Financial Consumer Agency of Canada Act (S.C. 2001, c. 9)
Full Document:
Assented to 2001-06-14
290. (1) Section 236 of the Act is amended by adding the following after subsection (4):
Marginal note:Electronic access
(4.1) An association may make the information contained in records referred to in subsection 235(1) available to persons by any system of mechanical or electronic data processing or any other information storage device that is capable of reproducing the records in intelligible written form within a reasonable time.
(2) Subsection 236(5) of the French version of the Act is replaced by the following:
Marginal note:Exemplaires
(5) Les associés et les actionnaires peuvent sur demande et sans frais, une fois par année civile, obtenir un exemplaire des règlements administratifs de l’association.
291. Subsection 242(1) of the Act is replaced by the following:
Marginal note:Location and processing of information
242. (1) Subject to subsection (3), an association shall maintain and process in Canada any information or data relating to the preparation and maintenance of the records referred to in section 235 unless the Superintendent has, subject to any terms and conditions that the Superintendent considers appropriate, exempted the association from the application of this section.
292. Subsection 245(3) of the Act is replaced by the following:
Marginal note:Application of certain provisions
(3) Subsections 236(4) and (4.1) and sections 237 and 239 to 242 apply, with any modifications that the circumstances require, in respect of a central securities register.
293. (1) The portion of paragraph 292(3)(a) of the Act before subparagraph (i) is replaced by the following:
(a) a list of the subsidiaries of the association, other than subsidiaries that are not required to be listed by the regulations and subsidiaries acquired pursuant to section 394 or pursuant to a realization of security in accordance with section 395 and which the association would not otherwise be permitted to hold, showing, with respect to each subsidiary,
(2) Section 292 of the Act is amended by adding the following after subsection (4):
Marginal note:Regulations
(5) The Governor in Council may make regulations respecting subsidiaries that are not required to be listed for the purposes of paragraph (3)(a).
Marginal note:1997, c. 15, s. 135
294. Section 296 of the Act is replaced by the following:
Marginal note:Copy to Superintendent
296. (1) Subject to subsection (2), an association shall send to the Superintendent a copy of the documents referred to in subsections 292(1) and (3) not later than twenty-one days before the date of each annual meeting of members of the association.
Marginal note:Later filing
(2) If an association’s shareholders or members sign a resolution under paragraph 161(1)(b) in lieu of an annual meeting, the association shall send a copy of the documents referred to in subsections 292(1) and (3) to the Superintendent not later than thirty days after the signing of the resolution.
295. (1) Subsection 299(3) of the Act is replaced by the following:
Marginal note:Notice of designation
(3) Within fifteen days after the appointment of a firm of accountants as auditor of the association, the association and the firm of accountants shall jointly designate a member of the firm who meets the qualifications described in subsection (1) to conduct the audit of the association on behalf of the firm and the association shall forthwith notify the Superintendent in writing of the designation.
(2) Subsection 299(4) of the French version of the Act is replaced by the following:
Marginal note:Remplacement d’un membre désigné
(4) Si, pour une raison quelconque, le membre désigné cesse de remplir ses fonctions, l’association et le cabinet de comptables peuvent désigner conjointement un autre membre qui remplit les conditions du paragraphe (1); l’association en avise sans délai par écrit le surintendant.
296. Subsection 353(2) of the Act is replaced by the following:
Marginal note:Priority not affected
(2) Nothing in subsection (1) prejudices or affects the priority of any holder of any security interest in any property of an association.
Marginal note:1993, c. 34, s. 54
297. Subsections 354(3) and (4) of the Act are replaced by the following:
Marginal note:Exemption
(3) On application by an association, the Superintendent may exempt from the application of this section and section 355 any class of shares of the association that do not amount to more than 30 % of the equity of the association.
Definition of “equity”
(4) For the purposes of this section, “equity”, in respect of an association, means its equity as determined in accordance with the regulations.
298. The Act is amended by adding the following after section 354:
Marginal note:No acquisition of control without approval
354.1 No person shall acquire control, within the meaning of paragraph 3(1)(e), of an association without the prior approval of the Minister.
299. Subsection 357(1) of the Act is replaced by the following:
Marginal note:When approval not required
357. (1) Despite subsections 354(1) and (2) and section 355, the approval of the Minister is not required if
(a) the Superintendent has, by order, directed the association to increase its capital and shares of the association are issued and acquired in accordance with the terms and conditions, if any, that may be specified in the order; or
(b) a person who controls, within the meaning of paragraph 3(1)(d), the association acquires additional shares of the association.
300. Sections 358 and 359 of the Act are replaced by the following:
Marginal note:Application for approval
358. (1) An application for an approval of the Minister required under this Part must be filed with the Superintendent and contain the information, material and evidence that the Superintendent may require.
Marginal note:Applicant
(2) If, with respect to any particular transaction, this Part applies to more than one person, any one of those persons may make the application to the Minister for approval on behalf of all of those persons.
Marginal note:Matters for consideration
358.1 If an application for an approval under subsection 354(1) is made, the Minister, in determining whether or not to approve the transaction, 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.
Marginal note:Terms and conditions
359. The Minister may impose any terms and conditions in respect of an approval given under this Part that the Minister considers necessary to ensure compliance with any provision of this Act.
301. Section 361 of the Act is replaced by following:
Marginal note:Notice of decision to applicant
361. (1) Subject to subsections (2) and (3) and section 362, the Minister shall, within a period of thirty days after the certified date referred to in subsection 360(1), send to the applicant
(a) a notice approving the transaction to which the application relates; or
(b) if the Minister is not satisfied that the transaction to which the application relates should be approved, a notice to that effect, advising the applicant of the right to make representations to the Minister in respect of the matter.
Marginal note:Notice of decision
(2) Subject to subsections (4) and 362(2), if an application involves the acquisition of control of an association, the Minister shall, within a period of forty-five days after the certified date referred to in subsection 360(1), send to the applicant
(a) a notice approving the transaction to which the application relates; or
(b) if the Minister is not satisfied that the transaction to which the application relates should be approved, a notice to that effect, advising the applicant of the right to make representations to the Minister in respect of the matter.
Marginal note:Extension of period for notice
(3) If the Minister is unable to complete the consideration of an application within the period referred to in subsection (1), the Minister shall
(a) within that period, send a notice to that effect to the applicant; and
(b) within a further period of thirty days after the date of the sending of the notice referred to in paragraph (a) or within any other further period that may be agreed on by the applicant and the Minister, send a notice referred to in paragraph (1)(a) or (b) to the applicant.
Marginal note:Further extensions
(4) If the Minister considers it appropriate to do so, the Minister may extend the period referred to in subsection (2) for one or more periods of forty-five days.
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