Budget Implementation Act, 2018, No. 1 (S.C. 2018, c. 12)
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Assented to 2018-06-21
PART 6Various Measures (continued)
DIVISION 16Financial Sector Legislative Renewal (continued)
SUBDIVISION CBank Terminology (continued)
353 The Act is amended by adding the following after section 989:
Marginal note:Production of information and documents
989.1 The Superintendent may direct an entity to provide him or her with the information or documents that he or she specifies if he or she is of the opinion that their production is necessary in order to be satisfied that the entity is meeting the requirements of subsection 983(4.3).
Marginal note:Superintendent’s directions
989.2 (1) If, in the opinion of the Superintendent, a person is acting in a manner that is prohibited by section 983, the Superintendent may direct the person to
Marginal note:Opportunity for representations
(2) Subject to subsection (3), no direction is to be issued to a person under subsection (1) unless the person is provided with a reasonable opportunity to make representations in respect of the matter.
Marginal note:Temporary direction
(3) If, in the opinion of the Superintendent, the length of time required for representations to be made might be prejudicial to the public interest, the Superintendent may make a temporary direction with respect to the matters referred to in paragraphs (1)(a) and (b) having effect for a period of not more than 15 days.
Marginal note:Continued effect
(4) A temporary direction under subsection (3) continues to have effect after the expiration of the 15-day period referred to in that subsection if no representations are made within that period or, if representations have been made, the Superintendent notifies the person that the Superintendent is not satisfied that there are sufficient grounds for revoking the direction.
Marginal note:Court enforcement
989.3 (1) If a person contravenes a direction made under subsection 989.2(1) or (3), the Superintendent may, in addition to any other action that may be taken under this Act or the Office of the Superintendent of Financial Institutions Act, apply to a court for an order requiring the person to comply with the direction, and on such application the court may so order and make any other order it thinks fit.
Marginal note:Appeal
(2) An appeal from an order of a court under subsection (1) lies in the same manner, and to the same court, as an appeal from any other order of the court.
SUBDIVISION DSunset Provisions
1991, c. 45Trust and Loan Companies Act
354 (1) Subsection 20(1) of the Trust and Loan Companies Act is replaced by the following:
Marginal note:Sunset provision
20 (1) Subject to subsections (2) and (4), companies shall not carry on business after the fifth anniversary of the day on which the Budget Implementation Act, 2018, No. 1 receives royal assent.
(2) Subsection 20(4) of the Act is replaced by the following:
Marginal note:Exception — dissolution
(4) If Parliament dissolves on the fifth anniversary of the day on which the Budget Implementation Act, 2018, No. 1 receives royal assent or on any day within the six-month period before that anniversary or on any day within an extension ordered under subsection (2), companies may continue to carry on business until the end of the 180th day after the first day of the first session of the next Parliament.
1991, c. 46Bank Act
355 (1) Subsection 21(1) of the Bank Act is replaced by the following:
Marginal note:Sunset provision
21 (1) Subject to subsections (2) and (4), banks shall not carry on business, and authorized foreign banks shall not carry on business in Canada, after the fifth anniversary of the day on which the Budget Implementation Act, 2018, No. 1 receives royal assent.
(2) Subsection 21(4) of the Act is replaced by the following:
Marginal note:Exception — dissolution
(4) If Parliament dissolves on the fifth anniversary of the day on which the Budget Implementation Act, 2018, No. 1 receives royal assent or on any day within the six-month period before that anniversary or on any day within an extension ordered under subsection (2), banks may continue to carry on business, and authorized foreign banks may continue to carry on business in Canada, until the end of the 180th day after the first day of the first session of the next Parliament.
356 (1) Subsection 670(1) of the Act is replaced by the following:
Marginal note:Sunset provision
670 (1) Subject to subsections (2) and (4), bank holding companies shall not carry on business after the fifth anniversary of the day on which the Budget Implementation Act, 2018, No. 1 receives royal assent.
(2) Subsection 670(4) of the Act is replaced by the following:
Marginal note:Exception — dissolution
(4) If Parliament dissolves on the fifth anniversary of the day on which the Budget Implementation Act, 2018, No. 1 receives royal assent or on any day within the six-month period before that anniversary or on any day within an extension ordered under subsection (2), bank holding companies may continue to carry on business until the end of the 180th day after the first day of the first session of the next Parliament.
1991, c. 47Insurance Companies Act
357 (1) Subsection 21(1) of the Insurance Companies Act is replaced by the following:
Marginal note:Sunset provision
21 (1) Subject to subsections (2) and (4), companies and societies shall not carry on business, and foreign companies shall not carry on business in Canada, after the fifth anniversary of the day on which the Budget Implementation Act, 2018, No. 1 receives royal assent.
(2) Subsection 21(4) of the Act is replaced by the following:
Marginal note:Exception — dissolution
(4) If Parliament dissolves on the fifth anniversary of the day on which the Budget Implementation Act, 2018, No. 1 receives royal assent or on any day within the six-month period before that anniversary or on any day within an extension ordered under subsection (2), companies and societies may continue to carry on business, and foreign companies may continue to carry on business in Canada, until the end of the 180th day after the first day of the first session of the next Parliament.
358 (1) Subsection 707(1) of the Act is replaced by the following:
Marginal note:Sunset provision
707 (1) Subject to subsections (2) and (4), insurance holding companies shall not carry on business after the fifth anniversary of the day on which the Budget Implementation Act, 2018, No. 1 receives royal assent.
(2) Subsection 707(4) of the Act is replaced by the following:
Marginal note:Exception — dissolution
(4) If Parliament dissolves on the fifth anniversary of the day on which the Budget Implementation Act, 2018, No. 1 receives royal assent or on any day within the six-month period before that anniversary or on any day within an extension ordered under subsection (2), insurance holding companies may continue to carry on business until the end of the 180th day after the first day of the first session of the next Parliament.
DIVISION 17R.S., c. 11 (4th Supp.)Western Economic Diversification Act
359 Paragraph 6(1)(f) of the Western Economic Diversification Act is replaced by the following:
(f) enter into any agreement with the government of any province, or with any agency of such a government, respecting the exercise of the Minister’s powers and the carrying out of the Minister’s duties and functions; and
DIVISION 18R.S., c. P-1Parliament of Canada Act
360 The Parliament of Canada Act is amended by adding the following after section 59:
Marginal note:Regulations — maternity and parental arrangements
59.1 The Senate or the House of Commons may make regulations, by rule or by order, respecting the provisions of this Act — or of regulations made under section 59 — that relate to the attendance of members, or to the deductions to be made from sessional allowances, in respect of its own members who are unable to attend a sitting of that House by reason of
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