Marginal note:1997, c. 15, s. 114

413. Section 26.06 of the Act is replaced by the following:

Marginal note:R.S., c. 18 (3rd Supp.), s. 62; 1996, c. 6, s. 41

• 414. (1) Subsection 31.1(1) of the English version of the Act is replaced by the following:

  Marginal note:Acceleration of termination of policy of deposit insurance

  • 31.1 (1) Despite any other provision of this Act, if, at any time after a notice of termination has been given to a provincial member institution under subsection 31(1), the Corporation concludes that

    • (a) the financial condition of the provincial member institution has deteriorated since the giving of the notice, and

    • (b) the interests of depositors will be adversely affected by any further delay in terminating the provincial member institution’s policy of deposit insurance,

    the Corporation shall without delay send a notice by registered mail, or deliver a notice by hand, to the provincial member institution and to the appropriate provincial Minister, to the effect that the policy of deposit insurance of the institution will be terminated on the expiration of a period of five days after the receipt of the notice by the institution.

• Marginal note:R.S., c. 18 (3rd Supp.), s. 62

  (2) Subsections 31.1(2) and (3) of the Act are replaced by the following:

  • Marginal note:Revocation

    (2) The Board of Directors of the Corporation or one of its committees established for the purpose may, before the expiry of the period specified in the notice, revoke the notice if, after considering any written representations made by the provincial member institution, it is satisfied that it is appropriate to do so.

Marginal note:R.S., c. 18 (3rd Supp.), s. 62; 1996, c. 6, s. 38

415. Section 33 of the Act is replaced by the following:

Marginal note:1996, c. 6, s. 39

• 416. (1) Subsection 34(1) of the Act is replaced by the following:

  Marginal note:Effect of termination or cancellation

  • 34. (1) If the policy of deposit insurance of a member institution is terminated or cancelled by the Corporation, the deposits with the institution on the day the termination or cancellation takes effect, less any withdrawals from those deposits, continue to be insured under the terminated or cancelled policy of deposit insurance for a period of two years or, in the case of a term deposit with a remaining term exceeding two years, to the maturity of the term deposit.

• (2) Section 34 of the Act is amended by adding the following after subsection (4):

  • Marginal note:Amendment of order

    (5) If the policy of deposit insurance of a federal member institution is cancelled by the Corporation under paragraph 33(1)(b) or subsection 33(2), the Superintendent must, under paragraph 54(1)(a) of the Bank Act, paragraph 62(1)(a) of the Cooperative Credit Associations Act or paragraph 58(1)(b) of the Trust and Loan Companies Act, as the case may be, amend the federal member institution’s order approving the commencement and carrying on of business to prohibit the institution from accepting deposits in Canada.

Marginal note:1996, c. 6, s. 40

417. Subsection 35(2) of the Act is replaced by the following:

418. Section 36 of the Act is replaced by the following:

419. Subsections 37(1) and (2) of the Act are replaced by the following:

420. Section 46 of the English version of the Act is replaced by the following:

421. The definitions “subordinated note” and “subordinated shareholder loan” in section 1 of the schedule to the Act are repealed.

R.S., c. C-21; 2001, c. 9, s. 218Canadian Payments Act

• 422. (1) The definition “General Manager” in subsection 2(1) of the Canadian Payments Act is repealed.

• (2) The definition président in subsection 2(1) of the French version of the Act is repealed.

• (3) Subsection 2(1) of the Act is amended by adding the following in alphabetical order:

  “President”

  « président »

  “President” means the President of the Association appointed under section 16;

• (4) Subsection 2(1) of the French version of the Act is amended by adding the following in alphabetical order:

  « président du conseil »

  “Chairperson”

  président du conseil Le président du conseil visé à l’article 15.

• Marginal note:2001, c. 9, s. 219(6)

  (5) Subsection 2(3) of the Act is replaced by the following:

  • Marginal note:Not statutory instrument

    (3) Rules, statements of principle and standards made by the Board and orders made under a by-law are not statutory instruments for the purposes of the Statutory Instruments Act.

423. Section 4 of the Act is amended by adding the following after subsection (2):

Marginal note:2001, c. 9, s. 227(2)

• 424. (1) Subsection 9(1.1) of the Act is replaced by the following:

  • Marginal note:Appointments by Minister

    (1.1) The Minister shall appoint three directors of the Association to hold office for a term of not more than three years.

• (2) Section 9 of the Act is amended by adding the following after subsection (1.2):

  • Marginal note:Continuation in office

    (1.3) If, on the expiry of the term of office of a director appointed under subsection (1.1), no new director is appointed, the director whose term of office expired may continue in office until a director is appointed under that subsection.

425. The Act is amended by adding the following after section 9:

426. Section 14 of the Act is replaced by the following:

Marginal note:2001, c. 9, ss. 231 and 232(E) and par. 245(a)(E)

427. Section 15 of the French version of the Act and the heading before it are replaced by the following:

Marginal note:2001, c. 9, par. 245(b)(E) and s. 246

428. Section 16 of the Act and the heading before it are replaced by the following:

Marginal note:2001, c. 9, s. 233

• 429. (1) Paragraph 18(1)(g) of the Act is replaced by the following:

  • (g) establishing penalties for any failure by members to comply with the by-laws, rules and orders made under the by-laws, including penalties that provide for the payment of interest or the making of restitution, and procedures in respect of the imposition of those penalties;

• (2) Subsection 18(1) of the Act is amended by striking out the word “and” at the end of paragraph (h) and by adding the following after paragraph (i):

  • (j) limiting the liability of the Association, its members, its employees and other persons for any loss or damage suffered by a member as a result of anything done or omitted to be done in good faith in the administration or discharge of any powers or duties that under a by-law or a rule are intended or authorized to be exercised or performed; and

  • (k) respecting the nomination, selection and appointment of persons to be members of the Stakeholder Advisory Council.

• (3) Subsection 18(2) of the Act is replaced by the following:

  • Marginal note:Approval

    (2) Subject to subsections (3) and (4), a by-law is not effective until approved by the Minister and when so approved must be published in the Canada Gazette and copies of the by-law must be sent to every member by the President.

• (4) Subsections 18(3) and (4) of the French version of the Act are replaced by the following:

  • Marginal note:Approbation des règlements administratifs imposant une amende

    (3) Avant d’être soumis à l’approbation du gouverneur en conseil, tout règlement administratif imposant une sanction doit d’abord être approuvé par les membres réunis en assemblée.

  • Marginal note:Vote relatif à un règlement administratif imposant une amende

    (4) Chaque membre a droit, au cours du vote tenu aux fins d’approuver par voie de résolution un règlement administratif imposant une sanction, à une voix pour chaque dollar de la cotisation que les règlements administratifs lui imposent de verser.

• 430. (1) Subsection 19(1) of the Act is amended by adding the following after paragraph (b):

  • (b.1) respecting the destruction of payment items;

• (2) Subsection 19(2) of the French version of the Act is replaced by the following:

  • Marginal note:Pouvoirs du président du conseil

    (2) Aux assemblées du conseil ou du comité de direction, le président du conseil tranche de façon définitive toute question soulevée visant à savoir si une règle projetée est conforme aux règlements administratifs.

• Marginal note:2001, c. 9, s. 234(2)

  (3) 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 President.

431. Subsections 20(2) and (3) of the French version of the Act are replaced by the following: