Bill C-455: An Act to amend the Competition Act and the Bank Act (reduction of administrative burden — credit unions)

Bill C-455 If you have any questions or comments regarding the accessibility of this publication, please contact us at [email protected]. First Reading LEGISinfo Bilingual view XML PDF Skip to Document Navigation Skip to Document Content ENGLISHSUMMARYSUMMARY1 Competition Act1 Competition Act2 Bank Act2 Bank Act First Session, Forty-second Parliament, 64-65-66-67-68 Elizabeth II, 2015-2016-2017-2018-2019 HOUSE OF COMMONS OF CANADA BILL C-455 An Act to amend the Competition Act and the Bank Act (reduction of administrative burden — credit unions) FIRST READING, June 10, 2019 Mr. Albas 421578 SUMMARY This enactment amends the Competition Act to provide that the Commissioner of Competition need not be notified of proposed amalgamations involving only federally and provincially regulated credit unions. It also amends the Bank Act to provide that a proposal by a member of a federal credit union to raise a matter at an annual meeting is to be signed by a minimum number of members who are entitled to vote at the meeting. Finally, it amends the Act to specify that only a federal credit union that is a distributing bank is required to provide access to its members register. Available on the House of Commons website at the following address: www.ourcommons.ca 1st Session, 42nd Parliament, 64-65-66-67-68 Elizabeth II, 2015-2016-2017-2018-2019 HOUSE OF COMMONS OF CANADA BILL C-455 An Act to amend the Competition Act and the Bank Act (reduction of administrative burden — credit unions) Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: R.‍S.‍, c. C-34; R.‍S.‍, c. 19 (2nd Supp.‍), s. 19 Competition Act 1 (1) The portion of subsection 110(4) of the Competition Act before paragraph (a) is replaced by the following: Amalgamation (4) Subject to subsections (4.‍1) and (4.‍2) and section 113, this Part applies in respect of a proposed amalgamation of two or more entities if one or more of those entities carries on an operating business, or controls an entity that carries on an operating business, and if (2) Section 110 of the Act is amended by adding the following after subsection (4.‍1): Amalgamation – credit unions (4.‍2) This Part does not apply in respect of a proposed amalgamation of two or more entities each of which (a) carries on an operating business or controls an entity that carries on an operating business; (b) provides financial services on a cooperative basis; and (c) is incorporated or organized by or under the Bank Act or an Act of the legislature of a province. 1991, c. 46 Bank Act 2 (1) The portion of subsection 144.‍1(1) of the Bank Act before paragraph (a) is replaced by the following: Proposals — members of federal credit union 144.‍1 (1) Subject to subsections (2), (2.‍1) and (3), a member of a federal credit union may (2) Section 144.‍1 of the Act is amended by adding the following after subsection (2): Proposal to be signed (2.‍1) A proposal must be signed by at least 500 members who are entitled to vote at the meeting, or 1 per cent of the total number of members entitled to vote at the meeting, whichever is the lesser. (3) Subsection 144.‍1(5) of the Act is replaced by the following: Proof may be required (5) If the federal credit union requests within the prescribed period that a member provide proof that they are eligible to submit a proposal or that the proposal is signed by the applicable number of members who are entitled to vote at the meeting, the member must within the prescribed period provide proof that they meet the requirement of subsection (2) or that the proposal meets the requirement of subsection (2.‍1), as the case may be. 3 Subsection 144.‍2(1) of the English version of the Act is replaced by the following: Refusal to include proposal 144.‍2 (1) If a federal credit union refuses to include a proposal in a notice of a meeting referred to in section 138, it must, within the prescribed period after the day on which it receives the proposal or the day on which it receives the proof required under subsection 144.‍1(5), as the case may be, notify in writing the person submitting the proposal of its intention to omit the proposal from the notice and of the reasons for the refusal. 4 (1) Subsection 254.‍1(3) of the Act is replaced by the following: Access to members register – distributing bank (3) Members, shareholders and creditors of a federal credit union that is a distributing bank, and their personal representatives, may examine the members register during the usual business hours of the bank and may take extracts from it free of charge or have copies of it made on payment of a reasonable fee. Any other person may, on payment of a reasonable fee, examine the members register during the usual business hours of the bank and take extracts from it or have copies of it made. (2) Subsection 254.‍1(4) of the English version of the Act is replaced by the following: Electronic access (4) A federal credit union may make the information contained in the members register available by any mech­anical or electronic data processing system or other information storage device that is capable of reproducing it in intelligible written form within a reasonable time. Published under authority of the Speaker of the House of Commons Publication Explorer Publication Explorer ParlVU