Bill C-8

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	198. (1) Subsections 25(1) and (2) of the Act are replaced by the following:
Sole right of note issue	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.
Arrangements for issue	(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.
	(2) Subsection 25(3) of the French version of the Act is replaced by the following:
Coupures	(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.
	(3) Subsections 25(4) and (5) of the Act are replaced by the following:
Form and material	(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.
Notes previously printed	(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.
1997, c. 15, s. 104	199. Section 29 of the Act is replaced by the following:
Weekly balance sheet	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.
Monthly balance sheet	(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.
Publication of balance sheets	(3) A copy of each balance sheet shall be published in the issue of the Canada Gazette next following its transmission to the Minister.
	200. The Act is amended by adding the following after section 30:
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No liability if in good faith	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.
	201. Sections 31 to 33 of the Act are replaced by the following:
Holding office when ineligible	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.
Verifying false statement, account or list	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.
Contraven- tion of Act	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.
1997, c. 15, ss. 107 to 110	202. Schedules I to III to the Act are replaced by the schedule set out in Schedule 3 to this Act.
R.S., c. C-3	Canada Deposit Insurance Corporation Act
	*203. The definitions ``federal institution'' and ``member institution'' in section 2 of the Canada Deposit Insurance Corporation Act* are replaced by the following:**
``federal institution'' « institution fédérale »	``federal institution'' means a bank, company or association referred to in section 8;
``member institution'' « institution membre »	``member institution'' means a corporation that has deposit insurance under this Act;
R.S., c. 18 (3rd Supp.), s. 48	204. Paragraphs 5(1)(b) to (c) of the Act are replaced by the following:
	(b) the persons who for the time being hold the offices of the Governor of the Bank of Canada, the Deputy Minister of Finance, the Superintendent of Financial Institutions and the Commissioner of the Financial Consumer Agency of Canada;
	(b.1) a Deputy Superintendent of Financial Institutions, or an officer of the Office of the Superintendent of Financial Institutions, appointed by the Minister; and
	(c) not more than five other members appointed by the Minister with the approval of the Governor in Council.
	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):
	(c) an association to which the Cooperative Credit Associations Act applies.
	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):
	(i.1) settle or compromise any claim by or against the Corporation; and
1996, c. 6, s. 29	207. The portion of subsection 23(1) of the Act before paragraph (b) is replaced by the following:
Calculation of first premium	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
	(a) the annual premium for that member determined by by-law made under subsection 21(2) based on an amount equal to the sum of so much of the deposits as are considered to be insured by the Corporation and deposited with the member institution as of the end of the month in which it becomes a member institution, and
1996, c. 6, s. 30	208. Section 24.1 of the Act is replaced by the following:
No set-off on premium payment	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.
1997, c. 15, s. 114	209. Paragraph 26.03(1)(a) of the Act is repealed.
1996, c. 6, s. 34; 1999, c. 28, s. 106	210. Section 29 of the Act is replaced by the following:
Examination considera- tions	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
	(a) provide, by way of a rating or any other means, an assessment of the safety and soundness of the member institution, including its financial condition;
	(b) comment on the operations of the member institution, taking into account the standards of sound business and financial practices established by the by-laws; and
	(c) if the member institution is a provincial institution and the Corporation and the person agree, comment on whether the provisions of the statutes governing the provincial institution are being complied with.
Reports	(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.
Right of Corporation to information	(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.
Obligation to provide other information	(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).
Obligation to inform	(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.
Review of returns	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.
Certain reports to be provided to Corporation	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.
1996, c. 6, s. 41	211. (1) Paragraph 39.1(1)(b) of the Act is replaced by the following:
	(b) the viability of the federal member institution cannot be restored or preserved by the exercise of the Superintendent's powers under the Bank Act, the Trust and Loan Companies Act or the Cooperative Credit Associations Act,
1996, c. 6, s. 41	(2) Paragraph 39.1(2)(c) of the Act is replaced by the following:
	(c) the federal member institution's regulatory capital, within the meaning assigned to that expression by the Bank Act, the Trust and Loan Companies Act or the Cooperative Credit Associations Act, whichever is applicable, is or is about to become substantially deficient; or
1996, c. 6, s. 41	(3) Paragraph 39.1(3)(a) of the Act is replaced by the following:
	(a) circumstances exist in respect of a federal member institution that would allow the Superintendent to take control of the federal member institution under the Bank Act, the Trust and Loan Companies Act or the Cooperative Credit Associations Act, and
1996, c. 6, s. 41	212. (1) Subsection 39.15(3) of the Act is replaced by the following:
Clearing arrangements	(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.
1996, c. 6, s. 41	(2) Paragraph 39.15(6)(b) of the Act is replaced by the following:
	(b) the Superintendent, on the application of the federal member institution, exempted the security agreement from the application of those paragraphs and that subsection before the making of an order under subsection 39.13(1).
1996, c. 6, s. 41	213. (1) Paragraphs 39.19(1)(a) to (c) of the Act are replaced by the following:
	(a) sections 372, 373, 374, 375, 376, 376.1, 376.2, 377, 377.1 379, 385, 401.2 and 401.3 of the Bank Act;
	(b) sections 407, 407.01, 407.02, 407.03, 407.1, 407.2, 408, 411, 428 and 430 of the Insurance Companies Act; and
	(c) sections 375, 375.1, 376, 379 and 396 and subsection 399(2) of the Trust and Loan Companies Act.
1996, c. 6, s. 41	(2) Subsection 39.19(2) of the Act is replaced by the following:
Public holding requirement re parent	(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).
1996, c. 6, s. 43	214. Section 45.2 of the Act is replaced by the following:
Confidentialit y	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.
1996, c. 6, s. 45	215. Section 47 of the Act is replaced by the following:
False statements	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
	(a) contains any false or deceptive information; or
	(b) fails to present fairly information required to be submitted to the Corporation.
	216. Subsection 2(4) of the schedule to the Act is repealed.

Bill C-8

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Canada Deposit Insurance Corporation Act