Jobs and Economic Growth Act (S.C. 2010, c. 12)
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Assented to 2010-07-12
Related Amendments
R.S., c. B-2Bank of Canada Act
2110. Section 6 of the Bank of Canada Act is amended by adding the following after subsection (4):
Marginal note:Prohibitions — federal credit union
(5) Neither the Governor nor the Deputy Governor shall
(a) directly or indirectly hold any interest or right in membership shares of a federal credit union, within the meaning of section 2 of the Bank Act, in excess of the minimum number of membership shares of the federal credit union that is required for membership; or
(b) exercise any right he or she has as a member of such a federal credit union, except any right that he or she has as a customer of the federal credit union.
2111. Section 10 of the Act is amended by adding the following after subsection (3):
Marginal note:Restriction — membership shares of federal credit union
(3.1) If a federal credit union is an institution referred to in any of paragraph (2)(a) to (e), any person who, at the time of being appointed director of the Bank, directly or indirectly holds any interest or right in more than the minimum number of membership shares of the federal credit union, within the meaning of section 2 of the Bank Act, that is required for membership shall, within three months after the appointment, dispose of all membership shares that exceed that minimum number.
Marginal note:Restriction — rights of members
(3.2) If a federal credit union is an institution referred to in any of paragraph (2)(a) to (e), no director of the Bank who is a member of a federal credit union, within the meaning of section 2 of the Bank Act, shall exercise any right that the director has as a member of the federal credit union, except any right that the director has as a customer of the federal credit union.
Marginal note:1997, c. 15, s. 101(E)
2112. Paragraph 23(b) of the Act is replaced by the following:
(b) purchase, or make loans on the security of, its own shares or the shares or membership shares of any bank, except the Bank for International Settlements;
1998, c. 1Canada Cooperatives Act
2113. Section 285 of the Canada Cooperatives Act is amended by adding the following after subsection (11):
Marginal note:Federal credit union
(11.1) If a federal credit union, within the meaning of section 2 of the Bank Act, is continued as a cooperative under this Act,
(a) its membership shares are deemed to be membership shares to which are attached the rights, privileges and restrictions set out in this Act and the articles;
(b) the members of the federal credit union are deemed to be the members of the cooperative; and
(c) any agreement made before continuance under which the members of the federal credit union have agreed to vote in a manner provided in the agreement is of no effect.
1991, c. 48Cooperative Credit Associations Act
2114. Section 2 of the Cooperative Credit Associations Act is amended by adding the following in alphabetical order:
“federal credit union”
« coopérative de crédit fédérale »
“federal credit union” has the same meaning as in section 2 of the Bank Act;
Marginal note:2007, c. 6, s. 140
2115. (1) The portion of subsection 31.6(2) of the Act before paragraph (a) is replaced by the following:
Marginal note:Membership shares — body corporate
(2) When a body corporate other than a federal credit union is continued as an association,
(2) Section 31.6 of the Act is amended by adding the following after subsection (2):
Marginal note:Membership shares — federal credit union
(3) When a federal credit union is continued as an association,
(a) its membership shares are deemed to be membership shares of the association to which are attached the rights, privileges and restrictions set out in this Act;
(b) the members of the federal credit union are deemed to be the members of the association; and
(c) any agreement made before continuance under which the members of the federal credit union have agreed to vote in a manner provided in the agreement is of no effect.
2001, c. 9Financial Consumer Agency of Canada Act
2116. Section 14 of Financial Consumer Agency of Canada Act is renumbered as subsection (1) and is amended by adding the following:
Marginal note:Prohibitions — federal credit union
(2) No Commissioner, person appointed under subsection 4(4) or Deputy Commissioner shall
(a) directly or indirectly hold any interest or right in membership shares of a federal credit union, within the meaning of section 2 of the Bank Act, in excess of the minimum number of membership shares of the federal credit union that is required for membership; or
(b) exercise any right he or she has as a member of such a federal credit union, except any right that he or she has as a customer of the federal credit union.
1991, c. 47Insurance Companies Act
2117. Subsection 2(1) of the Insurance Companies Act is amended by adding the following in alphabetical order:
“federal credit union”
« coopérative de crédit fédérale »
“federal credit union” has the same meaning as in section 2 of the Bank Act;
Marginal note:2001, c. 9, s. 357
2118. Subsection 32(1) of the Act is replaced by the following:
Marginal note:Federal corporations
32. (1) A body corporate incorporated under the Canada Business Corporations Act or any other Act of Parliament, including an insurance holding company but not including a federal credit union, may apply to the Minister for letters patent continuing the body corporate as a company under this Act.
Marginal note:2001, c. 9, s. 390
2119. Subsections 245(1) and (2) of the Act are replaced by the following:
Marginal note:Application to amalgamate
245. (1) On the joint application of two or more bodies corporate, incorporated by or under an Act of Parliament, including companies and insurance holding companies but not including federal credit unions, the Minister may issue letters patent amalgamating and continuing the applicants as one mutual company.
Marginal note:Application to amalgamate
(2) On the joint application of two or more bodies corporate incorporated by or under an Act of Parliament, including companies — other than mutual companies — and insurance holding companies but not including federal credit unions, the Minister may issue letters patent amalgamating and continuing the applicants as one company.
Marginal note:2001, c. 9, s. 465
2120. Subsection 719(1) of the Act is replaced by the following:
Marginal note:Federal corporations
719. (1) A body corporate incorporated under the Canada Business Corporations Act or any other Act of Parliament, including a company but not including a federal credit union, may apply to the Minister for letters patent continuing the body corporate as an insurance holding company under this Part.
Marginal note:2001, c. 9, s. 465
2121. Section 857 of the Act is replaced by the following:
Marginal note:Application to amalgamate
857. On the joint application of two or more bodies corporate incorporated by or under an Act of Parliament, including a company or an insurance holding company but not including a mutual company or a federal credit union, the Minister may issue letters patent amalgamating and continuing the applicants as one insurance holding company.
R.S., c. 18 (3rd Supp.), Part IOffice of the Superintendent of Financial Institutions Act
2122. Section 19 of the Office of the Superintendent of Financial Institutions Act is renumbered as subsection 19(1) and is amended by adding the following:
Marginal note:Prohibitions — federal credit union
(2) No member of the committee referred to in section 18, person appointed under subsection 5(5) or Deputy Superintendent shall
(a) directly or indirectly hold any interest or right in membership shares of a federal credit union, within the meaning of section 2 of the Bank Act, in excess of the minimum number of membership shares of the federal credit union that is required for membership; or
(b) exercise any right he or she has as a member of such a federal credit union, except any right that he or she has as a customer of the federal credit union.
1991, c. 45Trust and Loan Companies Act
2123. Section 2 of the Trust and Loan Companies Act is amended by adding the following in alphabetical order:
“federal credit union”
« coopérative de crédit fédérale »
“federal credit union” has the same meaning as in section 2 of the Bank Act;
Marginal note:1994, c. 24, par. 34(1)(q)(F)
2124. Subsection 31(1) of the Act is replaced by the following:
Marginal note:Federal corporations
31. (1) A body corporate incorporated under the Canada Business Corporations Act or any other Act of Parliament, other than a federal credit union, may apply to the Minister for letters patent continuing the body corporate as a company under this Act.
2125. Paragraphs 228(b) and (c) of the Act are replaced by the following:
(b) one or more companies and one or more bodies corporate that are incorporated by or under an Act of Parliament, other than a federal credit union, or
(c) two or more bodies corporate incorporated by or under an Act of Parliament, other than a federal credit union,
R.S., c. W-11Winding-up and Restructuring Act
2126. Subsection 2(1) of the Winding-up and Restructuring Act is amended by adding the following in alphabetical order:
“federal credit union”
« coopérative de crédit fédérale »
“federal credit union” has the same meaning as in section 2 of the Bank Act;
Marginal note:2007, c. 6, s. 444
2127. The portion of paragraph 3(i) of the Act before subparagraph (i) is replaced by the following:
(i) if, in the case of a company that is a federal member institution, within the meaning assigned to that expression by the Canada Deposit Insurance Corporation Act, the shares and subordinated debt of which — and, if the federal member institution is a federal credit union, the membership shares of which — have been vested in the Canada Deposit Insurance Corporation by order of the Governor in Council under paragraph 39.13(1)(a) of the Canada Deposit Insurance Corporation Act, a transaction or series of transactions referred to in subsection 39.2(1) of that Act is not, in the opinion of the Corporation, substantially completed on or before the date that is not later than
2128. Paragraph 6(1)(b) of the Act is replaced by the following:
(b) is in liquidation or in the process of being wound up and, on petition by any of its shareholders or creditors, assignees or liquidators — or , if it is a federal credit union, by any of its members, shareholders, creditors, assignees or liquidators — asks to be brought under this Act; or
2129. Paragraph 10(b) of the Act is replaced by the following:
(b) if the company at a special meeting of shareholders — or, if the company is a federal credit union, at a special meeting of members or shareholders — called for the purpose has passed a resolution requiring the company to be wound up;
2130. Paragraph 11(a) of the Act is replaced by the following:
(a) in the cases mentioned in paragraphs 10(a) and (b), be made by the company or by a shareholder of the company, or, if the company is a federal credit union, by a member or shareholder of the company;
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