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Bill S-11

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First Session, Forty-fourth Parliament,

70-71 Elizabeth II – 1 Charles III, 2021-2022

SENATE OF CANADA

BILL S-11
A fourth Act to harmonize federal law with the civil law of Quebec and to amend certain Acts in order to ensure that each language version takes into account the common law and the civil law

FIRST READING, October 26, 2022

THE HONOURABLE SENATOR GOLD, P.‍C.

91103


SUMMARY

This enactment is the fourth in a series of enactments drafted in the course of the harmonization of federal statutes by the Department of Justice of Canada as a result of the coming into force of the Civil Code of Québec in 1994, which substantially changed the concepts, institutions and terminology of civil law. It amends 52 statutes, including the Acts governing financial institutions — the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act and the Trust and Loan Companies Act — and other Acts including the Access to Information Act, the Financial Administration Act, the Interpretation Act and the Official Languages Act, in order to ensure that each language version takes into account the common law and the civil law.

Available on the Senate of Canada website at the following address:
www.sencanada.ca/en


TABLE OF PROVISIONS

A fourth Act to harmonize federal law with the civil law of Quebec and to amend certain Acts in order to ensure that each language version takes into account the common law and the civil law
Short Title
1

Federal Law–Civil Law Harmonization Act, No. 4

PART 1
Financial Institutions
Legislation Governing Financial Institutions
2

Bank Act

162

Cooperative Credit Associations Act

242

Insurance Companies Act

384

Trust and Loan Companies Act

Related Amendments to Other Acts
481

Canada Business Corporations Act

491

Canada Cooperatives Act

498

Canada Not-for-profit Corporations Act

504

Budget Implementation Act, 2018, No. 1

PART 2
Amendments to Other Acts
507

An Act respecting the National Battlefields at Quebec

514

An Act respecting the National Battlefields at Quebec

515

The National Battlefields at Quebec Act, 1914

516

Access to Information Act

518

Auditor General Act

520

Canada Evidence Act

523

Canadian Dairy Commission Act

524

Telefilm Canada Act

525

Canadian Radio-television and Telecommunications Commission Act

526

Crown Liability and Proceedings Act

528

Cultural Property Export and Import Act

535

Dry Docks Subsidies Act

543

Escheats Act

548

Farm Products Agencies Act

550

Financial Administration Act

578

Food and Drugs Act

579

Canadian Human Rights Act

584

Interpretation Act

587

Privacy Act

588

Radiation Emitting Devices Act

590

Surplus Crown Assets Act

596

Visiting Forces Act

597

Hazardous Materials Information Review Act

598

Official Languages Act

599

Lobbying Act

600

Canadian Centre on Substance Abuse Act

604

Bell Canada Act

605

Museums Act

612

Plant Protection Act

613

Farm Income Protection Act

614

Federal Real Property and Federal Immovables Act

615

Status of the Artist Act

617

Contraventions Act

619

Department of Canadian Heritage Act

620

Agriculture and Agri-Food Administrative Monetary Penalties Act

621

Canadian Food Inspection Agency Act

622

Tobacco and Vaping Products Act

624

Agricultural Marketing Programs Act

626

Anti-Personnel Mines Convention Implementation Act

627

Foreign Publishers Advertising Services Act

629

Pest Control Products Act

631

Public Servants Disclosure Protection Act

637

Conflict of Interest Act

Coordinating Amendments
640

2005, c. 54

641

2007, c. 6

642

2018, c. 12



1st Session, 44th Parliament,

70-71 Elizabeth II – 1 Charles III, 2021-2022

SENATE OF CANADA

BILL S-11

A fourth Act to harmonize federal law with the civil law of Quebec and to amend certain Acts in order to ensure that each language version takes into account the common law and the civil law

His Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

Short Title

Short title

1This Act may be cited as the Federal Law–Civil Law Harmonization Act, No. 4.

PART 1
Financial Institutions

Legislation Governing Financial Institutions

1991, c. 46

Bank Act

2(1)The definition biens immeubles in section 2 of the French version of the Bank Act is repealed.

2010, c. 12, s. 1894(1)

(2)The definitions fiduciary, personal representative, proxy, residential property and security interest in section 2 of the Act are replaced by the following:

fiduciary means any person Insertion start who is Insertion end acting in a fiduciary capacity Insertion start or who has an obligation of honesty and loyalty to another person because they are in a relationship of trust and confidence with that person Insertion end , and includes a personal representative of a deceased person; (représentant)

personal representative means a person who stands in place of and represents another person and includes a trustee, an executor Insertion start or Insertion end administrator Insertion start of an estate, a liquidator of a succession, an administrator of the property of another Insertion end , a committee, a guardian, a tutor, a curator, an assignee, a receiver Insertion start or sequestrator Insertion end , an agent Insertion start or mandatary Insertion end , or an attorney, but does not include a delegate; (représentant personnel)

proxy means a completed and executed Insertion start or, in Quebec, signed Insertion end form of proxy by means of which a shareholder appoints a proxyholder to attend and act on the shareholder’s behalf at a meeting of shareholders; (procuration)

residential property means Insertion start any Insertion end real property Insertion start or immovable Insertion end consisting of buildings Insertion start of which Insertion end at least one half of the floor space Insertion start is Insertion end used, or Insertion start is Insertion end to be used, as one or more private dwellings; (immeuble résidentiel)

security interest means an interest Insertion start or right Insertion end in or Insertion start a Insertion end charge on property, by way of mortgage Insertion start or hypothec Insertion end , lien, pledge or otherwise, taken by a creditor or guarantor to secure the payment or performance of an obligation; (sûreté)

(3)The definitions beneficial ownership, form of proxy and securities underwriter in section 2 of the English version of the Act are replaced by the following:

beneficial ownership includes ownership through one or more trustees, legal representatives, agents Insertion start or mandataries Insertion end or other intermediaries; (véritable propriétaire et propriété effective)

form of proxy means a written or printed form that, when completed and executed Insertion start or, in Quebec, signed Insertion end by or on behalf of a shareholder, constitutes a proxy; (formulaire de procuration)

securities underwriter means a person who, as principal, agrees to purchase securities with a view to the distribution of the securities or who, as agent Insertion start or mandatary Insertion end for a body corporate or other person, offers for sale or sells securities in connection with a distribution of the securities, and includes a person who participates, directly or indirectly, in a distribution of securities, other than a person whose interest in the distribution of securities is limited to receiving a distributor’s or seller’s commission payable by a securities underwriter; (souscripteur à forfait)

(4)The definitions fondé de pouvoir and opération in section 2 of the French version of the Act are replaced by the following:

fondé de pouvoir Personne nommée par procuration pour Insertion start assister et agir au nom de Insertion end l’actionnaire aux assemblées des actionnaires.‍ (proxyholder)

opération En matière de valeurs mobilières, toute Insertion start vente ou disposition pour contrepartie de valeur Insertion end .‍ (trade)

2010, c. 12, ss. 1894(2)‍(F) and (7)‍(E)

(5)Paragraph (a) of the definition security in section 2 of the English version of the Act is replaced by the following:

  • (a)in relation to a body corporate, a share of any class of shares of the body corporate or a debt obligation of the body corporate, and includes a warrant of the body corporate, but does not include a deposit with a financial institution or any Insertion start document Insertion end evidencing a deposit Insertion start with a financial institution Insertion end or, for greater certainty, a membership share, and

(6)Section 2 of the Act is amended by adding the following in alphabetical order:

Start of inserted block

immovable includes the rights of a lessee in respect of an immovable; (immeuble)

End of inserted block

(7)Section 2 of the French version of the Act is amended by adding the following in alphabetical order:

Start of inserted block

bien réel Est assimilé à un bien réel l’intérêt à bail sur un tel bien.‍ (real property)

End of inserted block

3Subsection 15(1) of the French version of the Act is replaced by the following:

Pouvoirs

15(1)La banque a la capacité d’une personne physique Insertion start et a Insertion end , sous réserve des autres dispositions de la présente loi, Insertion start les droits, pouvoirs et privilèges de cette personne Insertion end .

2005, c. 54, s. 6

4Paragraphs 20(1)‍(d) and (e) of the Act are replaced by the following:

  • (d)a person held out by the bank as a director, Insertion start an Insertion end officer, Insertion start an employee Insertion end or Insertion start an agent or mandatary Insertion end of the bank has not been duly appointed or has no authority to exercise the powers and perform the duties that are customary in the business of the bank or usual for a director, Insertion start an Insertion end officer, Insertion start an employee Insertion end or Insertion start an agent or mandatary Insertion end ; or

  • (e)a document issued by any director, Insertion start any Insertion end officer, Insertion start any employee Insertion end or Insertion start any agent or mandatary Insertion end of the bank with actual or usual authority to issue the document is not valid or not genuine.

5Paragraph 38(1)‍(c) of the Act is replaced by the following:

  • (c)an existing cause of action, claim or liability to prosecution is unaffected;

2005, c. 54, s. 9

6(1)Subparagraph 66(3)‍(a)‍(ii) of the English version of the Act is replaced by the following:

  • (ii)shares of or another interest Insertion start or right Insertion end in a body corporate that immediately before the exchange or because of it did not deal with the bank at arm’s length within the meaning of that expression in the Income Tax Act, or

2010, c. 12, s. 1934(2)

(2)Subparagraph 66(3.‍1)‍(a)‍(ii) of the English version of the Act is replaced by the following:

  • (ii)shares of or another interest Insertion start or right Insertion end in a body corporate that immediately before the exchange or because of it did not deal with the federal credit union at arm’s length within the meaning of that expression in the Income Tax Act, or

2010, c. 12, s. 1937

7Subsection 71(3) of the Act is replaced by the following:

Gift, bequest or legacy

(3)A bank may accept from any shareholder or member a share or membership share, as the case may be, of the bank surrendered to it as a gift, Insertion start bequest or legacy Insertion end , but Insertion start must Insertion end not extinguish or reduce a liability in respect of an amount unpaid on Insertion start the surrendered Insertion end share or membership share except in accordance with section 75.

8(1)The definitions adverse claim and purchaser in section 81 of the Act are replaced by the following:

adverse claim includes a claim that a transfer was or would be wrongful or that a particular adverse person is the owner of or has an interest Insertion start or right Insertion end in a security; (opposition)

purchaser means a person who takes an interest Insertion start or right Insertion end in a security by sale, mortgage, Insertion start hypothec Insertion end , pledge, issue, reissue, gift, Insertion start bequest, legacy Insertion end or any other voluntary transaction; (acquéreur)

2010, c. 12, s. 1946

(2)The portion of the definition security or security certificate in section 81 of the English version of the Act after paragraph (c) is replaced by the following:

  • (d)evidence of a share, participation or other interest Insertion start or right Insertion end in or obligation of a bank,

but does not include Insertion start a document Insertion end evidencing a deposit or, in the case of a federal credit union, a membership share; (valeur mobilière ou certificat de valeur mobilière)

9Paragraph 91(a) of the English version of the Act is replaced by the following:

  • (a)the scrip certificate becomes void Insertion start or, in Quebec, null Insertion end if not exchanged for a share certificate representing a full share before a specified date; and

2005, c. 54, s. 15(E)

10Section 94 of the Act is replaced by the following:

Minors

94If a minor exercises any rights of ownership in the securities of a bank, no subsequent repudiation or avoidance Insertion start or, in Quebec, annulment or reduction of the minor’s obligations Insertion end is effective against the bank.

1991, c. 46, s. 575

11(1)Subsection 96(1) of the Act is replaced by the following:

Transmission of securities

96(1)Subject to the provisions of Part VII and any applicable law relating to the collection of taxes, a person referred to in paragraph 93(2)‍(a) is entitled to become registered as the owner of a security, or to designate another person to be registered as the owner of a security, if the person referred to in paragraph 93(2)‍(a) delivers to the bank or its transfer agent Insertion start the following documents Insertion end , accompanied by any assurance the bank may require under section 127:

  • (a) Insertion start in Insertion end the Insertion start case of a Insertion end grant of probate or of letters of administration Insertion start or, in Quebec, the issuance of letters of verification or of a judgment probating a will, the Insertion end original Insertion start document Insertion end or a copy certified to be a true copy by

    • (i)the court that granted the probate or letters of administration Insertion start or that issued the letters of verification or the judgment probating the will Insertion end ,

    • (ii)a trust company incorporated under the Trust and Loan Companies Act or under the laws of a province, or

    • (iii)a lawyer or notary acting on behalf of the person referred to in paragraph 93(2)‍(a);

  • Start of inserted block

    (b)in the case of a will probated by a notary in Quebec, a certified copy of the minutes of the probate;

  • (c)in the case of letters of verification issued by a notary in Quebec, a certified copy of the letters;

    End of inserted block
  • (d)in the case of a notarial will in Quebec, Insertion start an authentic Insertion end copy Insertion start of the will established in accordance with Insertion end the laws of that province;

  • ( Insertion start e Insertion end )an affidavit or declaration of transmission made by the person referred to in paragraph 93(2)‍(a) that states the particulars of the transmission; and

  • ( Insertion start f Insertion end )the security certificate that was owned by the deceased holder

    • (i)in the case of a transfer to the person referred to in paragraph 93(2)‍(a), with or without the endorsement of that person, and

    • (ii)in the case of a transfer to any other person, endorsed in accordance with section 111.

(2)The portion of subsection 96(2) of the Act before paragraph (a) is replaced by the following:

Excepted transmissions

(2) Insertion start Despite Insertion end subsection (1), if the laws of the jurisdiction governing the transmission of a security of a deceased holder do not require Insertion start any of the documents mentioned in paragraphs (1)‍(a) to (c) Insertion end in respect of the transmission, a personal representative of the deceased holder is entitled, subject to Part VII and any applicable law relating to the collection of taxes, to become registered as the owner Insertion start of the security Insertion end or to designate a person to be registered as the owner, if the personal representative delivers to the bank or its transfer agent the following documents:

(3)Paragraph 96(2)‍(b) of the Act is replaced by the following:

  • (b)reasonable proof of the governing laws, of the deceased holder’s interest Insertion start or right Insertion end in the security and of the right of the personal representative or the designated person to become the registered shareholder.

12Subsection 100(1) of the Act is replaced by the following:

Notice of defect

100(1)Even against a purchaser for value and without notice of a defect going to the validity of a security, the terms of the security include those stated on the security and those incorporated by reference to another Insertion start document Insertion end , instrument Insertion start or act Insertion end , statute, rule, regulation or order to the extent that the terms so referred to do not conflict with the stated terms, but Insertion start the Insertion end reference is not of itself notice to a purchaser for value of a defect going to the validity of the security, Insertion start even if Insertion end the security expressly states that a person accepting it admits the notice.

13Subsection 104(3) of the English version of the Act is replaced by the following:

Limitation

(3)A purchaser acquires rights only to the extent of the interest Insertion start or right Insertion end purchased.

14Subsection 108(5) of the English version of the Act is replaced by the following:

Warranties of securities broker

(5)A securities broker gives to the broker’s customer, to the issuer and to a purchaser, as the case may be, the warranties provided in subsections (1) to (4) and has the rights and privileges of a purchaser under those subsections, and those warranties of and in favour of the broker acting as an agent Insertion start or mandatary Insertion end are in addition to warranties given by the broker’s customer and warranties given in favour of the broker’s customer.

15(1)Paragraph 110(1)‍(e) of the French version of the Act is replaced by the following:

  • e)tout survivant parmi les bénéficiaires d’un Insertion start droit Insertion end de survie nommés sur la valeur mobilière ou l’endossement mentionnés à l’alinéa a);

(2)Paragraph 110(1)‍(g) of the English version of the Act is replaced by the following:

  • (g)to the extent that a person described in any of paragraphs (a) to (f) may act through an agent Insertion start or mandatary Insertion end , the person’s authorized agent Insertion start or mandatary Insertion end .

16Section 114 of the English version of the Act is replaced by the following:

Effect of fiduciary failing to comply

114Failure of a fiduciary to comply with a controlling instrument Insertion start or act Insertion end or with the law of the jurisdiction governing the fiduciary relationship, including any law requiring the fiduciary to obtain court approval of a transfer, does not render the fiduciary’s endorsement unauthorized for the purposes of this Part.

17(1)The portion of subsection 121(4) of the Act before paragraph (a) is replaced by the following:

Transfer through clearing agency

(4)A transfer or pledge of a security shown in the records of a clearing agency or Insertion start of an Insertion end interest Insertion start or right in such a security Insertion end may, in addition to other methods, be effected by making an appropriate entry in Insertion start those Insertion end records if the security is evidenced by

(2)The portion of subsection 121(4) of the English version of the Act after paragraph (b) is repealed.

(3)Subsection 121(5) of the Act is replaced by the following:

Interests or rights in fungible bulk

(5)Under subsections (4) to (10), entries may be in respect of Insertion start similar Insertion end securities or interests Insertion start or rights in similar securities Insertion end as part of a fungible bulk and may refer merely to a quantity of a particular security without reference to the name of the registered owner, certificate or bond number or Insertion start any other information Insertion end and, in appropriate cases, may be on a net basis taking into account other transfers or pledges of the same security.

(4)Subsections 121(6) and (7) of the French version of the Act are replaced by the following:

Transfert ou gage équivaut à livraison

(6)Le transfert ou le Insertion start gage Insertion end prévu aux paragraphes (4) à (10) équivaut à la livraison d’une valeur mobilière au porteur ou dûment endossée en blanc et représente soit le montant de l’obligation, soit le nombre d’actions ou de droits transférés ou Insertion start mis en gage Insertion end .

Inscription équivaut à acceptation de livraison

(7)Si le Insertion start gage Insertion end ou la création d’une sûreté est envisagé, l’inscription équivaut à une acceptation de la livraison par le créancier gagiste ou le créancier garanti et ces derniers sont réputés, à toutes fins, en avoir pris possession.

(5)Subsection 121(9) of the French version of the Act is replaced by the following:

Non-inscription

(9)Le transfert ou le Insertion start gage Insertion end effectué en vertu des paragraphes (4) à (10) ne constitue pas une inscription de transfert au sens des articles 126 à 133.

18Subsection 123(2) of the French version of the Act is replaced by the following:

Résolution d’un transfert

(2)L’acquéreur peut refuser le transfert ou en demander la Insertion start résolution Insertion end si le cédant ne se conforme pas, dans un délai raisonnable, à toute demande faite en vertu du paragraphe (1).

19Sections 124 and 125 of the Act are replaced by the following:

Seizure of security

124No seizure of a security or other interest Insertion start or right Insertion end evidenced Insertion start by a security Insertion end is effective until the person making the seizure obtains possession of the security.

No liability if good faith disposition

125An agent or Insertion start mandatary, or a Insertion end bailee Insertion start or depositary Insertion end , who in good faith, including observance of reasonable commercial standards if Insertion start they are Insertion end in the business of buying, selling or otherwise dealing with securities of a bank, has received securities and sold, pledged or delivered them according to the instructions of the principal or Insertion start mandator, or the bailor or depositor Insertion end , is not liable for conversion or for participation in breach of fiduciary duty even though the principal Insertion start or mandator, or the bailor or depositor Insertion end has no right to dispose of the securities.

20(1)Paragraph 127(1)‍(a) of the English version of the Act is replaced by the following:

  • (a)if the endorsement is by an agent Insertion start or mandatary Insertion end , reasonable assurance of authority to sign;

(2)Paragraph 127(4)‍(a) of the French version of the Act is replaced by the following:

  • a)dans le cas du représentant nommé judiciairement et Insertion start visé Insertion end au paragraphe 96(1), de la copie certifiée Insertion start de l’ordonnance visée Insertion end à ce paragraphe et Insertion start rendue Insertion end dans les soixante jours Insertion start précédant Insertion end la présentation pour transfert de la valeur mobilière;

21Paragraph 129(2)‍(b) of the English version of the Act is replaced by the following:

  • (b)the issuer is provided with an indemnity bond sufficient in the issuer’s judgment to protect the issuer and any registrar, transfer agent or other agent Insertion start or mandatary Insertion end of the issuer from any loss that may be incurred by any of them as a result of complying with the adverse claim.

22The portion of section 134 of the Act before paragraph (a) is replaced by the following:

Rights and obligations

134An authenticating trustee, registrar, transfer agent or other agent Insertion start or mandatary Insertion end of an issuer has, in respect of the issue, registration of transfer and cancellation of a security of the issuer,

23Section 135 of the English version of the Act is replaced by the following:

Notice

135Notice to Insertion start one Insertion end of Insertion start the persons referred to in section 134 Insertion end is notice to the issuer in respect of the functions performed by Insertion start that person Insertion end .

24Subsection 143(6) of the French version of the Act is replaced by the following:

Immunité

(6)La banque ou Insertion start la personne agissant Insertion end en Insertion start son nom Insertion end n’ Insertion start engage Insertion end pas Insertion start sa Insertion end responsabilité en diffusant une proposition ou une déclaration Insertion start conformément aux Insertion end paragraphes (2) et (3).

2010, c. 12, s. 1957

25Subsection 144.‍1(10) of the French version of the Act is replaced by the following:

Immunité

(10)La coopérative de crédit fédérale ou Insertion start la personne agissant en son nom Insertion end n’ Insertion start engage Insertion end pas Insertion start sa Insertion end responsabilité en diffusant une proposition.

1997, c. 15, s. 10

26Paragraph (b) of the definition solicit or solicitation in section 156.‍01 of the English version of the Act is replaced by the following:

  • (b)a request to execute or not to execute Insertion start or, in Quebec, to sign or not to sign Insertion end a form of proxy or to revoke a proxy,

1997, c. 15, s. 10

27(1)Subsections 156.‍02(1) and (2) of the Act are replaced by the following:

Appointing proxyholder

156.‍02(1)A shareholder who is entitled to vote at a meeting of shareholders may, by executing Insertion start or, in Quebec, signing Insertion end a form of proxy, appoint a proxyholder or one or more alternate proxyholders, who are not required to be shareholders, to attend and act at the meeting in the manner and to the extent authorized by the proxy and with the authority conferred by the proxy.

Execution or signature of proxy

(2)A form of proxy Insertion start is to Insertion end be executed Insertion start or, in Quebec, signed Insertion end by a shareholder or by a shareholder’s attorney authorized in writing to do so.

1997, c. 15, s. 10

(2)Subsection 156.‍02(4) of the English version of the Act is replaced by the following:

Required information

(4)A form of proxy must indicate, in Insertion start boldface Insertion end type, that the shareholder by whom or on whose behalf it is executed Insertion start or, in Quebec, signed Insertion end may appoint a proxyholder, other than a person designated in the form of proxy, to attend and act on the shareholder’s behalf at a meeting to which the proxy relates, and must contain instructions as to the manner in which the shareholder may do so.

1997, c. 15, s. 10

(3)The portion of paragraph 156.‍02(6)‍(a) of the Act before subparagraph (i) is replaced by the following:

  • (a)by depositing an instrument Insertion start or act Insertion end in writing executed Insertion start or, in Quebec, signed Insertion end by the shareholder or by the shareholder’s attorney authorized in writing to do so

1997, c. 15, s. 10

28Section 156.‍03 of the English version of the Act is replaced by the following:

Deposit of proxies

156.‍03The directors may specify, in a notice calling a meeting of shareholders or a continuation of a meeting of shareholders after an adjournment, a time before which Insertion start proxies Insertion end to be used at the meeting or the continued meeting must be deposited with the bank or its transfer agent. The time specified Insertion start must Insertion end not be more than 48 hours, excluding Saturdays and holidays, before the meeting or the continued meeting.

1997, c. 15, s. 10

29Subsection 156.‍06(1) of the English version of the Act is replaced by the following:

Attendance at meeting

156.‍06(1)A person who solicits a proxy and is appointed proxyholder Insertion start must Insertion end attend in person or cause an alternate proxyholder to attend the meeting in respect of which the proxy is valid, and the proxyholder or alternate proxyholder Insertion start must Insertion end comply with the directions of the shareholder who Insertion start appointed them Insertion end .

2005, c. 54, s. 31

30Subsection 156.‍07(4) of the French version of the Act is replaced by the following:

Exemplaires

(4)Le sollicitant ou la personne Insertion start agissant en son nom Insertion end fournit dans les meilleurs délais et à ses propres frais à l’intermédiaire, sur demande, le nombre nécessaire d’exemplaires des documents visés à l’alinéa (1)a).

2001, c. 9, s. 67

31Subsection 156.‍09(10) of the French version of the Act is replaced by the following:

Cessation d’application du paragraphe (9)

(10)Le paragraphe (9) cesse de s’appliquer s’il y a eu Insertion start disposition Insertion end des actions ayant donné lieu à l’arrêté.

2012, c. 31, s. 109

32(1)Paragraph 160(f.‍1) of the English version of the Act is replaced by the following:

  • (f.‍1)a person who is Insertion start a Insertion end director, an officer, Insertion start an Insertion end employee or Insertion start an Insertion end agent Insertion start or mandatary Insertion end of — or any other person acting on behalf of — an eligible agent Insertion start as defined in Insertion end subsection 370(1);

(2)Paragraph 160(i) of the English version of the Act is replaced by the following:

  • (i)a person who is an agent or Insertion start mandatary or an Insertion end employee of the government of a foreign country or any political subdivision Insertion start of a foreign country Insertion end ; and

2010, c. 12, s. 1978

33Subsection 175(3) of the French version of the Act is replaced by the following:

Immunité

(3)La banque ou Insertion start la personne agissant en son nom Insertion end n’ Insertion start engage Insertion end pas Insertion start sa Insertion end responsabilité en diffusant, conformément aux paragraphes (1) ou (2), la déclaration faite par un administrateur.

2010, c. 12, s. 1986

34Section 192.‍09 of the French version of the Act is replaced by the following:

Maintien des droits

192.‍09Les modifications des lettres patentes ou des règlements administratifs ne portent pas atteinte aux causes d’actions Insertion start ou aux réclamations Insertion end déjà nées pouvant engager la coopérative de crédit fédérale, ses administrateurs ou ses dirigeants, Insertion start ni aux possibilités de poursuite pour infraction Insertion end , ni aux procédures civiles, pénales ou administratives auxquelles ils sont parties.

2010, c. 12, s. 1986

35Paragraph 192.‍1(b) of the Act is replaced by the following:

  • (b)there were in the by-law a covenant under seal, Insertion start or, in Quebec, a formal undertaking Insertion end , on the part of each member, and the successors and assigns of the member, to conform to the by-law.

2005, c. 54, s. 40

36Paragraph 203(1)‍(a) of the English version of the Act is replaced by the following:

  • (a)relates primarily to their remuneration as a director, Insertion start an Insertion end officer, Insertion start an Insertion end employee or Insertion start an Insertion end agent Insertion start or mandatary Insertion end of the bank, an entity controlled by the bank or an entity in which the bank has a substantial investment;

37Subsection 210(5) of the Act is replaced by the following:

Subrogation of director

(5) Insertion start When Insertion end a director of a bank pays a debt referred to in subsection (1) that is proven in liquidation and dissolution or winding-up proceedings, the director is entitled to any preference that the employee would have been entitled to and, Insertion start if Insertion end a judgment has been obtained, the director is

  • Start of inserted block

    (a)in Quebec, subrogated to the employee’s rights as declared in the judgment; and

    End of inserted block
  • ( Insertion start b Insertion end ) Insertion start elsewhere in Canada Insertion end , entitled to an assignment of the judgment.

38Section 222 of the French version of the Act is replaced by the following:

Maintien des droits

222Les modifications de l’acte constitutif ou des règlements administratifs ne portent pas atteinte aux causes d’actions Insertion start ou aux réclamations Insertion end déjà nées pouvant engager la banque, ses administrateurs ou ses dirigeants, Insertion start ni aux possibilités de poursuite pour infraction Insertion end , ni aux procédures civiles, pénales ou administratives auxquelles ils sont parties.

2001, c. 9, s. 86

39Subsection 229.‍1(1) of the English version of the Act is replaced by the following:

Court enforcement

229.‍1(1)If a bank or any director, Insertion start any Insertion end officer, Insertion start any Insertion end employee or Insertion start any Insertion end agent Insertion start or mandatary Insertion end of a bank is contravening or has failed to comply with any term or condition made in respect of the issuance of letters patent of amalgamation, the Minister may, in addition to any other action that may be taken under this Act, apply to a court for an order directing the bank or the director, Insertion start the Insertion end officer, Insertion start the Insertion end employee or Insertion start the Insertion end agent Insertion start or mandatary Insertion end to comply with the term or condition, cease the contravention or do any thing that is required to be done, and on the application the court may so order and make any other order it thinks fit.

40Paragraph 230(1)‍(d) of the French version of the Act is replaced by the following:

  • d)aucune atteinte n’est portée aux causes d’actions Insertion start ou aux réclamations Insertion end déjà nées, Insertion start ni aux possibilités de poursuite pour infraction Insertion end ;

2010, c. 12, s. 2009(3)‍(E)

41(1)Subsection 240(5) of the English version of the Act is replaced by the following:

Supplemental lists

(5)A person requiring a bank to supply a basic list may, if the person states in the accompanying affidavit that supplemental lists are required, request the bank or its agent Insertion start or mandatary Insertion end , on payment of a reasonable fee, to provide supplemental lists of shareholders or members setting out any changes from the basic list in the names and addresses of the shareholders or members, as the case may be, and the number of shares owned by each shareholder, or the number of membership shares owned by each member, as the case may be, for each business day following the date to which the basic list is made up.

(2)The portion of subsection 240(6) of the English version of the Act before paragraph (a) is replaced by the following:

When supplemental lists to be furnished

(6)A bank or its agent Insertion start or mandatary must Insertion end provide a supplemental list of shareholders required under subsection (5)

42The portion of section 244 of the English version of the Act before paragraph (a) is replaced by the following:

Protection of records

244A bank and its agents Insertion start or mandataries must Insertion end take reasonable precautions to

2005, c. 54, s. 53

43(1)Subsection 248(6) of the English version of the Act is replaced by the following:

Supplementary information

(6)A person who wishes to examine Insertion start the Insertion end central securities register, take extracts from it or have copies of it made may, on payment of a reasonable fee, if they state in the accompanying affidavit that supplementary information is required, request the bank or its agent Insertion start or mandatary Insertion end to provide supplementary information setting out any changes made to the register.

2005, c. 54, s. 53

(2)The portion of subsection 248(7) of the English version of the Act before paragraph (a) is replaced by the following:

When supplementary information to be provided

(7)A bank or its agent Insertion start or mandatary must Insertion end provide the supplementary information within

44Section 250 of the English version of the Act is replaced by the following:

Agent or mandatary

250A bank may appoint an agent Insertion start or mandatary Insertion end to maintain its central securities register and each of its branch securities registers.

45The portion of section 254 of the English version of the Act before paragraph (a) is replaced by the following:

Destruction of certificates

254A bank, its agent Insertion start or mandatary Insertion end or a trustee Insertion start as defined in Insertion end section 294 is not required to produce

2010, c. 12, s. 2015

46(1)Subsection 254.‍1(6) of the English version of the Act is replaced by the following:

Supplementary information

(6)A person who wishes to examine Insertion start the Insertion end members register, take extracts from it or have copies of it made may, on payment of a reasonable fee, if they state in the accompanying affidavit that supplementary information is required, request the federal credit union or its agent Insertion start or mandatary Insertion end to provide supplementary information setting out any changes made to the register.

2010, c. 12, s. 2015

(2)The portion of subsection 254.‍1(7) of the English version of the Act before paragraph (a) is replaced by the following:

When supplementary information to be provided

(7)A federal credit union or its agent Insertion start or mandatary Insertion end must provide the supplementary information within

2010, c. 12, s. 2015

47Section 254.‍3 of the English version of the Act is replaced by the following:

Agent or mandatary

254.‍3A federal credit union may appoint an agent Insertion start or mandatary Insertion end to maintain its members register and each of its branch members registers.

2010, c. 12, s. 2015

48Section 254.‍6 of the English version of the Act is replaced by the following:

Cancelled membership share certificate

254.‍6A federal credit union, its agent Insertion start or mandatary Insertion end or a trustee Insertion start as defined in Insertion end section 294 is not required to produce a cancelled membership share certificate in registered form after six years from the day on which it is cancelled.

2005, c. 54, s. 54

49Subsection 256(2) of the English version of the Act is replaced by the following:

Validity of unsealed documents

(2)A document executed Insertion start or, in Quebec, signed Insertion end on behalf of a bank is not invalid merely because a corporate seal is not affixed to it.

50The definitions option d’achat and option de vente in subsection 265(1) of the French version of the Act are replaced by the following:

option d’achat Option négociable par livraison qui permet d’exiger Insertion start que soit livré Insertion end un nombre précis d’actions à un prix et dans un délai déterminés. Est exclu de la présente définition l’option ou le droit d’acquérir des actions de la personne morale qui l’accorde.‍ (call)

option de vente Option négociable par Insertion start livraison Insertion end qui permet de livrer un nombre précis d’actions à un prix et dans un délai déterminés.‍ (put)

2005, c. 54, s. 57

51Paragraph 271(5)‍(c) of the Act is replaced by the following:

  • (c)a trust or Insertion start an Insertion end estate Insertion start or succession Insertion end in which the person has a substantial beneficial interest or in respect of which they serve as a trustee, Insertion start an executor or administrator of the estate Insertion end or a liquidator of the succession or in a similar capacity;

2005, c. 54, s. 57

52(1)Paragraph 277(18)‍(a) of the French version of the Act is replaced by the following:

  • a)tous les actionnaires opposants dont la banque n’a pas acheté les actions sont Insertion start joints comme parties à l’instance Insertion end et sont liés par la décision du tribunal;

2005, c. 54, s. 57

(2)Subsection 277(19) of the French version of the Act is replaced by the following:

Pouvoirs du tribunal

(19)Sur demande présentée en vertu des paragraphes (14) ou (15), le tribunal peut décider qu’il existe d’autres actionnaires opposants à Insertion start joindre comme parties à l’instance Insertion end et doit Insertion start alors Insertion end fixer la juste valeur des actions en question.

2005, c. 54, s. 58(4)‍(E)

53(1)Paragraph (c) of the definition associate of the offeror in subsection 283(1) of the Act is replaced by the following:

  • (c)a trust or Insertion start an Insertion end estate Insertion start or succession Insertion end in which the offeror has a substantial beneficial interest or in respect of which they serve as a trustee, Insertion start an executor or administrator of the estate Insertion end or a liquidator of the succession or in a similar capacity,

2005, c. 54, s. 58(6)‍(F)

(2)The portion of the definition offeror in subsection 283(1) of the English version of the Act before paragraph (a) is replaced by the following:

offeror means a person, other than an agent Insertion start or mandatary Insertion end , who makes a take-over bid, and includes two or more persons who, directly or indirectly,

2005, c. 54, s. 66

54Paragraph 290(a) of the French version of the Act is replaced by the following:

  • a)tous les pollicités opposants qui ont choisi d’exiger le paiement de la juste valeur de leurs actions en conformité avec l’alinéa 286b) et dont les actions n’ont pas été acquises par le pollicitant sont Insertion start joints comme parties à l’instance Insertion end et Insertion start sont Insertion end liés par la décision du tribunal;

55(1)Subsection 291(1) of the French version of the Act is replaced by the following:

Pouvoirs du tribunal

291(1)Avant de fixer la juste valeur des actions de tous les pollicités opposants, le tribunal peut, sur demande présentée conformément aux paragraphes 289(1) ou (2), décider s’il existe d’autres pollicités opposants à Insertion start joindre comme parties à l’instance Insertion end .

(2)Paragraph 291(4)‍(b) of the French version of the Act is replaced by the following:

  • b)faire détenir en fiducie Insertion start ou en fidéicommis Insertion end le montant en numéraire ou toute autre contrepartie par une personne autre que la banque pollicitée;

56The definition trust indenture in section 294 of the Act is replaced by the following:

trust indenture means any deed, indenture or other instrument Insertion start or act Insertion end , including any supplement or amendment made Insertion start to it Insertion end by a bank, under which the bank issues subordinated indebtedness and in which a person is appointed as trustee for the holders of Insertion start that Insertion end subordinated indebtedness.‍ (acte de fiducie)

57Subparagraph 315(2)‍(b)‍(iii) of the English version of the Act is replaced by the following:

  • (iii)has been a liquidator, trustee in bankruptcy, receiver, receiver and manager or Insertion start sequestrator Insertion end of any affiliate of the bank within the two years immediately preceding the firm’s proposed appointment as auditor of the bank, other than an affiliate that is a subsidiary of the bank acquired Insertion start under Insertion end section 472 or through a realization of security Insertion start under Insertion end section 473.

58(1)Subsection 324(1) of the English version of the Act is replaced by the following:

Right to information

324(1)On the request of the auditor or auditors of a bank, the present or former directors, officers, employees or agents Insertion start or mandataries Insertion end of the bank Insertion start must Insertion end , to the extent that Insertion start they Insertion end are reasonably able to do so,

  • (a)permit access to Insertion start any Insertion end records, assets and security held by the bank or any entity in which the bank has a substantial investment Insertion start that are, in the auditor’s or auditors’ opinion, necessary to enable Insertion end the auditor or auditors Insertion start to perform their duties Insertion end ; and

  • (b)provide Insertion start any Insertion end information and explanations Insertion start that Insertion end are, in the Insertion start auditor’s or auditors’ Insertion end opinion, necessary to enable the auditor or auditors to perform Insertion start their Insertion end duties.

(2)Paragraph 324(2)‍(a) of the English version of the Act is replaced by the following:

  • (a)obtain from the present or former directors, officers, employees and agents Insertion start or mandataries Insertion end of any entity in which the bank has a substantial investment the information and explanations that Insertion start those Insertion end persons are reasonably able to provide and that are, in the Insertion start auditor’s or auditors’ Insertion end opinion, necessary to enable the auditor or auditors to perform Insertion start their Insertion end duties; and

59Subsection 336(2) of the Act is replaced by the following:

Court approval to discontinue

(2)An application made or an action brought or intervened in under subsection 334(1) or section 338 Insertion start must Insertion end not be stayed, discontinued, settled or dismissed for want of prosecution Insertion start or, in Quebec, failure to act within a time limit set under the applicable rules of civil procedure Insertion end , without the approval of the court given on Insertion start any Insertion end terms Insertion start that Insertion end the court thinks fit and, if the court determines that the interests Insertion start or rights Insertion end of any complainant might be substantially affected by any stay, discontinuance, settlement or dismissal, the court may order any party to the application or action to give notice to the complainant.

2005, c. 54, s. 77(F)

60Paragraph 349(b) of the French version of the Act is replaced by the following:

  • b)nommer un liquidateur en exigeant ou non Insertion start une garantie Insertion end , fixer sa rémunération et le remplacer;

61(1)Paragraph 353(1)‍(d) of the French version of the Act is replaced by the following:

  • d)ouvrir un compte Insertion start en Insertion end fiducie Insertion start ou en fidéicommis Insertion end pour les fonds reçus dans le cadre de la liquidation de la banque;

(2)Paragraph 353(2)‍(e) of the English version of the Act is replaced by the following:

  • (e)do all acts and execute Insertion start or, in Quebec, sign Insertion end documents in the name and on behalf of the bank;

2010, c. 12, s. 2044(2)

62Subsection 357(3) of the Act is replaced by the following:

Notification of final accounts

(3)A liquidator must give notice of their intention to make an application under subsection (1) to the Superintendent, to each inspector appointed under section 349, to each shareholder of the bank or, if there are no shareholders, to each incorporator and to any person who provided a security or Insertion start a Insertion end fidelity bond Insertion start or fidelity insurance Insertion end for the liquidation. If the bank is a federal credit union, the liquidator must also give the notice to each member of the federal credit union.

2010, c. 12, s. 2047(3)

63Paragraph 363(4)‍(a) of the French version of the Act is replaced by the following:

  • a)de Insertion start joindre comme partie à l’instance Insertion end chaque ancien actionnaire, ancien membre ou fondateur retrouvé par le demandeur;

64(1)The portion of the definition agent in subsection 370(1) of the English version of the Act before subparagraph (a)‍(ii) is replaced by the following:

agent means

  • (a)in relation to Insertion start His Insertion end Majesty in right of Canada or of a province, Insertion start an agent of His Majesty in right of Canada or an Insertion end agent Insertion start or mandatary Insertion end of Insertion start His Insertion end Majesty in Insertion start right of a province Insertion end , and includes a municipal or public body empowered to perform a function of government in Canada or any entity empowered to perform a function or duty on behalf of Insertion start His Insertion end Majesty in either of those rights, but does not include

    • (i)an official or entity performing a function or duty in connection with the administration or management of the estate Insertion start or succession Insertion end or property of a natural person,

(2)The portion of the definition agent in subsection 370(1) of the English version of the Act after subparagraph (a)‍(ii) is replaced by the following:

  • (iii)the trustee of any trust for the administration of a fund to which Insertion start His Insertion end Majesty in either of those rights contributes and of which an official or entity that is an agent of Insertion start His Insertion end Majesty in Insertion start right of Canada or an agent or mandatary of His Majesty in right Insertion end of Insertion start a province Insertion end is a trustee, and

  • (b)in relation to the government of a foreign country or any political subdivision Insertion start of a foreign country Insertion end , a person empowered to perform a function or duty on behalf of the government of the foreign country or political subdivision, other than a function or duty in connection with the administration or management of the estate Insertion start or succession Insertion end or property of a natural person. (mandataire)

2001, c. 9, s. 98

65Paragraphs 378.‍1(a) and (b) of the Act are replaced by the following:

  • (a)has control of or has a substantial investment in an entity that engages in Canada in any personal property Insertion start or movable Insertion end leasing activity that a financial leasing entity as defined in subsection 464(1) is prohibited from engaging in; or

  • (b)engages in Canada in any personal property Insertion start or movable Insertion end leasing activity that a financial leasing entity as defined in subsection 464(1) is prohibited from engaging in.

2001, c. 9, s. 98

66Paragraphs 378.‍2(a) and (b) of the Act are replaced by the following:

  • (a)control or have a substantial investment in an entity that engages in Canada in any personal property Insertion start or movable Insertion end leasing activity that a financial leasing entity as defined in subsection 464(1) is prohibited from engaging in; or

  • (b)engage in Canada in any personal property Insertion start or movable Insertion end leasing activity that a financial leasing entity as defined in subsection 464(1) is prohibited from engaging in.

2010, c. 12, s. 2068(2)

67Paragraph 392(2)‍(a) of the French version of the Act is replaced by the following:

  • a)il y a eu Insertion start disposition Insertion end des actions ou des parts sociales ayant donné lieu à la contravention;

68Section 406 of the English version of the Act is replaced by the following:

Reliance on information

406A bank and any person who is a director, an officer, Insertion start an Insertion end employee or Insertion start an Insertion end agent or Insertion start mandatary Insertion end of the bank may rely on any information contained in a declaration required by the directors Insertion start under Insertion end section 405 or on any information otherwise acquired in respect of any matter that might be the subject of a declaration Insertion start under section 405 Insertion end , and no action lies against the bank or Insertion start the Insertion end person for anything done or omitted to be done in good faith in reliance on Insertion start the Insertion end information.

2001, c. 9, s. 101

69(1)Paragraph 411(1)‍(a) of the English version of the Act is replaced by the following:

  • (a)act as agent Insertion start or mandatary Insertion end for any person in respect of the provision of any service that is provided by a financial institution, a permitted entity as defined in subsection 464(1) or a prescribed entity and enter into an arrangement with any person in respect of the provision of that service; or

(2)Paragraphs 411(2)‍(a) and (b) of the English version of the Act are replaced by the following:

  • (a)the name of the Insertion start person Insertion end for whom a bank is acting as agent Insertion start or mandatary under Insertion end subsection (1); and

  • (b)whether any commission is being earned by a bank when acting as agent Insertion start or mandatary under Insertion end subsection (1).

70Section 412 of the Act is replaced by the following:

Prohibited activities

412 Insertion start It is prohibited for a Insertion end bank Insertion start to Insertion end act in Canada

  • (a)as an executor or administrator Insertion start of an estate Insertion end or Insertion start liquidator of a succession Insertion end ;

  • (b) Insertion start as Insertion end a trustee for a trust;

  • ( Insertion start c Insertion end ) Insertion start as Insertion end a guardian, committee, tutor, curator or adviser of Insertion start an incapable Insertion end person; or

  • Start of inserted block

    (d)in any capacity similar to the capacities mentioned in paragraph (c).

    End of inserted block

2007, c. 6, s. 25(1)

71(1)Subsection 413.‍2(1) of the English version of the Act is replaced by the following:

Deposits less than $150,000

413.‍2(1)Subject to the regulations, a bank referred to in paragraph 413(1)‍(b) or (c) Insertion start must Insertion end not, in respect of its business in Canada, act as agent Insertion start or mandatary Insertion end for any person in the taking of a deposit that is less than $150,000 and payable in Canada.

2001, c. 9, s. 104

(2)Subsection 413.‍2(3) of the English version of the Act is replaced by the following:

Regulations

(3)The Governor in Council may make regulations respecting the circumstances in which, and the conditions under which, a bank referred to in subsection (1) may act as agent Insertion start or mandatary Insertion end for any person in the taking of a deposit that is less than $150,000 and payable in Canada.

2001, c. 9, s. 106

72Section 417 of the Act is replaced by the following:

Restriction on leasing

417A bank Insertion start must Insertion end not engage in Canada in any personal property Insertion start or movable Insertion end leasing activity in which a financial leasing entity, as defined in subsection 464(1), is not permitted to engage.

2007, c. 6, s. 27

73(1)Subsection 418(1) of the Act is replaced by the following:

Restriction on mortgages or hypothecs

418(1)A bank Insertion start must Insertion end not make a loan in Canada on the security of residential property in Canada for the purpose of purchasing, renovating or improving that Insertion start residential Insertion end property, or refinance a loan Insertion start for that purpose Insertion end , if the amount of the loan, together with the amount outstanding of any mortgage Insertion start or hypothec of Insertion end equal or Insertion start higher rank on Insertion end the Insertion start residential Insertion end property, would exceed 80% of the value of the Insertion start residential Insertion end property at the time of the loan.

(2)Paragraph 418(2)‍(a) of the Act is replaced by the following:

  • (a)a loan made or guaranteed under the National Housing Act or any other Act of Parliament by or Insertion start under Insertion end which a different limit on the value of Insertion start residential Insertion end property on the security of which the bank may make a loan is established;

1997, c. 15, s. 46

(3)Paragraph 418(2)‍(d) of the Act is replaced by the following:

  • (d)a loan secured by a mortgage Insertion start or hypothec if Insertion end

    • (i)the mortgage Insertion start or hypothec Insertion end is taken back by the bank on a property disposed of by the bank, including Insertion start when Insertion end the disposition is by way of a realization of a security interest, and

    • (ii)the mortgage Insertion start or hypothec Insertion end secures payment of an amount payable to the bank for the property.

74Section 420 of the English version of the Act is replaced by the following:

Restriction on receivers or sequestrators

420A bank Insertion start must Insertion end not grant to a person the right to appoint a receiver, receiver and manager or Insertion start sequestrator Insertion end of the property or business of the bank.

75(1)The definition bateau de pêche in subsection 425(1) of the French version of the Act is replaced by the following:

bateau de pêche Navire ou vaisseau ou tout autre genre de bateau destiné à la pêche, ainsi que les engins, appareils et dispositifs destinés à l’armement du bateau et en faisant partie, ou toute part ou tout Insertion start intérêt Insertion end partiel dans celui-ci.‍ (fishing vessel)

(2)Paragraphs (a) and (b) of the definition warehouse receipt in subsection 425(1) of the Act are replaced by the following:

  • (a)any receipt given by any person for goods, wares and merchandise in the person’s actual, visible and continued possession as Insertion start a Insertion end bailee Insertion start or depositary Insertion end in good faith and not as Insertion start an Insertion end owner,

  • (b)receipts given by any person who is the owner or keeper of a harbour, cove, pond, wharf, yard, warehouse, shed, storehouse or other place for the storage of goods, wares and merchandise, for goods, wares and merchandise delivered to the person as Insertion start a Insertion end bailee Insertion start or depositary Insertion end , and actually in the place or in one or more of the places owned or kept by the person, whether or not that person is engaged in other business,

(3)Paragraph (e) of the definition warehouse receipt in subsection 425(1) of the Act is replaced by the following:

  • (e)receipts given by any person for any hydrocarbons received by the person as Insertion start a Insertion end bailee Insertion start or depositary Insertion end , whether the person’s obligation to restore requires delivery of the same hydrocarbons or may be satisfied by delivery of Insertion start the same Insertion end quantity of hydrocarbons of the same or a similar grade or kind. (récépissé d’entrepôt)

76(1)The portion of subsection 426(1) of the French version of the Act before paragraph (a) is replaced by the following:

Prêts sur hydrocarbures et substances minérales

426(1)La banque peut consentir des prêts ou des avances garantis soit par un ou plusieurs des biens Insertion start ci-après Insertion end , soit par des droits Insertion start ou intérêts Insertion end relatifs à l’un de ces biens, que la garantie ait été fournie par l’emprunteur, une caution ou une tierce personne :

(2)Paragraph 426(1)‍(c) of the Act is replaced by the following:

  • (c)the entire or partial estate or interest of any person, Insertion start or the right or share of a right of any person, including an immovable real right Insertion end , in or to Insertion start those Insertion end hydrocarbons or minerals, rights, licences, permits and lands, and

(3)The portion of subsection 426(2) of the English version of the Act before paragraph (b) is replaced by the following:

Security

(2)Security under this section may be given by signature and delivery to the bank, by or on behalf of the person giving the security, of an instrument Insertion start or act Insertion end in the prescribed form or in a form Insertion start of similar Insertion end effect, and Insertion start affects Insertion end the property described in the instrument Insertion start or act Insertion end giving the security

  • (a)of which the person giving the security is the owner at the time of the delivery of the instrument Insertion start or act Insertion end , or

(4)Paragraph 426(2)‍(b) of the Act is replaced by the following:

  • (b)of which that person becomes the owner at any time Insertion start after the delivery of the instrument or act and Insertion end before the release, Insertion start discharge or cancellation Insertion end of the security by the bank, whether or not the property is in existence at the time of the delivery,

(5)The portion of subsection 426(3) of the English version of the Act before paragraph (a) is replaced by the following:

Rights under security

(3)Any security given under this section vests in the bank, in addition to and without limitation of any other rights or powers vested in or conferred on it, full power, right and authority, through its officers, Insertion start its Insertion end employees or Insertion start its Insertion end agents Insertion start or mandataries Insertion end , in the event of

(6)The portion of subsection 426(3) of the French version of the Act after paragraph (b) is replaced by the following:

tous les pouvoirs — en sus et sans préjudice des autres pouvoirs qui lui sont dévolus — pour prendre, à sa convenance, toutes les mesures Insertion start ci-après Insertion end ou certaines d’entre elles, Insertion start à Insertion end savoir : prendre possession de la totalité ou d’une partie des biens affectés à la garantie ou les saisir, les prendre en charge, en assurer l’entretien, les utiliser, les exploiter et, sous réserve de toute autre loi qui en régit la propriété et Insertion start la disposition Insertion end et de ses règlements, les vendre selon qu’elle le juge à propos.

2012, c. 5, s. 37

(7)Subsections 426(7) and (7.‍1) of the Act are replaced by the following:

Priority of bank’s rights

(7)Subject to subsections (8), (9) and (10), all the rights and powers of a bank in respect of the property covered by security given under this section have priority over all Insertion start interests or Insertion end rights subsequently acquired in, on or in respect of the property and over the claim of any holder of a mechanics’ lien Insertion start or construction legal hypothec Insertion end , of any unpaid vendor of equipment or casing or of any person who had a security interest in that property that was unperfected at the time the bank acquired its security in the property.

Exception

(7.‍1)The priority referred to in subsection (7) does not extend over the claim of any unpaid vendor who had a lien on, Insertion start or, in Quebec, a prior claim or a right of retention with respect to Insertion end , the equipment or casing, or of any person who has a security interest in the property that was unperfected at the time the bank acquired its security in the property, if the bank acquired its security with knowledge of that lien, Insertion start that prior claim, that right of retention Insertion end or that security interest.

(8)The portion of subsection 426(8) of the French version of the Act before paragraph (b) is replaced by the following:

Priorité des droits de la banque

(8)Les droits et pouvoirs de la banque concernant les biens visés par une garantie donnée conformément au présent article ne priment pas les droits Insertion start ou intérêts Insertion end acquis sur ces biens, sauf si :

  • a)avant l’enregistrement de ces droits Insertion start ou intérêts Insertion end ,

(9)Paragraph 426(8)‍(b) of the Act is replaced by the following:

  • (b)the registration or filing of the deed or other instrument Insertion start or act Insertion end evidencing Insertion start the Insertion end interest or right, or of a caution, caveat or memorial in respect Insertion start of it Insertion end ,

(10)Paragraphs 426(8)‍(c) and (d) of the English version of the Act are replaced by the following:

  • (c)an original of the instrument Insertion start or act Insertion end giving the security,

  • (d)a copy of the instrument Insertion start or act Insertion end giving the security, certified by an officer or employee of the bank to be a true copy, or

(11)Subsection 426(10) of the French version of the Act is replaced by the following:

Exception

(10)Les paragraphes (8) et (9) ne Insertion start s’appliquent Insertion end pas si la loi provinciale en cause ne permet pas l’enregistrement ou le dépôt du document présenté ou si les lois fédérales régissant la propriété et Insertion start la disposition Insertion end du bien qui fait l’objet d’une garantie donnée en vertu du présent article ne prévoient pas, par un renvoi exprès au présent article, l’enregistrement ou le dépôt du document présenté.

77(1)Paragraph 427(2)‍(b) of the Act is replaced by the following:

  • (b)of which that person becomes the owner at any time Insertion start after the delivery of the document and Insertion end before the release, Insertion start discharge or cancellation Insertion end of the security by the bank, whether or not the property is in existence at the time of the delivery,

(2)The portion of paragraph 427(2)‍(d) of the Act after subparagraph (vi) is replaced by the following:

  • a first and preferential lien and claim Insertion start on the property Insertion end for the sum secured and interest, and Insertion start in the case of Insertion end a crop before Insertion start and Insertion end after the severance from the soil, harvesting or threshing Insertion start of the crop Insertion end , and, in addition, the same rights and powers in respect of the property as if the bank had acquired a warehouse receipt or bill of lading in which the property was described, and all rights and powers of the bank subsist Insertion start even if Insertion end the property is affixed to real property Insertion start or immovables Insertion end and Insertion start even if Insertion end the person giving the security is not the owner of Insertion start the Insertion end real property Insertion start or immovables Insertion end ,

(3)The portion of subsection 427(3) of the English version of the Act before paragraph (a) is replaced by the following:

Power of bank to take possession, etc.

(3) Insertion start If Insertion end security on any property is given to a bank under any of paragraphs (1)‍(c) to (p), the bank, in addition to and without limitation of any other rights or powers vested in or conferred on it, has full power, right and authority, through its officers, Insertion start its Insertion end employees or Insertion start its Insertion end agents Insertion start or mandataries Insertion end , in the case of

(4)Paragraph 427(3)‍(e) of the French version of the Act is replaced by the following:

  • e)tentative, sans le consentement de la banque, de Insertion start disposition des Insertion end biens affectés à la garantie,

(5)The portion of subsection 427(3) of the Act after paragraph (f) is replaced by the following:

to take possession of or seize the property covered by the security, and in the case of aquacultural stock growing or produced in the aquaculture operation or a crop growing or produced on the farm, to care for it and, Insertion start if Insertion end applicable, Insertion start to Insertion end harvest it or thresh the grain Insertion start from it Insertion end , and in the case of livestock or aquatic plants and animals, to care for them, and has the right and authority to enter on any land, premises or site whenever necessary for any Insertion start of those purposes Insertion end and to detach and remove Insertion start the Insertion end property Insertion start covered by the security Insertion end , exclusive of wiring, conduits or piping incorporated in a building, from any real property Insertion start or immovable Insertion end to which it is affixed.

(6)Paragraph 427(4)‍(a) of the English version of the Act is replaced by the following:

  • (a)the rights and powers of the bank in respect of property covered by the security are void as against or, Insertion start in Quebec, may not be set up against Insertion end , creditors of the person giving the security and Insertion start persons who, subsequently and Insertion end in good faith, Insertion start purchase, or take a mortgage or hypothec on Insertion end , the property covered by the security unless a notice of intention signed by or on behalf of the person giving the security was registered in the appropriate agency not more than three years immediately before the security was given;

2012, c. 5, s. 38

78(1)Subsection 428(1) of the Act is replaced by the following:

Priority of bank’s rights

428(1)All the rights and powers of a bank in respect of the property mentioned in or covered by a warehouse receipt or bill of lading acquired and held by the bank, and the rights and powers of the bank in respect of the property covered by security given to the bank under section 427 that are the same as if the bank had acquired a warehouse receipt or bill of lading in which that property was described, have, subject to subsection 427(4) and subsections (3) to (6) of this section, priority over all Insertion start interests or Insertion end rights subsequently acquired in, on or in respect of that property, and over the claim of any unpaid vendor or of any person who has a security interest in that property that was unperfected at the time the bank acquired its security in the property.

2012, c. 5, s. 38

(2)Subsection 428(2) of the Act is replaced by the following:

Exception

(2)The priority referred to in subsection (1) does not extend over the claim of any unpaid vendor who had a lien on, Insertion start or, in Quebec, a prior claim or a right of retention with respect to Insertion end , the property, or of any person who has a security interest in the property that was unperfected at the time the bank acquired its warehouse receipt, bill of lading or security, if the bank acquired it with knowledge of that lien, Insertion start that prior claim, that right of retention Insertion end or that security interest.

(3)The portion of subsection 428(3) of the Act before paragraph (a) is replaced by the following:

Registration required

(3) Insertion start If Insertion end security has been given to a bank Insertion start on property Insertion end under paragraph 427(1)‍(c) or (m) consisting of aquacultural equipment, under paragraph 427(1)‍(d) or (n) consisting of agricultural equipment, under paragraph 427(1)‍(k) consisting of aquacultural equipment or an aquacultural electric system, under paragraph 427(1)‍(l) consisting of agricultural equipment or a farm electric system or under paragraph 427(1)‍(p) consisting of forestry equipment that is or has become affixed to real property or Insertion start an immovable Insertion end , the rights and powers of the bank do not have priority over any interest or right acquired in, on or in respect of the real property Insertion start or immovable Insertion end after that property has become affixed Insertion start to it Insertion end , unless, prior to

(4)Paragraph 428(3)‍(a) of the French version of the Act is replaced by the following:

  • a)l’enregistrement de ces droits Insertion start ou intérêts Insertion end ,

(5)Paragraph 428(3)‍(b) of the Act is replaced by the following:

  • (b)the registration or filing of the deed or other instrument Insertion start or act Insertion end evidencing the interest or right, or of a caution, caveat or memorial in respect Insertion start of the interest or right Insertion end ,

(6)Subsection 428(4) of the Act is replaced by the following:

Procedure for registering

(4)Every registrar or officer in charge of the proper land registry or land titles office to whom a document mentioned in paragraph (3)‍(c), (d) or (e) is tendered Insertion start must Insertion end register or file the document according to the ordinary procedure for registering or filing within that office documents that evidence liens or charges against, or cautions, caveats or memorials in respect of claims to, interests Insertion start in Insertion end or rights in respect of, real property Insertion start or immovables Insertion end and subject to payment of the Insertion start applicable Insertion end fees, but subsection (3) and this subsection do not apply if provincial law does not permit Insertion start the Insertion end registration or filing of the tendered document.

(7)The portion of paragraph 428(8)‍(b) of the Act after subparagraph (ii) is replaced by the following:

  • and the proceeds of Insertion start the Insertion end sale of livestock, after deducting all expenses incurred by the bank and all expenses of seizure and sale, Insertion start must Insertion end be first applied to satisfy liens or pledges Insertion start or movable hypothecs Insertion end having priority over the security given to the bank and for which claims have been filed with the person making the sale, and the balance Insertion start must Insertion end be applied in payment of the debt, liability, loan or advance, with interest and the surplus, if any, returned to the person by whom the security was given.

1992, c. 27, par. 90(1)‍(b)

79Section 430 of the Act is replaced by the following:

Loans to receiver, liquidator, etc.

430A bank may lend money and make advances to a receiver, receiver and manager Insertion start or sequestrator Insertion end , a liquidator appointed under any winding-up Act, or a custodian, interim receiver or trustee under the Bankruptcy and Insolvency Act, if Insertion start they have Insertion end been duly authorized to borrow, and, in making the loan or advance and at any Insertion start subsequent time Insertion end the bank may take security from Insertion start them Insertion end , with or without personal liability, Insertion start up Insertion end to Insertion start the Insertion end amount and on Insertion start the Insertion end property Insertion start that Insertion end may be directed or authorized by any court of competent jurisdiction.

80Section 432 of the Act is replaced by the following:

Rights in respect of property

432The rights, powers and privileges that a bank is by this Act declared to have, or to have had, in respect of real property or Insertion start immovables Insertion end on which it has taken security, Insertion start are Insertion end held and possessed by it in respect of any personal property or Insertion start movables Insertion end on which it has taken security.

81(1)Paragraph 433(b) of the English version of the Act is replaced by the following:

  • (b)by a mortgagee Insertion start or hypothecary creditor Insertion end or other encumbrancer, having priority over a mortgage Insertion start or hypothec Insertion end or other encumbrance held by the bank, or

(2)The portion of section 433 of the Act after paragraph (b) is replaced by the following:

  • (c)by the bank under a power of sale given to it for that purpose, notice of the sale by auction to the highest bidder having been first given by advertisement for four weeks in a newspaper published in the county or electoral district in which the Insertion start real Insertion end property Insertion start or immovable Insertion end is situated,

in cases in which, under similar circumstances, an individual could Insertion start do Insertion end , without any restriction as to Insertion start its Insertion end value, and may acquire Insertion start it Insertion end as any individual, purchasing at a sheriff’s sale or sale for taxes or under a power of sale, in like circumstances could do, and may take, have, hold and dispose of Insertion start it Insertion end .

82Section 434 of the Act is replaced by the following:

Real property or immovable

434(1)A bank may acquire and hold an absolute title in or to real property Insertion start or ownership of an immovable Insertion end affected by a mortgage or hypothec securing a loan or an advance made by the bank or a debt or liability to the bank, by obtaining a release of the equity of redemption in the mortgaged property, procuring a foreclosure Insertion start or taking the immovable in payment Insertion end , or by other means Insertion start by which Insertion end , as between individuals, an equity of redemption can, by law, be barred, or a transfer of title to real property or Insertion start ownership of an immovable Insertion end can, by law, be effected, and may purchase and acquire any prior mortgage, Insertion start hypothec Insertion end or charge on Insertion start the real Insertion end property Insertion start or immovable Insertion end .

No act or law to prevent

(2)Nothing in any charter, Act or law Insertion start is to Insertion end be construed as ever having been intended to prevent or as preventing a bank from acquiring and holding an absolute title to and in any mortgaged real property or Insertion start ownership of Insertion end any hypothecated Insertion start immovable Insertion end , whatever Insertion start its Insertion end value, or from exercising or acting on any power of sale contained in any mortgage Insertion start or hypothec Insertion end given to or held by the bank authorizing or enabling it to sell or convey Insertion start the Insertion end mortgaged Insertion start real Insertion end property Insertion start or hypothecated immovable Insertion end .

2001, c. 9, s. 111

83Subsection 437(4) of the French version of the Act is replaced by the following:

Application du paragraphe (3)

(4)Le paragraphe (3) s’applique que la fiducie soit Insertion start expresse Insertion end ou Insertion start par effet de la loi Insertion end et même si la banque en a été avisée si elle agit sur l’ordre ou sous l’autorité du ou des titulaires du compte dans lequel le dépôt est effectué.

1999, c. 28, s. 25(E)

84Subsection 460(1) of the Act is replaced by the following:

Transmission in case of death

460(1) Insertion start If Insertion end the transmission of a debt owing by a bank by reason of a deposit, of property held by a bank as security or for Insertion start safekeeping Insertion end or of rights with respect to a safety deposit box and property deposited Insertion start in it Insertion end takes place because of the death of a person, the delivery to the bank of Insertion start the following Insertion end is sufficient justification and authority for giving effect to the transmission:

  • (a)an affidavit or declaration in writing Insertion start that is Insertion end in Insertion start a Insertion end form satisfactory to the bank, Insertion start that is Insertion end signed by or on behalf of a person claiming by virtue of the transmission Insertion start and that states Insertion end the nature and effect of the transmission; and

  • (b)one of the following documents:

    • (i) Insertion start if Insertion end the claim is based on a will or other testamentary instrument, on a grant of probate Insertion start of a will or other testamentary instrument with Insertion end or Insertion start without Insertion end letters testamentary or other document of Insertion start similar Insertion end import, on a grant of letters of administration or other document of Insertion start similar Insertion end import, on a Insertion start judgment probating a will Insertion end or Insertion start other document of similar import, on letters of verification or other document of similar import Insertion end , or on Insertion start a certified copy of the notarial minutes of probate of a will Insertion end or Insertion start other document of similar import Insertion end , purporting to be issued by any court or authority in Canada or elsewhere, an authenticated copy or certificate Insertion start of the document Insertion end under the seal of the court or authority without proof of the authenticity of the seal or other proof, or

    • (ii) Insertion start if Insertion end the claim is based on a notarial will, an Insertion start authentic Insertion end copy Insertion start of the notarial will Insertion end .

2001, c. 9, s. 126

85(1)Paragraph 462(1)‍(c) of the Act is replaced by the following:

  • (c) Insertion start a document Insertion end purporting to assign, perfect or otherwise dispose of an interest Insertion start or right Insertion end in the property or the deposit account; or

2001, c. 9, s. 126

(2)The definition enforcement notice in subsection 462(6) of the English version of the Act is replaced by the following:

enforcement notice means a garnishee summons or other Insertion start document Insertion end issued under the laws of a province for the enforcement of Insertion start a Insertion end support order or support provision. (avis d’exécution)

2001, c. 9, s. 127

86(1)The definition loan in subsection 464(1) of the Act is replaced by the following:

loan includes an acceptance, endorsement or other guarantee, a deposit, a financial lease, a conditional Insertion start sale Insertion end contract, Insertion start an instalment sale contract Insertion end , a repurchase agreement and any other similar arrangement for obtaining funds or credit, but does not include investments in securities.‍ (prêt ou emprunt)

2001, c. 9, s. 127

(2)The portion of the definition financial leasing entity in subsection 464(1) of the Act before paragraph (b) is replaced by the following:

financial leasing entity means an entity Insertion start whose Insertion end activities are limited to the financial leasing of personal property Insertion start or movables Insertion end and prescribed related activities and conform to Insertion start any Insertion end prescribed restrictions and limitations, and that, in conducting Insertion start those Insertion end activities in Canada, does not

  • (a)direct its customers or potential customers to particular dealers in the Insertion start personal Insertion end property or Insertion start movables that are Insertion end leased Insertion start or are Insertion end to be leased;

2001, c. 9, s. 127

(3)Paragraphs (a) and (b) of the definition real property brokerage entity in subsection 464(1) of the Act are replaced by the following:

  • (a)acting as an agent Insertion start or provider of brokerage services Insertion end for vendors, purchasers, mortgagors, mortgagees, Insertion start hypothecary debtors, hypothecary creditors Insertion end , lessors or lessees Insertion start in respect Insertion end of real property Insertion start or immovables Insertion end ; and

  • (b)the provision of consulting or appraisal services in respect of real property Insertion start or immovables Insertion end . (courtier immobilier)

2001, c. 9, s. 127

(4)Paragraph (b) of the definition entité s’occupant de fonds mutuels in subsection 464(1) of the French version of the Act is replaced by the following:

  • b)ses titres autorisent leurs détenteurs à recevoir, sur demande ou dans le délai spécifié après la demande, un montant calculé sur la base d’ Insertion start une participation proportionnelle Insertion end à tout ou partie des capitaux propres de l’émetteur, y compris tout fonds distinct ou compte en fiducie Insertion start ou en fidéicommis Insertion end . (mutual fund entity)

2001, c. 9, s. 127

(5)Paragraph (b) of the definition financial leasing entity in subsection 464(1) of the English version of the Act is replaced by the following:

  • (b)enter into lease agreements with persons in respect of any motor vehicle having a gross vehicle weight, as that expression is defined Insertion start in Insertion end the regulations, of less than 21 tonnes; or

  • ( Insertion start c Insertion end )enter into lease agreements with natural persons in respect of personal household property, as that expression is defined Insertion start in Insertion end the regulations. (entité s’occupant de crédit-bail)

2001, c. 9, s. 127

(6)Paragraph 464(3)‍(a) of the Act is replaced by the following:

  • (a)the holding of a security interest in Insertion start any Insertion end real property Insertion start or immovable Insertion end , unless the security interest is prescribed under paragraph 479(a) to be an interest in real property; or

2018, c. 27, s. 140(2)

87Paragraph 466(4.‍3)‍(c) of the Act is replaced by the following:

  • (c)an entity that is primarily engaged in providing temporary possession of personal property Insertion start or movables Insertion end , including motor vehicles, to customers in Canada for a purpose other than to finance the customers’ acquisition of the Insertion start personal Insertion end property Insertion start or movables Insertion end ;

2012, c. 5, s. 53(1)

88The portion of subsection 468(3.‍1) of the French version of the Act before paragraph (a) is replaced by the following:

Exception

(3.‍1)Malgré l’alinéa (3)a), la banque peut acquérir le contrôle d’une entité qui exerce des activités de fiduciaire Insertion start d’une fiducie Insertion end ou acquérir ou augmenter un intérêt de groupe financier dans une telle entité si les lois provinciales applicables permettent à l’entité d’exercer de telles activités et que les conditions suivantes sont réunies :

2001, c. 9, s. 127

89Section 476 of the Act and the heading before it are replaced by the following:

Insertion start Interests in Insertion end Real Property
Limit

476A bank Insertion start must Insertion end not, and Insertion start must Insertion end not permit its prescribed subsidiaries to, purchase or otherwise acquire an interest in real property or make an improvement to any real property Insertion start or immovable Insertion end in Insertion start respect of Insertion end which the bank or any of its prescribed subsidiaries has an interest Insertion start in real property Insertion end if the aggregate value of all interests of the bank in real property exceeds, or the acquisition of the interest or the making of the improvement would cause that aggregate value to exceed, the prescribed percentage of the regulatory capital of the bank.

2001, c. 9, s. 127

90Paragraph 478(b) of the Act is replaced by the following:

  • (b)make an improvement to real property Insertion start or an immovable Insertion end in Insertion start respect of Insertion end which the bank or any of its prescribed subsidiaries has an interest Insertion start in real property Insertion end

2007, c. 6, s. 43(3)

91(1)Paragraph 482(2)‍(j) of the Act is replaced by the following:

  • (j)assets, other than real property Insertion start or immovables Insertion end , acquired or disposed of under an arrangement that has been approved by the Superintendent under subsection 494(3); or

2007, c. 6, s. 43(3)

(2)Paragraph 482(2)‍(k) of the French version of the Act is replaced by the following:

  • k)aux éléments d’actif Insertion start qui ont été Insertion end acquis ou Insertion start dont il a été disposé Insertion end avec l’agrément du surintendant dans le cadre du paragraphe 494(4).

92(1)Subsection 488(3) of the Act is replaced by the following:

Definition of loan

(3)For the purposes of this Part, loan includes a deposit, a financial lease, a conditional Insertion start sale Insertion end contract, Insertion start an instalment sale contract Insertion end , a repurchase agreement and any other similar arrangement for obtaining funds or credit, but does not include investments in securities or the making of an acceptance, endorsement or other guarantee.

2007, c. 6, s. 44

(2)Subsection 488(4) of the French version of the Act is replaced by the following:

Titre ou valeur mobilière d’un apparenté

(4)Pour l’application de la présente partie, est assimilée à un titre ou à une valeur mobilière d’un apparenté une option négociable par livraison qui permet d’exiger Insertion start que soit livré Insertion end un nombre précis d’actions à un prix et dans un délai déterminés.

93Paragraph 491(b) of the English version of the Act is replaced by the following:

  • (b)the loan is a loan permitted by section 418 Insertion start and Insertion end made to a related party who is a natural person on the security of a mortgage Insertion start or hypothec on Insertion end the principal residence of that related party.

94(1)Subsection 494(3) of the Act is replaced by the following:

Asset transactions with financial institutions

(3) Insertion start Despite Insertion end any of the provisions of subsections (1) and (2), a bank may, in the normal course of business and Insertion start in accordance with Insertion end arrangements that have been approved by the Superintendent in writing, acquire or dispose of any assets, other than real property Insertion start or immovables Insertion end , from or to a related party of the bank that is a financial institution.

(2)Subsection 494(4) of the French version of the Act is replaced by the following:

Opérations dans le cadre d’une restructuration

(4)Par dérogation aux paragraphes (1) et (2), dans le cadre d’une restructuration, la banque peut, avec l’agrément écrit du surintendant, acquérir des éléments d’actif d’un apparenté ou Insertion start en disposer Insertion end en sa faveur.

2007, c. 6, s. 45

(3)Subsection 494(6) of the French version of the Act is replaced by the following:

Approbation

(6) Insertion start La Insertion end banque peut acquérir des éléments d’actif d’un apparenté ou Insertion start en disposer Insertion end en sa faveur dans le cadre d’une convention de vente approuvée par le ministre en vertu de l’article 236.

95Subsection 504(2) of the English version of the Act is replaced by the following:

Reliance on information

(2)A bank and any person who is a director, an officer, Insertion start an Insertion end employee or Insertion start an Insertion end agent or Insertion start mandatary Insertion end of the bank may rely on any information contained in any disclosure received by the bank Insertion start under Insertion end subsection (1) or any information otherwise acquired in respect of any matter that might be the subject of a disclosure Insertion start under subsection (1) Insertion end , and no action lies against the bank or Insertion start the Insertion end person for anything done or omitted in good faith in reliance on Insertion start the Insertion end information.

2001, c. 9, s. 132

96(1)The definition leasing activities in subsection 507(1) of the Act is replaced by the following:

leasing activities means

  • (a)the financial leasing of personal property Insertion start or movables Insertion end and the related activities that a financial leasing entity may engage in; and

  • (b)all other leasing of personal property Insertion start or movables Insertion end .‍ (activités de location)

2001, c. 9, s. 132

(2)Paragraph (g) of the definition financial services entity in subsection 507(1) of the English version of the Act is replaced by the following:

  • (g)engaging in any activity referred to in paragraphs (a) to (f) as an agent Insertion start or mandatary Insertion end for another entity referred to in any of those paragraphs or in any of paragraphs 468(1)‍(a) to (j); or

2001, c. 9, s. 132

97Subsections 510(2) and (3) of the English version of the Act are replaced by the following:

Nominee or agent or mandatary

(2)For the purposes of this Part, a foreign bank is deemed to be carrying out or to have carried out anything prohibited by subsection (1) if it is carried out by a nominee or Insertion start an Insertion end agent Insertion start or mandatary Insertion end of the foreign bank acting Insertion start in that capacity Insertion end .

Nominee or agent or mandatary

(3)For the purposes of this Part, an entity associated with a foreign bank is deemed to be carrying out or to have carried out anything prohibited by subsection (1) if it is carried out by a nominee or Insertion start an Insertion end agent Insertion start or mandatary Insertion end of the entity associated with the foreign bank acting Insertion start in that capacity Insertion end .

2018, c. 27, s. 142

98Paragraph 510.‍02(3)‍(c) of the Act is replaced by the following:

  • (c)an entity that is primarily engaged in providing temporary possession of personal property Insertion start or movables Insertion end , including motor vehicles, to customers in Canada for a purpose other than to finance the customers’ acquisition of the Insertion start personal Insertion end property Insertion start or movables Insertion end ;

2007, c. 6, s. 56

99The portion of paragraph 519(1)‍(b) of the English version of the Act before subparagraph (i) is replaced by the following:

  • (b)engage in the business of acting as an agent Insertion start or mandatary Insertion end for the acceptance of deposit liabilities for a foreign bank or an entity associated with a foreign bank, other than for

2007, c. 6, s. 56

100(1)Paragraph 520(1)‍(b) of the English version of the Act is replaced by the following:

  • (b)engage in the business of acting as an agent Insertion start or mandatary Insertion end for the acceptance of deposit liabilities for a foreign bank or an entity associated with a foreign bank; or

2007, c. 6, s. 56

(2)The portion of subsection 520(3) of the English version of the Act before paragraph (a) is replaced by the following:

Exception

(3)Paragraph (1)‍(b) does not apply to a foreign securities dealer that has received the approval of the Minister under paragraph 522.‍22(1)‍(f) or to a foreign insurance company — or to a prescribed entity — that engages in the business of acting as an agent Insertion start or mandatary Insertion end for the acceptance of deposit liabilities for

2012, c. 5, s. 55

101The portion of subsection 522.‍08(2.‍1) of the French version of the Act before paragraph (a) is replaced by the following:

Exception

(2.‍1)Malgré l’alinéa (2)a), la banque étrangère ou l’entité liée à une banque étrangère peut acquérir ou détenir le contrôle d’une entité qui exerce des activités de fiduciaire Insertion start d’une fiducie Insertion end ou acquérir ou augmenter un intérêt de groupe financier dans une telle entité si les lois provinciales applicables permettent à l’entité d’exercer de telles activités et que les conditions suivantes sont réunies :

2001, c. 9, s. 134

102Paragraphs 524.‍1(a) and (b) of the Act are replaced by the following:

  • (a)has control of or has a substantial investment in an entity that engages in Canada in any personal property Insertion start or movable Insertion end leasing activity that a financial leasing entity as defined in subsection 464(1) is prohibited from engaging in; or

  • (b)engages in Canada in any personal property Insertion start or movable Insertion end leasing activity that a financial leasing entity as defined in subsection 464(1) is prohibited from engaging in.

2001, c. 9, s. 134

103Paragraphs 524.‍2(a) and (b) of the Act are replaced by the following:

  • (a)control or have a substantial investment in an entity that engages in Canada in any personal property Insertion start or movable Insertion end leasing activity that a financial leasing entity as defined in subsection 464(1) is prohibited from engaging in; or

  • (b)engage in Canada in any personal property Insertion start or movable Insertion end leasing activity that a financial leasing entity as defined in subsection 464(1) is prohibited from engaging in.

1999, c. 28, s. 35(1)

104(1)The portion of paragraph 534(3)‍(a) of the French version of the Act before subparagraph (i) is replaced by the following:

  • a)elle a déposé au Canada des éléments d’actif — non grevés et d’un genre approuvé par le surintendant — dont la valeur totale, déterminée selon les principes comptables visés au paragraphe 308(4), est égale :

1999, c. 28, s. 35(1)

(2)Subsection 534(4) of the French version of the Act is replaced by the following:

Contrat de dépôt

(4) Insertion start Les éléments d’actif visés Insertion end au paragraphe (3) Insertion start doivent Insertion end être Insertion start déposés Insertion end auprès d’une institution financière canadienne agréée par le surintendant Insertion start conformément aux termes d’ Insertion end un contrat de dépôt préalablement approuvé par celui-ci.

2001, c. 9, s. 141(1)

105(1)Paragraph 540(1)‍(b) of the English version of the Act is replaced by the following:

  • (b)subject to the regulations, act as an agent Insertion start or mandatary Insertion end for any person in the taking of deposit liabilities; or

2001, c. 9, s. 141(3)

(2)Paragraph 540(6)‍(d.‍1) of the English version of the Act is replaced by the following:

  • (d.‍1)respecting circumstances in which and the conditions under which an authorized foreign bank that is subject to the restrictions and requirements referred to in subsection 524(2) may act as agent Insertion start or mandatary Insertion end for any person in the taking of deposit liabilities; and

2001, c. 9, s. 142

106(1)Paragraph 543(1)‍(a) of the English version of the Act is replaced by the following:

  • (a)act as agent Insertion start or mandatary Insertion end for any person in respect of the provision of any service that is provided by a financial institution, an entity in which a bank is permitted to acquire a substantial investment under section 468 or a Canadian entity acquired or held under section 522.‍08 and enter into an arrangement with any person in respect of the provision of that service; or

1999, c. 28, s. 35(1)

(2)Paragraphs 543(2)‍(a) and (b) of the English version of the Act are replaced by the following:

  • (a)the name of the Insertion start person Insertion end for whom an authorized foreign bank is acting as agent Insertion start or mandatary under Insertion end subsection (1); and

  • (b)whether any commission is being earned by an authorized foreign bank when acting as agent Insertion start or mandatary under Insertion end subsection (1).

1999, c. 28, s. 35(1)

107Section 544 of the Act is replaced by the following:

Prohibited activities

544 Insertion start It is prohibited for an Insertion end authorized foreign bank Insertion start to Insertion end act in Canada

  • (a)as an executor or administrator Insertion start of an estate Insertion end or Insertion start liquidator of a succession Insertion end ;

  • (b) Insertion start as Insertion end a trustee for a trust;

  • ( Insertion start c Insertion end ) Insertion start as Insertion end a guardian, committee, tutor, curator or adviser of Insertion start an incapable Insertion end person; or

  • Start of inserted block

    (d)in any capacity similar to the capacities mentioned in paragraph (c).

    End of inserted block

2001, c. 9, s. 143(1)

108(1)Subsection 546(1) of the English version of the Act is replaced by the following:

Deposits less than $150,000

546(1)Subject to the regulations, an authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2) Insertion start must Insertion end not, in respect of its business in Canada, act as agent Insertion start or mandatary Insertion end for any person in the taking of a deposit that is less than $150,000 and payable in Canada.

2001, c. 9, s. 143(2)

(2)Subsection 546(3) of the English version of the Act is replaced by the following:

Regulations

(3)The Governor in Council may make regulations respecting the circumstances in which, and the conditions under which, an authorized foreign bank referred to in subsection (1) may act as agent Insertion start or mandatary Insertion end for any person in the taking of a deposit that is less than $150,000 and payable in Canada.

2001, c. 9, s. 145

109Section 550 of the Act is replaced by the following:

Restriction on leasing

550An authorized foreign bank Insertion start must Insertion end not engage in Canada in any personal property Insertion start or movable Insertion end leasing activity in which a financial leasing entity as defined in subsection 464(1) is not permitted to engage.

2007, c. 6, s. 86

110(1)Subsection 551(1) of the Act is replaced by the following:

Restriction on mortgages or hypothecs

551(1)An authorized foreign bank Insertion start must Insertion end not make a loan in Canada on the security of residential property in Canada for the purpose of purchasing, renovating or improving that Insertion start residential Insertion end property, or refinance a loan for that purpose, if the amount of the loan, together with the amount outstanding of any mortgage Insertion start or hypothec of Insertion end equal or Insertion start higher rank on Insertion end the Insertion start residential Insertion end property, would exceed 80% of the value of the Insertion start residential Insertion end property at the time of the loan.

1999, c. 28, s. 35(1)

(2)Paragraph 551(2)‍(a) of the Act is replaced by the following:

  • (a)a loan made or guaranteed under the National Housing Act or any other Act of Parliament by or under which a different limit on the value of Insertion start residential Insertion end property on the security of which the authorized foreign bank may make a loan is established;

1999, c. 28, s. 35(1)

(3)Paragraph 551(2)‍(d) of the Act is replaced by the following:

  • (d)a loan secured by a mortgage Insertion start or hypothec if Insertion end

    • (i)the mortgage Insertion start or hypothec Insertion end is taken back by the authorized foreign bank on a property disposed of by it, including Insertion start when Insertion end the disposition is by way of a realization of a security interest, and

    • (ii)the mortgage Insertion start or hypothec Insertion end secures payment of an amount payable to the authorized foreign bank for the property.

1999, c. 28, s. 35(1)

111Section 553 of the English version of the Act is replaced by the following:

Restriction

553An authorized foreign bank Insertion start must Insertion end not, in respect of its business in Canada, grant to a person the right to appoint a receiver, receiver and manager or Insertion start sequestrator Insertion end of the property or of the business of the authorized foreign bank.

2001, c. 9, s. 148

112Subsection 556(4) of the French version of the Act is replaced by the following:

Application du paragraphe (3)

(4)Le paragraphe (3) s’applique que la fiducie soit Insertion start expresse Insertion end ou Insertion start par effet de la loi Insertion end et même si la banque étrangère autorisée en a été avisée si elle agit sur l’ordre ou sous l’autorité du ou des titulaires du compte dans lequel le dépôt est effectué.

1999, c. 28, s. 35(1)

113Subsection 577(1) of the Act is replaced by the following:

Transmission in case of death

577(1) Insertion start If Insertion end the transmission of a debt owing by an authorized foreign bank by reason of a deposit, of property held by an authorized foreign bank as security or for Insertion start safekeeping Insertion end or of rights with respect to a safety deposit box and property deposited in it takes place because of the death of a person, the delivery to the authorized foreign bank of the following is sufficient justification and authority for giving effect to the transmission:

  • (a)an affidavit or declaration in writing Insertion start that is Insertion end in Insertion start a Insertion end form satisfactory to the authorized foreign bank, Insertion start that is Insertion end signed by or on behalf of a person claiming by virtue of the transmission Insertion start and that states Insertion end the nature and effect of the transmission; and

  • (b)one of the following Insertion start documents Insertion end :

    • (i)if the claim is based on a will or other testamentary instrument, on a grant of probate of a will or Insertion start other Insertion end testamentary instrument Insertion start with or without Insertion end letters testamentary or other document of Insertion start similar Insertion end import, on a grant of letters of administration or other document of Insertion start similar Insertion end import, Insertion start on a judgment probating a will Insertion end or Insertion start other document of similar import, on letters of verification or other document of similar import Insertion end , or on Insertion start a certified copy of the notarial minutes of probate of a will or other document of similar import Insertion end , purporting to be issued by any court or authority in Canada or elsewhere, an authenticated copy or certificate of the document under the seal of the court or authority without proof of the authenticity of the seal or other proof, or

    • (ii)if the claim is based on a notarial will, an Insertion start authentic Insertion end copy of the notarial will.

2001, c. 9, s. 160

114(1)Paragraph 579(1)‍(c) of the Act is replaced by the following:

  • (c) Insertion start a document Insertion end purporting to assign, perfect or otherwise dispose of an interest Insertion start or right Insertion end in the property or the deposit account; or

2001, c. 9, s. 160

(2)The definition enforcement notice in subsection 579(6) of the English version of the Act is replaced by the following:

enforcement notice means a garnishee summons or other Insertion start document Insertion end issued under the laws of a province for the enforcement of Insertion start a Insertion end support order or support provision.‍ (avis d’exécution)

1999, c. 28, s. 35(1)

115(1)The heading before section 582 of the French version of the Act is replaced by the following:

Dépôt obligatoire

1999, c. 28, s. 35(1)

(2)The portion of subsection 582(1) of the French version of the Act before paragraph (a) is replaced by the following:

Dépôts de certains éléments d’actif

582(1)La banque étrangère autorisée doit de façon constante avoir en dépôt au Canada auprès d’une institution financière canadienne agréée par le surintendant des éléments d’actif — non grevés et d’un genre approuvé par le surintendant — dont la valeur totale, déterminée selon les principes comptables visés au paragraphe 308(4), est égale :

1999, c. 28, s. 35(1)

(3)Subsection 582(2) of the French version of the Act is replaced by the following:

Contrat de dépôt

(2) Insertion start Les éléments d’actif visés Insertion end au paragraphe (1) Insertion start doivent Insertion end être Insertion start conservés conformément aux termes d’ Insertion end un contrat de dépôt préalablement approuvé par le surintendant.

2007, c. 6, s. 94(1)

116Subparagraph 585(3)‍(b)‍(iii) of the English version of the Act is replaced by the following:

  • (iii)has been a liquidator, trustee in bankruptcy, receiver, receiver and manager or Insertion start sequestrator Insertion end of any affiliate of the authorized foreign bank within the two years immediately preceding the proposed appointment of the firm of accountants as auditor, other than an affiliate that is a subsidiary of the authorized foreign bank acquired under section 522.‍15.

1999, c. 28, s. 35(1)

117(1)The portion of subsection 593(1) of the Act before paragraph (a) is replaced by the following:

Right to information

593(1)On the request of the auditor of an authorized foreign bank, the present or former principal officers, directors, officers, employees or Insertion start agents or mandataries Insertion end of the authorized foreign bank Insertion start must Insertion end , to the extent that they are reasonably able to do so,

1999, c. 28, s. 35(1)

(2)Paragraphs 593(1)‍(a) and (b) of the English version of the Act are replaced by the following:

  • (a)permit access to any records, assets and security held by the authorized foreign bank or any entity in which the authorized foreign bank has a substantial investment under Part XII that are, in the Insertion start auditor’s Insertion end opinion, necessary to enable the auditor to perform Insertion start their Insertion end duties; and

  • (b)provide any information and explanations Insertion start that are, in the auditor’s opinion, necessary to enable the auditor to perform their duties Insertion end .

1999, c. 28, s. 35(1)

(3)The portion of subsection 593(1) of the English version of the Act after paragraph (b) is repealed.

1999, c. 28, s. 35(1)

118Paragraph 617(a) of the French version of the Act is replaced by the following:

  • a)exiger que, selon les modalités qu’il fixe, la banque dépose au Canada des éléments d’actif d’un genre et d’une valeur qu’il précise;

2018, c. 27, s. 329

119The definition optional product or service in subsection 627.‍01(1) of the English version of the Act is replaced by the following:

optional product or service means a product or service that is provided in Canada by an institution, an affiliate that the institution controls or an agent Insertion start or mandatary Insertion end or Insertion start a Insertion end representative of the institution or affiliate, for an additional charge, as a supplement to another product or service that is offered or provided by the institution.‍ (produit ou service optionnel)

2018, c. 27, s. 329

120(1)The portion of section 627.‍15 of the English version of the Act before paragraph (b) is replaced by the following:

Arrangements with affiliates, etc.

627.‍15An institution shall not enter into any arrangement or otherwise cooperate with any of its representatives, Insertion start its Insertion end agents Insertion start or mandataries Insertion end or Insertion start its Insertion end other intermediaries, with any of its affiliates that are controlled by a bank or a bank holding company and that are a finance entity as defined in subsection 464(1) or other prescribed entity or with any of the representatives, Insertion start the Insertion end agents Insertion start or mandataries Insertion end or Insertion start the Insertion end other intermediaries of such an affiliate to sell or further the sale of a product or service of the institution or the affiliate unless

  • (a)the affiliate or the representative, Insertion start the Insertion end agent Insertion start or mandatary Insertion end or Insertion start the Insertion end other intermediary of the institution or the affiliate, as the case may be, complies, with respect to the product or service, with the consumer provisions that apply to institutions, as if Insertion start they Insertion end were an institution, to the extent that those provisions are applicable to Insertion start their Insertion end activities;

2018, c. 27, s. 329

(2)The portion of paragraph 627.‍15(c) of the English version of the Act before subparagraph (ii) is replaced by the following:

  • (c)the employees of the affiliate or the representative, Insertion start the Insertion end agent Insertion start or mandatary Insertion end or Insertion start the Insertion end other intermediary of the institution or the affiliate, as the case may be,

    • (i)may report particulars under subsection 979.‍2(1) to the affiliate or the representative, Insertion start the Insertion end agent Insertion start or mandatary Insertion end or Insertion start the Insertion end other intermediary of the institution or the affiliate as if they were an employee of a bank, and

2018, c. 27, s. 329

(3)Paragraph 627.‍15(d) of the English version of the Act is replaced by the following:

  • (d)the affiliate or the representative, Insertion start the Insertion end agent Insertion start or mandatary Insertion end or Insertion start the Insertion end other intermediary of the institution or the affiliate, as the case may be, complies with section 979.‍4 as if Insertion start they Insertion end were a bank.

2018, c. 27, s. 329

121Section 627.‍16 of the English version of the Act is replaced by the following:

Intermediary for another entity

627.‍16If an institution is acting in the capacity of a representative, Insertion start an Insertion end agent Insertion start or mandatary Insertion end or other intermediary for another entity in respect of a product or service provided by the entity, the institution shall ensure that an agreement in respect of that product or service complies with the prescribed requirements.

2018, c. 27, s. 329

122(1)Paragraph 627.‍28(2)‍(a) of the Act is replaced by the following:

  • (a)is secured by a mortgage on real property Insertion start or a hypothec on an immovable Insertion end ; or

2018, c. 27, s. 329

(2)The portion of paragraph 627.‍28(3)‍(a) of the Act before subparagraph (i) is replaced by the following:

  • (a)in the case of a loan for a fixed amount, other than a loan that is secured by a mortgage on real property Insertion start or a hypothec on an immovable Insertion end ,

2018, c. 27, s. 329

123The portion of section 627.‍31 of the Act before paragraph (a) is replaced by the following:

Renewal of mortgages

627.‍31If a natural person enters into a credit agreement other than for business purposes with an institution for a loan that is secured by a mortgage on real property Insertion start or a hypothec on an immovable Insertion end and that is to be renewed on a specified day,

2018, c. 27, s. 329

124Section 627.‍58 of the English version of the Act is replaced by the following:

Resource person

627.‍58Subject to the regulations, an institution shall, before entering into an agreement with a person by electronic means or by mail in respect of a product or service in Canada, provide the person with the local or toll-free telephone number of a natural person who is an employee or Insertion start an Insertion end agent Insertion start or mandatary Insertion end of the institution and who is knowledgeable about the terms and conditions of the agreement.

2018, c. 27, s. 329

125The portion of subsection 627.‍6(1) of the Act before paragraph (a) is replaced by the following:

Renewal or rollover

627.‍6(1)If an institution enters into an agreement with a natural person other than for business purposes in respect of a product or service in Canada — other than a loan that is secured by a mortgage on real property Insertion start or a hypothec on an immovable Insertion end — and the agreement provides that Insertion start the Insertion end product or service may be renewed or that, after the end of the term of the product or service, a new product or service may be provided to the person without a further agreement being entered into, the institution shall disclose to the person the information set out in subsection (2),

2018, c. 27, s. 329

126The heading before section 627.‍992 of the English version of the Act is replaced by the following:

Mortgage Insertion start or Hypothecary Insertion end Insurance

2018, c. 27, s. 329

127(1)The portion of section 627.‍998 of the English version of the Act before paragraph (a) is replaced by the following:

Regulations

627.‍998The Governor in Council may make regulations respecting any matters involving an institution’s dealings, or the dealings of its employees, Insertion start its Insertion end representatives, Insertion start its Insertion end agents Insertion start or mandataries Insertion end or Insertion start its Insertion end other intermediaries, with customers or the public, any matters involving products or services that are the subject of those dealings and any matters involving an institution that is acting in the capacity of a representative, Insertion start an Insertion end agent Insertion start or mandatary Insertion end or other intermediary for another entity, including regulations

2018, c. 27, s. 329

(2)Paragraph 627.‍998(b) of the English version of the Act is replaced by the following:

  • (b)respecting the training of an institution’s employees, Insertion start its Insertion end representatives, Insertion start its Insertion end agents Insertion start or mandataries Insertion end or Insertion start its Insertion end other intermediaries;

2018, c. 27, s. 329

(3)Paragraph 627.‍998(f) of the English version of the Act is replaced by the following:

  • (f)respecting the names of positions to be used by an institution’s employees, Insertion start its Insertion end representatives, Insertion start its Insertion end agents Insertion start or mandataries Insertion end or Insertion start its Insertion end other intermediaries in their dealings with customers or the public;

128Paragraph 632(1)‍(a) of the French version of the Act is replaced by the following:

  • a)les Insertion start nom, résidence Insertion end et citoyenneté de chaque administrateur en fonction à la clôture de l’assemblée;

2001, c. 9, s. 183

129Subsection 664(1) of the French version of the Act is replaced by the following:

Pouvoirs

664(1)La société de portefeuille bancaire a la capacité d’une personne physique Insertion start et a Insertion end , sous réserve des autres dispositions de la présente loi, Insertion start les droits, pouvoirs et privilèges de cette personne Insertion end .

2005, c. 54, s. 83

130Paragraphs 669(1)‍(d) and (e) of the Act are replaced by the following:

  • (d)a person held out by the bank holding company as a director, Insertion start an Insertion end officer, Insertion start an employee or an agent or mandatary Insertion end of the bank holding company has not been duly appointed or has no authority to exercise the powers and perform the duties that are customary in the business of the bank holding company or usual for a director, Insertion start an Insertion end officer, Insertion start an employee or an agent or mandatary Insertion end ; or

  • (e)a document issued by any director, Insertion start any Insertion end officer, Insertion start any employee or any agent or mandatary Insertion end of the bank holding company with actual or usual authority to issue the document is not valid or not genuine.

2001, c. 9, s. 183

131Paragraph 687(c) of the Act is replaced by the following:

  • (c)an existing cause of action, claim or liability to prosecution is unaffected;

2005, c. 54, s. 87

132Subparagraph 710(3)‍(a)‍(ii) of the English version of the Act is replaced by the following:

  • (ii)shares of or another interest Insertion start or right Insertion end in a body corporate that immediately before the exchange or because of it did not deal with the bank holding company at arm’s length within the meaning of that expression in the Income Tax Act, or

2001, c. 9, s. 183

133Subsection 715(3) of the Act is replaced by the following:

Gift, bequest or legacy

(3)A bank holding company may accept from any shareholder a share of the bank holding company surrendered to it as a gift, Insertion start bequest or legacy Insertion end , but Insertion start must Insertion end not extinguish or reduce a liability in respect of an amount unpaid on Insertion start the surrendered Insertion end share except in accordance with section 718.

2001, c. 9, s. 183

134Subsection 732(6) of the French version of the Act is replaced by the following:

Immunité

(6)La société ou Insertion start la personne agissant Insertion end en Insertion start son nom Insertion end n’ Insertion start engage Insertion end pas Insertion start sa Insertion end responsabilité en diffusant une proposition ou une déclaration Insertion start conformément aux Insertion end paragraphes (2) et (3).

2012, c. 31, s. 119

135(1)Paragraph 750(f.‍1) of the English version of the Act is replaced by the following:

  • (f.‍1)a person who is Insertion start a Insertion end director, an officer, Insertion start an Insertion end employee or Insertion start an Insertion end agent Insertion start or mandatary Insertion end of — or any other person acting on behalf of — an eligible agent Insertion start as defined in Insertion end subsection 370(1);

2001, c. 9, s. 183

(2)Paragraph 750(i) of the English version of the Act is replaced by the following:

  • (i)a person who is an agent or Insertion start mandatary or an Insertion end employee of the government of a foreign country or any political subdivision Insertion start of a foreign country Insertion end .

2001, c. 9, s. 183

136Subsection 763(2) of the French version of the Act is replaced by the following:

Immunité

(2)La société ou Insertion start la personne agissant en son nom Insertion end n’ Insertion start engage Insertion end pas Insertion start sa Insertion end responsabilité en diffusant, conformément au paragraphe (1), la déclaration faite par un administrateur.

2005, c. 54, s. 111

137Paragraph 790(1)‍(a) of the English version of the Act is replaced by the following:

  • (a)relates primarily to their remuneration as a director, Insertion start an Insertion end officer, Insertion start an Insertion end employee or Insertion start an Insertion end agent Insertion start or mandatary Insertion end of the bank holding company, an entity controlled by the bank holding company or an entity in which the bank holding company has a substantial investment;

2001, c. 9, s. 183

138Subsection 797(5) of the Act is replaced by the following:

Subrogation of director

(5) Insertion start When Insertion end a director of a bank holding company pays a debt referred to in subsection (1) that is proven in liquidation and dissolution or bankruptcy proceedings, the director is entitled to any preference that the employee would have been entitled to and, Insertion start if Insertion end a judgment has been obtained, the director is

  • Start of inserted block

    (a)in Quebec, subrogated to the employee’s rights as declared in the judgment; and

    End of inserted block
  • ( Insertion start b Insertion end ) Insertion start elsewhere in Canada Insertion end , entitled to an assignment of the judgment.

2001, c. 9, s. 183

139Subsection 810(1) of the English version of the Act is replaced by the following:

Court enforcement

810(1)If a bank holding company or any director, Insertion start any Insertion end officer, Insertion start any Insertion end employee or Insertion start any Insertion end agent Insertion start or mandatary Insertion end of a bank holding company is contravening or has failed to comply with any term or condition made in respect of the issuance of letters patent of amalgamation, the Minister may, in addition to any other action that may be taken under this Act, apply to a court for an order directing the bank holding company or the director, Insertion start the Insertion end officer, Insertion start the Insertion end employee or Insertion start the Insertion end agent Insertion start or mandatary Insertion end to comply with the term or condition, cease the contravention or do any thing that is required to be done, and on the application the court may so order and make any other order it thinks fit.

2001, c. 9, s. 183

140Paragraph 811(1)‍(d) of the French version of the Act is replaced by the following:

  • d)aucune atteinte n’est portée aux causes d’actions Insertion start ou aux réclamations Insertion end déjà nées, Insertion start ni aux possibilités de poursuite pour infraction Insertion end ;

2001, c. 9, s. 183

141(1)Subsection 817(5) of the English version of the Act is replaced by the following:

Supplemental lists

(5)A person requiring a bank holding company to supply a basic list of shareholders may, if the person states in the accompanying affidavit that supplemental lists are required, request the bank holding company or its agent Insertion start or mandatary Insertion end , on payment of a reasonable fee, to provide supplemental lists of shareholders setting out any changes from the basic list in the names and addresses of the shareholders and the number of shares owned by each shareholder for each business day following the date to which the basic list is made up.

2001, c. 9, s. 183

(2)The portion of subsection 817(6) of the English version of the Act before paragraph (a) is replaced by the following:

When supplemental lists to be furnished

(6)A bank holding company or its agent Insertion start or mandatary must Insertion end provide a supplemental list of shareholders required under subsection (5)

2001, c. 9, s. 183

142The portion of section 821 of the English version of the Act before paragraph (a) is replaced by the following:

Protection of records

821A bank holding company and its agents Insertion start or mandataries must Insertion end take reasonable precautions to

2005, c. 54, s. 123

143(1)Subsection 825(6) of the English version of the Act is replaced by the following:

Supplementary information

(6)A person who wishes to examine Insertion start the Insertion end central securities register, take extracts from it or have copies of it made may on payment of a reasonable fee, if they state in the accompanying affidavit that supplementary information is required, request the bank holding company or its agent Insertion start or mandatary Insertion end to provide supplementary information setting out any changes made to the register.

2005, c. 54, s. 123

(2)The portion of subsection 825(7) of the English version of the Act before paragraph (a) is replaced by the following:

When supplementary information to be provided

(7)A bank holding company or its agent Insertion start or mandatary must Insertion end provide the supplementary information within

2001, c. 9, s. 183

144Section 827 of the English version of the Act is replaced by the following:

Agent or mandatary

827A bank holding company may appoint an agent Insertion start or mandatary Insertion end to maintain its central securities register and each of its branch securities registers.

2001, c. 9, s. 183

145The portion of section 831 of the English version of the Act before paragraph (a) is replaced by the following:

Destruction of certificates

831A bank holding company, its agent Insertion start or mandatary Insertion end or a trustee Insertion start as defined in Insertion end section 294 is not required to produce

2005, c. 54, s. 124

146Subsection 833(2) of the English version of the Act is replaced by the following:

Validity of unsealed documents

(2)A document executed Insertion start or, in Quebec, signed Insertion end on behalf of a bank holding company is not invalid merely because a corporate seal is not affixed to it.

2001, c. 9, s. 183

147Subparagraph 847(2)‍(b)‍(iii) of the English version of the Act is replaced by the following:

  • (iii)has been a liquidator, trustee in bankruptcy, receiver, receiver and manager or Insertion start sequestrator Insertion end of any affiliate of the bank holding company within the two years immediately preceding the firm’s proposed appointment as auditor of the bank holding company, other than an affiliate that is a subsidiary of the bank holding company acquired Insertion start under Insertion end section 934 or through a realization of security Insertion start under Insertion end section 935.

2001, c. 9, s. 183

148(1)Subsection 856(1) of the English version of the Act is replaced by the following:

Right to information

856(1)On the request of the auditor of a bank holding company, the present or former directors, officers, employees or agents Insertion start or mandataries Insertion end of the bank holding company Insertion start must Insertion end , to the extent that Insertion start they Insertion end are reasonably able to do so,

  • (a)permit access to Insertion start any Insertion end records, assets and security held by the bank holding company or any entity in which the bank holding company has a substantial investment Insertion start that are, in the auditor’s opinion, necessary to enable the Insertion end auditor Insertion start to perform their duties Insertion end ; and

  • (b)provide Insertion start any Insertion end information and explanations Insertion start that Insertion end are, in the Insertion start auditor’s Insertion end opinion, necessary to enable the auditor to perform Insertion start their Insertion end duties.

2001, c. 9, s. 183

(2)Paragraph 856(2)‍(a) of the English version of the Act is replaced by the following:

  • (a)obtain from the present or former directors, officers, employees and agents Insertion start or mandataries Insertion end of any entity in which the bank holding company has a substantial investment the information and explanations that Insertion start those Insertion end persons are reasonably able to provide and that are, in the Insertion start auditor’s Insertion end opinion, necessary to enable the auditor to perform Insertion start their Insertion end duties; and

2001, c. 9, s. 183

149Paragraphs 885(a) and (b) of the Act are replaced by the following:

  • (a)has control of or has a substantial investment in an entity that engages in Canada in any personal property Insertion start or movable Insertion end leasing activity that a financial leasing entity Insertion start as defined in Insertion end subsection 464(1) is prohibited from engaging in; or

  • (b)engages in Canada in any personal property Insertion start or movable Insertion end leasing activity that a financial leasing entity Insertion start as defined in Insertion end subsection 464(1) is prohibited from engaging in.

2001, c. 9, s. 183

150Paragraphs 886(a) and (b) of the Act are replaced by the following:

  • (a)control or have a substantial investment in an entity that engages in Canada in any personal property Insertion start or movable Insertion end leasing activity that a financial leasing entity Insertion start as defined in Insertion end subsection 464(1) is prohibited from engaging in; or

  • (b)engage in Canada in any personal property Insertion start or movable Insertion end leasing activity that a financial leasing entity Insertion start as defined in Insertion end subsection 464(1) is prohibited from engaging in.

2001, c. 9, s. 183

151Paragraph 901(2)‍(a) of the French version of the Act is replaced by the following:

  • a)il y a eu Insertion start disposition Insertion end des actions ayant donné lieu à la contravention;

2001, c. 9, s. 183

152Section 920 of the English version of the Act is replaced by the following:

Reliance on information

920A bank holding company and any person who is a director, an officer, Insertion start an Insertion end employee or Insertion start an Insertion end agent or Insertion start mandatary Insertion end of the bank holding company may rely on any information contained in a declaration required by the directors Insertion start under Insertion end section 919 or on any information otherwise acquired in respect of any matter that might be the subject of a declaration Insertion start under section 919 Insertion end , and no action lies against the bank holding company or Insertion start the Insertion end person for anything done or omitted to be done in good faith in reliance on Insertion start the Insertion end information.

2001, c. 9, s. 183

153Paragraph 925(3)‍(a) of the Act is replaced by the following:

  • (a)the holding of a security interest in Insertion start any Insertion end real property Insertion start or immovable Insertion end , unless the security interest is prescribed under paragraph 941(a) to be an interest in real property; or

2018, c. 27, s. 144(2)

154Paragraph 928(3.‍3)‍(c) of the Act is replaced by the following:

  • (c)an entity that is primarily engaged in providing temporary possession of personal property Insertion start or movables Insertion end , including motor vehicles, to customers in Canada for a purpose other than to finance the customers’ acquisition of the Insertion start personal Insertion end property Insertion start or movables Insertion end ;

2012, c. 5, s. 101(1)

155The portion of subsection 930(3.‍1) of the French version of the Act before paragraph (a) is replaced by the following:

Exception

(3.‍1)Malgré l’alinéa (3)a), la société de portefeuille bancaire peut acquérir le contrôle d’une entité qui exerce des activités de fiduciaire Insertion start d’une fiducie Insertion end ou acquérir ou augmenter un intérêt de groupe financier dans une telle entité si les lois provinciales applicables permettent à l’entité d’exercer de telles activités et que les conditions suivantes sont réunies :

2001, c. 9, s. 183

156Section 938 of the Act and the heading before it are replaced by the following:

Insertion start Interests in Insertion end Real Property
Limit

938A bank holding company Insertion start must Insertion end not, and Insertion start must Insertion end not permit its prescribed subsidiaries to, purchase or otherwise acquire an interest in real property or make an improvement to any real property Insertion start or immovable Insertion end in Insertion start respect of Insertion end which the bank holding company or any of its prescribed subsidiaries has an interest Insertion start in real property Insertion end if the aggregate value of all interests of the bank holding company in real property exceeds, or the acquisition of the interest or the making of the improvement would cause that aggregate value to exceed, the prescribed percentage of the regulatory capital of the bank holding company.

2001, c. 9, s. 183

157Paragraph 940(b) of the Act is replaced by the following:

  • (b)make an improvement to real property Insertion start or an immovable Insertion end in Insertion start respect of Insertion end which the bank holding company or any of its prescribed subsidiaries has an interest Insertion start in real property Insertion end

2001, c. 9, s. 183

158Paragraph 951(1)‍(a) of the French version of the Act is replaced by the following:

  • a)les nom, Insertion start résidence Insertion end et citoyenneté de chaque administrateur en fonction à la clôture de l’assemblée;

2001, c. 9, s. 183

159Section 986 of the English version of the Act is replaced by the following:

Liability of officers, directors, etc.

986If an entity commits an offence under this Act, any director, Insertion start any Insertion end officer, Insertion start any Insertion end agent Insertion start or mandatary Insertion end or Insertion start any Insertion end principal officer of the entity who directed, authorized, assented to, acquiesced in or participated in the commission of the offence is a party to and guilty of the offence and liable on summary conviction or on conviction on indictment to the punishment provided under paragraph 985(1)‍(a) for the offence, whether or not the entity has been prosecuted or convicted.

2001, c. 9, s. 183; 2007, c. 6, s. 130

160Section 989 of the English version of the Act is replaced by the following:

Compliance or restraining order — bank

989(1)If a bank or a bank holding company or any director, Insertion start any Insertion end officer, Insertion start any Insertion end employee or Insertion start any Insertion end agent Insertion start or mandatary Insertion end of one does not comply with any provision of this Act or the regulations other than a consumer provision, or of the incorporating instrument or any by-law of the bank or bank holding company, the Superintendent, any complainant or any creditor of the bank or bank holding company may, in addition to any other right that person has, apply to a court for an order directing the bank, Insertion start the Insertion end bank holding company, Insertion start the Insertion end director, Insertion start the Insertion end officer, Insertion start the Insertion end employee or Insertion start the Insertion end agent Insertion start or mandatary Insertion end to comply with — or restraining the bank, Insertion start the Insertion end bank holding company, Insertion start the Insertion end director, Insertion start the Insertion end officer, Insertion start the Insertion end employee or Insertion start the Insertion end agent Insertion start or mandatary Insertion end from acting in breach of — the provision and, on the application, the court may so order and make any further order it thinks fit.

Compliance or restraining order — authorized foreign bank

(2)If an authorized foreign bank or any of its directors, Insertion start its Insertion end officers, Insertion start its Insertion end employees or Insertion start its Insertion end agents Insertion start or mandataries Insertion end does not comply with any provision of this Act or the regulations other than a consumer provision, or of an order made under subsection 524(1), 528(1) or (1.‍1) or 534(1) in respect of the authorized foreign bank, the Superintendent, any complainant or any creditor of the authorized foreign bank may, in addition to any other right that person has, apply to a court for an order directing the authorized foreign bank, Insertion start the Insertion end director, Insertion start the Insertion end officer, Insertion start the Insertion end employee or Insertion start the Insertion end agent Insertion start or mandatary Insertion end to comply with — or restraining the authorized foreign bank, Insertion start the Insertion end director, Insertion start the Insertion end officer, Insertion start the Insertion end employee or Insertion start the Insertion end agent Insertion start or mandatary Insertion end from acting in breach of — the provision and, on the application, the court may so order and make any further order it thinks fit.

Compliance or restraining order — consumer provisions

(3)If a bank or an authorized foreign bank or any director, Insertion start any Insertion end officer, Insertion start any Insertion end employee or Insertion start any Insertion end agent Insertion start or mandatary Insertion end of one does not comply with any applicable consumer provision, the Commissioner or any complainant may, in addition to any other right that person has, apply to a court for an order directing the bank, Insertion start the Insertion end authorized foreign bank, Insertion start the Insertion end director, Insertion start the Insertion end officer, Insertion start the Insertion end employee or Insertion start the Insertion end agent Insertion start or mandatary Insertion end to comply with — or restraining the bank, Insertion start the Insertion end authorized foreign bank, Insertion start the Insertion end director, Insertion start the Insertion end officer, Insertion start the Insertion end employee or Insertion start the Insertion end agent Insertion start or mandatary Insertion end from acting in breach of — the consumer provision and, on the application, the court may so order and make any further order it thinks fit.

Replacement of “real property”

161The Act is amended by replacing “real property” with “real property or immovable”, with any grammatical changes that the circumstances require, in the following provisions:

  • (a)paragraph 410(1)‍(a);

  • (b)the definitions agricultural equipment, agricultural implements, aquacultural electric system, aquacultural equipment, aquacultural implements, farm electric system, forestry equipment and forestry implements in subsection 425(1);

  • (c)subsection 428(1.‍1);

  • (d)the portion of section 433 before paragraph (a);

  • (e)clause 508(1)‍(b)‍(iii)‍(A);

  • (f)section 510.‍1; and

  • (g)paragraph 539(1)‍(a).

1991, c. 48

Cooperative Credit Associations Act

162(1)The definition biens immeubles in section 2 of the French version of the Cooperative Credit Associations Act is repealed.

(2)The definitions fiduciary, personal representative, proxy, residential property and security interest in section 2 of the Act are replaced by the following:

fiduciary means any person Insertion start who is Insertion end acting in a fiduciary capacity Insertion start or who has an obligation of honesty and loyalty to another person because they are in a relationship of trust and confidence with that person Insertion end , and includes a personal representative of a deceased person; (représentant)

personal representative means a person who stands in place of and represents another person and includes a trustee, an executor Insertion start or Insertion end administrator Insertion start of an estate, a liquidator of a succession, an administrator of the property of another Insertion end , a committee, a guardian, a tutor, a curator, an assignee, a receiver Insertion start or sequestrator Insertion end , an agent Insertion start or mandatary Insertion end , or an attorney, but does not include a delegate; (représentant personnel)

proxy means a completed and executed Insertion start or, in Quebec, signed Insertion end form of proxy by means of which a shareholder appoints a proxyholder to attend and act on the shareholder’s behalf at a meeting of shareholders; (procuration)

residential property means Insertion start any Insertion end real property Insertion start or immovable Insertion end consisting of buildings Insertion start of which Insertion end at least one half of the floor space Insertion start is Insertion end used, or Insertion start is Insertion end to be used, as one or more private dwellings; (immeuble résidentiel)

security interest means an interest Insertion start or right Insertion end in or Insertion start a Insertion end charge on property, by way of mortgage Insertion start or hypothec Insertion end , lien, pledge or otherwise, taken by a creditor or guarantor to secure the payment or performance of an obligation; (sûreté)

(3)The definitions beneficial ownership, form of proxy and securities underwriter in section 2 of the English version of the Act are replaced by the following:

beneficial ownership includes ownership through one or more trustees, legal representatives, agents Insertion start or mandataries Insertion end or other intermediaries; (véritable propriétaire et propriété effective)

form of proxy means a written or printed form that, when completed and executed Insertion start or, in Quebec, signed Insertion end by or on behalf of a shareholder, constitutes a proxy; (formulaire de procuration)

securities underwriter means a person who, as principal, agrees to purchase securities with a view to the distribution of the securities or who, as agent Insertion start or mandatary Insertion end for a body corporate or other person, offers for sale or sells securities in connection with a distribution of the securities, and includes a person who participates, directly or indirectly, in a distribution of securities, other than a person whose interest in the distribution of securities is limited to receiving a distributor’s or seller’s commission payable by a securities underwriter; (souscripteur à forfait)

(4)The definitions fondé de pouvoir and opération in section 2 of the French version of the Act are replaced by the following:

fondé de pouvoir Personne nommée par procuration pour Insertion start assister et agir au nom de Insertion end l’actionnaire aux assemblées des actionnaires.‍ (proxyholder)

opération En matière de valeurs mobilières, toute Insertion start vente ou disposition pour contrepartie de valeur Insertion end .‍ (trade)

(5)Paragraph (a) of the definition security in section 2 of the English version of the Act is replaced by the following:

  • (a)in relation to a body corporate, a share of any class of shares of the body corporate or a debt obligation of the body corporate, and includes a warrant of the body corporate, but does not include a deposit with a financial institution or any Insertion start document Insertion end evidencing a deposit Insertion start with a financial institution Insertion end or, for greater certainty, a membership share, and

(6)Section 2 of the Act is amended by adding the following in alphabetical order:

Start of inserted block

immovable includes the rights of a lessee in respect of an immovable; (immeuble)

End of inserted block

(7)Section 2 of the French version of the Act is amended by adding the following in alphabetical order:

Start of inserted block

bien réel Est assimilé à un bien réel l’intérêt à bail sur un tel bien.‍ (real property)

End of inserted block

163Subsection 16(1) of the French version of the Act is replaced by the following:

Pouvoirs

16(1)L’association a la capacité d’une personne physique Insertion start et a Insertion end , sous réserve des autres dispositions de la présente loi, Insertion start les droits, pouvoirs et privilèges de cette personne Insertion end .

2005, c. 54, s. 143

164Paragraphs 21(1)‍(d) and (e) of the Act are replaced by the following:

  • (d)a person held out by the association as a director, Insertion start an Insertion end officer, Insertion start an employee Insertion end or Insertion start an agent or mandatary Insertion end of the association has not been duly appointed or has no authority to exercise the powers and perform the duties that are customary in the business of the association or usual for a director, Insertion start an Insertion end officer, Insertion start an employee Insertion end or Insertion start an agent or mandatary Insertion end ; or

  • (e)a document issued by any director, Insertion start any Insertion end officer, Insertion start any employee Insertion end or Insertion start any agent or mandatary Insertion end of the association with actual or usual authority to issue the document is not valid or not genuine.

2001, c. 9, s. 258

165Paragraph 31.‍6(1)‍(c) of the Act is replaced by the following:

  • (c)an existing cause of action, claim or liability to prosecution is unaffected;

166Paragraph 45(b) of the Act is replaced by the following:

  • (b)there were in the by-law a covenant under seal, Insertion start or, in Quebec, a formal undertaking Insertion end , on the part of each member, and the successors and assigns of the member, to conform Insertion start to the by-law Insertion end .

167Subsection 47(2) of the English version of the Act is replaced by the following:

Conditions for resolution

(2)A special resolution passed under subsection (1) is not valid unless prior written notice is given to the member setting forth the grounds on which the association is seeking to expel it and an opportunity is given to the member to appear, by an agent Insertion start or mandatary Insertion end or Insertion start by a Insertion end counsel, to make submissions at the meeting of the directors called to consider the resolution to expel it.

168Section 51 of the Act is replaced by the following:

Lien, charge or right of retention

51Unless the by-laws provide otherwise, Insertion start if Insertion end a member is indebted to an association, the membership shares and deposits recorded in the name of the member and any dividends payable to Insertion start them are subject to Insertion end a lien Insertion start or, in Quebec, a charge or a right of retention in favour of Insertion end the association to the extent of the debt.

169Paragraph 67(6)‍(f) of the Act is replaced by the following:

  • (f)that the membership shares represented by the certificate may be Insertion start subject to Insertion end a lien Insertion start or, in Quebec, a charge or a right of retention Insertion end in favour of the association for indebtedness to the association.

2005, c. 54, s. 147

170Subparagraph 75(2.‍1)‍(a)‍(ii) of the English version of the Act is replaced by the following:

  • (ii)shares of or another interest Insertion start or right Insertion end in a body corporate that immediately before the exchange or because of it did not deal with the association at arm’s length within the meaning of that expression in the Income Tax Act or shares of or another interest Insertion start or right Insertion end in any prescribed entity, or

171Subsection 79(3) of the Act is replaced by the following:

Gift, bequest or legacy

(3)An association may accept any membership share or share of the association surrendered to it as a gift, Insertion start bequest or legacy Insertion end , but Insertion start must Insertion end not extinguish or reduce a liability in respect of an amount unpaid on Insertion start the surrendered Insertion end share except in accordance with section 82.

172(1)The definitions adverse claim and purchaser in section 88 of the Act are replaced by the following:

adverse claim includes a claim that a transfer was or would be wrongful or that a particular adverse person is the owner of or has an interest Insertion start or right Insertion end in a security; (opposition)

purchaser means a person who takes an interest Insertion start or right Insertion end in a security by sale, mortgage, Insertion start hypothec Insertion end , pledge, issue, reissue, gift, Insertion start bequest, legacy Insertion end or any other voluntary transaction; (acquéreur)

(2)The portion of the definition security or security certificate in section 88 of the English version of the Act after paragraph (c) is replaced by the following:

  • (d)evidence of a share, participation or other interest Insertion start or right Insertion end in or obligation of an association,

but does not include Insertion start a document Insertion end evidencing a deposit or a membership share; (valeur mobilière, titre ou certificat de valeur mobilière)

173Paragraph 98(a) of the English version of the Act is replaced by the following:

  • (a)the scrip certificate becomes void Insertion start or, in Quebec, null Insertion end if not exchanged for a share certificate representing a full share before a specified date; and

2005, c. 54, s. 153(E)

174Section 101 of the Act is replaced by the following:

Minors

101If a minor exercises any rights of ownership in the securities of an association, no subsequent repudiation or avoidance Insertion start or, in Quebec, annulment or reduction of the minor’s obligations Insertion end is effective against the association.

1991, c. 48, par. 496(b)

175(1)Subsection 103(1) of the Act is replaced by the following:

Transmission of securities

103(1)Subject to the provisions of Part VIII and any applicable law relating to the collection of taxes, a person referred to in paragraph 100(2)‍(a) is entitled to become registered as the owner of a security, or to designate another person to be registered as the owner of a security, if the person referred to in paragraph 100(2)‍(a) delivers to the association or its transfer agent Insertion start the following documents Insertion end , accompanied by any assurance the association may require under section 134:

  • (a) Insertion start in Insertion end the Insertion start case of a Insertion end grant of probate or of letters of administration Insertion start or, in Quebec, the issuance of letters of verification or of a judgment probating a will, the Insertion end original Insertion start document Insertion end or a copy certified to be a true copy by

    • (i)the court that granted the probate or letters of administration Insertion start or that issued the letters of verification or the judgment probating the will Insertion end ,

    • (ii)a trust company incorporated under the Trust and Loan Companies Act or under the laws of a province, or

    • (iii)a lawyer or notary acting on behalf of the person referred to in paragraph 100(2)‍(a);

  • Start of inserted block

    (b)in the case of a will probated by a notary in Quebec, a certified copy of the minutes of the probate;

  • (c)in the case of letters of verification issued by a notary in Quebec, a certified copy of the letters;

    End of inserted block
  • (d)in the case of a notarial will in Quebec, Insertion start an authentic Insertion end copy Insertion start of the will established in accordance with Insertion end the laws of that province;

  • ( Insertion start e Insertion end )an affidavit or declaration of transmission made by the person referred to in paragraph 100(2)‍(a) that states the particulars of the transmission; and

  • ( Insertion start f Insertion end )the security certificate that was owned by the deceased holder

    • (i)in the case of a transfer to the person referred to in paragraph 100(2)‍(a), with or without the endorsement of that person, and

    • (ii)in the case of a transfer to any other person, endorsed in accordance with section 118.

(2)The portion of subsection 103(2) of the Act before paragraph (a) is replaced by the following:

Excepted transmissions

(2) Insertion start Despite Insertion end subsection (1), if the laws of the jurisdiction governing the transmission of a security of a deceased holder do not require Insertion start any of the documents mentioned in paragraphs (1)‍(a) to (c) Insertion end in respect of the transmission, a personal representative of the deceased holder is entitled, subject to Part VIII and any applicable law relating to the collection of taxes, to become registered as the owner Insertion start of the security Insertion end or to designate a person to be registered as the owner, if the personal representative delivers to the association or its transfer agent the following documents:

(3)Paragraph 103(2)‍(b) of the Act is replaced by the following:

  • (b)reasonable proof of the governing laws, of the deceased holder’s interest Insertion start or right Insertion end in the security and of the right of the personal representative or the designated person to become the registered shareholder.

176Subsection 107(1) of the Act is replaced by the following:

Notice of defect

107(1)Even against a purchaser for value and without notice of a defect going to the validity of a security, the terms of the security include those stated on the security and those incorporated by reference to another Insertion start document Insertion end , instrument Insertion start or act Insertion end , statute, rule, regulation or order to the extent that the terms so referred to do not conflict with the stated terms, but Insertion start the Insertion end reference is not of itself notice to a purchaser for value of a defect going to the validity of the security, Insertion start even if Insertion end the security expressly states that a person accepting it admits the notice.

177Subsection 111(3) of the English version of the Act is replaced by the following:

Limitation

(3)A purchaser acquires rights only to the extent of the interest Insertion start or right Insertion end purchased.

178Subsection 115(5) of the English version of the Act is replaced by the following:

Warranties of securities broker

(5)A securities broker gives to the broker’s customer, to the issuer and to a purchaser, as the case may be, the warranties provided in subsections (1) to (4) and has the rights and privileges of a purchaser under those subsections, and those warranties of and in favour of the broker acting as an agent Insertion start or mandatary Insertion end are in addition to warranties given by the broker’s customer and warranties given in favour of the broker’s customer.

179(1)Paragraph 117(1)‍(e) of the French version of the Act is replaced by the following:

  • e)tout survivant parmi les bénéficiaires d’un Insertion start droit Insertion end de survie nommés sur la valeur mobilière ou l’endossement mentionnés à l’alinéa a);

(2)Paragraph 117(1)‍(g) of the English version of the Act is replaced by the following:

  • (g)to the extent that a person described in any of paragraphs (a) to (f) may act through an agent Insertion start or mandatary Insertion end , the person’s authorized agent Insertion start or mandatary Insertion end .

180Section 121 of the English version of the Act is replaced by the following:

Effect of failure by fiduciary to comply

121Failure of a fiduciary to comply with a controlling instrument Insertion start or act Insertion end or with the law of the jurisdiction governing the fiduciary relationship, including any law requiring the fiduciary to obtain court approval of a transfer, does not render the fiduciary’s endorsement unauthorized for the purposes of this Part.

181(1)The portion of subsection 128(4) of the Act before paragraph (a) is replaced by the following:

Transfer through clearing agency

(4)A transfer or pledge of a security shown in the records of a clearing agency or Insertion start of an Insertion end interest Insertion start or right in such a security Insertion end may, in addition to other methods, be effected by making an appropriate entry in Insertion start those Insertion end records if the security is evidenced by

(2)The portion of subsection 128(4) of the English version of the Act after paragraph (b) is repealed.

(3)Subsection 128(5) of the Act is replaced by the following:

Interests or rights in fungible bulk

(5)Under subsections (4) to (10), entries may be in respect of Insertion start similar Insertion end securities or interests Insertion start or rights in similar securities Insertion end as part of a fungible bulk and may refer merely to a quantity of a particular security without reference to the name of the registered owner, certificate or bond number or Insertion start any other information Insertion end and, in appropriate cases, may be on a net basis taking into account other transfers or pledges of the same security.

(4)Subsections 128(6) and (7) of the French version of the Act are replaced by the following:

Transfert ou gage équivaut à livraison

(6)Le transfert ou le Insertion start gage Insertion end prévu aux paragraphes (4) à (10) équivaut à la livraison d’une valeur mobilière au porteur ou dûment endossée en blanc et représente soit le montant de l’obligation, soit le nombre d’actions ou de droits transférés ou Insertion start mis en gage Insertion end .

Inscription équivaut à acceptation de livraison

(7)Si le Insertion start gage Insertion end ou la création d’une sûreté est envisagé, l’inscription équivaut à une acceptation de la livraison par le créancier gagiste ou le créancier garanti et ces derniers sont réputés, à toutes fins, en avoir pris possession.

(5)Subsection 128(9) of the French version of the Act is replaced by the following:

Non-inscription

(9)Le transfert ou le Insertion start gage Insertion end effectué en vertu des paragraphes (4) à (10) ne constitue pas une inscription de transfert au sens des articles 133 à 140.

182Subsection 130(2) of the French version of the Act is replaced by the following:

Résolution d’un transfert

(2)L’acquéreur peut refuser le transfert ou en demander la Insertion start résolution Insertion end si le cédant ne se conforme pas, dans un délai raisonnable, à toute demande faite en vertu du paragraphe (1).

183Sections 131 and 132 of the Act are replaced by the following:

Seizure of security

131No seizure of a security or other interest Insertion start or right Insertion end evidenced Insertion start by a security Insertion end is effective until the person making the seizure obtains possession of the security.

No liability if good faith disposition

132An agent or Insertion start mandatary, or a Insertion end bailee Insertion start or depositary Insertion end , who in good faith, including observance of reasonable commercial standards if Insertion start they are Insertion end in the business of buying, selling or otherwise dealing with securities of an association, has received securities and sold, pledged or delivered them according to the instructions of the principal Insertion start or mandator, or the bailor or depositor Insertion end , is not liable for conversion or for participation in breach of fiduciary duty even though the principal Insertion start or mandator, or the bailor or depositor Insertion end has no right to dispose of the securities.

184(1)Paragraph 134(1)‍(a) of the English version of the Act is replaced by the following:

  • (a)if the endorsement is by an agent Insertion start or mandatary Insertion end , reasonable assurance of authority to sign;

(2)Paragraph 134(4)‍(a) of the French version of the Act is replaced by the following:

  • a)dans le cas du représentant nommé judiciairement et Insertion start visé Insertion end au paragraphe 103(1), de la copie certifiée Insertion start de l’ordonnance visée Insertion end à ce paragraphe et Insertion start rendue Insertion end dans les soixante jours Insertion start précédant Insertion end la présentation pour transfert de la valeur mobilière;

185Paragraph 136(2)‍(b) of the English version of the Act is replaced by the following:

  • (b)the issuer is provided with an indemnity bond sufficient in the issuer’s judgment to protect the issuer and any registrar, transfer agent or other agent Insertion start or mandatary Insertion end of the issuer from any loss that may be incurred by any of them as a result of complying with the adverse claim.

186The portion of section 141 of the Act before paragraph (a) is replaced by the following:

Rights and obligations

141An authenticating trustee, registrar, transfer agent or other agent Insertion start or mandatary Insertion end of an issuer has, in respect of the issue, registration of transfer and cancellation of a security of the issuer,

187Section 142 of the English version of the Act is replaced by the following:

Notice

142Notice to Insertion start one Insertion end of Insertion start the persons referred to in section 141 Insertion end is notice to the issuer in respect of the functions performed by Insertion start that person Insertion end .

188Subsection 152(4) of the French version of the Act is replaced by the following:

Immunité

(4)L’association Insertion start ou la personne agissant Insertion end en Insertion start son nom Insertion end n’ Insertion start engage Insertion end pas Insertion start sa Insertion end responsabilité en diffusant une proposition ou une déclaration Insertion start conformément au Insertion end présent article.

189Paragraph (b) of the definition solicit or solicitation in section 166.‍01 of the English version of the Act is replaced by the following:

  • (b)a request to execute or not to execute Insertion start or, in Quebec, to sign or not to sign Insertion end a form of proxy or to revoke a proxy,

1997, c. 15, s. 120

190(1)Subsections 166.‍02(1) and (2) of the Act are replaced by the following:

Appointing proxyholder

166.‍02(1)A shareholder who is entitled to vote at a meeting of shareholders may, by executing Insertion start or, in Quebec, signing Insertion end a form of proxy, appoint a proxyholder or one or more alternate proxyholders, who are not required to be shareholders, to attend and act at the meeting in the manner and to the extent authorized by the proxy and with the authority conferred by the proxy.

Execution or signature of proxy

(2)A form of proxy Insertion start is to Insertion end be executed Insertion start or, in Quebec, signed Insertion end by a shareholder or by a shareholder’s attorney authorized in writing to do so.

1997, c. 15, s. 120

(2)Subsection 166.‍02(4) of the English version of the Act is replaced by the following:

Required information

(4)A form of proxy must indicate, in Insertion start boldface Insertion end type, that the shareholder by whom or on whose behalf it is executed Insertion start or, in Quebec, signed Insertion end may appoint a proxyholder, other than a person designated in the form of proxy, to attend and act on the shareholder’s behalf at a meeting to which the proxy relates, and must contain instructions as to the manner in which the shareholder may do so.

1997, c. 15, s. 120

(3)The portion of paragraph 166.‍02(6)‍(a) of the Act before subparagraph (i) is replaced by the following:

  • (a)by depositing an instrument Insertion start or act Insertion end in writing executed Insertion start or, in Quebec, signed Insertion end by the shareholder or by the shareholder’s attorney authorized in writing to do so

1997, c. 15, s. 120

191Section 166.‍03 of the English version of the Act is replaced by the following:

Deposit of proxies

166.‍03The directors may specify, in a notice calling a meeting of shareholders or a continuation of a meeting of shareholders after an adjournment, a time before which Insertion start proxies Insertion end to be used at the meeting or the continued meeting must be deposited with the association or its transfer agent. The time specified Insertion start must Insertion end not be more than 48 hours, excluding Saturdays and holidays, before the meeting or the continued meeting.

1997, c. 15, s. 120

192Subsection 166.‍06(1) of the English version of the Act is replaced by the following:

Attendance at meeting

166.‍06(1)A person who solicits a proxy and is appointed proxyholder Insertion start must Insertion end attend in person or cause an alternate proxyholder to attend every meeting in respect of which the proxy is valid, and the proxyholder or alternate proxyholder Insertion start must Insertion end comply with the directions of the shareholder who Insertion start appointed them Insertion end .

2005, c. 54, s. 170

193Subsection 166.‍07(4) of the French version of the Act is replaced by the following:

Exemplaires

(4)Le sollicitant ou la personne Insertion start agissant en son nom Insertion end fournit dans les meilleurs délais et à ses propres frais à l’intermédiaire, sur demande, le nombre nécessaire d’exemplaires des documents visés à l’alinéa (1)a).

194Paragraph 170(h) of the English version of the Act is replaced by the following:

  • (h)a person who is an agent or Insertion start mandatary or an Insertion end employee of the government of a foreign country or any political subdivision Insertion start of a foreign country Insertion end .

195Subsection 182(3) of the French version of the Act is replaced by the following:

Immunité

(3)L’association ou Insertion start la personne agissant en son nom Insertion end n’ Insertion start engage Insertion end pas Insertion start sa Insertion end responsabilité en diffusant, conformément au paragraphe (1), la déclaration faite par un administrateur.

2005, c. 54, s. 177

196Paragraph 207(1)‍(a) of the English version of the Act is replaced by the following:

  • (a)relates primarily to their remuneration as a director, Insertion start an Insertion end officer, Insertion start an Insertion end employee or Insertion start an Insertion end agent Insertion start or mandatary Insertion end of the association, an entity controlled by the association or an entity in which the association has a substantial investment;

197Subsection 214(5) of the Act is replaced by the following:

Subrogation of director

(5) Insertion start When Insertion end a director of an association pays a debt referred to in subsection (1) that is proven in liquidation and dissolution or winding-up proceedings, the director is entitled to any preference that the employee would have been entitled to and, Insertion start if Insertion end a judgment has been obtained, the director is

  • Start of inserted block

    (a)in Quebec, subrogated to the employee’s rights as declared in the judgment; and

    End of inserted block
  • ( Insertion start b Insertion end ) Insertion start elsewhere in Canada Insertion end , entitled to an assignment of the judgment.

198Section 225 of the French version of the Act is replaced by the following:

Maintien des droits

225Les modifications de l’acte constitutif ou des règlements administratifs ne portent pas atteinte aux causes d’actions Insertion start ou aux réclamations Insertion end déjà nées pouvant engager l’association, ses administrateurs ou ses dirigeants, Insertion start ni aux possibilités de poursuite pour infraction Insertion end , ni aux procédures civiles, pénales ou administratives auxquelles ils sont parties.

2001, c. 9, s. 288

199Subsection 232.‍1(1) of the English version of the Act is replaced by the following:

Court enforcement

232.‍1(1)If an association or any director, Insertion start any Insertion end officer, Insertion start any Insertion end employee or Insertion start any Insertion end agent Insertion start or mandatary Insertion end of an association is contravening or has failed to comply with any term or condition made in respect of the issuance of letters patent of amalgamation, the Minister may, in addition to any other action that may be taken under this Act, apply to a court for an order directing the association or the director, Insertion start the Insertion end officer, Insertion start the Insertion end employee or Insertion start the Insertion end agent Insertion start or mandatary Insertion end to comply with the term or condition, cease the contravention or do any thing that is required to be done, and on the application the court may so order and make any other order it thinks fit.

200Paragraph 233(1)‍(d) of the French version of the Act is replaced by the following:

  • d)aucune atteinte n’est portée aux causes d’actions Insertion start ou aux réclamations Insertion end déjà nées, Insertion start ni aux possibilités de poursuite pour infraction Insertion end ;

201(1)Subsection 237(5) of the English version of the Act is replaced by the following:

Supplemental lists

(5)A person requiring an association to supply a basic list of members or shareholders may, if the person states in the accompanying affidavit that supplemental lists are required, request the association or its agent Insertion start or mandatary Insertion end , on payment of a reasonable fee, to provide supplemental lists of members or shareholders setting out any changes from the basic list in the names and addresses of the members or shareholders and the voting rights of each member or the number of shares owned by each shareholder for each business day following the date to which the basic list is made up.

(2)The portion of subsection 237(6) of the English version of the Act before paragraph (a) is replaced by the following:

When supplemental lists to be furnished

(6)An association or its agent Insertion start or mandatary must Insertion end provide a supplemental list of members or shareholders required under subsection (5)

202The portion of section 241 of the English version of the Act before paragraph (a) is replaced by the following:

Protection of records

241An association and its agents Insertion start or mandataries must Insertion end take reasonable precautions to

2005, c. 54, s. 190

203(1)Subsection 245(6) of the English version of the Act is replaced by the following:

Supplementary information

(6)A person who wishes to examine Insertion start the Insertion end central securities register, take extracts from it or have copies of it made may, on payment of a reasonable fee, if they state in the accompanying affidavit that supplementary information is required, request the association or its agent Insertion start or mandatary Insertion end to provide supplementary information setting out any changes made to the register.

2005, c. 54, s. 190

(2)The portion of subsection 245(7) of the English version of the Act before paragraph (a) is replaced by the following:

When supplementary information to be provided

(7)An association or its agent Insertion start or mandatary must Insertion end provide the supplementary information within

204Section 246 of the English version of the Act is replaced by the following:

Agent or mandatary

246An association may appoint an agent Insertion start or mandatary Insertion end to maintain its central securities register.

205The portion of section 249 of the English version of the Act before paragraph (a) is replaced by the following:

Destruction of certificates

249An association, its agent Insertion start or mandatary Insertion end or a trustee Insertion start as defined in Insertion end section 278 is not required to produce

2005, c. 54, s. 191

206Subsection 251(2) of the English version of the Act is replaced by the following:

Validity of unsealed documents

(2)A document executed Insertion start or, in Quebec, signed Insertion end on behalf of an association is not invalid merely because a corporate seal is not affixed to it.

207The definitions option d’achat and option de vente in subsection 260(1) of the French version of the Act are replaced by the following:

option d’achat Option négociable par livraison qui permet d’exiger Insertion start que soit livré Insertion end un nombre précis d’actions à un prix et dans un délai déterminés. Est exclu de la présente définition l’option ou le droit d’acquérir des actions de la personne morale qui l’accorde.‍ (call)

option de vente Option négociable par Insertion start livraison Insertion end qui permet de livrer un nombre précis d’actions à un prix et dans un délai déterminés.‍ (put)

2005, c. 54, s. 194

208Paragraph 266(5)‍(c) of the Act is replaced by the following:

  • (c)a trust or Insertion start an Insertion end estate Insertion start or succession Insertion end in which the person has a substantial beneficial interest or in respect of which they serve as a trustee, Insertion start an executor or administrator of the estate Insertion end or a liquidator of the succession or in a similar capacity;

209The definition trust indenture in section 278 of the Act is replaced by the following:

trust indenture means any deed, indenture or other instrument Insertion start or act Insertion end , including any supplement or amendment made Insertion start to it Insertion end by an association, under which the association issues subordinated indebtedness and in which a person is appointed as trustee for the holders of Insertion start that Insertion end subordinated indebtedness. (acte de fiducie)

210Subparagraph 299(2)‍(b)‍(iii) of the English version of the Act is replaced by the following:

  • (iii)has been a liquidator, trustee in bankruptcy, receiver, receiver and manager or Insertion start sequestrator Insertion end of any member that is a central cooperative credit society or of any subsidiary of the association within the two years immediately preceding the person’s proposed appointment as auditor of the association, other than a subsidiary of the association acquired Insertion start under Insertion end section 394 or through a realization of security Insertion start under Insertion end section 395.

211(1)Subsection 308(1) of the English version of the Act is replaced by the following:

Right to information

308(1)On the request of the auditor of an association, the present or former directors, officers, employees or agents Insertion start or mandataries Insertion end of the association Insertion start must Insertion end , to the extent that Insertion start they Insertion end are reasonably able to do so,

  • (a)permit access to Insertion start any Insertion end records, assets and security held by the association or any entity in which the association has a substantial investment Insertion start that are, in the auditor’s opinion, necessary to enable the Insertion end auditor Insertion start to perform their Insertion end duties; and

  • (b)provide Insertion start any Insertion end information and explanations Insertion start that Insertion end are, in the Insertion start auditor’s Insertion end opinion, necessary to enable the auditor to perform Insertion start their duties Insertion end .

(2)Paragraph 308(2)‍(a) of the English version of the Act is replaced by the following:

  • (a)obtain from the present or former directors, officers, employees and agents Insertion start or mandataries Insertion end of any entity in which the association has a substantial investment the information and explanations that Insertion start those Insertion end persons are reasonably able to provide and that are, in the Insertion start auditor’s Insertion end opinion, necessary to enable the auditor to perform Insertion start their Insertion end duties; and

212Subsection 320(2) of the Act is replaced by the following:

Court approval to discontinue

(2)An application made or an action brought or intervened in under subsection 318(1) or section 322 Insertion start must Insertion end not be stayed, discontinued, settled or dismissed for want of prosecution Insertion start or, in Quebec, failure to act within a time limit set under the applicable rules of civil procedure Insertion end , without the approval of the court given on Insertion start any Insertion end terms Insertion start that Insertion end the court thinks fit and, if the court determines that the interests Insertion start or rights Insertion end of any complainant might be substantially affected by any stay, discontinuance, settlement or dismissal, the court may order any party to the application or action to give notice to the complainant.

2005, c. 54, s. 203(F)

213Paragraph 333(b) of the French version of the Act is replaced by the following:

  • b)nommer un liquidateur en exigeant ou non Insertion start une garantie Insertion end , fixer sa rémunération et le remplacer;

214(1)Paragraph 337(1)‍(d) of the French version of the Act is replaced by the following:

  • d)ouvrir un compte Insertion start en Insertion end fiducie Insertion start ou en fidéicommis Insertion end pour les fonds reçus dans le cadre de la liquidation de l’association;

(2)Paragraph 337(2)‍(e) of the English version of the Act is replaced by the following:

  • (e)do all acts and execute Insertion start or, in Quebec, sign Insertion end documents in the name and on behalf of the association;

215Subsection 341(3) of the Act is replaced by the following:

Notification of final accounts

(3)A liquidator Insertion start must Insertion end give notice of Insertion start their Insertion end intention to make an application under subsection (1) to the Superintendent, to each inspector appointed under section 333, to each member or shareholder of the association and to any person who provided a security or Insertion start a Insertion end fidelity bond Insertion start or fidelity insurance Insertion end for the liquidation.

216Paragraph 347(4)‍(a) of the French version of the Act is replaced by the following:

  • a)de Insertion start joindre comme partie à l’instance Insertion end chaque ancien associé ou actionnaire retrouvé par le demandeur;

217Section 372 of the English version of the Act is replaced by the following:

Reliance on information

372An association and any person who is a director, an officer, Insertion start an Insertion end employee or Insertion start an Insertion end agent or Insertion start mandatary Insertion end of the association may rely on any information contained in a declaration required by the directors Insertion start under Insertion end section 371 or on any information otherwise acquired in respect of any matter that might be the subject of a declaration Insertion start under that section Insertion end , and no action lies against the association or Insertion start the Insertion end person for anything done or omitted to be done in good faith in reliance on Insertion start the Insertion end information.

2001, c. 9, s. 307

218Paragraph 376(1)‍(a) of the Act is replaced by the following:

  • (a)hold, manage and otherwise deal with real property Insertion start or immovables Insertion end ;

2001, c. 9, s. 308

219Paragraph 377(a) of the English version of the Act is replaced by the following:

  • (a)act as agent Insertion start or mandatary Insertion end for any entity referred to in paragraph 375(1)‍(a), any member of a cooperative credit society or, if the association is a retail association, any other person in respect of the provision of any service that is provided by a financial institution, a permitted entity as defined in subsection 386(1) or a prescribed entity and enter into an arrangement with any person in respect of the provision of that service; or

220Section 378 of the Act is replaced by the following:

Prohibited activities

378 Insertion start It is prohibited for an Insertion end association Insertion start to Insertion end act in Canada

  • (a)as an executor or administrator Insertion start of an estate Insertion end or Insertion start liquidator of a succession Insertion end ;

  • (b) Insertion start as Insertion end a trustee for a trust;

  • ( Insertion start c Insertion end ) Insertion start as Insertion end a guardian, committee, tutor, curator or adviser of Insertion start an incapable Insertion end person; or

  • Start of inserted block

    (d)in any capacity similar to the capacities mentioned in paragraph (c).

    End of inserted block

2007, c. 6, s. 160

221(1)Subsection 378.‍3(1) of the English version of the Act is replaced by the following:

Deposits less than $150,000

378.‍3(1)Subject to the regulations, a retail association referred to in paragraph 378.‍1(1)‍(b) or (c) Insertion start must Insertion end not, in respect of its business in Canada, act as agent Insertion start or mandatary Insertion end for any person in the taking of a deposit that is less than $150,000 and payable in Canada.

2007, c. 6, s. 160

(2)Subsection 378.‍3(3) of the English version of the Act is replaced by the following:

Regulations

(3)The Governor in Council may make regulations respecting the circumstances in which, and the conditions under which, a retail association referred to in subsection (1) may act as agent Insertion start or mandatary Insertion end for any person in the taking of a deposit that is less than $150,000 and payable in Canada.

2001, c. 9, s. 311

222Section 382 of the Act is replaced by the following:

Restriction on leasing

382An association Insertion start must Insertion end not engage in Canada in any personal property Insertion start or movable Insertion end leasing activity in which a financial leasing entity, Insertion start as defined in Insertion end subsection 386(1), is not permitted to engage.

2007, c. 6, s. 161

223(1)Subsection 382.‍1(1) of the Act is replaced by the following:

Restriction on mortgages or hypothecs

382.‍1(1)A retail association Insertion start must Insertion end not make a loan in Canada on the security of residential property in Canada for the purpose of purchasing, renovating or improving that Insertion start residential Insertion end property, or refinance a loan Insertion start for that purpose Insertion end , if the amount of the loan, together with the amount outstanding of any mortgage Insertion start or hypothec of Insertion end equal or Insertion start higher rank on Insertion end the Insertion start residential Insertion end property, would exceed 80% of the value of the Insertion start residential Insertion end property at the time of the loan.

2001, c. 9, s. 311

(2)Paragraph 382.‍1(2)‍(a) of the Act is replaced by the following:

  • (a)a loan made or guaranteed under the National Housing Act or any other Act of Parliament by or under which a different limit on the value of Insertion start residential Insertion end property on the security of which the association may make a loan is established;

2001, c. 9, s. 311

(3)Paragraph 382.‍1(2)‍(d) of the Act is replaced by the following:

  • (d)a loan secured by a mortgage Insertion start or hypothec if Insertion end

    • (i)the mortgage Insertion start or hypothec Insertion end is taken back by the association on a property disposed of by the association, including Insertion start when Insertion end the disposition is by way of a realization of a security interest, and

    • (ii)the mortgage Insertion start or hypothec Insertion end secures payment of an amount payable to the association for the property.

224Section 384 of the English version of the Act is replaced by the following:

Restriction on receivers or sequestrators

384An association Insertion start must Insertion end not grant to a person the right to appoint a receiver, receiver and manager or Insertion start sequestrator Insertion end of the property or business of the association.

2001, c. 9, s. 313

225Subsection 385.‍02(2) of the French version of the Act is replaced by the following:

Application du paragraphe (1)

(2)Le paragraphe (1) s’applique que la fiducie soit Insertion start expresse Insertion end ou Insertion start par effet de la loi Insertion end et s’applique même si l’association en a été avisée si elle agit sur l’ordre ou sous l’autorité du ou des titulaires du compte dans lequel le dépôt est effectué.

2001, c. 9, s. 313

226Subsection 385.‍15(1) of the Act is replaced by the following:

Rebate of borrowing costs

385.‍15(1)If a retail association makes a loan in respect of which the disclosure requirements of section 385.‍16 apply, and the loan is not secured by a mortgage on real property Insertion start or a hypothec on an immovable Insertion end and is required to be repaid either on a fixed future date or by instalments, the association Insertion start must Insertion end , if there is a prepayment of the loan, rebate to the borrower a portion of the charges included in the cost of borrowing in respect of the loan.

2012, c. 5, s. 112

227Section 385.‍19 of the Act is replaced by the following:

Renewal statement

385.‍19If a retail association makes a loan in respect of which the disclosure requirements of section 385.‍16 apply and the loan is secured by a mortgage on real property Insertion start or a hypothec on an immovable Insertion end the association Insertion start must Insertion end disclose to the borrower, at the prescribed time and place and in the prescribed form and manner, any information that is prescribed respecting the renewal of the loan.

2001, c. 9, s. 313

228Paragraph 385.‍25(3)‍(a) of the Act is replaced by the following:

  • (a)secured by a mortgage on real property Insertion start or a hypothec on an immovable Insertion end ; or

2001, c. 9, s. 313

229Subsection 385.‍3(1) of the Act is replaced by the following:

Transmission in case of death

385.‍3(1)If the transmission of a debt owing by a retail association by reason of a deposit, of property held by a retail association as security or for Insertion start safekeeping Insertion end or of rights with respect to a safety deposit box and property deposited Insertion start in it Insertion end takes place because of the death of a person, the delivery to the association of Insertion start the following Insertion end is sufficient justification and authority for giving effect to the transmission:

  • (a)an affidavit or declaration in writing Insertion start that is Insertion end in a form satisfactory to the association, Insertion start that is Insertion end signed by or on behalf of a person claiming by virtue of the transmission Insertion start and that states Insertion end the nature and effect of the transmission; and

  • (b)one of the following documents:

    • (i) Insertion start if Insertion end the claim is based on a will or other testamentary instrument, on a grant of probate of Insertion start a will or other testamentary instrument with or without Insertion end letters testamentary or other document of Insertion start similar Insertion end import, on a grant of letters of administration or other document of Insertion start similar Insertion end import, on Insertion start a judgment probating a will Insertion end or Insertion start other document of similar import, on letters of verification Insertion end or Insertion start other document of similar import Insertion end , or Insertion start on a certified copy of the notarial minutes of probate of a will or other document of similar import Insertion end , purporting to be issued by any court or authority in Canada or elsewhere, an authenticated copy or certificate Insertion start of the document Insertion end under the seal of the court or authority without proof of the authenticity of the seal or other proof, or

    • (ii) Insertion start if Insertion end the claim is based on a notarial will, an Insertion start authentic Insertion end copy Insertion start of the notarial will Insertion end .

2001, c. 9, s. 313

230(1)Paragraph 385.‍32(1)‍(c) of the Act is replaced by the following:

  • (c) Insertion start a document Insertion end purporting to assign, perfect or otherwise dispose of an interest Insertion start or right Insertion end in the property or the deposit account; or

2001, c. 9, s. 313

(2)The definition enforcement notice in subsection 385.‍32(6) of the English version of the Act is replaced by the following:

enforcement notice means a garnishee summons or other Insertion start document Insertion end issued under the laws of a province for the enforcement of Insertion start a Insertion end support order or support provision.‍ (avis d’exécution)

2001, c. 9, s. 314

231(1)The definition loan in subsection 386(1) of the Act is replaced by the following:

loan includes an acceptance, endorsement or other guarantee, a deposit, a financial lease, a conditional Insertion start sale Insertion end contract, Insertion start an instalment sale contract Insertion end , a repurchase agreement and any other similar arrangement for obtaining funds or credit, but does not include investments in securities.‍ (prêt ou emprunt)

2008, c. 28, s. 151

(2)Subparagraph (a)‍(iv) of the definition commercial loan in subsection 386(1) of the Act is replaced by the following:

  • (iv)a loan that is secured by a mortgage on real property Insertion start or a hypothec on an immovable Insertion end , if

  • (A)the Insertion start real property or immovable Insertion end is residential property and the amount of the loan, together with the amount outstanding of any mortgage Insertion start or hypothec of Insertion end equal or Insertion start higher rank on Insertion end the Insertion start residential Insertion end property, does not exceed 80% of the value of the Insertion start residential Insertion end property at the time the loan is made or acquired, or

  • (B)the real property Insertion start or immovable Insertion end is Insertion start not Insertion end residential property and

    • (I)the amount of the loan, together with the amount outstanding of any mortgage Insertion start or hypothec of Insertion end equal or Insertion start higher rank on Insertion end the Insertion start real Insertion end property Insertion start or immovable Insertion end , does not exceed 80% of the value of the Insertion start real Insertion end property Insertion start or immovable Insertion end at the time the loan is made or acquired, and

    • (II)at the time the loan is made or acquired, the Insertion start real Insertion end property Insertion start or immovable Insertion end provides an annual income sufficient to pay all annual expenses related to the Insertion start real Insertion end property Insertion start or immovable Insertion end , including the payments owing under the mortgage Insertion start or hypothec Insertion end and the mortgages Insertion start or hypothecs of Insertion end equal or Insertion start higher rank Insertion end ,

2008, c. 28, s. 151

(3)The portion of subparagraph (a)‍(v) of the definition commercial loan in subsection 386(1) of the Act before subclause (B)‍(II) is replaced by the following:

  • (v)a loan that is secured by a mortgage on real property Insertion start or a hypothec on an immovable Insertion end , if

  • (A)the Insertion start real property or immovable Insertion end is residential property and

    • (I)the amount of the loan, together with the amount outstanding of any mortgage Insertion start or hypothec of Insertion end equal or Insertion start higher rank on Insertion end the Insertion start residential Insertion end property, exceeds 80% of the value of the Insertion start residential Insertion end property at the time the loan is made or acquired, and

    • (II)repayment of the amount of the loan that exceeds 80% of the value of the Insertion start residential Insertion end property is guaranteed or insured by a government agency or private insurer approved by the Superintendent, or

  • (B)the real property Insertion start or immovable Insertion end is Insertion start not Insertion end residential property and

    • (I)the amount of the loan, together with the amount outstanding of any mortgage Insertion start or hypothec of Insertion end equal or Insertion start higher rank on Insertion end the Insertion start real Insertion end property Insertion start or immovable Insertion end , exceeds 80% of the value of the Insertion start real Insertion end property Insertion start or immovable Insertion end at the time the loan is made or acquired,

2008, c. 28, s. 151

(4)Subclause (a)‍(v)‍(B)‍(III) of the definition commercial loan in subsection 386(1) of the Act is replaced by the following:

  • (III)at the time the loan is made or acquired, the Insertion start real Insertion end property Insertion start or immovable Insertion end provides an annual income sufficient to pay all annual expenses related to the Insertion start real Insertion end property Insertion start or immovable Insertion end , including the payments owing under the mortgage Insertion start or hypothec Insertion end and the mortgages Insertion start or hypothecs of Insertion end equal or Insertion start higher rank Insertion end ,

2001, c. 9, s. 314

(5)The portion of the definition financial leasing entity in subsection 386(1) of the Act before paragraph (b) is replaced by the following:

financial leasing entity means an entity whose activities are limited to the financial leasing of personal property Insertion start or movables Insertion end and prescribed related activities and conform to Insertion start any Insertion end prescribed restrictions and limitations, and that, in conducting Insertion start those Insertion end activities in Canada, does not

  • (a)direct its customers or potential customers to particular dealers in the Insertion start personal Insertion end property or Insertion start movables that are Insertion end leased Insertion start or are Insertion end to be leased;

2001, c. 9, s. 314

(6)Paragraphs (a) and (b) of the definition real property brokerage entity in subsection 386(1) of the Act are replaced by the following:

  • (a)acting as an agent Insertion start or provider of brokerage services Insertion end for vendors, purchasers, mortgagors, mortgagees, Insertion start hypothecary debtors, hypothecary creditors Insertion end , lessors or lessees Insertion start in respect Insertion end of real property Insertion start or immovables Insertion end ; and

  • (b)the provision of consulting or appraisal services in respect of real property Insertion start or immovables Insertion end . (courtier immobilier)

2008, c. 28, s. 151

(7)Subclause (a)‍(v)‍(B)‍(II) of the definition commercial loan in subsection 386(1) of the English version of the Act is replaced by the following:

  • (II)repayment of the amount of the loan that exceeds 80% of the value of the Insertion start real Insertion end property Insertion start or immovable Insertion end is guaranteed or insured by a government agency or private insurer approved by the Superintendent, and

2001, c. 9, s. 314

(8)Paragraph (b) of the definition entité s’occupant de fonds mutuels in subsection 386(1) of the French version of the Act is replaced by the following:

  • b)ses titres autorisent leurs détenteurs à recevoir, sur demande ou dans le délai spécifié après la demande, un montant calculé sur la base d’ Insertion start une participation proportionnelle Insertion end à tout ou partie des capitaux propres de l’émetteur, y compris tout fonds distinct ou compte en fiducie Insertion start ou en fidéicommis Insertion end . (mutual fund entity)

2001, c. 9, s. 314

(9)Paragraph (b) of the definition financial leasing entity in subsection 386(1) of the English version of the Act is replaced by the following:

  • (b)enter into lease agreements with persons in respect of any motor vehicle having a gross vehicle weight, as that expression is defined Insertion start in Insertion end the regulations, of less than 21 tonnes; or

  • ( Insertion start c Insertion end )enter into lease agreements with natural persons in respect of personal household property, as that expression is defined Insertion start in Insertion end the regulations.‍ (entité s’occupant de crédit-bail)

2001, c. 9, s. 314

(10)Paragraph 386(3)‍(a) of the Act is replaced by the following:

  • (a)the holding of a security interest in Insertion start any Insertion end real property Insertion start or immovable Insertion end , unless the security interest is prescribed under paragraph 403(a) to be an interest in real property; or

2012, c. 5, s. 118(1)

232The portion of subsection 390(3.‍1) of the French version of the Act before paragraph (a) is replaced by the following:

Exception

(3.‍1)Malgré l’alinéa (3)a), l’association peut acquérir le contrôle d’une entité qui exerce des activités de fiduciaire Insertion start d’une fiducie Insertion end ou acquérir ou augmenter un intérêt de groupe financier dans une telle entité si les lois provinciales applicables permettent à l’entité d’exercer de telles activités et que les conditions suivantes sont réunies :

2001, c. 9, s. 314

233Section 401 of the Act and the heading before it are replaced by the following:

Insertion start Interests in Insertion end Real Property
Limit

401An association Insertion start must Insertion end not, and Insertion start must Insertion end not permit its prescribed subsidiaries to, purchase or otherwise acquire an interest in real property or make an improvement to any real property Insertion start or immovable Insertion end in Insertion start respect of Insertion end which the association or any of its prescribed subsidiaries has an interest Insertion start in real property Insertion end if the aggregate value of all interests of the association in real property exceeds, or the acquisition of the interest or the making of the improvement would cause that aggregate value to exceed, the prescribed percentage of the regulatory capital of the association.

2007, c. 6, s. 176(2)

234(1)Paragraph 406(3)‍(e) of the Act is replaced by the following:

  • (e)assets, other than real property Insertion start or immovables Insertion end , acquired or disposed of under an arrangement that has been approved by the Superintendent under subsection 418(3); or

2007, c. 6, s. 176(2)

(2)Paragraph 406(3)‍(f) of the French version of the Act is replaced by the following:

  • f)aux éléments d’actif Insertion start qui ont été Insertion end acquis ou Insertion start dont il a été disposé Insertion end avec l’agrément du surintendant dans le cadre du paragraphe 418(3.‍1).

235(1)Subsection 412(3) of the Act is replaced by the following:

Meaning of loan

(3)For the purposes of this Part, loan includes a deposit, a financial lease, a conditional Insertion start sale Insertion end contract, Insertion start an instalment sale contract Insertion end , a repurchase agreement and any other similar arrangement for obtaining funds or credit, but does not include investments in securities or the making of an acceptance, endorsement or other guarantee.

2007, c. 6, s. 177

(2)Subsection 412(4) of the French version of the Act is replaced by the following:

Titre ou valeur mobilière d’un apparenté

(4)Pour l’application de la présente partie, est assimilée à un titre ou à une valeur mobilière d’un apparenté une option négociable par livraison qui permet d’exiger Insertion start que soit livré Insertion end un nombre précis d’actions à un prix et dans un délai déterminés.

236Paragraph 415(b) of the English version of the Act is replaced by the following:

  • (b)the loan is a loan made to a related party who is a natural person on the security of a mortgage Insertion start or hypothec on Insertion end the principal residence of that related party.

237(1)Subsection 418(3) of the Act is replaced by the following:

Asset transactions with financial institutions

(3) Insertion start Despite Insertion end any of the provisions of subsections (1) and (2), an association may, in the normal course of business and Insertion start in accordance with Insertion end arrangements that have been approved by the Superintendent in writing, acquire or dispose of any assets, other than real property Insertion start or immovables Insertion end , from or to a related party of the association that is a financial institution.

2001, c. 9, s. 317

(2)Subsection 418(3.‍1) of the French version of the Act is replaced by the following:

Opérations dans le cadre d’une restructuration

(3.‍1)Par dérogation aux paragraphes (1) et (2), dans le cadre d’une restructuration, l’association peut, avec l’agrément écrit du surintendant, acquérir des éléments d’actif d’un apparenté ou Insertion start en disposer Insertion end en sa faveur.

2007, c. 6, s. 178

(3)Subsection 418(5) of the French version of the Act is replaced by the following:

Approbation

(5) Insertion start L’ Insertion end association peut acquérir des éléments d’actif d’un apparenté ou Insertion start en disposer Insertion end en sa faveur dans le cadre d’une convention de vente approuvée par le ministre en vertu de l’article 233.‍5.

238Subsection 428(2) of the English version of the Act is replaced by the following:

Reliance on information

(2)An association and any person who is a director, an officer, Insertion start an Insertion end employee or Insertion start an Insertion end agent or Insertion start mandatary Insertion end of the association may rely on any information contained in any disclosure received by the association Insertion start under Insertion end subsection (1) or any information otherwise acquired in respect of any matter that might be the subject of a disclosure Insertion start under subsection (1) Insertion end , and no action lies against the association or Insertion start the Insertion end person for anything done or omitted in good faith in reliance on Insertion start the Insertion end information.

239Paragraph 432(1)‍(a) of the French version of the Act is replaced by the following:

  • a)les nom, Insertion start résidence Insertion end et citoyenneté de chaque administrateur en fonction à la clôture de l’assemblée;

1997, c. 15, s. 162

240Section 467 of the English version of the Act is replaced by the following:

Liability of officers, directors, etc.

467 Insertion start If Insertion end an entity commits an offence under this Act, any director, Insertion start any Insertion end officer or Insertion start any Insertion end agent Insertion start or mandatary Insertion end of the entity who directed, authorized, assented to, acquiesced in or participated in the commission of the offence is a party to and guilty of the offence and liable on summary conviction or on conviction on indictment to the punishment provided under paragraph 466(1)‍(a) for the offence, whether or not the entity has been prosecuted or convicted.

2001, c. 9, s. 341

241Section 469 of the English version of the Act is replaced by the following:

Compliance or restraining order

469(1)If an association or any director, Insertion start any Insertion end officer, Insertion start any Insertion end employee or Insertion start any Insertion end agent Insertion start or mandatary Insertion end of an association does not comply with any provision of this Act or the regulations other than a consumer provision, or of the incorporating instrument or any by-law of the association, the Superintendent, any complainant or any creditor of the association may, in addition to any other right that person has, apply to a court for an order directing the association, Insertion start the Insertion end director, Insertion start the Insertion end officer, Insertion start the Insertion end employee or Insertion start the Insertion end agent Insertion start or mandatary Insertion end to comply with — or restraining the association, Insertion start the Insertion end director, Insertion start the Insertion end officer, Insertion start the Insertion end employee or Insertion start the Insertion end agent Insertion start or mandatary Insertion end from acting in breach of — the provision and, on the application, the court may so order and make any further order it thinks fit.

Compliance or restraining order — consumer provisions

(2)If a retail association or any director, Insertion start any Insertion end officer, Insertion start any Insertion end employee or Insertion start any Insertion end agent Insertion start or mandatary Insertion end of a retail association does not comply with any applicable consumer provision, the Commissioner or any complainant may, in addition to any other right that person has, apply to a court for an order directing the retail association, Insertion start the Insertion end director, Insertion start the Insertion end officer, Insertion start the Insertion end employee or Insertion start the Insertion end agent Insertion start or mandatary Insertion end to comply with — or restraining the retail association, Insertion start the Insertion end director, Insertion start the Insertion end officer, Insertion start the Insertion end employee or Insertion start the Insertion end agent Insertion start or mandatary Insertion end from acting in breach of — the consumer provision and, on the application, the court may so order and make any further order it thinks fit.

1991, c. 47

Insurance Companies Act

242(1)The definition biens immeubles in subsection 2(1) of the French version of the Insurance Companies Act is repealed.

(2)The definitions fiduciary, personal representative, proxy, residential property and security interest in subsection 2(1) of the Act are replaced by the following:

fiduciary means any person Insertion start who is Insertion end acting in a fiduciary capacity Insertion start or who has an obligation of honesty and loyalty to another person because they are in a relationship of trust and confidence with that person Insertion end , and includes a personal representative of a deceased person; (représentant)

personal representative means a person who stands in place of and represents another person and includes a trustee, an executor Insertion start or Insertion end administrator Insertion start of an estate, a liquidator of a succession, an administrator of the property of another Insertion end , a committee, a guardian, a tutor, a curator, an assignee, a receiver Insertion start or sequestrator Insertion end , an agent Insertion start or mandatary Insertion end , or an attorney; (représentant personnel)

proxy means a completed and executed Insertion start or, in Quebec, signed Insertion end form of proxy by means of which a shareholder or policyholder or, in the case of a society, a member, appoints a proxyholder to attend and act on behalf of the shareholder, policyholder or member at a meeting of shareholders, policyholders or members; (procuration)

residential property means Insertion start any Insertion end real property Insertion start or immovable Insertion end consisting of buildings Insertion start of which Insertion end at least one half of the floor space Insertion start is Insertion end used, or Insertion start is Insertion end to be used, as one or more private dwellings; (immeuble résidentiel)

security interest means an interest Insertion start or right Insertion end in or Insertion start a Insertion end charge on property, by way of mortgage Insertion start or hypothec Insertion end , lien, pledge or otherwise, taken by a creditor or guarantor to secure the payment or performance of an obligation; (sûreté)

(3)The definitions beneficial ownership, form of proxy and securities underwriter in subsection 2(1) of the English version of the Act are replaced by the following:

beneficial ownership includes ownership through one or more trustees, legal representatives, agents Insertion start or mandataries Insertion end or other intermediaries; (véritable propriétaire et propriété effective)

form of proxy means a written or printed form that, when completed and executed Insertion start or, in Quebec, signed Insertion end by or on behalf of a shareholder or a policyholder, or, in the case of a fraternal benefit society, a member, constitutes a proxy; (formulaire de procuration)

securities underwriter means a person who, as principal, agrees to purchase securities with a view to the distribution of the securities or who, as agent Insertion start or mandatary Insertion end for a body corporate or other person, offers for sale or sells securities in connection with a distribution of the securities, and includes a person who participates, directly or indirectly, in a distribution of securities, other than a person whose interest in the distribution of securities is limited to receiving a distributor’s or seller’s commission payable by a securities underwriter; (souscripteur à forfait)

(4)The definitions fondé de pouvoir and opération in subsection 2(1) of the French version of the Act are replaced by the following:

fondé de pouvoir Personne nommée par procuration pour Insertion start assister et agir au nom de Insertion end l’actionnaire ou Insertion start du Insertion end souscripteur ou, dans le cas d’une société de secours, Insertion start du Insertion end membre aux assemblées des actionnaires, des souscripteurs ou des membres.‍ (proxyholder)

opération En matière de valeurs mobilières, toute Insertion start vente ou disposition pour contrepartie de valeur Insertion end .‍ (trade)

(5)Paragraph (a) of the definition security in subsection 2(1) of the English version of the Act is replaced by the following:

  • (a)in relation to a body corporate, a share of any class of shares of the body corporate or a debt obligation of the body corporate, and includes a warrant of the body corporate, but does not include a deposit with a financial institution or any Insertion start document Insertion end evidencing a deposit Insertion start with a financial institution Insertion end , and

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

Start of inserted block

immovable includes the rights of a lessee in respect of an immovable; (immeuble)

End of inserted block

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

Start of inserted block

bien réel Est assimilé à un bien réel l’intérêt à bail sur un tel bien.‍ (real property)

End of inserted block

243Subsections 12(3) and (4) of the French version of the Act are replaced by the following:

Biens

(3)La branche d’assurance Insertion start qui couvre la perte de biens Insertion end ou Insertion start le dommage causé à ceux-ci Insertion end couvre également les pertes d’usage, d’occupation, de loyers et de bénéfices en résultant.

Assurance de responsabilité

(4)Sauf mention expresse à l’annexe, l’assurance de responsabilité soit pour blessures corporelles ou décès, soit Insertion start pour Insertion end perte Insertion start de biens Insertion end ou dommage Insertion start causé à ceux-ci Insertion end est exclue.

244Subsection 15(1) of the French version of the Act is replaced by the following:

Pouvoirs

15(1)La société ou la société de secours — ci-après appelées dans la présente partie, sauf indication contraire, la société — a la capacité d’une personne physique Insertion start et a Insertion end , sous réserve des autres dispositions de la présente loi, Insertion start les droits, pouvoirs et privilèges de cette personne Insertion end .

2005, c. 54, s. 218

245Paragraphs 20(1)‍(d) and (e) of the Act are replaced by the following:

  • (d)a person held out by the company or society as a director, Insertion start an Insertion end officer, Insertion start an employee Insertion end or Insertion start an agent or mandatary Insertion end of the company or society has not been duly appointed or has no authority to exercise the powers and perform the duties that are customary in the business of the company or society or usual for a director, Insertion start an Insertion end officer, Insertion start an employee Insertion end or Insertion start an agent or mandatary Insertion end ; or

  • (e)a document issued by any director, Insertion start any Insertion end officer, Insertion start any employee Insertion end or Insertion start any agent or mandatary Insertion end of the company or society with actual or usual authority to issue the document is not valid or not genuine.

246Paragraph 37(c) of the Act is replaced by the following:

  • (c)an existing cause of action, claim or liability to prosecution is unaffected;

2005, c. 54, s. 221

247Subparagraph 70(2.‍1)‍(a)‍(ii) of the English version of the Act is replaced by the following:

  • (ii)shares of or another interest Insertion start or right Insertion end in a body corporate that immediately before the exchange or because of it did not deal with the company at arm’s length within the meaning of that expression in the Income Tax Act, or

248Subsection 75(3) of the Act is replaced by the following:

Gift, bequest or legacy

(3)A company may accept from any shareholder a share of the company surrendered to it as a gift, Insertion start bequest or legacy Insertion end , but Insertion start must Insertion end not extinguish or reduce a liability in respect of an amount unpaid on Insertion start the surrendered Insertion end share except in accordance with section 79.

249(1)The definitions adverse claim and purchaser in section 85 of the Act are replaced by the following:

adverse claim includes a claim that a transfer was or would be wrongful or that a particular adverse person is the owner of or has an interest Insertion start or right Insertion end in a security; (opposition)

purchaser means a person who takes an interest Insertion start or right Insertion end in a security by sale, mortgage, Insertion start hypothec Insertion end , pledge, issue, reissue, gift, Insertion start bequest, legacy Insertion end or any other voluntary transaction; (acquéreur)

(2)Paragraph (d) of the definition security or security certificate in section 85 of the English version of the Act is replaced by the following:

  • (d)evidence of a share, participation or other interest Insertion start or right Insertion end in or obligation of a company,

250Paragraph 95(a) of the English version of the Act is replaced by the following:

  • (a)the scrip certificate becomes void Insertion start or, in Quebec, null Insertion end if not exchanged for a share certificate representing a full share before a specified date; and

2005, c. 54, s. 227(E)

251Section 98 of the Act is replaced by the following:

Minors

98If a minor exercises any rights of ownership in the securities of a company, no subsequent repudiation or avoidance Insertion start or, in Quebec, annulment or reduction of the minor’s obligations Insertion end is effective against the company.

1991, c. 47, par. 758(b)

252(1)Subsection 100(1) of the Act is replaced by the following:

Transmission of securities

100(1)Subject to the provisions of Part VII and any applicable law relating to the collection of taxes, a person referred to in paragraph 97(2)‍(a) is entitled to become registered as the owner of a security, or to designate another person to be registered as the owner of a security, if the person referred to in paragraph 97(2)‍(a) delivers to the company or its transfer agent Insertion start the following documents Insertion end , accompanied by any assurance the company may require under section 131:

  • (a) Insertion start in Insertion end the Insertion start case of a Insertion end grant of probate or of letters of administration Insertion start or, in Quebec, the issuance of letters of verification or of a judgment probating a will, the Insertion end original Insertion start document Insertion end or a copy certified to be a true copy by

    • (i)the court that granted the probate or letters of administration Insertion start or that issued the letters of verification or the judgment probating the will Insertion end ,

    • (ii)a trust company incorporated under the Trust and Loan Companies Act or under the laws of a province, or

    • (iii)a lawyer or notary acting on behalf of the person referred to in paragraph 97(2)‍(a);

  • Start of inserted block

    (b)in the case of a will probated by a notary in Quebec, a certified copy of the minutes of the probate;

  • (c)in the case of letters of verification issued by a notary in Quebec, a certified copy of the letters;

    End of inserted block
  • (d)in the case of a notarial will in Quebec, Insertion start an authentic Insertion end copy Insertion start of the will established in accordance with Insertion end the laws of that province;

  • ( Insertion start e Insertion end )an affidavit or declaration of transmission made by the person referred to in paragraph 97(2)‍(a) that states the particulars of the transmission; and

  • ( Insertion start f Insertion end )the security certificate that was owned by the deceased holder

    • (i)in the case of a transfer to the person referred to in paragraph 97(2)‍(a), with or without the endorsement of that person, and

    • (ii)in the case of a transfer to any other person, endorsed in accordance with section 115.

(2)The portion of subsection 100(2) of the Act before paragraph (a) is replaced by the following:

Excepted transmissions

(2) Insertion start Despite Insertion end subsection (1), if the laws of the jurisdiction governing the transmission of a security of a deceased holder do not require Insertion start any of the documents mentioned in paragraphs (1)‍(a) to (c) Insertion end in respect of the transmission, a personal representative of the deceased holder is entitled, subject to Part VII and any applicable law relating to the collection of taxes, to become registered as the owner Insertion start of the security Insertion end or to designate a person to be registered as the owner, if the personal representative delivers to the company or its transfer agent the following documents:

(3)Paragraph 100(2)‍(b) of the Act is replaced by the following:

  • (b)reasonable proof of the governing laws, of the deceased holder’s interest Insertion start or right Insertion end in the security and of the right of the personal representative or the designated person to become the registered shareholder.

253Subsection 104(1) of the Act is replaced by the following:

Notice of defect

104(1)Even against a purchaser for value and without notice of a defect going to the validity of a security, the terms of the security include those stated on the security and those incorporated by reference to another Insertion start document Insertion end , instrument Insertion start or act Insertion end , statute, rule, regulation or order to the extent that the terms so referred to do not conflict with the stated terms, but Insertion start the Insertion end reference is not of itself notice to a purchaser for value of a defect going to the validity of the security, Insertion start even if Insertion end the security expressly states that a person accepting it admits the notice.

254Subsection 108(3) of the English version of the Act is replaced by the following:

Limitation

(3)A purchaser acquires rights only to the extent of the interest Insertion start or right Insertion end purchased.

255Subsection 112(5) of the English version of the Act is replaced by the following:

Warranties of securities broker

(5)A securities broker gives to the broker’s customer, to the issuer and to a purchaser, as the case may be, the warranties provided in subsections (1) to (4) and has the rights and privileges of a purchaser under those subsections, and those warranties of and in favour of the broker acting as an agent Insertion start or mandatary Insertion end are in addition to warranties given by the broker’s customer and warranties given in favour of the broker’s customer.

256(1)Paragraph 114(1)‍(e) of the French version of the Act is replaced by the following:

  • e)tout survivant parmi les bénéficiaires d’un Insertion start droit Insertion end de survie nommés sur la valeur mobilière ou l’endossement mentionnés à l’alinéa a);

(2)Paragraph 114(1)‍(g) of the English version of the Act is replaced by the following:

  • (g)to the extent that a person described in any of paragraphs (a) to (f) may act through an agent Insertion start or mandatary Insertion end , the person’s authorized agent Insertion start or mandatary Insertion end .

257Section 118 of the English version of the Act is replaced by the following:

Effect of failure by fiduciary to comply

118Failure of a fiduciary to comply with a controlling instrument Insertion start or act Insertion end or with the law of the jurisdiction governing the fiduciary relationship, including any law requiring the fiduciary to obtain court approval of a transfer, does not render the fiduciary’s endorsement unauthorized for the purposes of this Part.

258(1)The portion of subsection 125(4) of the Act before paragraph (a) is replaced by the following:

Transfer through clearing agency

(4)A transfer or pledge of a security shown in the records of a clearing agency or Insertion start of an Insertion end interest Insertion start or right in such a security Insertion end may, in addition to other methods, be effected by making an appropriate entry in Insertion start those Insertion end records if the security is evidenced by

(2)The portion of subsection 125(4) of the English version of the Act after paragraph (b) is repealed.

(3)Subsection 125(5) of the Act is replaced by the following:

Interests or rights in fungible bulk

(5)Under subsections (4) to (10), entries may be in respect of Insertion start similar Insertion end securities or interests Insertion start or rights in similar securities Insertion end as part of a fungible bulk and may refer merely to a quantity of a particular security without reference to the name of the registered owner, certificate or bond number or Insertion start any other information Insertion end and, in appropriate cases, may be on a net basis taking into account other transfers or pledges of the same security.

(4)Subsections 125(6) and (7) of the French version of the Act are replaced by the following:

Transfert ou gage équivaut à livraison

(6)Le transfert ou le Insertion start gage Insertion end prévu aux paragraphes (4) à (10) équivaut à la livraison d’une valeur mobilière au porteur ou dûment endossée en blanc et représente soit le montant de l’obligation, soit le nombre d’actions ou de droits transférés ou Insertion start mis en gage Insertion end .

Inscription équivaut à acceptation de livraison

(7)Si le Insertion start gage Insertion end ou la création d’une sûreté est envisagé, l’inscription équivaut à une acceptation de la livraison par le créancier gagiste ou le créancier garanti et ces derniers sont réputés, à toutes fins, en avoir pris possession.

(5)Subsection 125(9) of the French version of the Act is replaced by the following:

Non-inscription

(9)Le transfert ou le Insertion start gage Insertion end effectué en vertu des paragraphes (4) à (10) ne constitue pas une inscription de transfert au sens des articles 130 à 137.

259Subsection 127(2) of the French version of the Act is replaced by the following:

Résolution d’un transfert

(2)L’acquéreur peut refuser le transfert ou en demander la Insertion start résolution Insertion end si le cédant ne se conforme pas, dans un délai raisonnable, à toute demande faite en vertu du paragraphe (1).

260Sections 128 and 129 of the Act are replaced by the following:

Seizure of security

128No seizure of a security or other interest Insertion start or right Insertion end evidenced Insertion start by a security Insertion end is effective until the person making the seizure obtains possession of the security.

No liability if good faith disposition

129An agent or Insertion start mandatary, or a Insertion end bailee Insertion start or depositary Insertion end , who in good faith, including observance of reasonable commercial standards if Insertion start they are Insertion end in the business of buying, selling or otherwise dealing with securities of a company, has received securities and sold, pledged or delivered them according to the instructions of the principal or Insertion start mandator, or the bailor or depositor Insertion end , is not liable for conversion or for participation in breach of fiduciary duty even though the principal Insertion start or mandator, or the bailor or depositor Insertion end has no right to dispose of the securities.

261(1)Paragraph 131(1)‍(a) of the English version of the Act is replaced by the following:

  • (a)if the endorsement is by an agent Insertion start or mandatary Insertion end , reasonable assurance of authority to sign;

(2)Paragraph 131(4)‍(a) of the French version of the Act is replaced by the following:

  • a)dans le cas du représentant nommé judiciairement et Insertion start visé Insertion end au paragraphe 100(1), de la copie certifiée Insertion start de l’ordonnance visée Insertion end à ce paragraphe et Insertion start rendue Insertion end dans les soixante jours Insertion start précédant Insertion end la présentation pour transfert de la valeur mobilière;

262Paragraph 133(2)‍(b) of the English version of the Act is replaced by the following:

  • (b)the issuer is provided with an indemnity bond sufficient in the issuer’s judgment to protect the issuer and any registrar, transfer agent or other agent Insertion start or mandatary Insertion end of the issuer from any loss that may be incurred by any of them as a result of complying with the adverse claim.

263The portion of section 138 of the Act before paragraph (a) is replaced by the following:

Rights and obligations

138An authenticating trustee, registrar, transfer agent or other agent Insertion start or mandatary Insertion end of an issuer has, in respect of the issue, registration of transfer and cancellation of a security of the issuer,

264Section 139 of the English version of the Act is replaced by the following:

Notice

139Notice to Insertion start one Insertion end of Insertion start the persons referred to in section 138 Insertion end is notice to the issuer in respect of the functions performed by Insertion start that person Insertion end .

265Subsection 147(6) of the French version of the Act is replaced by the following:

Immunité

(6)La société ou Insertion start la personne agissant Insertion end en Insertion start son nom Insertion end n’ Insertion start engage Insertion end pas Insertion start sa Insertion end responsabilité en diffusant une proposition ou une déclaration Insertion start conformément aux Insertion end paragraphes (2) et (3).

1997, c. 15, s. 197

266Paragraph (b) of the definition solicit or solicitation in section 164 of the English version of the Act is replaced by the following:

  • (b)a request to execute or not to execute Insertion start or, in Quebec, to sign or not to sign Insertion end a form of proxy or to revoke a proxy,

1997, c. 15, s. 197

267(1)Subsections 164.‍01(1) and (2) of the Act are replaced by the following:

Appointing proxyholder

164.‍01(1)A shareholder or policyholder who is entitled to vote at a meeting of shareholders or policyholders may, by executing Insertion start or, in Quebec, signing Insertion end a form of proxy, appoint a proxyholder or one or more alternate proxyholders, who are not required to be shareholders or policyholders, to attend and act at the meeting in the manner and to the extent authorized by the proxy and with the authority conferred by the proxy.

Execution or signature of proxy

(2)A form of proxy Insertion start is to Insertion end be executed Insertion start or, in Quebec, signed Insertion end by a shareholder or policyholder or by a shareholder’s or policyholder’s attorney authorized in writing to do so.

1997, c. 15, s. 197

(2)Subsection 164.‍01(4) of the English version of the Act is replaced by the following:

Required information

(4)A form of proxy must indicate, in Insertion start boldface Insertion end type, that the shareholder or policyholder by whom or on whose behalf it is executed Insertion start or, in Quebec, signed Insertion end may appoint a proxyholder, other than a person designated in the form of proxy, to attend and act on the shareholder’s or policyholder’s behalf at a meeting to which the proxy relates, and must contain instructions as to the manner in which the shareholder or policyholder may do so.

1997, c. 15, s. 197

(3)The portion of paragraph 164.‍01(6)‍(a) of the Act before subparagraph (i) is replaced by the following:

  • (a)by depositing an instrument Insertion start or act Insertion end in writing executed Insertion start or, in Quebec, signed Insertion end by the shareholder or policyholder or by the shareholder’s or policyholder’s attorney authorized in writing to do so

1997, c. 15, s. 197

268(1)Subsection 164.‍02(1) of the English version of the Act is replaced by the following:

Deposit of proxies

164.‍02(1)The directors may specify, in a notice calling a meeting of shareholders or policyholders or a continuation of a meeting of shareholders or policyholders after an adjournment, a time before which Insertion start proxies Insertion end to be used at the meeting or the continued meeting must be deposited with the company or its transfer agent.

1997, c. 15, s. 197

(2)Subsection 164.‍02(2) of the Act is replaced by the following:

Time for deposit of proxies

(2)The time specified for the deposit of Insertion start proxies must Insertion end not precede the meeting or the continued meeting by more than

  • (a)48 hours, excluding Saturdays and holidays, in the case of forms of proxy executed Insertion start or, in Quebec, signed Insertion end by shareholders; and

  • (b)10 days, in the case of forms of proxy executed Insertion start or, in Quebec, signed Insertion end by policyholders.

1997, c. 15, s. 197

269Subsection 164.‍05(1) of the English version of the Act is replaced by the following:

Attendance at meeting

164.‍05(1)A person who solicits a proxy and is appointed proxyholder Insertion start must Insertion end attend in person or cause an alternate proxyholder to attend every meeting in respect of which the proxy is valid, and the proxyholder or alternate proxyholder Insertion start must Insertion end comply with the directions of the shareholder or policyholder who Insertion start appointed them Insertion end .

2005, c. 54, s. 243

270Subsection 164.‍06(4) of the French version of the Act is replaced by the following:

Exemplaires

(4)Le sollicitant ou la personne Insertion start agissant en son nom Insertion end fournit dans les meilleurs délais et à ses propres frais à l’intermédiaire, sur demande, le nombre nécessaire d’exemplaires des documents visés à l’alinéa (1)a).

2001, c. 9, s. 374

271Subsection 164.‍08(9) of the French version of the Act is replaced by the following:

Cessation d’application du paragraphe (8)

(9)Le paragraphe (8) cesse de s’appliquer s’il y a eu Insertion start disposition Insertion end des actions ayant donné lieu à l’arrêté.

2012, c. 31, s. 131

272(1)Paragraph 168(1)‍(f.‍1) of the English version of the Act is replaced by the following:

  • (f.‍1)a person who is an officer, Insertion start a Insertion end director, Insertion start an Insertion end employee or Insertion start an Insertion end agent Insertion start or mandatary Insertion end of — or any other person acting on behalf of — an eligible agent Insertion start as defined in Insertion end section 406.‍1;

(2)Paragraph 168(1)‍(i) of the English version of the Act is replaced by the following:

  • (i)a person who is an agent or Insertion start mandatary or an Insertion end employee of the government of a foreign country or any political subdivision Insertion start of a foreign country Insertion end ; and

273Subsection 183(2) of the French version of the Act is replaced by the following:

Immunité

(2)La société ou Insertion start la personne agissant en son nom Insertion end n’ Insertion start engage Insertion end pas Insertion start sa Insertion end responsabilité en diffusant, conformément au paragraphe (1), la déclaration faite par un administrateur.

2005, c. 54, s. 254

274Paragraph 212(1)‍(a) of the English version of the Act is replaced by the following:

  • (a)relates primarily to their remuneration as a director, Insertion start an Insertion end officer, Insertion start an Insertion end employee or Insertion start an Insertion end agent Insertion start or mandatary Insertion end of the company, an entity controlled by the company or an entity in which the company has a substantial investment;

275Subsection 219(5) of the Act is replaced by the following:

Subrogation of director

(5) Insertion start When Insertion end a director of a company pays a debt referred to in subsection (1) that is proven in liquidation and dissolution or winding-up proceedings, the director is entitled to any preference that the employee would have been entitled to and, Insertion start if Insertion end a judgment has been obtained, the director is

  • Start of inserted block

    (a)in Quebec, subrogated to the employee’s rights as declared in the judgment; and

    End of inserted block
  • ( Insertion start b Insertion end ) Insertion start elsewhere in Canada Insertion end , entitled to an assignment of the judgment.

276Section 244 of the French version of the Act is replaced by the following:

Maintien des droits

244Les modifications de l’acte constitutif ou des règlements administratifs ne portent pas atteinte aux causes d’actions Insertion start ou aux réclamations Insertion end déjà nées pouvant engager la société, ses administrateurs ou ses dirigeants, Insertion start ni aux possibilités de poursuite pour infraction Insertion end , ni aux procédures civiles, pénales ou administratives auxquelles ils sont parties.

2001, c. 9, s. 392

277Subsection 251.‍1(1) of the English version of the Act is replaced by the following:

Court enforcement

251.‍1(1)If a company or society, or any director, Insertion start any Insertion end officer, Insertion start any Insertion end employee or Insertion start any Insertion end agent Insertion start or mandatary Insertion end of a company or society, is contravening or has failed to comply with any term or condition made in respect of the issuance of letters patent of amalgamation, the Minister may, in addition to any other action that may be taken under this Act, apply to a court for an order directing the company or society, or the director, Insertion start the Insertion end officer, Insertion start the Insertion end employee or Insertion start the Insertion end agent Insertion start or mandatary Insertion end , to comply with the term or condition, cease the contravention or do any thing that is required to be done, and on the application the court may so order and make any other order it thinks fit.

278Paragraph 252(1)‍(d) of the French version of the Act is replaced by the following:

  • d)aucune atteinte n’est portée aux causes d’actions Insertion start ou aux réclamations Insertion end déjà nées, Insertion start ni aux possibilités de poursuite pour infraction Insertion end ;

279(1)Subsection 263(5) of the English version of the Act is replaced by the following:

Supplemental lists

(5)A person requiring a company to supply a basic list of shareholders may, if the person states in the accompanying affidavit that supplemental lists are required, request the company or its agent Insertion start or mandatary Insertion end , on payment of a reasonable fee, to provide supplemental lists of shareholders setting out any changes from the basic list in the names and addresses of the shareholders and the number of shares owned by each shareholder for each business day following the date to which the basic list is made up.

(2)The portion of subsection 263(6) of the English version of the Act before paragraph (a) is replaced by the following:

When supplemental lists to be furnished

(6)A company or its agent Insertion start or mandatary must Insertion end provide a supplemental list of shareholders required under subsection (5)

280The portion of section 267 of the English version of the Act before paragraph (a) is replaced by the following:

Protection of records

267A company and its agents Insertion start or mandataries must Insertion end take reasonable precautions to

2005, c. 54, s. 268

281(1)Subsection 271(6) of the English version of the Act is replaced by the following:

Supplementary information

(6)A person who wishes to examine Insertion start the Insertion end central securities register, take extracts from it or have copies of it made may, on payment of a reasonable fee, if they state in the accompanying affidavit that supplementary information is required, request the company or its agent Insertion start or mandatary Insertion end to provide supplementary information setting out any changes made to the register.

2005, c. 54, s. 268

(2)The portion of subsection 271(7) of the English version of the Act before paragraph (a) is replaced by the following:

When supplementary information to be provided

(7)A company or its agent Insertion start or mandatary must Insertion end provide the supplementary information within

282Section 273 of the English version of the Act is replaced by the following:

Agent or mandatary

273A company may appoint an agent Insertion start or mandatary Insertion end to maintain its central securities register and each of its branch securities registers.

283The portion of section 277 of the English version of the Act before paragraph (a) is replaced by the following:

Destruction of certificates

277A company, its agent Insertion start or mandatary Insertion end or a trustee Insertion start as defined in Insertion end section 317 is not required to produce

2005, c. 54, s. 269

284Subsection 279(2) of the English version of the Act is replaced by the following:

Validity of unsealed documents

(2)A document executed Insertion start or, in Quebec, signed Insertion end on behalf of a company is not invalid merely because a corporate seal is not affixed to it.

285The definitions option d’achat and option de vente in subsection 288(1) of the French version of the Act are replaced by the following:

option d’achat Option négociable par livraison qui permet d’exiger Insertion start que soit livré Insertion end un nombre précis d’actions à un prix et dans un délai déterminés. Est exclu de la présente définition l’option ou le droit d’acquérir des actions de la personne morale qui l’accorde.‍ (call)

option de vente Option négociable par Insertion start livraison Insertion end qui permet de livrer un nombre précis d’actions à un prix et dans un délai déterminés.‍ (put)

2005, c. 54, s. 272

286Paragraph 294(5)‍(c) of the Act is replaced by the following:

  • (c)a trust or Insertion start an Insertion end estate Insertion start or succession Insertion end in which the person has a substantial beneficial interest or in respect of which they serve as a trustee, Insertion start an executor or administrator of the estate Insertion end or a liquidator of the succession or in a similar capacity;

2005, c. 54, s. 272

287(1)Paragraph 300(18)‍(a) of the French version of the Act is replaced by the following:

  • a)tous les actionnaires opposants dont la société n’a pas acheté les actions sont Insertion start joints comme parties à l’instance Insertion end et sont liés par la décision du tribunal;

2005, c. 54, s. 272

(2)Subsection 300(19) of the French version of the Act is replaced by the following:

Pouvoirs du tribunal

(19)Sur demande présentée en vertu des paragraphes (14) ou (15), le tribunal peut décider qu’il existe d’autres actionnaires opposants à Insertion start joindre comme parties à l’instance Insertion end et doit Insertion start alors Insertion end fixer la juste valeur des actions en question.

2005, c. 54, s. 273(4)‍(E)

288(1)Paragraph (c) of the definition associate of the offeror in subsection 307(1) of the Act is replaced by the following:

  • (c)a trust or Insertion start an Insertion end estate Insertion start or succession Insertion end in which the offeror has a substantial beneficial interest or in respect of which they serve as a trustee, Insertion start an executor or administrator of the estate Insertion end or a liquidator of the succession or in a similar capacity,

2005, c. 54, s. 273(6)‍(F)

(2)The portion of the definition offeror in subsection 307(1) of the English version of the Act before paragraph (a) is replaced by the following:

offeror means a person, other than an agent Insertion start or mandatary Insertion end , who makes a take-over bid, and includes two or more persons who, directly or indirectly,

2005, c. 54, s. 281

289Paragraph 314(a) of the French version of the Act is replaced by the following:

  • a)tous les pollicités opposants qui ont choisi d’exiger le paiement de la juste valeur de leurs actions en conformité avec l’alinéa 310b) et dont les actions n’ont pas été acquises par le pollicitant sont Insertion start joints comme parties à l’instance Insertion end et Insertion start sont Insertion end liés par la décision du tribunal;

290(1)Subsection 315(1) of the French version of the Act is replaced by the following:

Pouvoirs du tribunal

315(1)Avant de fixer la juste valeur des actions de tous les pollicités opposants, le tribunal peut, sur demande présentée conformément aux paragraphes 313(1) ou (2), décider s’il existe d’autres pollicités opposants à Insertion start joindre comme parties à l’instance Insertion end .

(2)Paragraph 315(4)‍(b) of the French version of the Act is replaced by the following:

  • b)faire détenir en fiducie Insertion start ou en fidéicommis Insertion end le montant en numéraire ou toute autre contrepartie par une personne autre que la société pollicitée;

291The definition trust indenture in section 317 of the Act is replaced by the following:

trust indenture means any deed, indenture or other instrument Insertion start or act Insertion end , including any supplement or amendment made Insertion start to it Insertion end by a company, under which the company issues subordinated indebtedness and in which a person is appointed as trustee for the holders of Insertion start that Insertion end subordinated indebtedness.‍ (acte de fiducie)

2001, c. 9, s. 400(1)‍(F)

292Subparagraph 338(2)‍(b)‍(iii) of the English version of the Act is replaced by the following:

  • (iii)has been a liquidator, trustee in bankruptcy, receiver, receiver and manager or Insertion start sequestrator Insertion end of any affiliate of the company within the two years immediately preceding the person’s proposed appointment as auditor of the company, other than an affiliate that is a subsidiary of the company acquired Insertion start under Insertion end section 499 or through a realization of security Insertion start under Insertion end section 500.

293Subsection 373(2) of the Act is replaced by the following:

Court approval to discontinue

(2)An application made or an action brought or intervened in under this Division Insertion start must Insertion end not be stayed, discontinued, settled or dismissed for want of prosecution Insertion start or, in Quebec, failure to act within a time limit set under the applicable rules of civil procedure Insertion end , without the approval of the court given on Insertion start any Insertion end terms Insertion start that Insertion end the court thinks fit and, if the court determines that the interests Insertion start or rights Insertion end of any complainant might be substantially affected by any stay, discontinuance, settlement or dismissal, the court may order any party to the application or action to give notice to the complainant.

2005, c. 54, s. 292(F)

294Paragraph 387(b) of the French version of the Act is replaced by the following:

  • b)nommer un liquidateur en exigeant ou non Insertion start une garantie Insertion end , fixer sa rémunération et le remplacer;

295(1)Paragraph 391(1)‍(e) of the French version of the Act is replaced by the following:

  • e)ouvrir un compte Insertion start en Insertion end fiducie Insertion start ou en fidéicommis Insertion end pour les fonds reçus dans le cadre de la liquidation de la société;

(2)Paragraph 391(2)‍(e) of the English version of the Act is replaced by the following:

  • (e)do all acts and execute Insertion start or, in Quebec, sign Insertion end documents in the name and on behalf of the company;

296Subsection 395(3) of the Act is replaced by the following:

Notification of final accounts

(3)A liquidator Insertion start must Insertion end give notice of Insertion start their Insertion end intention to make an application under subsection (1) to the Superintendent, to each inspector appointed under section 387, to each shareholder of the company or, if there are no shareholders, to each incorporator and to any person who provided a security or Insertion start a Insertion end fidelity bond Insertion start or fidelity insurance Insertion end for the liquidation.

297Paragraph 401(4)‍(a) of the French version of the Act is replaced by the following:

  • a)de Insertion start joindre comme partie à l’instance Insertion end chaque ancien actionnaire ou fondateur retrouvé par le demandeur;

2012, c. 19, s. 340

298(1)The portion of the definition agent in section 406.‍1 of the English version of the Act before subparagraph (a)‍(ii) is replaced by the following:

agent means

  • (a)in relation to Insertion start His Insertion end Majesty in right of Canada or of a province, Insertion start an agent of His Majesty in right of Canada or an Insertion end agent Insertion start or mandatary Insertion end of Insertion start His Insertion end Majesty in Insertion start right of a province Insertion end , and includes a municipal or public body empowered to perform a function of government in Canada or any entity empowered to perform a function or duty on behalf of Insertion start His Insertion end Majesty in either of those rights, but does not include

    • (i)an official or entity performing a function or duty in connection with the administration or management of the estate Insertion start or succession Insertion end or property of a natural person,

2012, c. 19, s. 340

(2)The portion of the definition agent in section 406.‍1 of the English version of the Act after subparagraph (a)‍(ii) is replaced by the following:

  • (iii)the trustee of any trust for the administration of a fund to which Insertion start His Insertion end Majesty in either of those rights contributes and of which an official or entity that is an agent of Insertion start His Insertion end Majesty in Insertion start right of Canada or an agent or mandatary of His Majesty in right Insertion end of Insertion start a province Insertion end is a trustee; and

  • (b)in relation to the government of a foreign country or any political subdivision Insertion start of a foreign country Insertion end , a person empowered to perform a function or duty on behalf of the government of the foreign country or political subdivision, other than a function or duty in connection with the administration or management of the estate Insertion start or succession Insertion end or property of a natural person. (mandataire)

2001, c. 9, s. 410(2)

299Paragraph 418(2)‍(a) of the French version of the Act is replaced by the following:

  • a)il y a eu Insertion start disposition Insertion end des actions ayant donné lieu à la contravention;

300Section 436 of the English version of the Act is replaced by the following:

Reliance on information

436A company and any person who is a director, an officer, Insertion start an Insertion end employee or Insertion start an Insertion end agent or Insertion start mandatary Insertion end of the company may rely on any information contained in a declaration required by the directors Insertion start under Insertion end section 435 or on any information otherwise acquired in respect of any matter that might be the subject of a declaration Insertion start under section 435 Insertion end , and no action lies against the company or Insertion start the Insertion end person for anything done or omitted to be done in good faith in reliance on Insertion start the Insertion end information.

2001, c. 9, s. 416(1)

301Paragraphs 441(1)‍(a) and (b) of the Act are replaced by the following:

  • (a)act as an agent Insertion start or mandatary Insertion end for vendors, purchasers, mortgagors, mortgagees, Insertion start hypothecary debtors, hypothecary creditors Insertion end , lessors or lessees Insertion start in respect Insertion end of real property Insertion start or immovables Insertion end and provide consulting or appraisal services in respect of real property Insertion start or immovables Insertion end ;

  • (b)hold, manage and otherwise deal with real property Insertion start or immovables Insertion end ;

2001, c. 9, s. 417(1)

302(1)Paragraph 442(1)‍(a) of the English version of the Act is replaced by the following:

  • (a)act as agent Insertion start or mandatary Insertion end for any person in respect of the provision of any service that is provided by a financial institution, a permitted entity as defined in subsection 490(1) or a prescribed entity;

(2)Paragraphs 442(2)‍(a) and (b) of the English version of the Act are replaced by the following:

  • (a)the name of the Insertion start person Insertion end for whom a company is acting as agent Insertion start or mandatary under Insertion end subsection (1); and

  • (b)whether any commission is being earned by a company when acting as agent Insertion start or mandatary under Insertion end subsection (1).

2007, c. 6, s. 220(2)

303Paragraph 449(2)‍(c) of the French version of the Act is replaced by the following:

  • c)à la garantie par les sociétés qui participent au Fonds mutuels d’assurance-incendie des risques contre Insertion start la perte de biens Insertion end ou Insertion start le dommage à ceux-ci Insertion end causés par le feu, la foudre, une déflagration ou la fumée ou par la rupture d’un extincteur automatique ou de tout autre matériel ou système de protection contre l’incendie, ou par toute fuite en provenant;

304Section 466 of the Act is replaced by the following:

Prohibited activities

466 Insertion start It is prohibited for a Insertion end company Insertion start to Insertion end act in Canada

  • (a)as an executor or administrator Insertion start of an estate Insertion end or Insertion start liquidator of a succession Insertion end ;

  • (b) Insertion start as Insertion end a trustee for a trust;

  • ( Insertion start c Insertion end ) Insertion start as Insertion end a guardian, committee, tutor, curator or adviser of Insertion start an incapable Insertion end person; or

  • Start of inserted block

    (d)in any capacity similar to the capacities mentioned in paragraph (c).

    End of inserted block

2007, c. 6, s. 227

305(1)Subsection 469(1) of the Act is replaced by the following:

Restriction on mortgages or hypothecs

469(1)A company Insertion start must Insertion end not make a loan in Canada on the security of residential property in Canada for the purpose of purchasing, renovating or improving that Insertion start residential Insertion end property, or refinance a loan Insertion start for that purpose Insertion end , if the amount of the loan, together with the amount outstanding of any mortgage Insertion start or hypothec of Insertion end equal or Insertion start higher rank on Insertion end the Insertion start residential Insertion end property, would exceed 80% of the value of the Insertion start residential Insertion end property at the time of the loan.

(2)Paragraph 469(2)‍(a) of the Act is replaced by the following:

  • (a)a loan made or guaranteed under the National Housing Act or any other Act of Parliament by or Insertion start under Insertion end which a different limit on the value of Insertion start residential Insertion end property on the security of which the company may make a loan is established;

1997, c. 15, s. 253

(3)Paragraph 469(2)‍(d) of the Act is replaced by the following:

  • (d)a loan secured by a mortgage Insertion start or hypothec if Insertion end

    • (i)the mortgage Insertion start or hypothec Insertion end is taken back by the company on a property disposed of by the company, including Insertion start when Insertion end the disposition is by way of a realization of a security interest, and

    • (ii)the mortgage Insertion start or hypothec Insertion end secures payment of an amount payable to the company for the property.

306Section 471 of the English version of the Act is replaced by the following:

Restriction on receivers or sequestrators

471A company Insertion start must Insertion end not grant to a person the right to appoint a receiver, receiver and manager or Insertion start sequestrator Insertion end of the property or business of the company.

2001, c. 9, s. 421

307Section 475 of the Act is replaced by the following:

Restriction on leasing

475A life company Insertion start must Insertion end not engage in Canada in any personal property Insertion start or movable Insertion end leasing activity in which a financial leasing entity, Insertion start as defined in Insertion end subsection 490(1), is not permitted to engage.

2007, c. 6, s. 228

308Section 478 of the Act is replaced by the following:

Restriction on leasing

478A property and casualty company, or a marine company, Insertion start must Insertion end not engage in Canada in any financial leasing of personal property Insertion start or movables Insertion end .

1997, c. 15, s. 256

309Subsection 479.‍1(1) of the Act is replaced by the following:

Rebate of borrowing costs

479.‍1(1) Insertion start If Insertion end a company makes a loan in respect of which the disclosure requirements of section 480 apply, and the loan is not secured by a mortgage on real property Insertion start or a hypothec on an immovable Insertion end and is required to be repaid either on a fixed future date or by instalments, the company Insertion start must Insertion end , if there is a prepayment of the loan, rebate to the borrower a portion of the charges included in the cost of borrowing in respect of the loan.

2012, c. 5, s. 134

310Section 482.‍1 of the Act is replaced by the following:

Renewal statement

482.‍1If a company makes a loan in respect of which the disclosure requirements of section 480 apply and the loan is secured by a mortgage on real property Insertion start or a hypothec on an immovable Insertion end , the company Insertion start must Insertion end disclose to the borrower, at the prescribed time and place and in the prescribed form and manner, any information that is prescribed respecting the renewal of the loan.

311Paragraph 488(2)‍(a) of the Act is replaced by the following:

  • (a)that is secured by a mortgage on real property Insertion start or a hypothec on an immovable Insertion end ; or

2001, c. 9, s. 426

312(1)The definition loan in subsection 490(1) of the Act is replaced by the following:

loan includes an acceptance, advance on the security of or against the cash surrender value of a policy, endorsement or other guarantee, a deposit, a financial lease, a conditional Insertion start sale Insertion end contract, Insertion start an instalment sale contract Insertion end , a repurchase agreement and any other similar arrangement for obtaining funds or credit, but does not include investments in securities.‍ (prêt ou emprunt)

2008, c. 28, s. 154

(2)Subparagraph (a)‍(iv) of the definition commercial loan in subsection 490(1) of the Act is replaced by the following:

  • (iv)a loan that is secured by a mortgage on real property Insertion start or a hypothec on an immovable Insertion end , if

  • (A)the Insertion start real property or immovable Insertion end is residential property and the amount of the loan, together with the amount outstanding of any mortgage Insertion start or hypothec of Insertion end equal or Insertion start higher rank on Insertion end the Insertion start residential Insertion end property, does not exceed 80% of the value of the Insertion start residential Insertion end property at the time the loan is made or acquired, or

  • (B)the real property Insertion start or immovable Insertion end is Insertion start not Insertion end residential property and

    • (I)the amount of the loan, together with the amount outstanding of any mortgage Insertion start or hypothec of Insertion end equal or Insertion start higher rank on Insertion end the Insertion start real Insertion end property Insertion start or immovable Insertion end , does not exceed 80% of the value of the Insertion start real Insertion end property Insertion start or immovable Insertion end at the time the loan is made or acquired, and

    • (II)at the time the loan is made or acquired, the Insertion start real Insertion end property Insertion start or immovable Insertion end provides an annual income sufficient to pay all annual expenses related to the Insertion start real Insertion end property Insertion start or immovable Insertion end , including the payments owing under the mortgage Insertion start or hypothec Insertion end and the mortgages Insertion start or hypothecs of Insertion end equal or Insertion start higher rank Insertion end ,

2008, c. 28, s. 154

(3)The portion of subparagraph (a)‍(v) of the definition commercial loan in subsection 490(1) of the Act before subclause (B)‍(II) is replaced by the following:

  • (v)a loan that is secured by a mortgage on real property Insertion start or a hypothec on an immovable Insertion end , if

  • (A)the Insertion start real property or immovable Insertion end is residential property and

    • (I)the amount of the loan, together with the amount outstanding of any mortgage Insertion start or hypothec of Insertion end equal or Insertion start higher rank on Insertion end the Insertion start residential Insertion end property, exceeds 80% of the value of the Insertion start residential Insertion end property at the time the loan is made or acquired, and

    • (II)repayment of the amount of the loan that exceeds 80% of the value of the Insertion start residential Insertion end property is guaranteed or insured by a government agency or private insurer approved by the Superintendent,

  • (B)the real property Insertion start or immovable Insertion end is Insertion start not Insertion end residential property and

    • (I)the amount of the loan, together with the amount outstanding of any mortgage Insertion start or hypothec of Insertion end equal or Insertion start higher rank on Insertion end the Insertion start real Insertion end property Insertion start or immovable Insertion end , exceeds 80% of the value of the Insertion start real Insertion end property Insertion start or immovable Insertion end at the time the loan is made or acquired,

2008, c. 28, s. 154

(4)Subclause (a)‍(v)‍(B)‍(III) of the definition commercial loan in subsection 490(1) of the Act is replaced by the following:

  • (III)at the time the loan is made or acquired, the Insertion start real Insertion end property Insertion start or immovable Insertion end provides an annual income sufficient to pay all annual expenses related to the Insertion start real Insertion end property Insertion start or immovable Insertion end , including the payments owing under the mortgage Insertion start or hypothec Insertion end and the mortgages Insertion start or hypothecs of Insertion end equal or Insertion start higher rank Insertion end , or

2001, c. 9, s. 426

(5)The portion of the definition financial leasing entity in subsection 490(1) of the Act before paragraph (b) is replaced by the following:

financial leasing entity means an entity Insertion start whose Insertion end activities are limited to the financial leasing of personal property Insertion start or movables Insertion end and prescribed related activities and conform to Insertion start any Insertion end prescribed restrictions and limitations, and that, in conducting Insertion start those Insertion end activities in Canada, does not

  • (a)direct its customers or potential customers to particular dealers in the Insertion start personal Insertion end property or Insertion start movables that are Insertion end leased Insertion start or are Insertion end to be leased;

2008, c. 28, s. 154

(6)Subclause (a)‍(v)‍(B)‍(II) of the definition commercial loan in subsection 490(1) of the English version of the Act is replaced by the following:

  • (II)repayment of the amount of the loan that exceeds 80% of the value of the Insertion start real Insertion end property Insertion start or immovable Insertion end is guaranteed or insured by a government agency or private insurer approved by the Superintendent, and

2001, c. 9, s. 426

(7)Paragraph (b) of the definition entité s’occupant de fonds mutuels in subsection 490(1) of the French version of the Act is replaced by the following:

  • b)ses titres autorisent leurs détenteurs à recevoir, sur demande ou dans le délai spécifié après la demande, un montant calculé sur la base d’ Insertion start une participation proportionnelle Insertion end à tout ou partie des capitaux propres de l’émetteur, y compris tout fonds distinct ou compte en fiducie Insertion start ou en fidéicommis Insertion end . (mutual fund entity)

2001, c. 9, s. 426

(8)Paragraph (b) of the definition financial leasing entity in subsection 490(1) of the English version of the Act is replaced by the following:

  • (b)enter into lease agreements with persons in respect of any motor vehicle having a gross vehicle weight, as that expression is defined Insertion start in Insertion end the regulations, of less than 21 tonnes; or

  • ( Insertion start c Insertion end )enter into lease agreements with natural persons in respect of personal household property, as that expression is defined Insertion start in Insertion end the regulations.‍ (entité s’occupant de crédit-bail)

2001, c. 9, s. 426

313Paragraph 491(b) of the Act is replaced by the following:

  • (b)the holding of a security interest in Insertion start any Insertion end real property Insertion start or immovable Insertion end , unless the security interest is prescribed under paragraph 509(a) to be an interest in real property; or

2018, c. 27, s. 147(2)

314Paragraph 493(4.‍3)‍(c) of the Act is replaced by the following:

  • (c)an entity that is primarily engaged in providing temporary possession of personal property Insertion start or movables Insertion end , including motor vehicles, to customers in Canada for a purpose other than to finance the customers’ acquisition of the Insertion start personal Insertion end property Insertion start or movables Insertion end ;

2012, c. 5, s. 140(1)

315(1)The portion of subsection 495(3.‍1) of the French version of the Act before paragraph (a) is replaced by the following:

Exception

(3.‍1)Malgré l’alinéa (3)a), la société d’assurance-vie peut acquérir le contrôle d’une entité qui exerce des activités de fiduciaire Insertion start d’une fiducie Insertion end ou acquérir ou augmenter un intérêt de groupe financier dans une telle entité si les lois provinciales applicables permettent à l’entité d’exercer de telles activités et que les conditions suivantes sont réunies :

2012, c. 5, s. 140(2)

(2)The portion of subsection 495(5.‍1) of the French version of the Act before paragraph (a) is replaced by the following:

Exception

(5.‍1)Malgré l’alinéa (5)a), la société d’assurances multirisques ou la société d’assurance maritime peut acquérir le contrôle d’une entité qui exerce des activités de fiduciaire Insertion start d’une fiducie Insertion end ou acquérir ou augmenter un intérêt de groupe financier dans une telle entité si les lois provinciales applicables permettent à l’entité d’exercer de telles activités et que les conditions suivantes sont réunies :

2001, c. 9, s. 426

316Section 506 of the Act and the heading before it are replaced by the following:

Insertion start Interests in Insertion end Real Property
Limit

506A company Insertion start must Insertion end not, and Insertion start must Insertion end not permit its prescribed subsidiaries to, purchase or otherwise acquire an interest in real property or make an improvement to any real property Insertion start or immovable Insertion end in Insertion start respect of Insertion end which the company or any of its prescribed subsidiaries has an interest Insertion start in real property Insertion end if the aggregate value of all interests of the company in real property exceeds, or the acquisition of the interest or the making of the improvement would cause that aggregate value to exceed, an amount determined in accordance with the regulations.

2001, c. 9, s. 426

317Paragraph 508(b) of the Act is replaced by the following:

  • (b)make an improvement to real property Insertion start or an immovable Insertion end in Insertion start respect of Insertion end which the company or any of its prescribed subsidiaries has an interest Insertion start in real property Insertion end

2007, c. 6, s. 239(1)

318(1)Paragraph 512(2)‍(f) of the Act is replaced by the following:

  • (f)assets, other than real property Insertion start or immovables Insertion end , acquired or disposed of under an arrangement that has been approved by the Superintendent under subsection 527(3); or

2007, c. 6, s. 239(1)

(2)Paragraph 512(2)‍(g) of the French version of the Act is replaced by the following:

  • g)aux éléments d’actif Insertion start qui ont été Insertion end acquis ou Insertion start dont il a été disposé Insertion end avec l’agrément du surintendant dans le cadre du paragraphe 527(4).

319(1)Subsection 520(3) of the Act is replaced by the following:

Meaning of loan

(3)For the purposes of this Part, loan includes a deposit, a financial lease, a conditional Insertion start sale Insertion end contract, Insertion start an instalment sale contract Insertion end , a repurchase agreement and any other similar arrangement for obtaining funds or credit, but does not include investments in securities or the making of an acceptance, endorsement or other guarantee.

2007, c. 6, s. 242(2)

(2)Subsection 520(4) of the French version of the Act is replaced by the following:

Titre ou valeur mobilière d’un apparenté

(4)Pour l’application de la présente partie, est assimilée à un titre ou à une valeur mobilière d’un apparenté une option négociable par livraison qui permet d’exiger Insertion start que soit livré Insertion end un nombre précis d’actions à un prix et dans un délai déterminés.

320Paragraph 525(b) of the English version of the Act is replaced by the following:

  • (b)the loan is a loan permitted by section 469 Insertion start and Insertion end made to a related party who is a natural person on the security of a mortgage Insertion start or hypothec on Insertion end the principal residence of that related party.

321(1)Subsection 527(3) of the Act is replaced by the following:

Asset transactions with financial institutions

(3) Insertion start Despite Insertion end any of the provisions of subsections (1) and (2), a company may, in the normal course of business and Insertion start in accordance with Insertion end arrangements that have been approved by the Superintendent in writing, acquire or dispose of any assets, other than real property Insertion start or immovables Insertion end , from or to a related party of the company that is a financial institution.

(2)Subsection 527(4) of the French version of the Act is replaced by the following:

Opérations dans le cadre d’une restructuration

(4)Par dérogation aux paragraphes (1) et (2), dans le cadre d’une restructuration, la société peut, avec l’agrément écrit du surintendant, acquérir des éléments d’actif d’un apparenté ou Insertion start en disposer Insertion end en sa faveur.

2007, c. 6, s. 245

(3)Subsection 527(6) of the French version of the Act is replaced by the following:

Approbation : paragraphe 254(2) ou (2.‍01)

(6) Insertion start La Insertion end société peut acquérir des éléments d’actif d’un apparenté ou Insertion start en disposer Insertion end en sa faveur dans le cadre d’une opération approuvée par le ministre ou le surintendant en vertu du paragraphe 254(2) ou (2.‍01).

322Subsection 537(2) of the English version of the Act is replaced by the following:

Reliance on information

(2)A company and any person who is a director, an officer, Insertion start an Insertion end employee or Insertion start an Insertion end agent or Insertion start mandatary Insertion end of the company may rely on any information contained in any disclosure received by the company Insertion start under Insertion end subsection (1) or any information otherwise acquired in respect of any matter that might be the subject of a disclosure Insertion start under subsection (1) Insertion end , and no action lies against the company or Insertion start the Insertion end person for anything done or omitted in good faith in reliance on Insertion start the Insertion end information.

1997, c. 15, s. 285

323(1)Paragraph 542(2)‍(c) of the Act is replaced by the following:

  • (c)hold, manage and otherwise deal with real property Insertion start or immovables Insertion end ;

1997, c. 15, s. 285

(2)The portion of paragraph 542(2)‍(d) of the English version of the Act before subparagraph (i) is replaced by the following:

  • (d)act as an agent Insertion start or mandatary Insertion end for a person, or enter into any other arrangement with a person, in respect of the provision of a service by

1997, c. 15, s. 285

(3)Subsection 542(5) of the Act is replaced by the following:

Restriction on leasing

(5)A society Insertion start must Insertion end not engage in Canada in any financial leasing of personal property Insertion start or movables Insertion end .

2007, c. 6, s. 251

324(1)Subsection 542.‍06(1) of the Act is replaced by the following:

Restriction on mortgages or hypothecs

542.‍06(1)A society Insertion start must Insertion end not make a loan in Canada on the security of residential property in Canada for the purpose of purchasing, renovating or improving Insertion start that residential Insertion end property, if the amount of the loan, together with the amount outstanding of any mortgage Insertion start or hypothec of Insertion end equal or Insertion start higher rank on Insertion end the Insertion start residential Insertion end property, would exceed 80% of the value of the Insertion start residential Insertion end property at the time of the loan.

1997, c. 15, s. 285

(2)Paragraph 542.‍06(2)‍(a) of the Act is replaced by the following:

  • (a)a loan made or guaranteed under the National Housing Act or any other Act of Parliament by or under which a different limit on the value of Insertion start residential Insertion end property on the security of which the society may make a loan is established;

1997, c. 15, s. 285

(3)Paragraph 542.‍06(2)‍(d) of the Act is replaced by the following:

  • (d)a loan secured by a mortgage Insertion start or hypothec if Insertion end

    • (i)the mortgage Insertion start or hypothec Insertion end is taken back by the society on a property disposed of by the society, including Insertion start when Insertion end the disposition is by way of Insertion start a Insertion end realization of a security interest, and

    • (ii)the mortgage Insertion start or hypothec Insertion end secures payment of an amount payable to the society for the property.

1997, c. 15, s. 285

325Section 542.‍08 of the English version of the Act is replaced by the following:

Restriction on receivers or sequestrators

542.‍08A society Insertion start must Insertion end not grant to a person the right to appoint a receiver, receiver and manager or Insertion start sequestrator Insertion end of the property or business of the society.

1997, c. 15, s. 285

326Paragraph 542.‍12(2)‍(a) of the Act is replaced by the following:

  • (a)that is secured by a mortgage on real property Insertion start or a hypothec on an immovable Insertion end ; or

327(1)Subsection 545(1) of the Act is replaced by the following:

Appointing proxyholder

545(1)A member who is entitled to vote by by-law of a society may, if the by-laws of the society so provide, appoint, by Insertion start means Insertion end of Insertion start a Insertion end proxy, a proxyholder or one or more alternate proxyholders, who are not required to be members of the society, to attend and act at the meeting in the manner and to the extent authorized by the proxy and with the authority conferred by the proxy.

(2)Subsection 545(2) of the English version of the Act is replaced by the following:

Validity of proxies

(2) Insertion start A Insertion end proxy is not valid at a meeting of a society unless it is filed with the secretary of the society at least 10 days before the date of the meeting and it may be revoked at any time.

328Paragraph 550(a) of the Act is replaced by the following:

  • (a)any interest in real property arising through the holding of a security interest in real property Insertion start or an immovable Insertion end ;

2018, c. 27, s. 149(2)

329Paragraph 552(3.‍3)‍(c) of the Act is replaced by the following:

  • (c)an entity that is primarily engaged in providing temporary possession of personal property Insertion start or movables Insertion end , including motor vehicles, to customers in Canada for a purpose other than to finance the customers’ acquisition of the Insertion start personal Insertion end property Insertion start or movables Insertion end ;

2007, c. 6, s. 253(3)

330The portion of subsection 554(3.‍1) of the French version of the Act before paragraph (a) is replaced by the following:

Exception

(3.‍1)Malgré l’alinéa (3)a), la société de secours peut acquérir le contrôle d’une entité qui exerce des activités de fiduciaire Insertion start d’une fiducie Insertion end et y est autorisée par les lois d’une province ou acquérir ou augmenter un intérêt de groupe financier dans une telle entité si celle-ci est, selon le cas :

2001, c. 9, s. 439

331Section 563 of the Act and the heading before it are replaced by the following:

Insertion start Interests in Insertion end Real Property
Limits

563A society Insertion start must Insertion end not, and Insertion start must Insertion end not permit its prescribed subsidiaries to, purchase or otherwise acquire an interest in real property or make an improvement to any real property Insertion start or immovable Insertion end in Insertion start respect of Insertion end which the society or any of its prescribed subsidiaries has an interest Insertion start in real property Insertion end if the aggregate value of all interests of the society in real property exceeds, or the acquisition of the interest or the making of the improvement would cause that aggregate value to exceed, an amount determined in accordance with the regulations.

2001, c. 9, s. 439

332Paragraph 566(b) of the Act is replaced by the following:

  • (b)make an improvement to real property Insertion start or an immovable Insertion end in Insertion start respect of Insertion end which the society or any of its prescribed subsidiaries has an interest Insertion start in real property Insertion end

333Section 570 of the French version of the Act is replaced by the following:

Dispositions transitoires

570La présente partie n’a pas pour effet, quand l’opération est antérieure à l’entrée en vigueur de la présente partie, d’entraîner l’annulation d’un prêt ou d’un engagement de prêt ou placement ou d’augmentation d’un prêt ou placement ou Insertion start la disposition Insertion end d’un placement; cependant, après l’entrée en vigueur de la présente partie, le montant du prêt ou du placement qui se trouve Insertion start à Insertion end être interdit ou limité par la présente partie ne peut être augmenté, sauf disposition contraire des articles 557, 558 et 559 ou conformément à l’engagement prévu au présent article.

1997, c. 15, s. 298

334Paragraph 570.‍11(b) of the French version of the Act is replaced by the following:

  • b)nommer un liquidateur, avec ou sans Insertion start garantie Insertion end , fixer sa rémunération et le remplacer;

1997, c. 15, s. 298

335(1)Paragraph 570.‍15(1)‍(d) of the French version of the Act is replaced by the following:

  • d)ouvrir un compte Insertion start en Insertion end fiducie Insertion start ou en fidéicommis Insertion end pour les fonds reçus dans le cadre de la liquidation de la société de secours;

1997, c. 15, s. 298

(2)Paragraph 570.‍15(2)‍(e) of the English version of the Act is replaced by the following:

  • (e)do all acts and execute Insertion start or, in Quebec, sign Insertion end documents in the name and on behalf of the society;

1997, c. 15, s. 298

336Subsection 570.‍19(3) of the Act is replaced by the following:

Notification of final accounts

(3)A liquidator Insertion start must Insertion end give notice of Insertion start their Insertion end intention to make an application under subsection (1) to the Superintendent, to each inspector appointed under section 570.‍11, to each member of the society or, if there are no members, to each incorporator and to any person who provided a security or Insertion start a Insertion end fidelity bond Insertion start or fidelity insurance Insertion end for the liquidation.

1997, c. 15, s. 298

337Paragraph 570.‍25(4)‍(a) of the French version of the Act is replaced by the following:

  • a)de Insertion start joindre comme partie à l’instance Insertion end chaque ancien membre ou fondateur retrouvé par le demandeur;

2007, c. 6, s. 274(2)

338Paragraph 591(2)‍(c) of the French version of the Act is replaced by the following:

  • c)à la garantie au Canada par les sociétés étrangères qui participent au Fonds mutuel d’assurance-incendie des risques contre Insertion start la perte de biens Insertion end ou Insertion start le dommage à ceux-ci Insertion end causés par le feu, la foudre, une déflagration ou la fumée ou Insertion start par Insertion end la rupture d’ Insertion start un extincteur automatique Insertion end ou Insertion start de tout autre matériel Insertion end ou Insertion start système Insertion end de protection contre l’incendie, ou Insertion start par toute Insertion end fuite Insertion start en provenant Insertion end ;

1997, c. 15, s. 307

339Subsection 598.‍1(1) of the Act is replaced by the following:

Rebate of borrowing costs

598.‍1(1) Insertion start If Insertion end a foreign company makes a loan in respect of which the disclosure requirements of section 599 apply, and the loan is not secured by a mortgage on real property Insertion start or a hypothec on an immovable Insertion end and is required to be repaid either on a fixed future date or by instalments, the foreign company Insertion start must Insertion end , if there is a prepayment of the loan, rebate to the borrower a portion of the charges included in the cost of borrowing in respect of the loan.

2012, c. 5, s. 148

340Section 601.‍1 of the Act is replaced by the following:

Renewal statement

601.‍1If a foreign company makes a loan in respect of which the disclosure requirements of section 599 apply and the loan is secured by a mortgage on real property Insertion start or a hypothec on an immovable Insertion end , the foreign company Insertion start must Insertion end disclose to the borrower, at the prescribed time and place and in the prescribed form and manner, any information that is prescribed respecting the renewal of the loan.

2007, c. 6, s. 280(1)

341Paragraphs 604(1)‍(b) and (c) of the English version of the Act are replaced by the following:

  • (b)designate one of its officers or employees in Canada, or an agent Insertion start or mandatary Insertion end in Canada, to be responsible for implementing those procedures; and

  • (c)designate one or more of its officers or employees in Canada, or agents Insertion start or mandataries Insertion end in Canada, to receive and deal with those complaints.

342Paragraph 606(2)‍(a) of the Act is replaced by the following:

  • (a)that is secured by a mortgage on real property Insertion start or a hypothec on an immovable Insertion end ; or

343Paragraph 610(1)‍(e) of the Act is replaced by the following:

  • (e)determining the method of calculating the value of interests in real property Insertion start or rights in immovables Insertion end of foreign companies for the purposes of section 618; and

344(1)Paragraph 612(1)‍(b) of the Act is replaced by the following:

  • (b)real property or Insertion start immovables Insertion end situated outside Canada or ground rents, mortgages Insertion start or hypothecs in respect of that Insertion end real property Insertion start or those immovables Insertion end ;

2007, c. 6, s. 290(1)

(2)Paragraph 612(1)‍(d) of the Act is replaced by the following:

  • (d)a loan made in Canada on the security of residential property in Canada for the purpose of purchasing, renovating or improving that Insertion start residential Insertion end property, if the amount of the loan, together with the amount outstanding of any mortgage Insertion start or hypothec of Insertion end equal or Insertion start higher rank on Insertion end the Insertion start residential Insertion end property, would exceed 80% of the value of the Insertion start residential Insertion end property at the time of the loan.

2007, c. 6, s. 290(2)

(3)Paragraph 612(2)‍(a) of the Act is replaced by the following:

  • (a)holding, managing or otherwise dealing with real property Insertion start or immovables Insertion end ; or

(4)Paragraph 612(3)‍(a) of the Act is replaced by the following:

  • (a)a loan made or guaranteed under the National Housing Act or any other Act of Parliament by or Insertion start under Insertion end which a different limit on the value of Insertion start residential Insertion end property on the security of which the foreign company may make a loan is established;

2007, c. 6, s. 292

345Section 618 of the Act and the heading before it are replaced by the following:

Real Property Insertion start or Immovables Insertion end
Limit — foreign life companies

618(1)The total accepted value of interests in real property Insertion start or rights in immovables Insertion end vested in trust by a foreign life company for the classes of life insurance, accident and sickness insurance, credit protection insurance and other approved products insurance Insertion start must Insertion end not at any time exceed the prescribed percentage of the value of its assets in Canada for those classes.

Limit — foreign composite companies

(2)The total accepted value of interests in real property Insertion start or rights in immovables Insertion end vested in trust by a foreign life company for the classes of insurance other than life insurance, accident and sickness insurance, credit protection insurance and other approved products insurance Insertion start must Insertion end not at any time exceed the prescribed percentage of the value of its assets in Canada for those classes.

Limit — foreign property and casualty companies and foreign marine companies

(3)The total accepted value of interests in real property Insertion start or rights in immovables Insertion end vested in trust by a foreign property and casualty company, or a foreign marine company, Insertion start must Insertion end not at any time exceed the prescribed percentage of the value of its assets in Canada.

346Subparagraph 634(2)‍(b)‍(iii) of the English version of the Act is replaced by the following:

  • (iii)has been a liquidator, trustee in bankruptcy, receiver, receiver and manager or Insertion start sequestrator Insertion end of any affiliate of the foreign company within the two years immediately preceding the person’s proposed appointment as auditor of the foreign company.

347Paragraph 661(2)‍(a) of the French version of the Act is replaced by the following:

  • a)les nom, Insertion start résidence Insertion end et citoyenneté de chaque administrateur en fonction à la clôture de l’assemblée;

348Paragraph 668(1)‍(a) of the French version of the Act is replaced by the following:

  • a)les nom, Insertion start résidence Insertion end et citoyenneté de chaque administrateur en fonction à la clôture de l’assemblée;

2001, c. 9, s. 465

349Subsection 701(1) of the French version of the Act is replaced by the following:

Pouvoirs

701(1)La société de portefeuille d’assurances a la capacité d’une personne physique Insertion start et a Insertion end , sous réserve des autres dispositions de la présente loi, Insertion start les droits, pouvoirs et privilèges de cette personne Insertion end .

2005, c. 54, s. 304

350Paragraphs 706(1)‍(d) and (e) of the Act are replaced by the following:

  • (d)a person held out by the insurance holding company as a director, Insertion start an Insertion end officer, Insertion start an employee Insertion end or Insertion start an agent or mandatary Insertion end of the insurance holding company has not been duly appointed or has no authority to exercise the powers and perform the duties that are customary in the business of the insurance holding company or usual for a director, an officer, Insertion start an employee Insertion end or Insertion start an agent or mandatary Insertion end ; or

  • (e)a document issued by any director, Insertion start any Insertion end officer, Insertion start any employee Insertion end or Insertion start any agent or mandatary Insertion end of the insurance holding company with actual or usual authority to issue the document is not valid or not genuine.

2001, c. 9, s. 465

351Paragraph 724(c) of the Act is replaced by the following:

  • (c)an existing cause of action, claim or liability to prosecution is unaffected;

2005, c. 54, s. 308

352Subparagraph 749(3)‍(a)‍(ii) of the English version of the Act is replaced by the following:

  • (ii)shares of or another interest Insertion start or right Insertion end in a body corporate that immediately before the exchange or because of it did not deal with the insurance holding company at arm’s length within the meaning of that expression in the Income Tax Act, or

2001, c. 9, s. 465

353Subsection 754(3) of the Act is replaced by the following:

Gift, bequest or legacy

(3)An insurance holding company may accept from any shareholder a share of the insurance holding company surrendered to it as a gift, Insertion start bequest or legacy Insertion end , but Insertion start must Insertion end not extinguish or reduce a liability in respect of an amount unpaid on Insertion start the surrendered Insertion end share except in accordance with section 757.

2001, c. 9, s. 465

354Subsection 770(6) of the French version of the Act is replaced by the following:

Immunité

(6)La société de portefeuille d’assurances ou Insertion start la personne agissant Insertion end en Insertion start son nom Insertion end n’ Insertion start engage Insertion end pas Insertion start sa Insertion end responsabilité en diffusant une proposition ou une déclaration Insertion start conformément aux Insertion end paragraphes (2) et (3).

2001, c. 9, s. 465

355Paragraph (b) of the definition solicit or solicitation in section 785 of the English version of the Act is replaced by the following:

  • (b)a request to execute or not to execute Insertion start or, in Quebec, to sign or not to sign Insertion end a form of proxy or to revoke a proxy,

2001, c. 9, s. 465

356(1)Subsections 786(1) and (2) of the Act are replaced by the following:

Appointing proxyholder

786(1)A shareholder who is entitled to vote at a meeting of shareholders may, by executing Insertion start or, in Quebec, signing Insertion end a form of proxy, appoint a proxyholder or one or more alternate proxyholders, who are not required to be shareholders, to attend and act at the meeting in the manner and to the extent authorized by the proxy and with the authority conferred by the proxy.

Execution or signature of proxy

(2)A form of proxy Insertion start must Insertion end be executed Insertion start or, in Quebec, signed Insertion end by a shareholder or by a shareholder’s attorney authorized in writing to do so.

2001, c. 9, s. 465

(2)Subsection 786(4) of the English version of the Act is replaced by the following:

Required information

(4)A form of proxy must indicate, in Insertion start boldface Insertion end type, that the shareholder by whom or on whose behalf it is executed Insertion start or, in Quebec, signed Insertion end may appoint a proxyholder, other than a person designated in the form of proxy, to attend and act on the shareholder’s behalf at a meeting to which the proxy relates, and must contain instructions as to the manner in which the shareholder may do so.

2001, c. 9, s. 465

(3)The portion of paragraph 786(6)‍(a) of the Act before subparagraph (i) is replaced by the following:

  • (a)by depositing an instrument Insertion start or act Insertion end in writing executed Insertion start or, in Quebec, signed Insertion end by the shareholder or by the shareholder’s attorney authorized in writing to do so

2001, c. 9, s. 465

357Section 787 of the English version of the Act is replaced by the following:

Deposit of proxies

787(1)The directors may specify, in a notice calling a meeting of shareholders or a continuation of a meeting of shareholders after an adjournment, a time before which Insertion start proxies Insertion end to be used at the meeting or the continued meeting must be deposited with the insurance holding company or its transfer agent.

Time for deposit of proxies

(2)The time specified for the deposit of Insertion start proxies must Insertion end not precede the meeting or the continued meeting by more than 48 hours, excluding Saturdays and holidays.

2001, c. 9, s. 465

358Subsection 790(1) of the English version of the Act is replaced by the following:

Attendance at meeting

790(1)A person who solicits a proxy and is appointed proxyholder Insertion start must Insertion end attend in person or cause an alternate proxyholder to attend every meeting in respect of which the proxy is valid, and the proxyholder or alternate proxyholder Insertion start must Insertion end comply with the directions of the shareholder who Insertion start appointed them Insertion end .

2005, c. 54, s. 326

359Subsection 791(4) of the French version of the Act is replaced by the following:

Exemplaires

(4)Le sollicitant ou la personne Insertion start agissant en son nom Insertion end fournit dans les meilleurs délais et à ses propres frais à l’intermédiaire, sur demande, le nombre nécessaire d’exemplaires des documents visés à l’alinéa (1)a).

2001, c. 9, s. 465

360Subsection 793(8) of the French version of the Act is replaced by the following:

Cessation d’application du paragraphe (7)

(8)Le paragraphe (7) cesse de s’appliquer s’il y a eu Insertion start disposition Insertion end des actions ayant donné lieu à l’arrêté.

2012, c. 31, s. 141

361(1)Paragraph 797(f.‍1) of the English version of the Act is replaced by the following:

  • (f.‍1)a person who is Insertion start a Insertion end director, an officer, Insertion start an Insertion end employee or Insertion start an Insertion end agent Insertion start or mandatary Insertion end of — or any other person acting on behalf of — an eligible agent Insertion start as defined in Insertion end section 406.‍1;

2001, c. 9, s. 465

(2)Paragraph 797(i) of the E