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

Assented to 2007-06-22

Marginal note:1991, c. 45

Trust and Loan Companies Act

Marginal note:2001, c. 9, s. 484; 2006, c. 4, s. 202

149. Section 20 of the Trust and Loan Companies Act is replaced by the following:

Marginal note:Sunset provision

  • 20. (1) Subject to subsections (2) and (3), 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 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), companies may continue to carry on business for 180 days after the first day of the first session of the next Parliament.

Coordinating Amendments

Marginal note:Bill C-37

  • 150. (1) Subsections (2) to (7) apply if Bill C-37, introduced in the 1st session of the 39th Parliament and entitled An Act to amend the law governing financial institutions and to provide for related and consequential matters (the “other Act”), receives royal assent.

  • (2) If section 4 of the other Act comes into force before section 144 of this Act, or if those provisions come into force on the same day, section 144 of this Act is repealed and is deemed never to have had effect.

  • (3) If section 105 of the other Act comes into force before section 145 of this Act, or if those provisions come into force on the same day, section 145 of this Act is repealed and is deemed never to have had effect.

  • (4) If section 138 of the other Act comes into force before section 146 of this Act, or if those provisions come into force on the same day, section 146 of this Act is repealed and is deemed never to have had effect.

  • (5) If section 189 of the other Act comes into force before section 147 of this Act, or if those provisions come into force on the same day, section 147 of this Act is repealed and is deemed never to have had effect.

  • (6) If section 310 of the other Act comes into force before section 148 of this Act, or if those provisions come into force on the same day, section 148 of this Act is repealed and is deemed never to have had effect.

  • (7) If section 338 of the other Act comes into force before section 149 of this Act, or if those provisions come into force on the same day, section 149 of this Act is repealed and is deemed never to have had effect.

PART 13

Marginal note:1996, c. 16

AMENDMENTS TO THE DEPARTMENT OF PUBLIC WORKS AND GOVERNMENT SERVICES ACT

151. Section 2 of the Department of Public Works and Government Services Act is amended by adding the following in alphabetical order:

“appropriate minister”

« ministre compétent »

“appropriate minister” has the same meaning as in section 2 of the Financial Administration Act;