Marginal note:2001, c. 9, s. 104

• 25. (1) Subsection 413.2(1) of the Act is replaced by the following:

  Marginal note:Deposits less than $150,000

  • 413.2 (1) Subject to the regulations, a bank referred to in paragraph 413(1)(b) or (c) may not, in respect of its business in Canada, act as agent for any person in the taking of a deposit that is less than $150,000 and payable in Canada.

• Marginal note:2001, c. 9, s. 104

  (2) Subsection 413.2(2) of the French version of the Act is replaced by the following:

  • Définition de « dépôt »

    (2) Pour l’application du présent article, dépôt s’entend au sens du paragraphe 413(5).

Marginal note:2001, c. 9, s. 104

• 26. (1) Subsection 413.3(1) of the Act is replaced by the following:

  Marginal note:Shared premises

  • 413.3 (1) Subject to the regulations, no bank referred to in paragraph 413(1)(b) or (c) shall carry on business in Canada on premises that are shared with those of a member institution, within the meaning of section 2 of the Canada Deposit Insurance Corporation Act, that is affiliated with the bank.

• Marginal note:2001, c. 9, s. 104

  (2) Subsections 413.3(3) and (4) of the Act are replaced by the following:

  • Marginal note:Adjacent premises

    (3) Subject to the regulations, no bank referred to in paragraph 413(1)(b) or (c) shall carry on business in Canada on premises that are adjacent to a branch or office of a member institution, within the meaning of section 2 of the Canada Deposit Insurance Corporation Act, that is affiliated with the bank, unless the bank clearly indicates to its customers that its business and the premises on which it is carried on are separate and distinct from the business and premises of the affiliated member institution.

  • Marginal note:Regulations

    (4) The Governor in Council may make regulations

    • (a) respecting the circumstances in which, and the conditions under which, a bank referred to in paragraph 413(1)(b) or (c) may carry on business in Canada on premises that are shared with those of a member institution referred to in subsection (1); and

    • (b) respecting the circumstances in which, and the conditions under which, a bank referred to in paragraph 413(1)(b) or (c) may carry on business in Canada on premises that are adjacent to a branch or office of a member institution referred to in subsection (3).

27. Subsection 418(1) of the Act is replaced by the following:

Marginal note:1993, c. 28, s. 78 (Sch. III, s. 5); 2002, c. 7, s. 82(E)

• 28. (1) Subsections 427(4) to (6) of the Act are replaced by the following:

  • Marginal note:Notice of intention

    (4) Subject to the regulations, the following provisions apply where security on property is given to a bank under this section:

    • (a) the rights and powers of the bank in respect of property covered by the security are void as against creditors of the person giving the security and as against subsequent purchasers or mortgagees in good faith of the property covered by the security unless a notice of intention was provided to the bank by the person giving the security and registered by the bank in the system of registration not more than three years immediately before the security was given;

    • (b) the registration of a notice of intention may be cancelled by the registration of a certificate of release by the bank; and

    • (c) any person may obtain information from the system of registration for the purpose of ascertaining whether a notice of intention or a certificate of release has been registered.

• (2) Section 427 of the Act is amended by adding the following after subsection (8):

  • Marginal note:Regulations

    (9) The Governor in Council may make regulations

    • (a) establishing a system of registration for the purpose of this section;

    • (b) respecting the practice and procedure for the operation of the system of registration, including the registration of notices of intention and certificates of release and the obtaining of information from the system of registration;

    • (c) respecting the form and content of notices of intention and certificates of release;

    • (d) requiring the payment of fees relating to the system of registration, including fees to obtain information from the system of registration, and prescribing the amounts of those fees or the manner of calculating them; and

    • (e) respecting any other matter necessary for the operation of the system of registration.

  • Marginal note:Transitional

    (10) Notices of intention and certificates of release registered in the system of registration as it existed immediately before the establishment of a system of registration under regulations made under paragraph (9)(a) are deemed to be registered in that system.

Marginal note:1999, c. 28, s. 23

29. Subsection 438(2) of the Act is replaced by the following:

• 30. (1) Subsection 439(1) of the Act is replaced by the following:

  Marginal note:Notice of unpaid amount

  • 439. (1) Subject to subsections (1.1) to (3), a bank shall send to each person to whom a deposit referred to in paragraph 438(1)(a) is payable, and to each person to whom or at whose request an instrument referred to in paragraph 438(1)(b) was issued, certified or accepted, a notice stating that the deposit or instrument remains unpaid.

  • Marginal note:Where notice to be sent

    (1.1) The notice is to be sent to the person’s recorded address and, if the person has designated an information system for the receipt of electronic documents, to that designated information system.

• (2) The portion of subsection 439(2) of the Act before paragraph (a) is replaced by the following:

  • Marginal note:When notice to be sent

    (2) The notice must be sent during the month of January next following the end of the first two-year period, during the month of January next following the end of the first five-year period and also during the month of January next following the end of the first nine-year period

• (3) Section 439 of the Act is amended by adding the following after subsection (2):

  • Marginal note:Notification of transfer to the Bank of Canada

    (3) The notice to be sent during the month of January next following the end of the first nine-year period determined under paragraphs (2)(a) to (c), as the case may be, must also

    • (a) indicate that in the month of January in the next year the unpaid amounts will be transferred to the Bank of Canada; and

    • (b) include the mailing address and websites where information can be obtained on how to claim the unpaid deposit or instrument.

31. The Act is amended by adding the following after section 448.2: