Bill C-8
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Notice of
decision
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(2) Subject to subsections (4) and 362(2), if
an application involves the acquisition of
control of an association, the Minister shall,
within a period of forty-five days after the
certified date referred to in subsection 360(1),
send to the applicant
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Extension of
period for
notice
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(3) If the Minister is unable to complete the
consideration of an application within the
period referred to in subsection (1), the
Minister shall
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Further
extensions
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(4) If the Minister considers it appropriate
to do so, the Minister may extend the period
referred to in subsection (2) for one or more
periods of forty-five days.
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302. Section 362 of the Act is renumbered
as subsection 362(1) and is amended by
adding the following:
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Reasonable
opportunity to
make
representation
s
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(2) If after receipt of the notice referred to
in paragraph 361(2)(b) the applicant advises
the Minister that the applicant wishes to make
representations, the Minister must provide the
applicant with a reasonable opportunity
within a period of forty-five days after the date
of the notice, or within any further period that
may be agreed on by the applicant and the
Minister, to make representations in respect of
the matter.
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303. Sections 363 and 364 of the Act are
replaced by the following:
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Notice of
decision
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363. (1) Within a period of thirty days after
the expiration of the period for making
representations referred to in subsection
362(1), the Minister shall, in the light of any
such representations and having regard to the
matters to be taken into account, send a notice
to the applicant indicating whether or not the
Minister approves the transaction to which the
application relates.
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Notice of
decision
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(2) Within a period of forty-five days after
the expiration of the period for making
representations referred to in subsection
362(2), the Minister shall, in the light of any
such representations and having regard to the
matters to be taken into account, send a notice
to the applicant indicating whether or not the
Minister approves the transaction to which the
application relates.
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Deemed
approval
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364. If the Minister does not send a notice
under subsection 361(1) or (3) or 363(1)
within the period provided for in those
subsections, the Minister is deemed to have
approved the transaction to which the
application relates.
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304. The portion of subsection 368(1) of
the Act before paragraph (a) is replaced by
the following:
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Disposition of
shareholdings
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368. (1) If, with respect to any association,
a person contravenes section 354 or 354.1 or
fails to comply with any terms and conditions
imposed under section 359, the Minister may,
if the Minister deems it in the public interest
to do so, by order,
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305. The Act is amended by adding the
following immediately before section 375:
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General Business |
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1997, c. 15,
s. 137
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306. (1) The portion of subsection 375(1)
of the Act before subparagraph (a)(i) is
replaced by the following:
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Main business
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375. (1) Subject to this Act, an association
shall not engage in or carry on any business
other than such business as generally
appertains to the business of
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1997, c. 15,
s. 137
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(2) Subparagraphs 375(1)(a)(iii) to (v) of
the Act are replaced by the following:
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(3) Subsection 375(3) of the Act is
replaced by the following:
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Restriction
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(3) Subject to any order that may be made
by the Superintendent under section 61 or 62,
an association shall not receive money on
deposit from a local cooperative credit
society, or a cooperative corporation, that is
not a member of the association.
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1997, c. 15,
s. 138
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307. Section 376 of the Act is replaced by
the following:
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Additional
businesses
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375.1 (1) In addition to engaging in or
carrying on any business that an association is
permitted to engage in or carry on under
subsection 375(1), an association may, with
the approval of the Minister and subject to any
order of the Superintendent that may be made
under section 61 or 62,
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Terms and
conditions
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(2) The Minister may impose any terms and
conditions in respect of the provision of
financial services provided by a retail
association as the Minister considers
necessary or appropriate. The Minister may
also vary or revoke any of those terms and
conditions.
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Regulations
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(3) The Governor in Council may make
regulations
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Additional
activities
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376. (1) In addition, an association may
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Specialized
business
management
or advisory
services
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(2) A retail association may engage, under
prescribed terms and conditions, if any are
prescribed, in specialized business
management or advisory services.
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Restriction
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(3) Except as authorized by or under this
Act, an association shall not deal in goods or
engage in any trade or business.
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Regulations
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(4) The Governor in Council may make
regulations
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308. Paragraphs 377(a) and (b) of the Act
are replaced by the following:
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309. The Act is amended by adding the
following after section 378:
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Restriction on
deposit taking
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378.1 A retail association shall not accept
deposits in Canada unless it is a member
institution within the meaning of section 2 of
the Canada Deposit Insurance Corporation
Act.
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310. (1) The portion of subsection 379(1)
of the Act before paragraph (a) is replaced
by the following:
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Restriction on
guarantees
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379. (1) An association shall not guarantee
on behalf of any person the payment or
repayment of any sum of money unless
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1997, c. 15,
s. 139
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(2) Subsection 379(2) of the French
version of the Act is replaced by the
following:
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Exception
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(2) Dans les cas où la personne visée au
paragraphe (1) est une filiale de l'association
garante, celle-ci peut garantir une somme qui
n'est pas fixe.
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(3) Subsection 379(3) of the Act is
replaced by the following:
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Exception
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(3) Paragraph (1)(a) does not apply in
respect of a guarantee given on behalf of a
central, within the meaning of section 472, or
a local cooperative credit society if the
payment guaranteed represents the obligation
of the central or the local cooperative credit
society to settle for payment items in
accordance with the by-laws and rules of the
Canadian Payments Association.
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311. Sections 382 and 383 of the Act are
replaced by the following:
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Restriction on
leasing
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382. An association shall not engage in
Canada in any personal property leasing
activity in which a financial leasing entity,
within the meaning of subsection 386(1), is
not permitted to engage.
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Restriction on
residential
mortgages
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382.1 (1) A retail association shall not make
a loan in Canada on the security of residential
property in Canada for the purpose of
purchasing, renovating or improving that
property, or refinance such a loan, if the
amount of the loan, together with the amount
then outstanding of any mortgage having an
equal or prior claim against the property,
would exceed 75 % of the value of the
property at the time of the loan.
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Exception
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(2) Subsection (1) does not apply in respect
of
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