency'' means the Financial Consumer
Agency of Canada established under
section 3 of the Financial Consumer
Agency of Canada Act;
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``bank
holding
company'' « société de portefeuille bancaire »
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``bank holding company'' means a body
corporate that is incorporated or formed
under Part XV of the Bank Act;
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