Budget Implementation Act, 2016, No. 1 (S.C. 2016, c. 7)
Full Document:
Assented to 2016-06-22
Marginal note:1996, c. 6, s. 41; 2002, c. 8, par. 182(1)(d); 2009, c. 2, s. 250
142 Sections 39.23 to 39.37 of the Act are replaced by the following:
Marginal note:Amount of compensation
39.23 (1) If an order is made under subsection 39.13(1), the Corporation shall, in accordance with the regulations and the by-laws, determine the amount of compensation, if any, to be paid to a prescribed person.
Marginal note:Persons entitled to compensation
(2) Only a prescribed person who is in a worse financial position than they would have been had the federal member institution been liquidated under the Winding-up and Restructuring Act is entitled to be paid compensation.
Marginal note:Duty to pay compensation
(3) The Corporation shall pay the compensation and shall decide whether to pay it wholly or partly in cash or wholly or partly in any other form, including shares, that the Corporation considers appropriate.
Marginal note:Determining amount — no comparison with others
(4) In determining the amount of compensation to which a person is entitled, the following shall not be taken into account:
(a) any shares or other interest or right received by another person as a result of an order made under subsection 39.13(1) or retained by another person; and
(b) any common shares received by another person as a result of a conversion of shares or liabilities in accordance with the contractual terms of those shares or liabilities.
Marginal note:Decision conclusive
39.24 Except as otherwise provided in this Act, a decision made by the Corporation under section 39.23 or by an assessor appointed under section 39.26 is for all purposes final and conclusive and shall not be questioned or reviewed in any court.
Marginal note:Discharge of liability
39.25 Payment of the compensation by the Corporation under section 39.23 discharges the Corporation from its obligations under that section and in no case is the Corporation under any obligation to see to the proper application in any way of any such payment.
Marginal note:Appointment of assessor
39.26 In the circumstances prescribed by the regulations, the Governor in Council shall, by order, appoint as assessor a judge who is in receipt of a salary under the Judges Act to review a decision made by the Corporation under subsection 39.23(1) and determine the amount of compensation, if any, to be paid to a prescribed person.
Marginal note:Sittings and hearings
39.27 (1) An assessor may sit at any place and shall arrange for the sittings and hearings that may be required.
Marginal note:Powers of assessor
(2) The assessor has all the powers conferred on a commissioner appointed under Part II of the Inquiries Act for the purpose of obtaining evidence under oath.
Marginal note:Persons to assist
(3) An assessor may appoint a person to assist him or her in performing his or her functions.
Marginal note:Payment
(4) Fees and disbursements payable to the person may be included by the assessor in an amount awarded in respect of costs under subsection (5) or (6).
Marginal note:Costs of prescribed person
(5) If the assessor determines that it is just and reasonable that costs in the proceeding before the assessor be awarded to a prescribed person and against the Corporation, the amount that the assessor determines to be just and reasonable to award in respect of those costs is payable by the Corporation to the prescribed person.
Marginal note:Costs of Corporation
(6) If the assessor determines that it is just and reasonable that costs in the proceeding before the assessor be awarded to the Corporation and against a prescribed person, the amount that the assessor determines to be just and reasonable to award in respect of those costs constitutes a debt payable by the prescribed person to the Corporation and may be recovered as such in any court of competent jurisdiction.
Marginal note:Regulations
39.28 (1) The Governor in Council may make regulations respecting compensation for the purposes of sections 39.23 to 39.27, including regulations
(a) prescribing persons referred to in subsection 39.23(1);
(b) respecting the factors that the Corporation shall or shall not consider in making a decision under subsection 39.23(1);
(c) respecting the circumstances in which an assessor must be appointed under section 39.26;
(d) respecting the factors that an assessor shall or shall not consider in making a decision; and
(e) respecting procedural requirements.
Marginal note:By-laws
(2) The Corporation may make by-laws respecting compensation for the purposes of section 39.23.
Marginal note:Inconsistency
(3) In the event of any inconsistency between the regulations made under subsection (1) and the by-laws made under subsection (2), the regulations prevail to the extent of the inconsistency.
Marginal note:2009, c. 2, s. 251
143 Section 39.3712 of the Act is repealed.
Marginal note:2009, c. 2, s. 251
144 Subsection 39.3721(2) of the Act is replaced by the following:
Marginal note:Implementation
(2) The board of directors of the bridge institution shall ensure that the directions are implemented in a prompt and efficient manner and shall, after implementing a direction, notify the Corporation without delay that it has been implemented.
Marginal note:2009, c. 2, s. 251
145 Subsection 39.3722(2) of the Act is replaced by the following:
Marginal note:By-laws — board of directors
(2) The board of directors of a bridge institution may, with the prior approval of the Corporation, make, amend or repeal any by-law.
Marginal note:2009, c. 2, s. 251; 2012, c. 5, s. 202
146 Section 39.3723 of the Act is repealed.
Marginal note:1996, c. 6, s. 41
147 (1) Subsection 39.38(1) of the Act is replaced by the following:
Marginal note:Federal-provincial agreements
39.38 (1) The Minister may, with the approval of the Governor in Council, enter into an agreement with an appropriate provincial minister providing for the application of any of sections 39.1 to 39.28 to provincial member institutions incorporated under the laws of that province.
Marginal note:1996, c. 6, s. 41
(2) Subsection 39.38(2) of the English version of the Act is replaced by the following:
Marginal note:Orders
(2) If an agreement has been entered into with an appropriate provincial minister, the Governor in Council may make orders, which are to be consistent with the agreement, providing for the application of any of sections 39.1 to 39.28 to provincial member institutions incorporated under the laws of that province and adapting any of the provisions of those sections in their application to those provincial member institutions.
Marginal note:R.S., c. 18 (3rd Supp.), s. 68
148 (1) Subsection 45.1(1) of the Act is replaced by the following:
Marginal note:No liability for acts in good faith
45.1 (1) Her Majesty in right of Canada, any servant or agent of Her Majesty, the Corporation, its directors, officers and employees and any person acting on behalf of the Corporation are not liable to any member institution, depositor with, or creditor or shareholder of, any member institution, or to any other person, for any damages, payment, compensation, contribution or indemnity that any such member institution, depositor, creditor, shareholder or other person may suffer or claim by reason of anything done or omitted to be done, in good faith, in the exercise, execution or performance — or the purported exercise, execution or performance — of any powers, duties and functions under this Act.
Marginal note:R.S., c. 18 (3rd Supp.), s. 68
(2) Subsection 45.1(2) of the Act is replaced by the following:
Marginal note:Obligation remains
(2) Nothing in subsection (1) shall be construed to relieve the Corporation from the obligation to make payment in respect of a deposit insured under this Act or to pay compensation under section 39.23.
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