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Sustaining Canada’s Economic Recovery Act (S.C. 2010, c. 25)

Assented to 2010-12-15

Marginal note:2010, c. 12, s. 1848

162. The portion of section 34 of the Act before paragraph (b) is replaced by the following:

Marginal note:Annual report

34. The Minister shall cause to be laid before each House of Parliament, not later than the fifth sitting day of that House after September 30 next after the end of each fiscal year, a report showing the Agency’s operations for that year and describing

  • (a) in aggregate form, its conclusions on the compliance, in that year, of financial institutions and external complaints bodies with the consumer provisions applicable to them; and

Coordinating Amendments

Marginal note:2009, c. 23

163. On the first day on which both section 306 of the Canada Not-for-profit Corporations Act and section 146 of this Act are in force, subsection 455.01(1) of the Bank Act is replaced by the following:

Marginal note:Approval of external complaints body

  • 455.01 (1) Subject to section 455.1, the Minister may, on the Commissioner’s recommendation and for the purposes of this section, approve a body corporate incorporated under the Canada Not-for-profit Corporations Act or under the Canada Business Corporations Act whose purpose, in the Minister’s view, under its letters patent is dealing with complaints, made by persons having requested or received products or services from its member financial institutions, that have not been resolved to the satisfaction of those persons under procedures established by those financial institutions under paragraph 455(1)(a).

Marginal note:2010, c. 12

  • 164. (1) In this section, “other Act” means the Jobs and Economic Growth Act.

  • (2) If section 2116 of the other Act comes into force before section 158 of this Act, then that section 158 is replaced by the following:

    158. Subsection 14(1) of the Act is replaced by the following:

    Marginal note:Ownership

    • 14. (1) No Commissioner, person appointed under subsection 4(4) or Deputy Commissioner shall beneficially own, directly or indirectly, any shares of any financial institution, bank holding company, insurance holding company, external complaints body or of any other body corporate, however created, carrying on any business in Canada that is substantially similar to any business carried on by any financial institution or external complaints body.

  • (3) If section 2116 of the other Act and section 158 of this Act come into force on the same day, then that section 158 is deemed to have come into force before that section 2116.