Bill C-8
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198. (1) Subsections 25(1) and (2) of the
Act are replaced by the following:
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Sole right of
note issue
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25. (1) The Bank has the sole right to issue
notes and those notes shall be a first charge on
the assets of the Bank.
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Arrangements
for issue
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(2) It is the duty of the Bank to make
adequate arrangements for the issue of its
notes in Canada and to supply those notes as
required for circulation in Canada.
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(2) Subsection 25(3) of the French version
of the Act is replaced by the following:
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Coupures
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(3) Les coupures des billets de la Banque, de
même que leurs modalités d'impression et de
validation, sont déterminées par règlement du
gouverneur en conseil.
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(3) Subsections 25(4) and (5) of the Act
are replaced by the following:
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Form and
material
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(4) The form and material of the notes of the
Bank shall be subject to approval by the
Minister, but each note shall be printed in both
the English and French languages.
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Notes
previously
printed
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(5) Notwithstanding anything contained in
this section, each note of the Bank printed
before June 23, 1936, whether issued before,
on or after that date, is a valid and binding
obligation of the Bank.
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1997, c. 15,
s. 104
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199. Section 29 of the Act is replaced by
the following:
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Weekly
balance sheet
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29. (1) The Bank shall, as soon as
practicable after the close of business on
Wednesday of each week, make up and
transmit to the Minister its balance sheet as at
the close of business on that day.
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Monthly
balance sheet
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(2) The Bank shall, as soon as practicable
after the last business day of each month,
make up and transmit to the Minister its
balance sheet as at the close of business on that
day. The balance sheet shall set out
information regarding the Bank's investments
in securities issued or guaranteed by the
Government of Canada.
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Publication of
balance sheets
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(3) A copy of each balance sheet shall be
published in the issue of the Canada Gazette
next following its transmission to the
Minister.
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200. The Act is amended by adding the
following after section 30:
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LIABILITY |
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No liability if
in good faith
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30.1 No action lies against Her Majesty, the
Minister, any officer, employee or director of
the Bank or any person acting under the
direction of the Governor for anything done or
omitted to be done in good faith in the
administration or discharge of any powers or
duties that under this Act are intended or
authorized to be executed or performed.
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201. Sections 31 to 33 of the Act are
replaced by the following:
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Holding office
when
ineligible
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31. Every person who holds office or
continues to hold office as the Governor or as
a Deputy Governor or director of the Bank,
knowing that he or she is not eligible for that
office, is guilty of an offence and liable on
summary conviction to a fine of not more than
one hundred thousand dollars or to
imprisonment for a term of not more than six
months or to both.
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Verifying
false
statement,
account or list
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32. Every director, officer or auditor of the
Bank who verifies any statement, account or
list required to be furnished to the Minister
pursuant to this Act, or who has to do with the
delivering or transmitting of that statement,
account or list to the Minister, knowing it to be
false in any material particular, is guilty of an
offence and liable on summary conviction to
a fine of not more than one hundred thousand
dollars or to imprisonment for a term of not
more than six months or to both.
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Contraven- tion of Act
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33. Any officer of the Bank or any officer of
a bank or any other person who fails or omits
to comply with any provision of this Act is
guilty of an offence and, unless otherwise
provided by this Act, liable on summary
conviction to a fine of not more than one
hundred thousand dollars or to imprisonment
for a term of not more than six months or to
both.
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1997, c. 15,
ss. 107 to 110
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202. Schedules I to III to the Act are
replaced by the schedule set out in Schedule
3 to this Act.
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R.S., c. C-3
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Canada Deposit Insurance Corporation Act |
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203. The definitions ``federal institution''
and ``member institution'' in section 2 of
the Canada Deposit Insurance Corporation
Act are replaced by the following:
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``federal
institution'' « institution fédérale »
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``federal institution'' means a bank, company
or association referred to in section 8;
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``member
institution'' « institution membre »
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``member institution'' means a corporation
that has deposit insurance under this Act;
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R.S., c. 18
(3rd Supp.),
s. 48
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204. Paragraphs 5(1)(b) to (c) of the Act
are replaced by the following:
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205. Section 8 of the Act is amended by
striking out the word ``and'' at the end of
paragraph (a), by adding the word ``and'' at
the end of paragraph (b) and by adding the
following after paragraph (b):
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206. Subsection 10(1) 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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1996, c. 6,
s. 29
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207. The portion of subsection 23(1) of
the Act before paragraph (b) is replaced by
the following:
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Calculation of
first premium
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23. (1) The premium payable by a member
institution in respect of the premium year in
which it becomes a member institution shall
be the same proportion of the lesser of
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1996, c. 6,
s. 30
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208. Section 24.1 of the Act is replaced by
the following:
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No set-off on
premium
payment
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24.1 No member institution shall, without
the prior agreement of the Corporation, reduce
or extinguish a premium payment, interest or
other payment to be made to the Corporation
by reason of a set-off or claim by the member
institution against the Corporation.
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1997, c. 15,
s. 114
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209. Paragraph 26.03(1)(a) of the Act is
repealed.
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1996, c. 6,
s. 34; 1999, c.
28, s. 106
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210. Section 29 of the Act is replaced by
the following:
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Examination
considera- tions
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29. (1) The person who conducts an
examination under section 27 or an inspection
under section 28 in respect of a member
institution shall make all examinations or
inspections that the person considers
necessary to
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Reports
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(2) The person shall provide written reports
to the Corporation on the matters referred to in
paragraphs (1)(a) to (c) in a timely manner.
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Right of
Corporation
to information
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(3) The Corporation is entitled to all
information obtained by or produced by or for
the person, whether in the course of
conducting an examination or inspection or
otherwise, regarding the affairs of the member
institution or any of its affiliates or
subsidiaries or of any person dealing with the
member institution or any of its affiliates or
subsidiaries, that relates to the safety and
soundness, or the operations, of the member
institution.
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Obligation to
provide other
information
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(4) Without limiting subsection (3), the
person shall provide the Corporation with any
information that the person considers relevant
to any matter referred to in any of paragraphs
(1)(a) to (c) or to any report provided under
subsection (2).
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Obligation to
inform
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(5) The person shall without delay inform
the Corporation if, at any time, whether in the
course of conducting an examination or
inspection or otherwise, there comes to the
attention of the person any change in the
circumstances of the member institution that
might materially affect the position of the
Corporation as an insurer.
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Review of
returns
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29.1 If requested to do so by the
Corporation, the person who conducts an
examination under section 27 or an inspection
under section 28 in respect of a member
institution shall review, or cause another
person to review on the person's behalf, within
the time specified by the Corporation, the
correctness of the returns made by the member
institution on which its premiums are based
and through which its premium classification
is in part determined.
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Certain
reports to be
provided to
Corporation
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29.2 When a report is sent by the
Superintendent to the Minister under section
643 of the Bank Act, section 505 of the Trust
and Loan Companies Act or section 437 of the
Cooperative Credit Associations Act, a copy
of the report shall be sent by the
Superintendent at the same time to the
Corporation.
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1996, c. 6,
s. 41
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211. (1) Paragraph 39.1(1)(b) of the Act is
replaced by the following:
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1996, c. 6,
s. 41
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(2) Paragraph 39.1(2)(c) of the Act is
replaced by the following:
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1996, c. 6,
s. 41
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(3) Paragraph 39.1(3)(a) of the Act is
replaced by the following:
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1996, c. 6,
s. 41
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212. (1) Subsection 39.15(3) of the Act is
replaced by the following:
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Clearing
arrangements
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(3) Subsections (1) and (2) do not apply so
as to prevent a member of the Canadian
Payments Association from acting or ceasing
to act as a clearing agent for a federal member
institution in accordance with the Canadian
Payments Act and the by-laws and rules of that
Association.
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1996, c. 6,
s. 41
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(2) Paragraph 39.15(6)(b) of the Act is
replaced by the following:
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1996, c. 6,
s. 41
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213. (1) Paragraphs 39.19(1)(a) to (c) of
the Act are replaced by the following:
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1996, c. 6,
s. 41
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(2) Subsection 39.19(2) of the Act is
replaced by the following:
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Public
holding
requirement
re parent
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(2) An exemption from the application of
section 385 of the Bank Act, section 411 of the
Insurance Companies Act or section 379 of the
Trust and Loan Companies Act that is granted
under section 388 of the Bank Act, section 414
of the Insurance Companies Act or section 382
of the Trust and Loan Companies Act
continues in force notwithstanding that the
entity that controls the bank, insurance
company, trust company or loan company is a
federal member institution the shares of which
are vested in the Corporation by an order made
under paragraph 39.13(1)(a).
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1996, c. 6,
s. 43
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214. Section 45.2 of the Act is replaced by
the following:
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Confidentialit
y
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45.2 All information regarding the affairs of
a federal institution or provincial institution or
of any person dealing therewith that is
obtained or produced by or for the Corporation
is confidential and shall be treated
accordingly.
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1996, c. 6,
s. 45
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215. Section 47 of the Act is replaced by
the following:
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False
statements
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47. A person is guilty of an offence if the
person prepares, signs, approves or concurs in
any account, statement, return, report or other
document required to be submitted to the
Corporation under this Act, the by-laws or an
application to become a member institution or
a policy of deposit insurance that
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216. Subsection 2(4) of the schedule to the
Act is repealed.
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