Financial Consumer Agency of Canada Act (S.C. 2001, c. 9)
Full Document:
Assented to 2001-06-14
Marginal note:
232. Subsection 15(3) of the English version of the Act is replaced by the following:
Marginal note:Additional vote
(3) The Chairperson or, in the absence or incapacity of the Chairperson, his or her alternate has, in the event of a tie vote on any matter before the Board at a meeting of the Board, a second vote.
233. Subsection 18(1) of the Act is replaced by the following:
Marginal note:By-laws
18. (1) The Board may make such by-laws as it considers necessary for the attainment of the objects of the Association and in particular, but without limiting the generality of the foregoing, may make by-laws
(a) respecting the procedure in all business at meetings of the Board, or its committees;
(b) establishing, subject to this Part, requirements for membership in the Association;
(c) for the administration and management of the business of the Association;
(c.1) respecting the remuneration of directors appointed under subsection 9(1.1);
(d) respecting the exchange and clearing of payment items and related matters;
(e) respecting settlements and related matters;
(f) respecting the payment of dues by the members and establishing the method of determining the amount of those dues;
(f.1) respecting the payment of fees for services performed by or on behalf of the Association and establishing the method of determining the amount of those fees;
(g) establishing penalties to be paid by members for failure to comply with the by-laws and rules, and procedures in respect of the imposition of penalties;
(h) respecting the authenticity and integrity of payment items and messages; and
(i) respecting the identification and authentication of members and other persons.
234. (1) Subsection 19(1) of the Act is replaced by the following:
Marginal note:Rules
19. (1) Subject to the by-laws, the Board may make such rules as it considers necessary for the attainment of the objects of the Association and, without limiting the generality of the foregoing, may make rules
(a) respecting payment items acceptable for exchange, clearing or settlement;
(b) establishing standards and procedures in respect of the exchange and clearing of payment items;
(c) respecting settlements and related matters;
(d) respecting the authenticity and integrity of payment items and messages; and
(e) respecting the identification and authentication of members and other persons.
(2) Subsection 19(3) of the Act is replaced by the following:
Marginal note:Rules to be available
(3) The Association shall make a copy of every rule available to members in the manner determined by the General Manager.
Marginal note:Copies of rules to be sent to Minister
(4) A copy of every rule shall be sent to the Minister within ten days after it is made.
235. The Act is amended by adding the following after section 19:
Marginal note:Statements of principle and standards
19.1 Subject to the by-laws and rules, the Board may make such statements of principle and standards as it considers necessary for the attainment of the objects of the Association.
Disallowance
Marginal note:Effective date of rule
19.2 (1) A rule, including an amendment to or a repeal of a rule, made under subsection 19(1) shall not come into force before the thirtieth day after a copy of it is sent to the Minister in accordance with subsection 19(4), but the Minister may declare the rule to be in force at any time before that period expires.
Marginal note:Extension of time
(2) If the Minister is of the opinion that an extension of the period mentioned in subsection (1) is necessary to permit adequate review of a rule, the Minister may within 10 days after its receipt, on written notice to the sender of the rule, extend that period by up to 30 days.
Marginal note:Minister’s disallowance
(3) The Minister may disallow the whole or a part of a rule.
Directives
Marginal note:Directives by Minister
19.3 (1) If the Minister is of the opinion that it is in the public interest to do so, the Minister may, in writing, direct the Association to make, amend or repeal a by-law, rule or standard.
Marginal note:Consultation
(2) Before a directive is given to the Association, the Minister shall consult the Board, and may consult any interested party, with respect to the content and effect of the directive.
Marginal note:Notification of implementation
(3) As soon as is practicable after implementing a directive and completing any action required to be taken in connection with it, the Association shall notify the Minister that the directive has been implemented and the action completed.
Marginal note:Directive not statutory instrument
(4) A directive is not a statutory instrument for the purposes of the Statutory Instruments Act. However, it must be published in the Canada Gazette.
Marginal note:Implementation
(5) The Board shall ensure that a directive is implemented in a prompt and efficient manner.
Marginal note:Duty to comply
(6) Every director, officer and employee of the Association shall comply with any directive given to the Association.
Information Requirements
Marginal note:Request by Minister
19.4 For the purpose of the administration of this Part, the Association shall provide the Minister with such information and documents as the Minister may from time to time request.
236. The heading before section 20 of the Act is replaced by the following:
Committees
Marginal note:
237. Subsection 20(2) of the English version of the Act is replaced by the following:
Marginal note:Chairperson
(2) The Chairperson is the chairperson of the Executive Committee.
238. Section 21 of the Act is replaced by the following:
Marginal note:Other committees
21. The Board may, subject to the regulations, establish other committees consisting of such persons as the Board considers appropriate.
Marginal note:Powers and duties
21.1 Subject to the by-laws, the Board may delegate to its committees such powers and duties as the Board considers appropriate.
Marginal note:Stakeholder Advisory Council
21.2 (1) There shall be a Stakeholder Advisory Council consisting of not more than twenty persons appointed in accordance with subsections (3) and (4).
Marginal note:Object
(2) The object of the Council is to provide counsel and advice to the Board on payment and clearing and settlement matters and any other matter relating to the objects of the Association.
Marginal note:Appointment of directors
(3) The Board shall appoint up to two directors elected under subsection 9(2) to be members of the Council.
Marginal note:Appointment of other members
(4) The remaining members shall be appointed by the Board, in consultation with the Minister, for a term of not more than three years, except that as far as possible one third of the first members shall be appointed for a term of three years, one third shall be appointed for a term of two years and one third shall be appointed for a term of one year.
Marginal note:Representative character
(5) The Council must be broadly representative of users and service providers to payment systems.
Marginal note:Chairperson and vice-chairperson
(6) The members of the Council shall elect a chairperson and a vice-chairperson of the Council from among the members of the Council for a term of not more than two years.
Marginal note:Remuneration
(7) The members of the Council shall serve without remuneration but may be paid by the Association any reasonable travel and living expenses incurred by them when engaged on the business of the Council while absent from their ordinary places of residence.
Marginal note:R.S., c. 18 (3rd Supp.), s. 34
239. The heading before section 27 and sections 27 and 28 of the Act are replaced by the following:
Fiscal Year
Marginal note:Fiscal year
27. The fiscal year of the Association is the calendar year.
Electronic Meetings
Marginal note:Electronic meetings
28. (1) Subject to the by-laws, a meeting of the Board or of a committee of the Board, a meeting of the members or a meeting of the Stakeholder Advisory Council may be held by means of such telephonic, electronic or other communications facilities as permit all persons participating in the meeting to communicate adequately with each other during the meeting.
Marginal note:Deemed present
(2) A person participating in a meeting by any means referred to in subsection (1) is deemed for the purposes of this Part to be present at the meeting.
Marginal note:1991, c. 48, s. 489; 1997, c. 15, s. 115; 1999, c. 28, s. 114
240. Section 30 of the Act and the heading before it are repealed.
Marginal note:1993, c. 34, s. 48(E)
241. Section 33 of the Act and the heading before it are repealed.
- Date modified: