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Budget Implementation Act, 2019, No. 1 (S.C. 2019, c. 29)

Assented to 2019-06-21

PART 4Various Measures (continued)

DIVISION 1Financial Sector (continued)

SUBDIVISION A1991, c. 46Bank Act (continued)

Coordinating Amendments

Marginal note:2005, c. 54

  • 92 (1) In this section, other Act means An Act to amend certain Acts in relation to financial institutions, chapter 54 of the Statutes of Canada, 2005.

  • (2) If subsection 27(2) of the other Act comes into force before section 91 of this Act, then

    • (a) that section 91 is deemed never to have come into force and is repealed; and

    • (b) subparagraphs (a)(i) and (ii) of the definition solicitation in section 156.01 of the English version of the Bank Act are replaced by the following:

      • (i) a request for a proxy whether or not accompanied by or included in a form of proxy,

      • (ii) a request to execute or not to execute or, in Quebec, to sign or not to sign a form of proxy or to revoke a proxy,

  • (3) If subsection 27(2) of the other Act comes into force on the same day as section 91 of this Act, then that section 91 is deemed to have come into force before that subsection 27(2).

SUBDIVISION BR.S., c. C-21; 2001, c. 9, s. 218Canadian Payments Act

Amendments to the Act

Marginal note:2014, c. 39, s. 337

93 Subsection 9.1(1) of the Canadian Payments Act is replaced by the following:

Marginal note:Term of office — elected directors

  • 9.1 (1) The elected directors hold office for a term of three years and are eligible to be elected for two further terms.

Marginal note:2014, c. 39, s. 339

94 Subsection 15(1) of the Act is replaced by the following:

Marginal note:Chairperson and Deputy Chairperson

  • 15 (1) The elected directors shall elect a Chairperson of the Board and a Deputy Chairperson of the Board from among the directors referred to in paragraph 8(1)(d) for a renewable term of up to three years. However, the Chairperson and Deputy Chairperson shall each serve no more than six years in office in total.

  • 95 (1) Subsection 18(1) of the Act is amended by adding the following after paragraph (i):

    • (i.1) prescribing classes of members of the Stakeholder Advisory Council for the purposes of subsection 21.2(7);

  • Marginal note:2014, c. 39, s. 342(4)

    (2) Subparagraph 18(1)(k)(ii) of the Act is replaced by the following:

    • (ii) the remuneration of directors referred to in paragraph 8(1)(d) and of persons referred to in subsection 21.2(7),

    • (ii.1) the payment of reasonable travel and living expenses incurred by members of the Stakeholder Advisory Council, and

Marginal note:2001, c. 9, s. 238

  • 96 (1) Subsection 21.2(1) of the Act is replaced by the following:

    Marginal note:Stakeholder Advisory Council

    • 21.2 (1) There shall be a Stakeholder Advisory Council consisting of persons appointed by the Board in consultation with the Minister.

  • Marginal note:2014, c. 39, s. 349(1); 2001, c. 9, s. 238

    (2) Subsections 21.2(3) and (4) of the Act are repealed.

  • Marginal note:2001, c. 9, s. 238; 2007, c. 6, s. 432(F)

    (3) Subsections 21.2(6) and (7) of the Act are replaced by the following:

    • Marginal note:Remuneration

      (7) The Association may pay the remuneration that is fixed by by-law to the following persons:

      • (a) any member of the Council that falls within a class prescribed by by-laws; and

      • (b) any person who represents the interests of such a member or who is represented by such a member.

    • Marginal note:Travel and living expenses

      (8) The members of the Council may be paid by the Association any reasonable travel and living expenses incurred by them when engaged on the business of the Council while absent from their ordinary places of residence.

Coming into Force

Marginal note:Order in council

97 This Subdivision comes into force on a day to be fixed by order of the Governor in Council.

DIVISION 2Strengthening Anti-Money Laundering and Anti-Terrorist Financing Regime

SUBDIVISION AR.S., c. C-44; 1994, c. 24, s. 1(F)Canada Business Corporations Act

Amendments to the Act

Marginal note:2018, c. 27, s. 183

98 Subsection 21.3(1) of the French version of the Canada Business Corporations Act is replaced by the following:

Marginal note:Communication au directeur

  • 21.3 (1) La société assujettie à l’article 21.1 communique au directeur, à sa demande, tout renseignement figurant dans son registre des particuliers ayant un contrôle important.

99 The Act is amended by adding the following after section 21.3:

Marginal note:Disclosure to investigative bodies

  • 21.31 (1) On request by an investigative body referred to in subsection (2), a corporation to which section 21.1 applies shall, as soon as feasible after the request is served on the corporation or deemed to be received by it, and in the manner specified by the investigative body,

    • (a) provide the investigative body with a copy of the corporation’s register of individuals with significant control; or

    • (b) disclose to the investigative body any information specified by the investigative body that is in the corporation’s register of individuals with significant control.

  • Marginal note:Investigative bodies

    (2) The investigative bodies for the purpose of this section are

    • (a) any police force;

    • (b) the Canada Revenue Agency and any provincial body that has responsibilities similar to those of the Canada Revenue Agency; and

    • (c) any prescribed body that has investigative powers in relation to offences referred to in the schedule.

  • Marginal note:Requirement

    (3) An investigative body may make a request only if it has reasonable grounds to suspect that the copy of the register or the specified information would be relevant to investigating an offence referred to in the schedule and it also has reasonable grounds to suspect that

    • (a) the corporation that is the subject of the request committed the offence or was used to

      • (i) commit the offence,

      • (ii) facilitate the commission of the offence, or

      • (iii) protect from detection or punishment a person who has committed the offence;

    • (b) an individual with significant control over the corporation that is the subject of the request is also an individual with significant control over a corporation that committed the offence or was used to do anything referred to in any of subparagraphs (a)(i) to (iii); or

    • (c) an individual with significant control over the corporation that is the subject of the request is also an individual who, directly or indirectly, influences the affairs of an entity, other than a corporation, that committed the offence or was used to do anything referred to in any of subparagraphs (a)(i) to (iii).

  • Marginal note:Service or sending of request

    (4) The request must be served on the corporation by leaving the request at the corporation’s registered office as shown in the last notice filed under section 19 or sent to the corporation by registered mail to that registered office and, if so sent, is deemed to be received at the time it would be delivered in the ordinary course of mail, unless there are reasonable grounds for believing that the corporation did not receive the request at that time or at all.

  • Marginal note:Offence

    (5) A corporation that, without reasonable cause, contravenes subsection (1) is guilty of an offence and liable on summary conviction to a fine of not more than $5,000.

  • Marginal note:Amendment to schedule

    (6) The Governor in Council may, by order, amend the schedule by adding or deleting a reference to an offence.

Marginal note:Record

  • 21.32 (1) Every investigative body that makes a request under subsection 21.31(1) shall keep a record setting out the following:

    • (a) the name of the corporation that was the subject of the request;

    • (b) the reasonable grounds on which the request was based;

    • (c) information respecting what was requested;

    • (d) the date the request was served or deemed to have been received;

    • (e) information respecting the service or the sending of the request;

    • (f) all information received from the corporation in response to the request; and

    • (g) any prescribed information.

  • Marginal note:Report

    (2) Every investigative body that makes a request under subsection 21.31(1) shall, within 90 days after the end the calendar year in which the request was made, provide the Director with a report setting out the total number of requests made by it in that year and, in the case of the Royal Canadian Mounted Police and the Canada Revenue Agency, the number of requests made in each province.

  • Marginal note:Non-application

    (3) Section 251 does not apply in respect of a contravention of subsection (1) or (2).

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