Financial matters
21(1)The Commission shall maintain in its own name one or more accounts in a bank, trust company or credit union designated by the Minister for the purposes of subsection 17(1) of the
Financial Administration Act.
21(2)Despite the
Financial Administration Act, all money received by the Commission through the conduct of its operations or otherwise shall be deposited to the credit of the account or accounts maintained under subsection (1) and shall be administered by the Commission exclusively for the purposes of financial and consumer services legislation.
21(3)With the approval of the Minister, the Commission may borrow money for the purposes of carrying on its activities.
21(4)The Commission may invest money in any kind of property, real, personal or mixed, for the purposes of carrying on its activities and in doing so shall exercise the judgment and care that a person of prudence, discretion and intelligence would exercise as a trustee of the property of others.
21(5)For the purposes of subsection (2), amounts received by the Commission from administrative penalties under financial and consumer services legislation shall not be used for the normal operating expenditures of the Commission and shall be used only for endeavours or activities that, in the opinion of the Commission, enhance or may enhance the financial market place or consumer protection.
21(6)For the purposes of subsection (2), amounts disgorged to the Commission under any of the following statutory provisions shall not be used for the normal operating expenditures of the Commission and shall be used only in accordance with the rules made under paragraph 59(1)(
b.1) or the regulations or rules made under the statute in question:
(a)
paragraph 9.7(1)(
i) of the
Collection and Debt Settlement Services Act;
(b)
paragraph 146(1)(g) of the
Cooperatives Act;
(b.1)
51.7(1)(
j) of the
Cost of Credit Disclosure and Payday Loans Act;
(b.2)
paragraph 47(1)(
i) of the
Credit Reporting Services Act;
(c)
paragraph 257(1)(h) of the
Credit Unions Act;
(d)
paragraph 24.7(1)(
i) of the
Direct Sellers Act;
(e)
paragraph 392(1)(
i) of the
Insurance Act;
(f)
paragraph 75(1)(
i) of the
Mortgage Brokers Act;
(g)
paragraph 78.71(1)(
h) of the
Pension Benefits Act;
(h)
paragraph 30.7(1)(
i) of the
Pre-arranged Funeral Services Act;
(i)
paragraph 43.7(1)(
i) of the
Real Estate Agents Act;
(j)
paragraph 184(1)(
p) or 187(4)(
o) of the
Securities Act;
(k)
paragraph 46(1)(g) of the
Unclaimed Property Act.
21(7)When ordered to do so by the Minister, the Commission shall pay into the Consolidated Fund such of its surplus funds as, subject to the approval of the Treasury Board, are determined by the Minister.
21(8)In determining the amount of a payment to be made under subsection (7), the Minister shall allow those reserves for the future needs of the Commission that the Minister considers appropriate and shall ensure that the payment will not impair the Commission’s ability to pay its liabilities, to meet its obligations as they become due or to fulfil its contractual commitments.
2016, c.36, s.6; 2016, c.37, s.72; 2016, c.40, s.4; 2017, c.26, s.13; 2017, c.27, s.61; 2019, c.24, s.186; 2019, c.25, s.313; 2020, c.5, s.60; 2022, c.9, s.8