158. Subsection 32(5) of the Act is replaced by the following:

159. Subsection 35(1) of the Act is amended by striking out “and” at the end of paragraph (f) and by adding the following after paragraph (g):

• 160. (1) Subsection 36(1) of the French version of the Act is replaced by the following:

  Marginal note:Créances de Sa Majesté

  • 36. (1) Les droits imposés sous le régime des alinéas 35(1)g) ou (3)d) et les intérêts afférents constituent des créances de Sa Majesté du chef du Canada, dont le recouvrement peut être poursuivi à ce titre devant tout tribunal compétent.

• (2) The portion of subsection 36(2) of the French version of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Paiement des droits

    (2) Les droits imposés sous le régime des alinéas 35(1)g) ou (3)d) et les intérêts afférents frappant un bâtiment sont à payer :

161. The Act is amended by adding the following after section 36:

Services Provided by Classification Societies

Marginal note:Setting of fees — Canada Shipping Act, 2001

• 162. (1) A classification society that provides, during the period beginning on July 1, 2007 and ending on the day before the day on which this Act receives royal assent, any of the following services in the exercise of powers or the performance of duties under the Canada Shipping Act, 2001 in accordance with an agreement or arrangement entered into by the Minister of Transport under paragraph 10(1)(c) of that Act may set the fees to be paid to it for those services:

  • (a) services related to a Canadian maritime document;

  • (b) services related to any approvals or certifications; and

  • (c) the conduct or witnessing of tests.

• Marginal note:Not public money

  (2) The fees referred to in subsection (1) are not public money within the meaning of the Financial Administration Act and the User Fees Act does not apply in respect of them.

• Marginal note:Non-application of certain regulations

  (3) The regulations made under paragraph 35(1)(g) of the Canada Shipping Act, 2001 do not apply in respect of any service referred to in any of paragraphs (1)(a) to (c) that is provided, during the period beginning on July 1, 2007 and ending on the day before the day on which this Act receives royal assent, by a classification society in the exercise of powers or the performance of duties under that Act in accordance with an agreement or arrangement entered into by the Minister of Transport under paragraph 10(1)(c) of that Act.

Marginal note:Setting of fees — Canada Shipping Act

• 163. (1) A classification society that provides, during the period beginning on January 1, 1999 and ending on June 30, 2007, any of the following services in the exercise of powers or the performance of duties under the Canada Shipping Act in accordance with an agreement or arrangement entered into by the Minister of Transport under paragraph 8(1)(c) of that Act may set the fees to be paid to it for those services:

  • (a) services related to an inspection certificate;

  • (b) services related to any approvals or certifications; and

  • (c) the conduct or witnessing of tests.

• Marginal note:Not public money

  (2) The fees referred to in subsection (1) are not public money within the meaning of the Financial Administration Act and are not subject to subsection 408(2) of the Canada Shipping Act.

• Marginal note:User Fees Act

  (3) The User Fees Act does not apply in respect of the fees referred to in subsection (1).

Marginal note:Non-application of certain regulations

164. The regulations made under paragraph 231(1)(d), subsections 408(1) or (4) or paragraphs 657(1)(l) or (m) of the Canada Shipping Act do not apply in respect of any service referred to in any of paragraphs 163(1)(a) to (c) that is provided, during the period beginning on January 1, 1999 and ending on June 30, 2007, by a classification society in the exercise of powers or the performance of duties under that Act.

Coming into Force

Marginal note:July 1, 2007

• 165. (1) Sections 160 and 162 are deemed to have come into force on July 1, 2007.

• Marginal note:March 31, 2004

  (2) Subsection 163(3) is deemed to have come into force on March 31, 2004.

• Marginal note:January 1, 1999

  (3) Subsections 163(1) and (2) and section 164 are deemed to have come into force on January 1, 1999.

Division 3Preserving the Stability and Strength of Canada’s Financial Sector

R.S., c. C-3Canada Deposit Insurance Corporation Act

Marginal note:2009, c. 2, s. 245(7)

• 166. (1) Subsection 39.15(7.1) of the Canada Deposit Insurance Corporation Act is replaced by the following:

  • Marginal note:Stay — eligible financial contracts

    (7.01) If an order directing the incorporation of a bridge institution is made, the actions referred to in subsection (7) are not to be taken during the period beginning on the coming into force of the order and ending on the following business day at 5:00 p.m. at the location of the Corporation’s head office, by reason only of

    • (a) the federal member institution’s insolvency;

    • (b) the making of an order appointing the Corporation as receiver in respect of the federal member institution or the making of the order directing the incorporation of the bridge institution; or

    • (c) the eligible financial contract being assigned to or assumed by the bridge institution.

  • Marginal note:Exception

    (7.02) Subsection (7.01) does not apply in respect of an eligible financial contract between the federal member institution and a clearing house, as defined in section 2 of the Payment Clearing and Settlement Act, that provides clearing and settlement services for a clearing and settlement system designated under section 4 of that Act or between the federal member institution and a securities and derivatives clearing house as defined in subsection 13.1(3) of that Act.

  • Definition of “business day”

    (7.03) For the purpose of subsection (7.01), “business day” means a day other than a Saturday, a Sunday or any other day on which the clearing and settlement systems operated by the Canadian Payments Association are closed.

  • Marginal note:Corporation’s undertaking — eligible financial contracts

    (7.1) If an order directing the incorporation of a bridge institution is made and the Corporation undertakes to unconditionally guarantee the payment of any amount due or that may become due by the federal member institution, in accordance with the provisions of the eligible financial contract, or to ensure that all obligations of the federal member institution arising from the eligible financial contract will be assumed by the bridge institution, the actions referred to in subsection (7) are not to be taken by reason only of

    • (a) the federal member institution’s insolvency;

    • (b) the making of an order appointing the Corporation as receiver in respect of the federal member institution or the making of the order directing the incorporation of the bridge institution; or

    • (c) the eligible financial contract being assigned to or assumed by the bridge institution.

  • Marginal note:Agreements overridden

    (7.11) Any stipulation in an eligible financial contract is of no force or effect if it

    • (a) has the effect of providing for or permitting anything that, in substance, is contrary to subsection (7.01) or (7.1); or

    • (b) provides, in substance, that, by reason of the occurrence of any circumstance described in any of paragraphs (7.01)(a) to (c) and (7.1)(a) to (c), the federal member institution ceases to have the rights — or, in the case of a bridge institution, does not have the rights — to use or deal with assets that the federal member institution or bridge institution would otherwise have.

• Marginal note:2007, c. 29, s. 103(1)

  (2) The definition “financial collateral” in subsection 39.15(9) of the Act is replaced by the following:

  “financial collateral”

  « garantie financière »

  “financial collateral” has the same meaning as in subsection 13(2) of the Payment Clearing and Settlement Act.