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An Act to amend the law governing financial institutions and to provide for related and consequential matters (S.C. 2007, c. 6)

Assented to 2007-03-29

387. Section 89 of the Act is repealed.

388. Section 149 of the Act is repealed.

389. Section 223 of the Act is repealed.

390. Section 310 of the Act is repealed.

391. Section 376 of the Act is repealed.

Marginal note:R.S., c. B-2

Bank of Canada Act

392. Subsection 6(4) of the Bank of Canada Act is amended by adding the word “or” at the end of paragraph (c), by striking out the word “or” at the end of paragraph (d) and by repealing paragraph (e).

393. Subsection 10(4) of the Act is amended by adding the word “or” at the end of paragraph (a), by striking out the word “or” at the end of paragraph (b) and by repealing paragraph (c).

Marginal note:1997, c. 15, s. 100

394. Subsections 22(1) to (1.2) of the Act are replaced by the following:

Marginal note:Time limit for unpaid debts

  • 22. (1) The Bank is not liable in respect of any unpaid debt in respect of which a federal financial institution has made a payment to the Bank under the relevant Act in respect of the federal financial institution if

    • (a) the amount paid to the Bank was less than $1,000; and

    • (b) at least 40 years have gone by since the later of

      • (i) the last time a transaction took place on the books of the federal financial institution in respect of the unpaid debt, and

      • (ii) the last time a statement of account was requested of or acknowledged to the federal financial institution by the former creditor in respect of the unpaid debt.

  • Marginal note:Time limit for instruments

    (1.1) The Bank is not liable in respect of any instrument in respect of which a federal financial institution has made a payment to the Bank under the relevant Act in respect of the federal financial institution if

    • (a) the amount paid to the Bank was less than $1,000; and

    • (b) no payment has been made in respect of the instrument for at least 40 years after the day the instrument was issued or accepted.

  • Marginal note:Time limit for liquidation claims

    (1.2) The Bank is not liable in respect of any claim against a liquidator in respect of the winding-up of a federal financial institution if

    • (a) the amount of the claim has been paid to the Minister and by the Minister to the Bank under the relevant Act in respect of the federal financial institution;

    • (b) the amount paid to the Bank was less than $1,000; and

    • (c) at least 40 years have gone by since the later of

      • (i) the last time a transaction took place on the books of the federal financial institution in respect of the subject-matter of the claim, and

      • (ii) the last time a statement of account was requested of or acknowledged to the federal financial institution by the former creditor in respect of the subject-matter of the claim.

  • Marginal note:Limitation of Bank’s liability

    (1.3) The Bank is not liable in respect of a debt referred to in subsection (1), an instrument referred to in subsection (1.1) or a claim referred to in subsection (1.2) if the amount paid to the Bank in respect of the debt, instrument or claim was $1,000 or more and at least 100 years have gone by since the payment was made to the Bank.

  • Marginal note:Application

    (1.4) For greater certainty, subsections (1) to (1.3) also apply in respect of amounts paid to the Bank before the coming into force of this subsection.