Economic Action Plan 2014 Act, No. 2 (S.C. 2014, c. 39)
Full Document:
Assented to 2014-12-16
255. Subsection 6(1) of the Act is replaced by the following:
Marginal note:Appointment
6. (1) The Governor in Council shall appoint a Chief Public Health Officer, who is an officer of the Agency.
256. Section 7 of the Act is amended by adding the following after subsection (1):
Marginal note:Advice
(1.1) The Chief Public Health Officer shall provide the Minister and the President with public health advice that is developed on a scientific basis.
257. Section 9 of the Act is repealed.
258. Subsection 10(2) of the Act is repealed.
R.S., c. F-11Consequential Amendment to the Financial Administration Act
Marginal note:2006, c. 9, s. 270
259. Part II of Schedule VI to the Financial Administration Act is amended by replacing “Chief Public Health Officer of Canada”, in column II, with “President”.
Coming into Force
Marginal note:Order in council
260. This Division comes into force on a day to be fixed by order of the Governor in Council.
Division 212013, c. 40Economic Action Plan 2013 Act, No. 2
261. Section 249 of the Economic Action Plan 2013 Act, No. 2 is replaced by the following:
Definition of “amalgamated corporation”
249. In this Division, “amalgamated corporation” means any corporation resulting from an amalgamation referred to in subsection 252(1).
262. The Act is amended by adding the following after section 250:
Marginal note:Continuance
250.1 Despite subsection 268(8.1) of the Canada Business Corporations Act, sections 6 to 13, 17, 18 and 21.1 of the Blue Water Bridge Authority Act continue to apply to the Blue Water Bridge Authority after its continuance under the Canada Business Corporations Act.
263. Sections 253 to 260 of the Act are repealed.
264. The Act is amended by adding the following after section 252:
Marginal note:Amalgamated corporation an agent
253. An amalgamated corporation is an agent of Her Majesty in right of Canada.
Marginal note:Contracts
254. An amalgamated corporation may enter into contracts with Her Majesty as though it were not an agent of Her Majesty.
Marginal note:Borrowing authorized
255. An amalgamated corporation may borrow money otherwise than from the Crown, including by means of the issuance, sale and pledge of bonds, debentures, notes or other evidence of indebtedness, as long as the total principal amount of those borrowings that is outstanding does not exceed $130,000,000 at any time.
Marginal note:Charges
256. (1) An amalgamated corporation may fix and charge tolls, fees or other charges for the use of a bridge or tunnel that it owns or operates.
Marginal note:Authorization by amalgamated corporation
(2) An amalgamated corporation may authorize another person to fix or charge tolls, fees or other charges for the use of such a bridge or tunnel.
Marginal note:Auditor
257. The Auditor General of Canada is the auditor of an amalgamated corporation.
Marginal note:No compensation
258. Despite the provisions of any contract, agreement or order, no person who is appointed to hold office as a part-time member of the board of directors of The Federal Bridge Corporation Limited, of a corporation that results from an amalgamation referred to in subsection 252(2) or of Blue Water Bridge Authority has any right to claim or receive any compensation, damages, indemnity or other form of relief from Her Majesty in right of Canada or from any employee or agent of Her Majesty for ceasing to hold that office or for the abolition of that office following any amalgamation referred to in subsection 252(1).
Marginal note:Financial Administration Act
259. For the purposes of Part I of Schedule III to the Financial Administration Act, the reference in that Part to The Federal Bridge Corporation Limited is deemed to be a reference to the name of any corporation that results from an amalgamation referred to in subsection 252(1), if that name is “The Federal Bridge Corporation Limited”.
Marginal note:Payments in Lieu of Taxes Act
260. For the purposes of Schedule III to the Payments in Lieu of Taxes Act, the reference in that Schedule to The Federal Bridge Corporation Limited is deemed to be a reference to the name of any corporation that results from an amalgamation referred to in subsection 252(1), if that name is “The Federal Bridge Corporation Limited”.
265. Section 269 of the Act is replaced by the following:
Marginal note:Order in council
269. Sections 261 to 263 and 266 to 268 come into force on a day or days to be fixed by order of the Governor in Council.
Division 22Central Cooperative Credit Societies and Federal Credit Unions
R.S., c. B-2Bank of Canada Act
Marginal note:2001, c. 9, s. 194(2)
266. Paragraph 18(h) of the Bank of Canada Act is replaced by the following:
(h) subject to section 19.1, make loans or advances for periods not exceeding six months to members of the Canadian Payments Association on taking security in any property that the institution to which the loan or advance is made is authorized to hold;
267. The Act is amended by adding the following after section 19:
Marginal note:Provincial members
19.1 The Bank may make a loan or advance under paragraph 18(h) to a central cooperative credit society or local cooperative credit society, as those expressions are defined in subsection 2(1) of the Canadian Payments Act, only if
(a) a province has agreed in writing to indemnify the Bank for any loss that the Bank could incur as a result of the loan or advance; or
(b) the loan or advance is made to a participant in a clearing and settlement system, as defined in section 2 of the Payment Clearing and Settlement Act, operated by the Canadian Payments Association and it is made for the sole purpose of enabling the participant to settle its clearing balance in the system.
R.S., c. C-3Canada Deposit Insurance Corporation Act
268. Section 39 of the Canada Deposit Insurance Corporation Act is repealed.
1991, c. 46Bank Act
Marginal note:2001, c. 9, s. 35(7)
269. (1) Paragraph (c) of the definition “federal financial institution” in section 2 of the Bank Act is replaced by the following:
(c) an association to which the Cooperative Credit Associations Act applies, or
Marginal note:2001, c. 9, s. 35(4)
(2) Paragraph (c) of the definition “financial institution” in section 2 of the Act is replaced by the following:
(c) an association to which the Cooperative Credit Associations Act applies,
Marginal note:2010, c. 12, s. 1908
270. Subsection 33(3) of the Act is replaced by the following:
Marginal note:Continuance for purpose of amalgamation
(3) A local cooperative credit society may, if so authorized by the laws of the jurisdiction in which it is incorporated, apply to the Minister for letters patent continuing it as a federal credit union if it proposes to be continued under this Act for the purpose of immediately amalgamating with another federal credit union in accordance with this Act.
Marginal note:Continuance for purpose of amalgamation
(4) Two or more local cooperative credit societies may, if so authorized by the laws of the jurisdiction in which they are incorporated, apply to the Minister for letters patent continuing each of them as a federal credit union if they propose to be continued under this Act for the purpose of immediately amalgamating with each other in accordance with this Act.
Marginal note:Application for amalgamation required
(5) An application referred to in subsection (3) or (4) must be made at the same time as an application referred to in subsection 223(1.2) or (1.3) in respect of the amalgamation.
271. (1) Section 34 of the Act is amended by adding the following after subsection (1):
Marginal note:Joint notice of continuance and amalgamation
(1.1) In the case of an application made under subsection 33(3) or (4), the applicants referred to in subsection 223(1.2) or (1.3) may, in accordance with subsection 25(2) and paragraph 228(2)(a), jointly publish the notices referred to in those provisions in the form of a single notice.
(2) Section 34 of the Act is amended by adding the following after subsection (3):
Marginal note:Continuance and amalgamation — special resolutions
(4) In the case of an application made under subsection 33(3) or (4), the vote on the special resolution must be held at the same time as the vote on the special resolutions referred to in subsection 226(4).
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