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Budget Implementation Act, 2007 (S.C. 2007, c. 29)

Assented to 2007-06-22

Marginal note:1991, c. 48

Cooperative Credit Associations Act

Marginal note:2001, c. 9, s. 254; 2006, c. 4, s. 200

146. Section 22 of the Cooperative Credit Associations Act is replaced by the following:

Marginal note:Sunset provision

  • 22. (1) Subject to subsections (2) and (3), associations shall not carry on business after October 24, 2007.

  • Marginal note:Extension

    (2) The Governor in Council may, by order, extend by up to six months the time during which associations may continue to carry on business. No more than one order may be made under this subsection.

  • Marginal note:Exception

    (3) If Parliament dissolves on October 24, 2007, on any day within the three-month period before that day or on any day within an extension under subsection (2), associations may continue to carry on business for 180 days after the first day of the first session of the next Parliament.

Marginal note:1991, c. 47

Insurance Companies Act

Marginal note:2001, c. 9, s. 353; 2006, c. 4, s. 201

147. Section 21 of the Insurance Companies Act is replaced by the following:

Marginal note:Sunset provision

  • 21. (1) Subject to subsections (2) and (3), companies and societies shall not carry on business, and foreign companies shall not carry on business in Canada, after October 24, 2007.

  • Marginal note:Extension

    (2) The Governor in Council may, by order, extend by up to six months the time during which companies and societies may continue to carry on business and foreign companies may continue to carry on business in Canada. No more than one order may be made under this subsection.

  • Marginal note:Exception

    (3) If Parliament dissolves on October 24, 2007, on any day within the three-month period before that day or on any day within an extension under subsection (2), companies and societies may continue to carry on business, and foreign companies may continue to carry on business in Canada, for 180 days after the first day of the first session of the next Parliament.

Marginal note:2001, c. 9, s. 465; 2006, c. 4, s. 201.1

148. Section 707 of the Act is replaced by the following:

Marginal note:Sunset provision

  • 707. (1) Subject to subsections (2) and (3), insurance holding companies shall not carry on business after October 24, 2007.

  • Marginal note:Extension

    (2) The Governor in Council may, by order, extend by up to six months the time during which insurance holding companies may continue to carry on business. No more than one order may be made under this subsection.

  • Marginal note:Exception

    (3) If Parliament dissolves on October 24, 2007, on any day within the three-month period before that day or on any day within an extension under subsection (2), insurance holding companies may continue to carry on business for 180 days after the first day of the first session of the next Parliament.