Bill C-8
If you have any questions or comments regarding the accessibility of this publication, please contact us at accessible@parl.gc.ca.
|
|
|
|
|
|
Non-complian
ce with
requirements
for sale
|
(3) If a debt or liability to a bank or
authorized foreign bank is secured by a
warehouse receipt or bill of lading or security
on property given to a bank under section 426
or 427 or to an authorized foreign bank under
either of those sections as incorporated by
section 555 and is not paid, the bank or
authorized foreign bank is guilty of an offence
if it sells the property covered by the
warehouse receipt, bill of lading or security
under the power of sale conferred on it by this
Act without complying with the provisions of
this Act applicable to the exercise of the power
of sale.
|
|
Acquisition of
warehouse
receipts, bills
of lading, etc.
|
(4) Every bank or authorized foreign bank
that acquires or holds a warehouse receipt or
bill of lading or a document signed and
delivered to it giving or purporting to give to
the bank security on property under section
426 or 427, or to give the authorized foreign
bank security or property under either of those
sections as incorporated by section 555, to
secure the payment of any debt, liability, loan
or advance, is guilty of an offence unless
|
|
|
|
|
|
|
|
|
|
|
Definitions
|
(5) For the purposes of this section, the
expressions ``warehouse receipt'' and ``bill of
lading'' have the meaning assigned to those
expressions by section 425.
|
|
Punishment
|
985. (1) Every person who is guilty of an
offence under any of sections 980 to 984 is
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Order to
comply
|
(2) If a person has been convicted of an
offence under this Act, the court may, in
addition to any punishment it may otherwise
impose, order the person to comply with the
provisions of this Act or the regulations in
respect of which the person was convicted.
|
|
Additional
fine
|
(3) If a person has been convicted of an
offence under this Act, the court may, if it is
satisfied that as a result of the commission of
the offence the convicted person acquired any
monetary benefits or that monetary benefits
accrued to the convicted person or to the
spouse, common-law partner or other
dependant of the convicted person, order the
convicted person to pay, notwithstanding the
maximum amount of any fine that may
otherwise be imposed under this Act, an
additional fine in an amount equal to the
court's estimation of the amount of those
monetary benefits.
|
|
Liability of
officers,
directors, etc.
|
986. If an entity commits an offence under
this Act, any officer, director, agent or
principal officer 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 985 (1)(a) for the offence, whether
or not the entity has been prosecuted or
convicted.
|
|
Limitation
period
|
987. (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 the
Commissioner, as the case may be, certifying
the day on which the subject-matter of any
proceedings became known to the
Superintendent or the 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.
|
|
Effect of
offence on
contracts
|
988. Unless otherwise expressly provided
in this Act, a contravention of any provision of
this Act or the regulations does not invalidate
any contract entered into in contravention of
the provision.
|
|
Compliance
or restraining
order - bank
|
989. (1) If a bank or a bank holding
company or any director, officer, employee or
agent of one 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
bank or bank holding company , the
Superintendent, any complainant or any
creditor of the bank or bank holding company
may, in addition to any other right that that
person has, apply to a court for an order
directing the bank, bank holding company ,
director, officer, employee or agent to comply
with - or restraining the bank, bank holding
company , 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 -
authorized
foreign bank
|
(2) If an authorized foreign bank or any of
its directors, officers, employees or agents
does not comply with any provision of this Act
or the regulations other than a consumer
provision , or of an order made under
subsection 524(1), 528(1) or 534(1) in respect
of the authorized foreign bank, the
Superintendent, any complainant or any
creditor of the authorized foreign bank may, in
addition to any other right that that person has,
apply to a court for an order directing the
authorized foreign bank, director, officer,
employee or agent to comply with - or
restraining the authorized foreign bank,
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
|
(3) If a bank or an authorized foreign bank
or any director, officer, employee or agent of
one 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 bank, authorized foreign
bank, director, officer, employee or agent to
comply with - or restraining the bank,
authorized foreign bank, 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.
|
|
Appeals
|
990. Any decision or order of a court under
this Act may be appealed to the court of
appeal.
|
|
Recovery and
application of
fines
|
991. All fines payable under this Act are
recoverable and enforceable, with costs, at the
suit of Her Majesty in right of Canada,
instituted by the Attorney General of Canada,
and, when recovered, belong to Her Majesty
in right of Canada.
|
|
|
184. Schedules I and II to the Act are
replaced by Schedules I and II set out in
Schedule 2 to this Act.
|
|
R.S., c. B-2
|
Bank of Canada Act |
|
|
185. The definition ``notes'' in section 2 of
the Bank of Canada Act is replaced by the
following:
|
|
``notes'' « billets »
|
``notes'' means notes intended for circulation
in Canada.
|
|
|
186. Subsection 5(2) of the English
version of the Act is replaced by the
following:
|
|
Deputy
Minister of
Finance to be
member of
Board
|
(2) In addition to the members of the Board
as constituted by subsection (1), the Deputy
Minister of Finance or, if he or she is absent or
unable to act or the office is vacant, such other
officer of the Department of Finance as the
Minister may nominate, is a member of the
Board but does not have the right to vote.
|
|
1997, c. 15,
s. 94
|
187. Paragraph 6(4)(d) of the Act is
replaced by the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
188. Subsection 8(3) of the Act is replaced
by the following:
|
|
Absence, etc.,
of Governor
and Deputy
|
(3) The Board may authorize one of the
directors or one of the persons appointed
under section 7 to act as the Governor in the
event that the Governor and Deputy Governor
are absent or unable to act or the offices are
vacant, but no such person has authority to act
as Governor for a period exceeding one month
without the approval of the Governor in
Council.
|
|
|
189. (1) Subsection 9(1) of the Act is
replaced by the following:
|
|
Directors
|
9. (1) The Minister, with the approval of the
Governor in Council, shall appoint directors
to hold office, during good behaviour, subject
to removal by the Governor in Council at any
time for cause, to replace the directors whose
terms of office have expired. The term of a
director begins on the day he or she is
appointed and ends immediately before
March 1 of the year that is three years after the
year in which the term of office of the
director's predecessor expired.
|
|
Continuation
in office
|
(1.1) If, on the expiry of a director's term of
office, no new director is appointed, the
director whose term of office expired may
continue in office until a director is appointed
under subsection (1).
|
|
|
(2) Subsection 9(2) of the English version
of the Act is replaced by the following:
|
|
Vacancy
|
(2) If a person ceases to be a director during
the term for which he or she was appointed,
the Minister shall, with the approval of the
Governor in Council, appoint a qualified
person to hold office for the remainder of the
term.
|
|
1992, c. 1,
s. 142(1)(Sch.
V, item
5(2)(E));
1997, c. 15,
s. 95; 1999, c.
28, s. 94
|
190. (1) Subsection 10(2) of the Act is
replaced by the following:
|
|
Ineligible
persons
|
(2) No person is eligible to be appointed or
to continue as a director if the person is a
director, a partner, an officer or an employee
of any of the following institutions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Subsection 10(5) of the Act is
repealed.
|
|
|
191. The Act is amended by adding the
following after section 10:
|
|
Disclosure of
conflict
|
10.1 (1) A director shall disclose to the
Bank, in writing or by requesting to have it
entered in the minutes of a meeting of the
Board, the nature and extent of the director's
interest if the director
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time of
disclosure
|
(2) The disclosure shall be made as soon as
the director becomes aware of the contract,
transaction or action.
|
|
Restriction on
voting
|
(3) A director who is required to make a
disclosure shall not vote on any resolution to
approve the contract, transaction or action,
unless it relates to directors' fees.
|
|
Continuing
disclosure
|
(4) For the purpose of this section, a general
notice to the Board by a director, declaring
that he or she is a director or officer of or has
a material interest in a person, and that he or
she is to be regarded as interested in a contract
or transaction entered into with that person or
an action that affects that person, is a sufficient
declaration of interest in relation to a contract
or transaction with that person or action that
affects that person.
|
|
|
192. Section 12 of the English version of
the Act is replaced by the following:
|
|
Chair
|
12. The Governor is Chair of the Board of
Directors.
|
|
1997, c. 15,
s. 97
|
193. Section 16 of the Act is replaced by
the following:
|
|
Oath of
directors and
staff
|
16. Before a person starts to act as a director,
an officer or an employee of the Bank, he or
she shall take an oath, or make a solemn
affirmation, of fidelity and secrecy, in the
form set out in the schedule, before a
commissioner for taking affidavits.
|
|
|
194. (1) Paragraphs 18(d) and (e) of the
Act are replaced by the following:
|
|
|
|
|
1997, c. 15,
s. 98(1); 1999,
c. 28, s. 95(2)
|
(2) Paragraphs 18(g.1) to (i) of the Act are
replaced by the following:
|
|
|
|
|
|
|
|
|
|
|
1997, c. 15,
s. 99; 1999, c.
28, s. 96
|
195. Sections 19 and 20 of the Act are
replaced by the following:
|
|
Publication
|
19. If the Bank takes any action under
paragraph 18(g.1), the Bank shall cause a
notice to be published in the Canada Gazette
that the Governor has formed an opinion that
there is a severe and unusual stress on a
financial market or financial system. The
notice is to be published as soon as the
Governor is of the opinion that its publication
will not materially contribute to the stress to
which the notice relates.
|
|
Acquisition of
collateral
securities
|
20. The Bank may
|
|
|
|
|
|
|
|
1999, c. 28,
s. 97(1)
|
196. The definition ``federal financial
institution'' in subsection 22(5) of the Act is
replaced by the following:
|
|
``federal
financial
institution'' « institution financière fédérale »
|
``federal financial institution'' means a bank,
an authorized foreign bank, a company to
which the Trust and Loan Companies Act
applies or an association to which the
Cooperative Credit Associations Act
applies ;
|
|
|
197. Subsection 24(3) of the English
version of the Act is replaced by the
following:
|
|
Canadian
Government
cheques to be
paid or
negotiated at
par
|
(3) The Bank shall not make any charge for
cashing or negotiating a cheque drawn on the
Receiver General or on the account of the
Receiver General , or for cashing or
negotiating any other instrument issued as
authority for the payment of money out of the
Consolidated Revenue Fund, or on a cheque
drawn in favour of the Government of Canada
or any of its departments and tendered for
deposit in the Consolidated Revenue Fund.
|
|