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

Assented to 2010-07-12

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.

Marginal note:R.S., c. 18 (3rd Supp.), Part I

Office 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.

Marginal note:1991, c. 45

Trust 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.