Acts and Regulations

2016, c.10 - An Act to Amend the Credit Unions Act

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2016, c.10
An Act to Amend the Credit Unions Act
Assented to April 8, 2016
Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:
1Section 1 of the Credit Unions Act, chapter C-32.2 of the Acts of New Brunswick, 1992, is amended
(a) by repealing the following definitions:
“federation” ;
“Fédération des caisses populaires acadiennes” ;
“representative” ;
(b) by repealing the definition “patronage refund” and substituting the following:
“patronage refund” means an amount that under this Act is allocated among and credited or paid by a credit union to its members, based on the business that has been done with it by each of those members;(ristourne)
(c) by repealing the definition “stabilization board” and substituting the following:
“stabilization board” means Brunswick Credit Union Stabilization Board Limited continued under subsection 194(2);(office de stabilisation)
(d) by repealing the definition “Superintendent” and substituting the following:
“Superintendent” means the Superintendent of Credit Unions appointed under the Financial and Consumer Services Commission Act and includes any person designated by the Commission or the Superintendent to act on the Superintendent’s behalf;(surintendant)
(e) in the French version of the definition « Atlantic Central » by striking out “prorogé” and substituting “prorogée”.
2Section 4 of the Act is amended by striking out “Part XI” and substituting “Part XI.1”.
3Paragraph 6(2)(c) of the Act is repealed and the following is substituted:
(c) a notice of registered office in the form provided by the Superintendent; and
4Subsection 7(1) of the Act is amended by repealing the portion preceding paragraph (a) and substituting the following:
7(1)Articles of incorporation shall be in the form provided by the Superintendent and shall set out, in relation to the proposed credit union,
5Paragraph 9(2)(e) of the Act is repealed and the following is substituted:
(e) the proposed credit union has indicated whether, in the opinion of Atlantic Central and the stabilization board, the proposed credit union will be established and operated in a manner so that the investments and deposits of the members of the credit union will be safeguarded, and
6Subsection 12(6) of the Act is amended by striking out “a federation or stabilization board” and substituting “Atlantic Central or the stabilization board”.
7Section 24 of the Act is amended
(a) in subsection (2) by striking out “in prescribed form” and substituting “in the form provided by the Superintendent”;
(b) by repealing subsection (4) and substituting the following:
24(4)Within fifteen days after any change of address of a credit union’s registered office, the credit union shall file a notice with the Superintendent in the form provided by the Superintendent.
8Section 25 of the Act is amended by repealing the portion preceding paragraph (a) and substituting the following:
25No credit union shall, without the approval of the Superintendent and Atlantic Central,
9Paragraph 32(3)(c) of the Act is amended by striking out “of which it is a member”.
10Section 40 of the Act is amended
(a) in subsection (1.1) by striking out “of which the credit union is a member”;
(b) in subsection (3) by striking out “of which the credit union is a member”.
11Subsection 40.1(2) of the Act is amended by striking out “a stabilization board” and substituting “the stabilization board”.
12Section 48 of the Act is amended
(a) in subsection (1) by striking out “of which the credit union is a member for the approval of the stabilization board” and substituting “for its approval”;
(b) in subsection (2) by striking out “of which the credit union is a member”.
13Section 58 of the Act is amended by striking out “of which the credit union is a member”.
14Section 59 of the Act is amended
(a) in subsection (1) by striking out “Where, in the opinion of the stabilization board of which the credit union is a member” and substituting “When, in the opinion of the stabilization board”;
(b) in subsection (2) by striking out “Where, in the opinion of the stabilization board of which the credit union is a member” and substituting “When, in the opinion of the stabilization board”.
15Paragraph 84(e) of the Act is amended by striking out “a federation or a stabilization board” and substituting “Atlantic Central or the stabilization board”.
16Section 84.1 of the Act is amended
(a) in subsection (1) by striking out “A federation” and substituting “Atlantic Central”;
(b) by repealing subsection (2) and substituting the following:
84.1(2)If required to do so by Atlantic Central, the following persons shall, within the period specified by Atlantic Central, complete a director training program approved under subsection (1):
(a) every person elected or appointed for the first time as a director of any of its member credit unions; or
(b) every director of any of its member credit unions who has not previously completed a director training program approved by Atlantic Central.
17Subsection 90(1) of the Act is amended by striking out “in the prescribed form” and substituting “in the form provided by the Superintendent”.
18Paragraph 98(b) of the Act is amended by striking out “of which it is a member”.
19Subsection 100(10) of the Act is amended by striking out “of which the credit union is a member”.
20Section 105 of the Act is amended
(a) in subsection (1) of the English version, in the portion preceding paragraph (a) by striking out “a stabilization board” and substituting “the stabilization board”;
(b) in subsection (5) by striking out “of which the credit union is a member”.
21Subsection 108(3) of the Act is amended by striking out “of which the credit union is a member”.
22Section 111 of the Act is amended by striking out “of which the credit union is a member”.
23Subsection 112(2) of the Act is amended by striking out “of which the credit union is a member”.
24Section 113 of the Act is amended
(a) by repealing subsection (2.1);
(b) by repealing subsection (2.2);
(c) by repealing subsection (2.3);
(d) by repealing subsection (2.4);
(e) by repealing subsection (2.5);
(f) by repealing subsection (2.6);
(g) by repealing subsection (2.7);
(h) by repealing subsection (2.8);
(i) by repealing subsection (2.9);
(j) by repealing subsection (2.91);
(k) in subparagraph (4)(b)(i) by striking out “the federation or stabilization board of which the credit union is a member” and substituting “Atlantic Central or the stabilization board”.
25Subsection 114(3) of the Act is amended by striking out “of which the credit union is a member”.
26Subsection 119(1) of the Act is amended in the portion following paragraph (c) by striking out “of which the credit union is a member”.
27Paragraph 123(3)(b) of the Act is amended by striking out “of which the credit union is a member”.
28Subsection 124(2) of the Act is amended by striking out “of which the credit union is a member”.
29Section 129 of the Act is repealed and the following is substituted:
Articles sent to Superintendent
129Subject to any revocation under subsection 128(3), after an amendment is adopted under section 128, articles of amendment in the form provided by the Superintendent shall be sent to the Superintendent.
30Subsection 132(2) of the Act is repealed and the following is substituted:
132(2)Restated articles of incorporation in the form provided by the Superintendent shall be sent to the Superintendent.
31Section 134 of the Act is amended
(a) in subsection (1)
(i) in paragraph (g) in the portion preceding subparagraph (i) by striking out “unless an auditor for the amalgamated credit union will be appointed under subsection 113(2.1) and”;
(ii) by repealing paragraph (j);
(b) by repealing subsection (2).
32Section 136 of the Act is amended
(a) by repealing subsection (1) and substituting the following:
136(1)Subject to subsection 135(4), after an amalgamation agreement has been adopted under subsection 135(3), articles of amalgamation in the form provided by the Superintendent shall be sent to the Superintendent.
(b) in subsection (3) by striking out “of which the credit union is a member”.
33Paragraph 140(2)(a) of the Act is amended by striking out “of which the credit union is a member”.
34Subsection 141(4) of the Act is repealed and the following is substituted:
141(4)After a reorganization has been made, articles of reorganization in the form provided by the Superintendent shall be sent to the Superintendent.
35Section 143 of the Act is amended
(a) by repealing subsection (4) and substituting the following:
143(4)A statement of intent to dissolve in the form provided by the Superintendent shall be sent to the Superintendent.
(b) by repealing subsection (8) and substituting the following:
143(8)At any time after issue of a certificate of intent to dissolve and before issue of a certificate of dissolution, a certificate of intent to dissolve may be revoked by sending to the Superintendent a statement of revocation of intent to dissolve in the form provided by the Superintendent, if the revocation is approved in the same manner as the resolution under subsection (3).
36Subsection 144(1) of the Act is repealed and the following is substituted:
144(1)Articles of dissolution in the form provided by the Superintendent shall be sent to the Superintendent.
37Section 147 of the Act is amended by striking out “of which the credit union was a member”.
38Subsection 149(1) of the Act is amended by striking out “of which the credit union was a member”.
39Subsection 150(2) of the Act is repealed and the following is substituted:
150(2)Articles of revival in the form provided by the Superintendent shall be sent to the Superintendent.
40Subsection 153.4(3) of the French version of the Act is amended by striking out “être celle de sa prorogation fédérale effective” and substituting “être celle de la prise d’effet de la prorogation fédérale”.
41Part XI of the Act is repealed.
42The Act is amended by adding the following before Part XII:
XI.1
ATLANTIC CENTRAL
Carrying on business as a federation
192.21No person other than Atlantic Central shall carry on business as a federation in New Brunswick.
Membership in Atlantic Central is compulsory
192.22No credit union shall carry on business in New Brunswick unless it is a member of Atlantic Central.
Limit of liability of member credit unions
192.23Subject to this Act, Atlantic Central’s member credit unions are not responsible for any act, default or liability of Atlantic Central or for any engagement, claim, payment, loss, injury, transaction, matter or thing relating to or connected with Atlantic Central.
Member credit unions bound by articles and by-laws
192.24The articles and by-laws of Atlantic Central bind it and its member credit unions.
Purposes
192.25The purposes of Atlantic Central are
(a) to receive and manage deposits made by its member credit unions for the purpose of meeting the liquidity requirements of its member credit unions,
(b) to receive and manage deposits made by its member credit unions in addition to those deposits referred to in paragraph (a),
(c) to develop and provide to its member credit unions financial services and any other services which, by their nature, can be most effectively provided by a federation, including advisory, educational and research services,
(d) to develop and promote sound business and financial policies and procedures, including those relating to lending activities, for the benefit of its member credit unions and to assist those credit unions in the implementation of those policies and procedures,
(e) to promote the organization, development and welfare of credit unions in New Brunswick,
(f) to encourage co-operation among co-operatives and credit unions in New Brunswick, and
(g) to do any other things that may be required or authorized by this Act or the regulations.
Powers
192.26Atlantic Central may do all things necessary or incidental to the attainment of its purposes, and may, in addition,
(a) carry out any other duties and activities in relation to credit unions that are agreed on by it and its member credit unions or that are set out in its by-laws,
(b) carry out on behalf of the stabilization board any other duties and activities agreed on by it and the stabilization board, and
(c) assist its member credit unions in carrying out any recommendations or orders made by the stabilization board or by the Superintendent in regards to the member credit unions.
Limitation on powers
192.27Atlantic Central shall not carry on any business or exercise any power if it is restricted by its articles or this Act from carrying on that business or exercising that power and shall not exercise any of its powers in a manner contrary to its articles or this Act.
Information to be provided to stabilization board
192.28Atlantic Central shall provide to the stabilization board any information concerning Atlantic Central and its member credit unions that the stabilization board reasonably requires to enable the stabilization board to carry out its purposes under this Act.
Levies
192.29Subject to any terms and conditions specified in its by-laws, Atlantic Central may levy and collect from its member credit unions the amount of money in the form of dues that it requires to enable it to carry out its purposes under this Act and the regulations.
Shares
192.291A credit union that is a member of Atlantic Central shall purchase and hold the number of shares in Atlantic Central that Atlantic Central’s by-laws require.
Information to be provided
192.292(1)In this section, “relevant authority” means
(a) the Superintendent of Financial Institutions appointed under the Office of the Superintendent of Financial Institutions Act (Canada), or
(b) the Superintendent of Credit Unions of Nova Scotia appointed under the Credit Union Act (Nova Scotia).
192.292(2)Without delay after providing to a relevant authority financial statements or a return required to be provided, Atlantic Central shall provide a copy of the financial statements or return to the Superintendent.
192.292(3)If a relevant authority makes an order or direction to which Atlantic Central is subject, Atlantic Central shall provide a copy of the order or direction to the Superintendent without delay after Atlantic Central is served with or receives the order or direction.
192.292(4)Without delay after being served with or receiving a report resulting from an inspection, examination or inquiry made or caused to be made by a relevant authority in relation to the business and affairs of Atlantic Central, Atlantic Central shall provide a copy of the report to the Superintendent.
192.292(5)In addition to any copies of financial statements, returns, orders, directions or reports required to be provided under subsection (2), (3) or (4), the Superintendent may, at any time, require Atlantic Central to file, within the time specified by the Superintendent, an additional return containing any other information that the Superintendent requires.
192.292(6)This section does not apply to any document the disclosure of which is prohibited by any other law.
43The title “PART XII STABILIZATION BOARDS” preceding section 193 of the Act is repealed and the following is substituted:
XII
STABILIZATION BOARD
44Section 193 of the Act is amended by striking out “stabilization boards” and substituting “the stabilization board”.
45Section 194 of the Act is amended
(a) by repealing subsection (1);
(b) in subsection (3) in the portion preceding paragraph (a) by striking out “(1) or”.
46Section 194.1 of the Act is repealed and the following is substituted:
Operation
194.1Brunswick Credit Union Stabilization Board Limited shall operate in relation to Atlantic Central.
47Section 195 of the Act is repealed and the following is substituted:
Membership
195A credit union shall be a member of the stabilization board.
48Section 196 of the English version of the Act is amended in the portion preceding paragraph (a) by striking out “a stabilization board” and substituting “the stabilization board”.
49Section 197 of the English version of the Act is amended by striking out “A stabilization board” and substituting “The stabilization board”.
50Section 198 of the Act is amended
(a) in subsection (1)
(i) of the English version in the portion preceding paragraph (a) by striking out “a stabilization board” and substituting “the stabilization board”;
(ii) in paragraph (b) by striking out “the federation in relation to which the stabilization board operates” and substituting “Atlantic Central”;
(iii) by repealing paragraph (h) and substituting the following:
(h) enter into an agreement with Atlantic Central in which Atlantic Central is authorized to carry out any duties and activities on behalf of the stabilization board that are specified in the agreement,
(iv) in paragraph (j) by striking out “the federation” and substituting “Atlantic Central”;
(b) in subsection (2) by striking out “Where a federation carries out any duties and activities on behalf of a stabilization board” and substituting “When Atlantic Central carries out any duties and activities on behalf of the stabilization board”.
51Section 199 of the English version of the Act is amended in the portion preceding paragraph (a) by striking out “A stabilization board” and substituting “The stabilization board”.
52Section 200 of the English version of the Act is amended by striking out “A stabilization board” and substituting “The stabilization board”.
53Section 201 of the English version of the Act is amended
(a) in the portion preceding paragraph (a) by striking out “A stabilization board” and substituting “The stabilization board”;
(b) in paragraph (b) by striking out “a stabilization board” and substituting “the stabilization board”.
54Subsection 202(1) of the English version of the Act is amended by striking out “A stabilization board” and substituting “The stabilization board”.
55Section 202.1 of the Act is repealed and the following is substituted:
Excluded amounts
202.1For the purposes of sections 202.3 and 202.4, the amounts prescribed are excluded in determining the total amount of the stabilization fund of the stabilization board.
56Section 202.2 of the Act is repealed.
57Section 202.3 of the Act is amended
(a) by repealing subsection (1);
(b) in subsection (3) in the portion preceding paragraph (a) by striking out “(1) or”;
(c) by repealing subsection (4) and substituting the following:
202.3(4)Without delay after an order is made under subsection (2) in respect of the stabilization fund of the stabilization board, the Corporation shall give written notice of the order to the stabilization board.
58Section 202.4 of the Act is amended
(a) in subsection (1) by striking out “a stabilization board’s” and substituting “the stabilization board’s”;
(b) by repealing subsection (2);
(c) in subsection (5) by striking out “(2) or”;
(d) by repealing subsection (6) and substituting the following:
202.4(6)An order shall not be made under subsection (3) in respect of the stabilization fund of the stabilization board if the stabilization board is under supervision in accordance with Part XV.
(e) by repealing subsection (7);
(f) in subsection (8) by striking out “a stabilization board” and substituting “the stabilization board”;
(g) in subsection (9) by striking out “(7) or”.
59Section 202.5 of the Act is repealed and the following is substituted:
Revocation of plans and orders
202.5If the stabilization board is placed under supervision in accordance with Part XV, any order of the Corporation under subsection 202.4(3), or any plan made under the order, that is in effect in relation to the stabilization board immediately before it is placed under supervision is revoked.
60Section 203 of the Act is amended
(a) in subsection (1)
(i) in the portion preceding paragraph (a) by striking out “a stabilization board” and substituting “the stabilization board”;
(ii) by repealing paragraph (a) and substituting the following:
(a) three persons who shall be elected by the delegates of its member credit unions at a regional meeting of those delegates held during the annual meeting of Atlantic Central,
(iii) in paragraph (c) by striking out “the federation in relation to which the stabilization board operates” and substituting “Atlantic Central”;
(b) by repealing subsection (6);
(c) in subsection (7) by striking out “the federation in relation to which the stabilization board operates” and substituting “Atlantic Central”.
61Section 204 of the Act is amended
(a) by repealing paragraph (0.1)(b) and substituting the following:
(b) in respect of Atlantic Central or the stabilization board, a chairperson, vice-chairperson or secretary of Atlantic Central or the stabilization board or a person who holds an equivalent office in Atlantic Central or the stabilization board.
(b) in subsection (1)
(i) in the portion preceding paragraph (a) by striking out “a stabilization board” and substituting “the stabilization board”;
(ii) in paragraph (d) by striking out “, a federation or another stabilization board” and substituting “or Atlantic Central”;
(iii) by repealing paragraph (d.1) and substituting the following:
(d.1) a former employee of any of the following entities unless at least two years have passed since the person last ceased to be an employee of the entity:
(i) a credit union;
(ii) the Office de Stabilisation de la Fédération des Caisses Populaires Acadiennes Limitée;
(iii) Brunswick Credit Union Stabilization Board Limited;
(iv) the Fédération des Caisses Populaires Acadiennes Limitée;
(v) Atlantic Central; and
(vi) the Corporation;
(iv) in paragraph (e)
(A) in subparagraph (ii) by striking out “a stabilization board” and substituting “the stabilization board”;
(B) in subparagraph (iii) by striking out “a federation” and substituting “Atlantic Central”;
(v) by repealing paragraph (f) and substituting the following:
(f) a solicitor of a credit union, the stabilization board or Atlantic Central; or
62Section 207 of the Act is repealed.
63Section 207.1 of the Act is amended
(a) in subsection (1) by striking out “the federation in relation to which it operates” and substituting “Atlantic Central”;
(b) in subsection (2) by striking out “the federation in relation to which it operates” and substituting “Atlantic Central”.
64Section 209 of the English version of the Act is amended by striking out “a stabilization board” and substituting “the stabilization board”.
65Section 210 of the English version of the Act is amended by striking out “A stabilization board” and substituting “The stabilization board”.
66Section 211 of the Act is amended
(a) in subsection (1) by striking out “a stabilization board” and substituting “the stabilization board”;
(b) in subsection (4) of the English version by striking out “a stabilization board” and substituting “the stabilization board”.
67Section 212 of the Act is amended in the portion preceding paragraph (a) by striking out “a stabilization board” and substituting “the stabilization board”.
68Section 213 of the Act is amended by striking out “a stabilization board” and substituting “the stabilization board”.
69Paragraph 216(b) of the Act is amended by striking out “stabilization boards” and substituting “the stabilization board”.
70Section 217 of the Act is amended
(a) in paragraph (c) by striking out “a stabilization board” and substituting “the stabilization board”;
(b) in paragraph (f) by striking out “stabilization boards” and substituting “the stabilization board”;
(c) in paragraph (f.1) by striking out “stabilization boards” and substituting “the stabilization board”;
(d) in paragraph (g) by striking out “stabilization boards” and substituting “the stabilization board”;
(e) in paragraph (i) by striking out “stabilization boards” and substituting “the stabilization board”;
(f) in paragraph (j) by striking out “a stabilization board” and substituting “the stabilization board”.
71Section 217.1 of the Act is amended
(a) in subsection (2) by striking out “a stabilization board or a federation” and substituting “the stabilization board or Atlantic Central”;
(b) by repealing subsection (3) and substituting the following:
217.1(3)On the request of the Corporation, the stabilization board shall provide to the Corporation any information concerning the stabilization board, the stabilization board’s member credit unions or Atlantic Central that the Corporation may reasonably require to enable the Corporation to carry out its purposes under this Act.
72Section 217.2 of the Act is amended
(a) in subsection (1) by striking out “each stabilization fund” and substituting “the stabilization fund”;
(b) in subparagraph (3)(b)(i) by striking out “a federation or a stabilization board” and substituting “Atlantic Central or the stabilization board”.
73Paragraph 218(h) of the Act is amended by striking out “federations and stabilization boards” and substituting “Atlantic Central and the stabilization board”.
74Paragraph 223(b) of the Act is amended by striking out “stabilization boards” and substituting “the stabilization board”.
75Section 225 of the Act is amended
(a) in subsection (1) by striking out “a stabilization board” and substituting “the stabilization board”;
(b) in subsection (3) by striking out “A stabilization board” and substituting “The stabilization board”.
76Section 226 of the Act is repealed.
77Subsection 227.1(2) of the Act is repealed.
78Section 229.1 of the Act is amended
(a) by repealing paragraph (1)(b) and substituting the following:
(b) in respect of Atlantic Central or the stabilization board, a chairperson, vice-chairperson or secretary of Atlantic Central or the stabilization board or a person who holds an equivalent office in Atlantic Central or the stabilization board.
(b) in subsection (2)
(i) in paragraph (d) by striking out “a stabilization board or a federation” and substituting “the stabilization board or Atlantic Central”;
(ii) in paragraph (e) by striking out “a stabilization board, a federation” and substituting “the stabilization board, Atlantic Central”;
(iii) in paragraph (f) by striking out “a stabilization board, a federation” and substituting “the stabilization board, Atlantic Central”;
(iv) by repealing paragraph (g) and substituting the following:
(g) a former employee of any of the following entities unless at least two years have passed since the person last ceased to be an employee of the entity:
(i) a credit union;
(ii) the Office de Stabilisation de la Fédération des Caisses Populaires Acadiennes Limitée;
(iii) Brunswick Credit Union Stabilization Board Limited;
(iv) the Fédération des Caisses Populaires Acadiennes Limitée;
(v) Atlantic Central; and
(vi) the Corporation; or
79Section 236 of the Act is amended in the definition “complainant”
(a) in paragraph (b) by striking out “federation” and substituting “Atlantic Central”;
(b) in paragraph (c) by striking out “a federation or stabilization board” and substituting “Atlantic Central or the stabilization board”;
(c) in paragraph (d) by striking out “federation or stabilization board” and substituting “Atlantic Central or the stabilization board”;
(d) by repealing paragraph (g) and substituting the following:
(g) Atlantic Central,
(e) in paragraph (h) by striking out “a” and substituting “the”.
80Section 239 of the Act is amended
(a) in subsection (2)
(i) by repealing the portion preceding paragraph (a) and substituting the following:
239(2)If, on an application under subsection (1) in relation to a credit union or the stabilization board, the Court is satisfied that
(ii) in paragraph (a) by striking out “, the Fédération des caisses populaires acadiennes”;
(iii) in paragraph (b) by striking out “, the Fédération des caisses populaires acadiennes”;
(iv) in paragraph (c) by striking out “, the Fédération des caisses populaires acadiennes”;
(b) in subsection (3)
(i) in paragraph (b) by striking out “, the Fédération des caisses populaires acadiennes or a” and substituting “or the”;
(ii) in paragraph (d) by striking out “, the Fédération des caisses populaires acadiennes or a” and substituting “or the”;
(iii) in paragraph (f) by striking out “or the Fédération des caisses populaires acadiennes”;
(iv) in paragraph (g) by striking out “, the Fédération des caisses populaires acadiennes or a” and substituting “or the”;
(v) in paragraph (h) by striking out “, the Fédération des caisses populaires acadiennes or a” and substituting “or the”;
(c) in subsection (4) in the portion preceding paragraph (a) by striking out “or the Fédération des caisses populaires acadiennes”.
81Section 240 of the Act is amended
(a) in subsection (1) by striking out “or the Fédération des caisses populaires acadiennes”;
(b) in subsection (4) by striking out “, the Fédération des caisses populaires acadiennes”.
82Section 241 of the Act is repealed and the following is substituted:
Application to Tribunal to rectify records
241A credit union or the stabilization board, any of its members or any complainant may apply to the Tribunal for an order that the registers or other records of the credit union or the stabilization board be rectified if the name of a person is alleged to be or to have been wrongly registered or retained in, or wrongly deleted or omitted from, the registers or records.
83Section 242.1 of the Act is repealed.
84Section 243 of the Act is amended
(a) in paragraph (a) by striking out “, the Fédération des caisses populaires acadiennes”;
(b) in paragraph (b) by striking out “or the Fédération des caisses populaires acadiennes”;
(c) by repealing paragraph (c) and substituting the following:
(c) an order determining the right of a party to the proceedings to have that party’s name entered or retained in, or deleted or omitted from the registers or records of the credit union or the stabilization board whether the issue arises between two or more members or alleged members, or between the credit union or the stabilization board and any member or alleged member, and
85Section 244 of the Act is amended
(a) in the portion preceding paragraph (a) by striking out “, the Fédération des caisses populaires acadiennes or a” and substituting “or the”;
(b) in paragraph (b) by striking out “or the Fédération des caisses populaires acadiennes”.
86Section 251 of the Act is amended
(a) in subsection (1)
(i) by repealing the portion preceding paragraph (a) and substituting the following:
251(1)Despite anything in this Part to the contrary, when an action could be brought against a person by a credit union or Atlantic Central for any loss or damage suffered by or any accounting due to the credit union or Atlantic Central by reason of the negligence of the person or the failure of the person to comply with this Act or the regulations, the articles or by-laws of the credit union or Atlantic Central or any orders, directions or notices of the Superintendent or the stabilization board,
(ii) in paragraph (a) by striking out “of which the credit union is a member”;
(iii) in paragraph (b) by striking out “of which the credit union is a member”;
(b) in subsection (2) by striking out “federation” and substituting “Atlantic Central”.
87Section 252 of the English version of the Act is amended
(a) in subsection (1) in the portion preceding paragraph (a) by striking out “a stabilization board” and substituting “the stabilization board”;
(b) in subsection (2) by striking out “A stabilization board” and substituting “The stabilization board”.
88Section 252.1 of the Act is amended
(a) in subsection (1) in the portion preceding paragraph (a) by striking out “of which it is a member”;
(b) by repealing subparagraph (3)(b)(i) and substituting the following:
(i) is a business partner, director, officer or employee of the credit union, Atlantic Central, the stabilization board or the Corporation, or
(c) in subsection (5) by striking out “of which the credit union is a member”.
89Paragraph 254.1(1)(c) of the Act is repealed and the following is substituted:
(c) the directors of the stabilization board and Atlantic Central, and
90Paragraph 255(1)(c) of the Act is repealed and the following is substituted:
(c) the directors of Atlantic Central, and
91Section 256 of the Act is amended
(a) by repealing paragraph (b) and substituting the following:
(b) the directors of the stabilization board,
(b) by repealing paragraph (c) and substituting the following:
(c) the directors of Atlantic Central, and
92Section 257 of the Act is amended
(a) in paragraph (a) by striking out “federations and stabilization boards” and substituting “Atlantic Central and the stabilization board”;
(b) in paragraph (c) by striking out “Fédération des caisses populaires acadiennes and each stabilization board” and substituting “stabilization board”;
(c) in paragraph (d) by striking out “, the Fédération des caisses populaires acadiennes or a” and substituting “or the”.
93Section 258 of the Act is amended in the portion preceding paragraph (a) by striking out “, the Fédération des caisses populaires acadiennes or a” and substituting “or the”.
94Section 259 of the Act is amended
(a) by repealing paragraph (c) and substituting the following:
(c) the directors of Atlantic Central, and
(b) by repealing paragraph (d) and substituting the following:
(d) the directors of the stabilization board.
95Section 261 of the Act is amended
(a) by repealing paragraph (b) and substituting the following:
(b) the directors of Atlantic Central,
(b) by repealing paragraph (c) and substituting the following:
(c) the directors of the stabilization board, and
96Section 263 of the Act is repealed and the following is substituted:
Report by Superintendent
263The Superintendent shall, within 30 days after an inspection or examination is made under paragraph 257(c) or as soon as practicable, prepare a report in relation to the inspection or examination and shall send a copy of the report to the directors of the stabilization board and to its auditor.
97Section 264 of the Act is repealed and the following is substituted:
Response
264The directors of the stabilization board, shall, within 60 days after receiving the report sent under section 263 or at any later time authorized by the Superintendent, prepare a response to the report and shall send a copy of the response to the Superintendent and to the auditor of the stabilization board.
98Section 265 of the Act is amended
(a) in subsection (3) by striking out “the federation of which the credit union is a member” and substituting “Atlantic Central”;
(b) in subsection (4.1) by striking out “federation of which the credit union is a member” and substituting “Atlantic Central”;
(c) in subsection (7) by striking out “federation of which the credit union is a member” and substituting “Atlantic Central”.
99Section 266 of the Act is amended
(a) in subsection (1)
(i) in the portion preceding paragraph (a) by striking out “Fédération des caisses populaires acadiennes or a”;
(ii) in the portion preceding paragraph (c) by striking out “the Fédération des caisses populaires acadiennes or” ;
(b) in subsection (1.1) by striking out “Fédération des caisses populaires acadiennes or a”;
(c) in subsection (2) by striking out “Fédération des caisses populaires acadiennes or a”;
(d) by repealing subsection (2.1) and substituting the following:
266(2.1)If the stabilization board requests, in accordance with subsection (2), a review of an order, not later than 30 days after it was given notice of the order or within any longer period that the Superintendent allows, it shall make a written submission to the Superintendent containing the grounds for the request for review.
(e) in subsection (3) by repealing the portion preceding paragraph (a) and substituting the following:
266(3)The Superintendent may, after considering the written submission made under subsection (2.1) by the stabilization board,
(f) in subsection (3.1) by striking out “Fédération des caisses populaires acadiennes or a”;
(g) in subsection (3.3)
(i) in paragraph (a) by striking out “the Fédération des caisses populaires acadiennes or”;
(ii) in paragraph (b) by striking out “the Fédération des caisses populaires acadiennes or”.
100Section 266.1 of the Act is amended
(a) in subsection (1) of the English version by striking out “a stabilization board” and substituting “the stabilization board”;
(b) in subsection (4) of the English version in the portion preceding paragraph (a) by striking out “a stabilization board” and substituting “the stabilization board”;
(c) in subsection (5) by striking out “the federation of which the credit union is a member” and substituting “Atlantic Central”;
(d) in subsection (8) by striking out “federation of which the credit union is a member” and substituting “Atlantic Central”.
101Section 266.2 of the Act is amended
(a) in subsection (5) by striking out “federation of which the credit union is a member” and substituting “Atlantic Central”;
(b) in subsection (8) by striking out “federation of which the credit union is a member” and substituting “Atlantic Central”.
102Section 266.3 of the Act is amended
(a) in subsection (1) by striking out “Fédération des caisses populaires acadiennes or a”;
(b) in subsection (4) by repealing the portion preceding paragraph (a) and substituting the following:
266.3(4)If the Superintendent makes an interim order in respect of the stabilization board, the Superintendent shall, together with a copy of the order, give the stabilization board notice in writing advising it
(c) in subsection (5) by striking out “the Fédération des caisses populaires acadiennes or”;
(d) in subsection (6) by repealing the portion preceding paragraph (a) and substituting the following:
266.3(6)After considering the written submission made by the stabilization board, the Superintendent
(e) in subsection (7) by striking out “Fédération des caisses populaires acadiennes or a”.
103Subsection 268(1) of the Act is amended in the portion preceding paragraph (a) by striking out “a stabilization board” and substituting “the stabilization board”.
104Section 269 of the Act is amended
(a) in subsection (1)
(i) by repealing the portion preceding paragraph (a) and substituting the following:
269(1)The Superintendent may place the stabilization board under the supervision of a supervisor appointed by the Superintendent and shall give the stabilization board and its auditor notice accordingly if, in the opinion of the Superintendent, the stablization board
(ii) by repealing paragraph (b);
(iii) in paragraph (c) by striking out “in the case of a stabilization board,”;
(b) in subsection (3) by striking out “Fédération des caisses populaires acadiennes or a”.
105Subsection 269.1(1) of the Act is repealed and the following is substituted:
269.1(1)If the Corporation has provided financial assistance to the stabilization board under subsection 202.4(8), the Superintendent shall place the stabilization board under the supervision of a supervisor appointed by the Superintendent and shall give notice to the stabilization board and to the auditor of the stabilization board accordingly.
106Section 271 of the Act is amended
(a) in the portion preceding paragraph (a) by striking out “, the Fédération des caisses populaires acadiennes or a” and substituting “or the”;
(b) in paragraph (a) by striking out “, the Fédération des caisses populaires acadiennes”;
(c) in paragraph (b) by striking out “, the Fédération des caisses populaires acadiennes”;
(d) in paragraph (c) by striking out “, the Fédération des caisses populaires acadiennes”;
(e) in paragraph (e) by striking out “, the Fédération des caisses populaires acadiennes”.
107Section 271.1 of the Act is amended by repealing the portion preceding paragraph (a) and substituting the following:
271.1If the stabilization board is placed under the supervision of a supervisor referred to in paragraph (b.1) of the definition “supervisor”, as defined in section 270, the stabilization board shall remain subject to the supervision until
108Paragraph 272(1)(a) of the Act is amended by striking out “, the Fédération des caisses populaires acadiennes”.
109Subsection 273(1) of the Act is amended
(a) in the portion preceding paragraph (a) by striking out “, the Fédération des caisses populaires acadiennes or a” and substituting “or the”;
(b) by repealing paragraph (a) and substituting the following:
(a) exercise, or cause to be exercised, any powers of the credit union or the stabilization board,
(c) in paragraph (b) of the English version by striking out “, the Fédération des caisses populaires acadiennes”;
(d) by repealing paragraph (c) of the English version and substituting the following:
(c) order the credit union or the stabilization board to correct any practices that, in the opinion of the supervisor, are contributing to the unsound financial condition of the credit union or the stabilization board or are likely to contribute to the unsound conduct of its business and affairs,
(e) in paragraph (d) of the English version by striking out “, the Fédération des caisses populaires acadiennes”;
(f) in paragraph (e) by striking out “or the Fédération des caisses populaires acadiennes”;
(g) in paragraph (f) of the English version in the portion preceding subparagraph (i) by striking out “, the Fédération des caisses populaires acadiennes”;
(h) in paragraph (g) of the English version by striking out “, the Fédération des caisses populaires acadiennes”.
110Section 274 of the Act is repealed and the following is substituted:
Duty of supervisor on liquidation
274If a credit union or the stabilization board is placed under supervision, the supervisor shall ensure that the interests of all the creditors of the credit union or the stabilization board and of the Corporation are properly and lawfully provided for.
111Section 276 of the Act is amended by striking out “, the Fédération des caisses populaires acadiennes”.
112Section 277 of the Act is amended by striking out “, the Fédération des caisses populaires acadiennes”.
113Section 278 of the Act is amended
(a) in subsection (1)
(i) in the portion preceding paragraph (a) by striking out “or the Fédération des caisses populaires acadiennes”;
(ii) in paragraph (a) by striking out “or the Fédération des caisses populaires acadiennes”;
(iii) in paragraph (b) by striking out “or the Fédération des caisses populaires acadiennes,”;
(b) by repealing subsection (3) and substituting the following:
278(3)If a credit union sends a notice or document to a person in accordance with subsection (1) and the notice or document is returned on two consecutive occasions because the person cannot be found, the credit union is not required to send any further notices or documents to the person until it is informed in writing of that person’s new address.
(c) in subsection (4) by striking out “or the Fédération des caisses populaires acadiennes”;
(d) in subsection (5) by striking out “or the Fédération des caisses populaires acadiennes”.
114Section 279 of the Act is repealed and the following is substituted:
Notice to and service on a credit union
279A notice or document required to be sent to or served on a credit union may be sent by registered mail to its registered office as shown in the last notice filed with the Superintendent and, if so sent, shall be deemed to have been received or served at the time it would be delivered in the ordinary course of mail unless there are reasonable grounds for believing that the credit union did not receive the notice or document at that time or at all.
115Section 282 of the Act is amended
(a) by repealing subsection (1) and substituting the following:
282(1)A certificate issued on behalf of a credit union stating any fact set out in its articles or by-laws, in the minutes of the meetings of its members or directors or in a trust indenture or other contract to which it is a party may be signed by a director or an officer of the credit union.
(b) in subsection (2)
(i) in paragraph (b) by striking out “or the Fédération des caisses populaires acadiennes”;
(ii) by repealing paragraph (c) and substituting the following:
(c) a certified copy of minutes or extracts from minutes of a meeting of the members or directors of a credit union or of a committee appointed by the directors of a credit union,
(c) in subsection (3) by striking out “or the Fédération des caisses populaires acadiennes”.
116Subsection 284(3) of the Act is repealed and the following is substituted:
284(3)The Superintendent may require a credit union, Atlantic Central or the stabilization board to authenticate a document, and the authentication may be signed by the secretary, any director or authorized person or by the solicitor for the credit union, Atlantic Central or the stabilization board.
117Subsection 285(2) of the Act is amended
(a) in the portion preceding paragraph (a) by striking out “or the Fédération des caisses populaires acadiennes”;
(b) in paragraph (a) by striking out “or the Fédération des caisses populaires acadiennes”;
(c) in paragraph (b)
(i) in subparagraph (i) by striking out “the prescribed certificate” and substituting “a certificate”;
(ii) in subparagraph (iii) by striking out “or the Fédération des caisses populaires acadiennes”.
118Subsection 288(1) of the Act is amended by striking out “or the Fédération des caisses populaires acadiennes”.
119The Act is amended by adding the following after section 289:
289.1(1)The Superintendent may establish forms for the purposes of any provision of this Act or the regulations.
289.1(2)The Superintendent may require that a form required to be filed with the Superintendent under this Act or the regulations be accompanied by other documents.
289.1(3)The Superintendent may establish the form and content of a form.
289.1(4)The Superintendent may determine whether a form established under subsection (1) or a document required to be filed under subsection (2) is required to be signed, certified or made under oath or solemn declaration and any additional requirements respecting signatures.
289.1(5)The Superintendent may, in forms, collect personal information either directly from an individual to whom the information relates, or indirectly, from any other person authorized to complete the form.
289.1(6)The Regulations Act does not apply to the forms established by the Superintendent or to the requirements set out in this section.
289.1(7)If there is a conflict or an inconsistency between a form established by the Superintendent and this Act or a regulation made under this Act, this Act or the regulation made under this Act prevails.
120Section 292 of the Act is amended
(a) in subparagraph (b)(ii) by striking out “or continuance”;
(b) in paragraph (f) by striking out “federation or stabilization board” and substituting “Atlantic Central or the stabilization board”;
(c) by repealing paragraph (y) and substituting the following:
(y) requiring or authorizing Atlantic Central to do certain things for the purposes of paragraph 192.25(g);
(d) by repealing paragraph (z);
(e) by repealing paragraph (bb) and substituting the following:
(bb) requiring or authorizing the stabilization board to do certain things for the purposes of paragraph 196(c);
(f) in paragraph (cc)
(i) in the portion preceding subparagraph (i) by striking out “a stabilization board” and substituting “the stabilization board”;
(ii) in subparagraph (ii) of the English version by striking out “a stabilization board” and substituting “the stabilization board”;
(iii) in subparagraph (iii) of the English version by striking out “a stabilization board” and substituting “the stabilization board”;
(g) by repealing paragraph (ee.1) and substituting the following:
(ee.1) for the purposes set out in sections 202.3 and 202.4, prescribing the amounts that are excluded in determining the total amount of the stabilization fund of the stabilization board;
(h) in paragraph (ff) by striking out “a stabilization board” and substituting “the stabilization board”;
(i) by repealing paragraph (kk).
121Section 295 of the Act is repealed.
122Section 296 of the Act is repealed.
123Section 308 of the Act is repealed.
124Section 309 of the Act is repealed.
125Section 310 of the Act is repealed.
126Section 311 of the Act is repealed.
127Section 312 of the Act is repealed.
128Section 313 of the Act is repealed.
129Section 314 of the Act is repealed.
130Section 315 of the Act is repealed.
131Schedule A of the Act is amended
(a) by striking out “154.1...............E”;
(b) by striking out “154.2..............E”;
(c) by striking out “166(2)..............E”;
(d) by adding “192.21..............E” in numerical order;
(e) by adding “192.22..............E” in numerical order .
TRANSITIONAL PROVISIONS, CONSEQUENTIAL AMENDMENTS AND COMMENCEMENT
Definitions
132The following definitions apply in this section and in sections 133 to 139.
“Act” means the Credit Unions Act.(Loi)
“Commission” means Commission as defined in section 1 of the Act.(Commission)
“federal continuance” means federal continuance as defined in section 153.1 of the Act.(prorogation fédérale)
“Fédération” means the Fédération des Caisses Populaires Acadiennes Limitée continued on January 1, 2011, under subsection 155(1) of the Act, as it read on that date.(Fédération)
“first amalgamation” means the amalgamation of the credit unions referred to in the amalgamation agreement adopted by special resolution on November 12, 2014, by the members of each credit union set out in Schedule A of the previous transitional provisions.(première fusion)
“Office de Stabilisation” means the Office de Stabilisation de la Fédération des Caisses Populaires Acadiennes Limitée continued on January 1, 2011, under subsection 194(1) of the Act as it read on that date.(Office de Stabilisation)
“previous transitional provisions” means all or any of the provisions of sections 3 and 4 and of Schedule A of An Act to Amend the Credit Unions Act, chapter 45 of the Acts of New Brunswick, 2015.(dispositions transitoires antécédentes)
“second amalgamation” means the amalgamation of the Fédération, the Office de Stabilisation and the amalgamated credit union that resulted from the first amalgamation.(deuxième fusion)
“special resolution” means special resolution as defined in section 1 of the Act.(résolution spéciale)
“Superintendent” means Superintendent as defined in section 1 of the Act.(surintendant)
“Tribunal” means Tribunal as defined in section 1 of the Act.(Tribunal)
Conflict
133If there is a conflict between a provision of sections 134 to 139 and a provision of the Act, the provision of sections 134 to 139 prevails.
First amalgamation
134(1)In the case of the first amalgamation, the Superintendent may establish the form and content of
(a) articles of amalgamation that are required to be sent to the Superintendent under section 136 of the Act; and
(b) a certificate of amalgamation under subparagraph 285(2)(b)(i) of the Act.
134(2)If the Superintendent approves the application for federal continuance referred to in section 4 of the previous transitional provisions in writing and issues a certificate of amalgamation in accordance with subsection 138(1) of the Act, the credit unions referred to in Schedule A of the previous transitional provisions are deemed to be amalgamated, in which case, the first amalgamation is only effective for the purpose of the second amalgamation and subsection 138(2) of the Act does not apply until the first amalgamation becomes effective under section 136.
Second amalgamation
135(1)For the purposes of this section, the Fédération, the Office de Stabilisation and the amalgamated credit union that resulted from the first amalgamation are deemed to be credit unions that are able to amalgamate under section 134 of the Act.
135(2)The Fédération, the Office de Stabilisation and the amalgamated credit union that resulted from the first amalgamation may amalgamate and continue as one credit union by entering into an amalgamation agreement as required under the Act.
135(3)The amalgamation agreement shall include
(a) the proposed name of the amalgamated credit union that results from the second amalgamation,
(b) the name of the person proposed for appointment to the office of auditor for the amalgamated credit union that results from the second amalgamation for the purposes of subsection 113(1.11) of the Act; and
(c) a statement of intent to be bound by the application for federal continuance authorized to be made by the Caisse populaire Acadie Ltée under subsection 4(4) of the previous transitional provisions.
135(4)Paragraphs 134(1)(a), (g), (h), (i), (j), (k) and (m) and subsections 135(1), (2) and (3) of the Act do not apply to the amalgamation agreement.
135(5)The amalgamation agreement is adopted if:
(a) the directors of the Fédération approve the second amalgamation and the application for federal continuance by special resolution;
(b) the directors of the Office de Stabilisation approve the second amalgamation and the application for federal continuance by special resolution; and
(c) the directors of each credit union set out in Schedule A of the previous transitional provisions approve the second amalgamation and the application for federal continuance by special resolution.
135(6)The approvals of the application for federal continuance by special resolution of the directors under each of paragraphs (5)(a), (b) and (c) are together deemed to be an approval of the application for federal continuance by special resolution of the amalgamated credit union that results from the second amalgamation.
135(7)In the case of the second amalgamation, the Superintendent may establish the form and content of
(a) the articles of amalgamation and the statutory declaration that are required to be sent to the Superintendent under section 136 of the Act; and
(b) a certificate of amalgamation for the purpose of subparagraph 285(2)(b)(i) of the Act.
135(8)The Superintendent shall not approve the application for federal continuance and issue a certificate of amalgamation unless the Fédération has entered into an agreement with the Commission respecting the reimbursement of expenses incurred by the Commission with respect to the federal continuance of the amalgamated credit union that results from the second amalgamation in the one year period following the effective date of the federal continuance.
135(9)If the Superintendent approves the application for federal continuance in writing and issues a certificate of amalgamation in accordance with subsection 138(1) of the Act, the Fédération, the Office de Stabilisation and the amalgamated credit union that resulted from the first amalgamation are deemed to be amalgamated, in which case,
(a) the amalgamated credit union that results from the second amalgamation is deemed to be substituted for the Caisse populaire Acadie Ltée as the authorized applicant under subsection 4(4) of the previous transitional provisions in the application for federal continuance made to the Minister of Finance of Canada,
(b) the second amalgamation is only effective for the purpose of the application for federal continuance referred to in paragraph (a) and subsection 138(2) of the Act does not apply until the second amalgamation becomes effective under section 136.
Effective date of amalgamation
136For the purposes of subsection 138(2) of the Act, the first amalgamation and the second amalgamation shall not be effective unless
(a) there has been an issuance of letters patent continuing the amalgamated credit union that results from the second amalgamation as a federal credit union under the Bank Act (Canada), and
(b) the date of issuance of the letters patent is the same date as the effective date of the federal continuance of the amalgamated credit union that results from the second amalgamation.
Issuance of certificate of discontinuance
137(1)If the conditions set out in section 136 are met, the Superintendent may issue a certificate of discontinuance under section 153.4 of the Act, in which case, for the purpose of subsection 138(2) of the Act, the first amalgamation is deemed to have become effective immediately before the second amalgamation, which is deemed to have become effective immediately before the issuance of the letters patent continuing the amalgamated credit union that results from the second amalgamation as a federal credit union under the Bank Act (Canada).
137(2)The Superintendent may establish the form and content of the certificate of discontinuance for the purpose of subparagraph 285(2)(b)(i) of the Act.
Transitional assessment
138(1)In the year in which the amalgamated credit union that results from the second amalgamation is continued federally, the amount of an assessment shall be determined as follows:
(a) for each credit union listed in Schedule A of the previous transitional provisions:
A = [B × C / D ]
where
“A” is the amount of the assessment with respect to the credit union;
“B” is the costs and expenses in relation to the administration of the Act and the regulations, including the costs and expenses related to the Tribunal, as determined by the Commission for the period beginning April 1 of the year in which the federal continuance occurs and ending the day before the effective date of the federal continuance;
“C” is the value of the total assets of the credit union as of December 31, 2015;
“D” is the value of the total assets of all credit unions as of December 31, 2015;
(b) for each credit union not referred to in paragraph (a):
A = [B × C / D ] + [E × F / G)]
where
“A” is the amount of the assessment with respect to the credit union;
“B” is the costs and expenses in relation to the administration of the Act and the regulations, including the costs and expenses related to the Tribunal, as determined by the Commission for the period beginning April 1 of the year in which the federal continuance occurs and ending on the day before the effective date of the federal continuance;
“C” is the value of the total assets of the credit union as of December 31, 2015;
“D” is the value of the total assets of all credit unions as of December 31, 2015;
“E” is the costs and expenses in relation to the administration of the Act and the regulations, including the costs and expenses related to the Tribunal, as determined by the Commission for the period beginning on the effective date of the federal continuance and ending on the last day of the fiscal year of the Commission in which the federal continuance becomes effective;
“F” is the value of the total assets of the credit union as of December 31, 2016;
“G” is the value of the total assets of all credit unions as of December 31, 2016.
138(2)With respect to an amount determined under paragraph (1)(a)
(a) the Commission may, before the effective date of the federal continuance, estimate the costs and expenses referred to in variable B,
(b) a credit union shall pay the amount no later than the day before the effective date of the federal continuance,
(c) if the amount is not paid in full within 30 days after the date of the assessment, the amount remaining unpaid shall bear interest at the rate charged by the Province for the late payment of accounts receivable, calculated
(i) on the thirtieth day after the date of the assessment, for the preceding 30 days, and
(ii) every thirtieth day after the date in subparagraph (i).
138(3)Subject to subsections (1) and (2), section 291 of the Act applies with the necessary modifications to the assessment under this section.
Revocation of certificates and approvals
139If the issuance of letters patent referred to in paragraph 136(a) does not occur before August 1, 2017, the Superintendent may revoke
(a) the certificate of amalgamation issued for the first amalgamation,
(b) the certificate of amalgamation issued for the second amalgamation,
(c) his or her approval of the application for federal continuance under the previous transitional provisions, and
(d) his or her approval of the application for federal continuance under subsection 135(9).
An Act to Amend the Credit Unions Act
140An Act to Amend the Credit Unions Act, chapter 45 of the Acts of New Brunswick, 2015, is amended
(a) by repealing section 5;
(b) by repealing section 6.
Financial Corporation Capital Tax Act
141Section 1 of the Financial Corporation Capital Tax Act, chapter F-11.1 of the Acts of New Brunswick, 1987, is amended
(a) by repealing the definition “bank” and substituting the following:
“bank” means (banque)
(a) in the definitions “loan company” and “trust company”, a bank to which the Bank Act (Canada) applies, or
(b) in the definition “financial corporation” and any other provision of this Act or the regulations, a bank to which the Bank Act (Canada) applies excluding a federal credit union;
(b) by repealing the definition “loan company” and substituting the following:
“loan company” means a loan institution or corporation that accepts deposits within the meaning of the Canada Deposit Insurance Corporation Act (Canada) but does not include(compagnie de crédit)
(a) a bank,
(b) a trust company,
(c) a credit union incorporated under the Credit Unions Act or any former Credit Unions Act, or
(d) Atlantic Central as defined in the Credit Unions Act;
(c) by repealing the definition “trust company” and substituting the following:
“trust company” means a trust institution or corporation that accepts deposits within the meaning of the Canada Deposit Insurance Corporation Act (Canada) but does not include(compagnie de fiducie)
(a) a bank,
(b) a loan company,
(c) a credit union incorporated under the Credit Unions Act or any former Credit Unions Act, or
(d) Atlantic Central as defined in the Credit Unions Act;
(d) by adding the following definition in alphabetical order:
“federal credit union” means a federal credit union as defined by the Bank Act (Canada);(coopérative de crédit fédérale)
Commencement
142Sections 1 to 131 and section 141 of this Act come into force on a day or days to be fixed by proclamation.