Financial Consumer Agency of Canada Act (S.C. 2001, c. 9)
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Assented to 2001-06-14
AMENDMENTS TO ACTS IN RELATION TO FINANCIAL INSTITUTIONS
R.S., c. C-21Canadian Payments Association Act
Marginal note:Replacement of “Chairman” with “Chairperson”
245. The English version of the Act is amended by replacing the word “Chairman” with the word “Chairperson” wherever it occurs in the following provisions:
(a) subsections 15(1) and (2);
(b) subsection 16(2);
(c) subsection 19(2);
(d) subsection 20(1); and
(e) subsection 20(3).
Marginal note:Change of headings
246. The headings before sections 5, 7, 8, 16, 17, 22, 25, 26, 29, 31, 34 and 35 of the Act are converted from roman to italic type to conform with the format of the new Parts enacted by this Act.
Marginal note:Chairperson continued
247. (1) The person who holds the office of Chairperson of the Board of the Canadian Payments Association immediately before section 8 of the Canadian Payments Act, as amended by section 218 of this Act, comes into force continues in office as the Chairperson of the Board for the remainder of the term for which that person was appointed Chairperson.
Marginal note:Directors continued
(2) Each person who holds office as a director of the Canadian Payments Association immediately before the day subsection 9(2) of the Canadian Payments Act, as amended by subsection 219(2) of this Act, comes into force ceases to hold office at the close of the next annual meeting of the members of the Association that is held after the coming into force of that subsection. The new directors of the Board shall be elected at that meeting.
Marginal note:Coming into force of rules
247.1 Every rule of the Canadian Payments Association made under the Canadian Payments Association Act before the coming into force of subsection 2(3) of that Act, as enacted by section 219 of this Act, is deemed to have come into force on the day the rule was made.
1991, c. 48Cooperative Credit Associations Act
248. (1) The definition “subsidiary” in section 2 of the Cooperative Credit Associations Act is replaced by the following:
“subsidiary”
« filiale »
“subsidiary” means an entity that is a subsidiary of another entity within the meaning of section 5;
Marginal note:1991, c. 48, par. 497(a)
(2) Paragraph (d) of the definition “financial institution” in section 2 of the Act is replaced by the following:
(d) an insurance company or a fraternal benefit society incorporated or formed under the Insurance Companies Act,
(3) Section 2 of the Act is amended by adding the following in alphabetical order:
“Agency”
« Agence »
“Agency” means the Financial Consumer Agency of Canada established under section 3 of the Financial Consumer Agency of Canada Act;
“branch”
« bureau »
“branch”, in respect of an association, means an agency, the head office and any other office of the association;
“Commissioner”
« commissaire »
“Commissioner” means the Commissioner of the Financial Consumer Agency of Canada appointed under section 4 of the Financial Consumer Agency of Canada Act;
“consumer provision”
« disposition visant les consommateurs »
“consumer provision” means a provision referred to in paragraph (b) of the definition “consumer provision” in section 2 of the Financial Consumer Agency of Canada Act;
“league”
« confédération »
“league” means a cooperative corporation incorporated by or under an Act of the legislature of a province whose membership consists wholly or primarily of local cooperative credit societies and whose principal purpose is the provision of administrative, technical, research and consultative services, and goods related to those services, to any cooperative credit society or to persons intending to organize or operate such a society;
“retail association”
« association de détail »
“retail association”, for the purpose of any particular provision of this Act, means an association as defined in the regulations;
249. (1) Paragraph 3(1)(e) of the French version of the Act is replaced by the following:
e) dans tous les cas, la personne dont l’influence directe ou indirecte auprès de l’entité est telle que son exercice aurait pour résultat le contrôle de fait de celle-ci.
(2) The portion of subsection 3(3) of the Act before paragraph (a) is replaced by the following:
Marginal note:Deemed control
(3) A person is deemed to control, within the meaning of paragraph (1)(a), (b) or (d), an entity if the aggregate of
(3) Section 3 of the Act is amended by adding the following after subsection (3):
Marginal note:Guidelines
(4) The Minister may, for any purpose of any provision of this Act that refers to control within the meaning of paragraph (1)(e), make guidelines respecting what constitutes such control, including guidelines describing the policy objectives that the guidelines and the relevant provisions of the Act are intended to achieve and, if any such guidelines are made, the reference to paragraph (1)(e) in that provision shall be interpreted in accordance with the guidelines.
250. Sections 4 and 5 of the Act are replaced by the following:
Marginal note:Holding body corporate
4. A body corporate is the holding body corporate of any entity that is its subsidiary.
Marginal note:Subsidiary
5. An entity is a subsidiary of another entity if it is controlled by the other entity.
251. Subsection 6(2) of the Act is repealed.
252. The Act is amended by adding the following after section 13:
Marginal note:References in other Acts
13.1 A reference in any other Act of Parliament to “an association to which the Cooperative Credit Associations Act applies” is to be construed as not including a central cooperative credit society for which an order has been made under subsection 473(1).
253. Section 14 of the Act is replaced by the following:
Marginal note:Application of Act
14. This Act applies to the former-Act association, and to every body corporate incorporated or formed by or under this Act, so long as it is not discontinued under this Act.
Marginal note:1997, c. 15, s. 116
254. Section 22 of the Act is replaced by the following:
Marginal note:Sunset provision
22. (1) Subject to subsection (2), associations shall not carry on business after the day that is five years after this section comes into force, except that if Parliament dissolves on that day or at any time within the three-month period before that day, associations may continue to carry on business until the day that is one hundred and eighty days after the first day of the first session of the next Parliament.
Marginal note:Extension
(2) The Governor in Council may, by order, extend by up to six months the time during which associations may continue to carry on business. No more than one order may be made under this subsection.
255. The heading of Part III of the Act is replaced by the following:
INCORPORATION, CONTINUANCE AND DISCONTINUANCE
256. Sections 23 and 24 of the Act are replaced by the following:
Marginal note:Incorporation of association
23. On the application of one or more persons made in accordance with this Act, the Minister may, subject to this Part, issue letters patent incorporating an association.
Marginal note:Who may apply for incorporation
24. An application for incorporation of an association may only be made by
(a) an association; or
(b) persons who are entitled to be members of an association under Part IV that include at least
(i) two central cooperative credit societies not all of which are incorporated under the laws of one province,
(ii) ten local cooperative credit societies not all of which are incorporated under the laws of one province, or
(iii) two or more leagues not all of which are incorporated under the laws of one province.
257. Section 27 of the Act is replaced by the following:
Marginal note:Matters for consideration
27. Before issuing letters patent to incorporate an association, the Minister shall take into account all matters that the Minister considers relevant to the application, including
(a) the nature and sufficiency of the financial resources of the applicant or applicants as a source of continuing financial support for the association;
(b) the soundness and feasibility of the plans of the applicant or applicants for the future conduct and development of the business of the association;
(c) the business record and experience of the applicant or applicants;
(d) the character and integrity of the applicant or applicants or, if the applicant or any of the applicants is a body corporate, its reputation for being operated in a manner that is consistent with the standards of good character and integrity;
(e) whether the association will be operated responsibly by persons with the competence and experience suitable for involvement in the operation of a financial institution;
(f) the impact of any integration of the businesses and operations of the applicant or applicants with those of the association on the conduct of those businesses and operations;
(g) whether the association is to be operated in accordance with cooperative principles; and
(h) the best interests of the financial system in Canada and, in particular, the cooperative financial system in Canada.
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