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Jobs and Economic Growth Act (S.C. 2010, c. 12)

Assented to 2010-07-12

Marginal note:2001, c. 9

Financial 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.

Marginal note:1991, c. 47

Insurance 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.