Bill C-8
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Policies re
security
interests
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383. (1) The directors of an association
shall establish and the association shall adhere
to policies regarding the creation of security
interests in property of the association to
secure obligations of the association and the
acquisition by the association of beneficial
interests in property that is subject to security
interests.
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Order to
amend
policies
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(2) The Superintendent may, by order,
direct an association to amend its policies as
specified in the order.
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Compliance
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(3) An association shall comply with an
order made under subsection (2) within the
time specified in the order.
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Regulations
and guidelines
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383.1 The Governor in Council may make
regulations and the Superintendent may make
guidelines respecting the creation by an
association of security interests in its property
to secure obligations of the association and the
acquisition by the association of beneficial
interests in property that is subject to security
interests.
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Exception
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383.2 Sections 383 and 383.1 do not apply
in respect of a security interest created by an
association to secure an obligation of the
association to the Bank of Canada or the
Canada Deposit Insurance Corporation.
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312. Subsection 385(1) of the Act is
replaced by the following:
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Restriction on
partnerships
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385. (1) Except with the approval of the
Superintendent, an association may not be a
general partner in a limited partnership or a
partner in a general partnership.
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313. The Act is amended by adding the
following after section 385:
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Deposit Acceptance |
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Deposit
acceptance
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385.01 (1) A retail association may, without
the intervention of any other person,
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Exception
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(2) Paragraph (1)(b) does not apply if,
before payment, the money deposited in the
association pursuant to paragraph (1)(a) is
claimed by some other person
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If such a claim is made, the money so
deposited may be paid to the depositor with
the consent of the claimant or to the claimant
with the consent of the depositor.
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Execution of
trust
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385.02 (1) An association is not bound to
see to the execution of any trust to which any
deposit made under the authority of this Act is
subject.
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Payment
when
association
has notice of
trust
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(2) Subsection (1) applies regardless of
whether the trust is express or arises by the
operation of law, and it applies even when the
association has notice of the trust if it acts on
the order of or under the authority of the holder
or holders of the account into which the
deposit is made.
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Unclaimed Balances |
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Unclaimed
balances
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385.03 (1) Where
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the retail association shall pay to the Bank of
Canada not later than December 31 in each
year an amount equal to the principal amount
of the deposit or instrument, plus interest, if
any, calculated in accordance with the terms
of the deposit or instrument, and payment
accordingly discharges the association from
all liability in respect of the deposit or
instrument.
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Particulars
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(2) A retail association shall, on making a
payment under subsection (1), provide the
Bank of Canada, for each deposit or
instrument in respect of which the payment is
made, with all the particulars of the deposit or
instrument listed in subsection 431.1(3) or
431.2(2), as the case may be, current as of the
day the payment is made.
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Payment to
claimant
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(3) Subject to section 22 of the Bank of
Canada Act, if a payment has been made to the
Bank of Canada under subsection (1) in
respect of any deposit or instrument, and if
payment is demanded or the instrument is
presented at the Bank of Canada by the person
who, but for that section, would be entitled to
receive payment of the deposit or instrument,
the Bank of Canada is liable to pay, at its
agency in the province in which the deposit or
instrument was payable, an amount equal to
the amount so paid to it together with interest,
if interest was payable under the terms of the
deposit or instrument,
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Enforcing
liability
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(4) The liability of the Bank of Canada
under subsection (3) may be enforced by
action against the Bank of Canada in the court
in the province in which the deposit or
instrument was payable.
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Application of
subsection (1)
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(5) Subsection (1) applies only in respect of
deposits made, and cheques, drafts and bills of
exchange issued, certified or accepted, after
the day that subsection comes into force.
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Notice of
unpaid
amount
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385.04 (1) A retail association shall mail to
each person, insofar as is known to the
association, to whom a deposit referred to in
paragraph 385.03(1)(a) is payable, or to
whom or at whose request an instrument
referred to in paragraph 385.03(1)(b) was
issued, certified or accepted, at the person's
recorded address, a notice stating that the
deposit or instrument remains unpaid.
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When notice
to be given
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(2) A notice required by subsection (1) must
be given during the month of January next
following the end of the first two year period,
and also during the month of January next
following the end of the first five year period,
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Accounts |
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Definitions
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385.05 The following definitions apply in
this section and sections 385.1 to 385.13,
385.27 and 385.28.
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``member
association'' « association membre »
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``member association'' means a retail
association that is a member institution as
defined in section 2 of the Canada Deposit
Insurance Corporation Act.
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``personal
deposit
account'' « compte de dépôt personnel »
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``personal deposit account'' means a deposit
account in the name of one or more natural
persons that is kept by that person or those
persons for a purpose other than that of
carrying on business.
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``retail deposit
account'' « compte de dépôt de détail »
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``retail deposit account'' means a personal
deposit account that is opened with a
deposit of less than $150,000 or any greater
amount that may be prescribed.
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Account
charges
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385.06 A retail association shall not,
directly or indirectly, charge or receive any
sum for the keeping of an account unless the
charge is made by express agreement between
the association and a customer or by order of
a court.
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Disclosure on
opening
account
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385.07 (1) A retail association shall not
open or maintain an interest-bearing deposit
account in Canada in the name of any natural
person unless the association discloses, in
accordance with the regulations, to the person
who requests the association to open the
account, the rate of interest applicable to the
account and how the amount of interest to be
paid is to be calculated.
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Exception
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(2) Subsection (1) does not apply in respect
of an interest-bearing deposit account that is
opened with a deposit in excess of $150,000 or
any greater amount that may be prescribed.
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Disclosure in
advertise- ments
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385.08 No person shall authorize the
publication, issue or appearance of any
advertisement in Canada that indicates the
rate of interest offered by a retail association
on an interest-bearing deposit or a debt
obligation unless the advertisement discloses,
in accordance with the regulations, how the
amount of interest is to be calculated.
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Disclosure
regulations
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385.09 The Governor in Council may make
regulations respecting
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Disclosure
required on
opening a
deposit
account
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385.1 (1) Subject to subsections (2) to (4),
a retail association shall not open a deposit
account in the name of a customer unless, at or
before the time the account is opened, the
retail association provides in writing to the
individual who requests the opening of the
account
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Exception
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(2) If a deposit account is not a personal
deposit account and the amount of a charge
applicable to the account cannot be
established at or before the time the account is
opened, the retail association shall, as soon as
is practicable after the amount is established,
provide the customer in whose name the
account is kept with a notice in writing of the
amount of the charge.
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Exception
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(3) If a retail association has a deposit
account in the name of a customer and the
customer by telephone requests the opening of
another deposit account in the name of the
customer and the retail association has not
complied with subsection (1) in respect of the
opening of that other account, the retail
association shall not open the account unless
it provides the customer orally with any
information prescribed at or before the time
the account is opened.
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Disclosure in
writing
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(4) If a retail association opens an account
under subsection (3), it shall, not later than
seven business days after the account is
opened, provide to the customer in writing the
agreement and information referred to in
subsection (1).
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Right to close
account
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(5) A customer may, within 14 business
days after a deposit account is opened under
subsection (3), close the account without
charge and in such case is entitled to a refund
of any charges related to the operation of the
account, other than interest charges, incurred
while the account was open.
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Regulations
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(6) For the purposes of subsection (4), the
Governor in Council may make regulations
prescribing circumstances in which, and the
time when, the agreement and information
will be deemed to have been provided to the
customer.
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Disclosure of
charges
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385.11 A retail association shall disclose, in
the prescribed manner and at the prescribed
time, to its customers and to the public, the
charges applicable to deposit accounts with
the association and the usual amount, if any,
charged by the association for services
normally provided by the association to its
customers and to the public.
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No increase or
new charges
without
disclosure
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385.12 (1) A retail association shall not
increase any charge applicable to a personal
deposit account with the association or
introduce any new charge applicable to a
personal deposit account with the association
unless the association discloses the charge in
the prescribed manner and at the prescribed
time to the customer in whose name the
account is kept.
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No increase or
new charges
without
disclosure
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(2) With respect to such services in relation
to deposit accounts, other than personal
deposit accounts, as are prescribed, a retail
association shall not increase any charge for
any such service in relation to a deposit
account with the association or introduce any
new charge for any such service in relation to
a deposit account with the association unless
the association discloses the charge in the
prescribed manner and at the prescribed time
to the customer in whose name the account is
kept.
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Application
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385.13 Sections 385.1 to 385.12 apply only
in respect of charges applicable to deposit
accounts with the retail association in Canada
and services provided by it in Canada.
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