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Volume 64, No. 15

211/2021

The British Columbia Gazette,

Part II

July 27, 2021

B.C. Reg. 211/2021 , deposited July 19, 2021, under the FINANCIAL INSTITUTIONS ACT [section 201]. Ministerial Order M302/2021, dated July 19, 2021.

I, Selina Robinson, Minister of Finance, order that, effective August 1, 2021, the attached Transfer of Powers and Duties (Financial Institutions) Regulation is made.

— S. ROBINSON, Minister of Finance .

TRANSFER OF POWERS AND DUTIES

(FINANCIAL INSTITUTIONS) REGULATION

Contents

Contents

Transfer of powers and duties – Financial Institutions Act

References to Authority – Financial Institutions Act

Transfer of powers and duties – Credit Union Incorporation Act

References to Authority – Credit Union Incorporation Act

Transition

Transfer of powers and duties – Financial Institutions Act

1 All powers and duties of the Authority under the following provisions of the Financial Institutions Act are transferred to the superintendent:

(

a) section 13 [consent required for incorporation] ;

(

b) section 18 [consent required for continuation of extraprovincial trust corporation or extraprovincial insurance corporation into British Columbia] ;

(

c) section 19 [consent required for continuation of trust company or insurance company out of British Columbia] ;

(

d) section 20 [consent required for amalgamation of trust company or insurance company] ;

(

e) section 21 [consent of Authority to arrangement, acquisition or disposition] ;

(

f) section 22 [consent required for continuation or amalgamation] ;

(

g) section 26 [liquidation and dissolution on direction of Authority] ;

(

h) section 28 [duties of liquidators on Authority-ordered liquidation and dissolution] ;

(

i) section 29 [deferral of dissolution] ;

(

j) section 31 [filing quarterly statements and producing records] ;

(

k) section 159 [authorized business] ;

(

l) section 160.1 [business authorization for extraprovincial credit union] ;

(

m) section 248 [supervision of central credit union] ;

(

n) section 249 [revocation of business authorization] ;

(

o) section 251 [court order to appoint receiver, etc.] ;

(p)

section 277 (2) [orders in relation to credit union that is subject to supervision] ;

(

q) section 277.1 [additional circumstances in which

section 277 (2) orders may be made] ;

(

r) section 277.2 [assistance to administrator in relation to

section 277 (2) orders] .

References to Authority – Financial Institutions Act

2 For the purposes of

section 1, references to the Authority in the following provisions of the Financial Institutions Act are to be read as references to the superintendent:

(

a) section 30 [publication of notice] ;

(b)

section 235 (1) (a) [orders, consents and refusals to be in writing] ;

(c)

section 235 (2), except as the reference to the Authority applies to

section 235 (2) (f).

Transfer of powers and duties – Credit Union Incorporation Act

3 All powers and duties of the Authority under the following provisions of the Credit Union Incorporation Act are transferred to the superintendent:

(

a) section 11 [Authority's consent to incorporation] ;

(

b) section 15.1 [transfer of incorporation to British Columbia] ;

(

c) section 15.2 [transfer of incorporation from British Columbia] ;

(

d) section 16 [business acquisition by asset transfer] ;

(

e) section 17 [business acquisition directed by Authority] ;

(

f) section 20 [amalgamation] ;

(

g) section 21 [amalgamation directed by Authority] ;

(

h) section 22 [no interruption in business on amalgamation] ;

(

i) section 28.2 [winding up directed by Authority] ;

(

j) section 28.3 [remuneration of liquidator] ;

(

k) section 29.1 [winding up on direction of Authority] ;

(

l) section 33.3 [resignation and removal of liquidator] ;

(m)

section 40 (3) [common bond] ;

(

n) section 85 [incorporation of central credit union] ;

(

o) section 94 [power to impose conditions] ;

(

p) section 95 [hearing requirements] .

References to Authority – Credit Union Incorporation Act

4 For the purposes of

section 3, references to the Authority in

section 93 (1) and (3) [orders, consents and refusals must be in writing] of the Credit Union Incorporation Act are to be read as references to the superintendent.

Transition

5 When a power or duty is transferred by this regulation, every proceeding commenced before the transfer in relation to the power or duty must be continued after the transfer in conformity with the transferred power or duty.

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