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

Marginal note:2001, c. 9, s. 589

• 439. (1) Paragraph 10(1)(h) of the Investment Canada Act is replaced by the following:

  • (h) any transaction to which Part XII.01 of the Bank Act applies;

• Marginal note:1991, c. 47, s. 735

  (2) Subparagraphs 10(1)(j)(ii) and (iii) of the Act are replaced by the following:

  • (ii) a foreign entity that has been approved by order of the Superintendent of Financial Institutions under Part XIII of the Insurance Companies Act to insure in Canada risks, on the condition that the gross investment revenue of the company from the Canadian business is included in computing the income of the company under subsection 138(9) of the Income Tax Act and the voting interests of the entity carrying on the Canadian business, or the assets used in carrying on the Canadian business, are vested in trust under that Part, or

  • (iii) a corporation incorporated in Canada, all the issued voting shares of which, other than the qualifying voting shares of directors, are owned by an insurance company described in subparagraph (i), a foreign entity described in subparagraph (ii) or by a corporation controlled directly or indirectly through the ownership of voting shares by such an insurance company or foreign entity, on the condition that, in the case of a foreign entity described in subparagraph (ii), the voting interests of the entity carrying on the Canadian business, or the assets used in carrying on the Canadian business, are vested in trust under Part XIII of the Insurance Companies Act; and

440. The National Housing Act is amended by adding the following after section 17:

441. Subsection 4(2) of the Payment Clearing and Settlement Act is replaced by the following: