Budget Implementation Act, 2007 (S.C. 2007, c. 29)
Full Document:
Assented to 2007-06-22
1991, c. 48Cooperative Credit Associations Act
Marginal note:2001, c. 9, s. 254; 2006, c. 4, s. 200
146. Section 22 of the Cooperative Credit Associations Act is replaced by the following:
Marginal note:Sunset provision
22. (1) Subject to subsections (2) and (3), associations shall not carry on business after October 24, 2007.
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.
Marginal note:Exception
(3) If Parliament dissolves on October 24, 2007, on any day within the three-month period before that day or on any day within an extension under subsection (2), associations may continue to carry on business for 180 days after the first day of the first session of the next Parliament.
1991, c. 47Insurance Companies Act
Marginal note:2001, c. 9, s. 353; 2006, c. 4, s. 201
147. Section 21 of the Insurance Companies Act is replaced by the following:
Marginal note:Sunset provision
21. (1) Subject to subsections (2) and (3), companies and societies shall not carry on business, and foreign companies shall not carry on business in Canada, after October 24, 2007.
Marginal note:Extension
(2) The Governor in Council may, by order, extend by up to six months the time during which companies and societies may continue to carry on business and foreign companies may continue to carry on business in Canada. No more than one order may be made under this subsection.
Marginal note:Exception
(3) If Parliament dissolves on October 24, 2007, on any day within the three-month period before that day or on any day within an extension under subsection (2), companies and societies may continue to carry on business, and foreign companies may continue to carry on business in Canada, for 180 days after the first day of the first session of the next Parliament.
Marginal note:2001, c. 9, s. 465; 2006, c. 4, s. 201.1
148. Section 707 of the Act is replaced by the following:
Marginal note:Sunset provision
707. (1) Subject to subsections (2) and (3), insurance holding companies shall not carry on business after October 24, 2007.
Marginal note:Extension
(2) The Governor in Council may, by order, extend by up to six months the time during which insurance holding companies may continue to carry on business. No more than one order may be made under this subsection.
Marginal note:Exception
(3) If Parliament dissolves on October 24, 2007, on any day within the three-month period before that day or on any day within an extension under subsection (2), insurance holding companies may continue to carry on business for 180 days after the first day of the first session of the next Parliament.
1991, c. 45Trust and Loan Companies Act
Marginal note:2001, c. 9, s. 484; 2006, c. 4, s. 202
149. Section 20 of the Trust and Loan Companies Act is replaced by the following:
Marginal note:Sunset provision
20. (1) Subject to subsections (2) and (3), companies shall not carry on business after October 24, 2007.
Marginal note:Extension
(2) The Governor in Council may, by order, extend by up to six months the time during which companies may continue to carry on business. No more than one order may be made under this subsection.
Marginal note:Exception
(3) If Parliament dissolves on October 24, 2007, on any day within the three-month period before that day or on any day within an extension under subsection (2), companies may continue to carry on business for 180 days after the first day of the first session of the next Parliament.
Coordinating Amendments
Marginal note:Bill C-37
150. (1) Subsections (2) to (7) apply if Bill C-37, introduced in the 1st session of the 39th Parliament and entitled An Act to amend the law governing financial institutions and to provide for related and consequential matters (the “other Act”), receives royal assent.
(2) If section 4 of the other Act comes into force before section 144 of this Act, or if those provisions come into force on the same day, section 144 of this Act is repealed and is deemed never to have had effect.
(3) If section 105 of the other Act comes into force before section 145 of this Act, or if those provisions come into force on the same day, section 145 of this Act is repealed and is deemed never to have had effect.
(4) If section 138 of the other Act comes into force before section 146 of this Act, or if those provisions come into force on the same day, section 146 of this Act is repealed and is deemed never to have had effect.
(5) If section 189 of the other Act comes into force before section 147 of this Act, or if those provisions come into force on the same day, section 147 of this Act is repealed and is deemed never to have had effect.
(6) If section 310 of the other Act comes into force before section 148 of this Act, or if those provisions come into force on the same day, section 148 of this Act is repealed and is deemed never to have had effect.
(7) If section 338 of the other Act comes into force before section 149 of this Act, or if those provisions come into force on the same day, section 149 of this Act is repealed and is deemed never to have had effect.
PART 131996, c. 16AMENDMENTS TO THE DEPARTMENT OF PUBLIC WORKS AND GOVERNMENT SERVICES ACT
151. Section 2 of the Department of Public Works and Government Services Act is amended by adding the following in alphabetical order:
“appropriate minister”
« ministre compétent »
“appropriate minister” has the same meaning as in section 2 of the Financial Administration Act;
152. Section 8 of the Act is replaced by the following:
Marginal note:Delegation
8. (1) The Minister may delegate any of the Minister’s powers, duties or functions under this Act to an appropriate minister for any period and under any terms and conditions that the Minister considers suitable.
Marginal note:Delegation
(2) The Minister may, with respect to a department over which the Minister does not preside but for which the Minister is the appropriate minister, delegate any of the Minister’s powers, duties or functions under this Act, for any period and under any terms and conditions that the Minister considers suitable, to the chief executive of that department.
Marginal note:Subdelegation
(3) The appropriate minister for a department may, subject to and in accordance with the delegation under subsection (1), subdelegate to the chief executive of that department, for any period and under any terms and conditions that the appropriate minister considers suitable, any of the powers, duties or functions that were delegated to the appropriate minister under that subsection.
Marginal note:Subdelegation
(4) The chief executive of a department may, subject to and in accordance with the delegation under subsection (2) or the subdelegation under subsection (3), subdelegate to any person under his or her jurisdiction, for any period and under any terms and conditions that the chief executive considers suitable, any of the powers, duties or functions that were delegated or subdelegated to him or her under that subsection.
Definition of “chief executive”
(5) In this section, “chief executive”
(a) with respect to a department named in Part I of Schedule VI to the Financial Administration Act, means its deputy minister;
(b) with respect to a department named in Part II or III of that Schedule, means the person occupying the position set out opposite that name; and
(c) with respect to a department that is not named in that Schedule, means the chief executive officer, deputy head or the person who occupies any other similar position, however called, in that department.
153. The Act is amended by adding the following after section 9:
Marginal note:Exception
9.1 Section 9 does not apply to a department within the meaning of paragraph (c) of the definition “department” in section 2 of the Financial Administration Act.
Marginal note:Exemption
9.2 The Minister may, by order, exempt the following from the application of section 9:
(a) a department that is not named in Schedule VI to the Financial Administration Act; and
(b) a department over which the Minister does not preside but for which the Minister is the appropriate minister.
PART 142001, c. 9AMENDMENT TO THE FINANCIAL CONSUMER AGENCY OF CANADA ACT
154. Section 13 of the Financial Consumer Agency of Canada Act is amended by adding the following after subsection (2):
Marginal note:Payment for activity
(3) If the Commissioner carries on any activity in furtherance of an object described in paragraph 3(2)(d) or (e) on the recommendation of the Minister, the Minister may on terms and conditions approved by the Treasury Board, in any fiscal year, make a payment out of the Consolidated Revenue Fund to the Agency for the purposes of the activity.
- Date modified: