Section 1 (1) definition of "public body", paragraphs (a) and (b) BEFORE amended by 2003-52-64, effective January 1, 2004 (BC Reg 465/2003, repealing BC Reg 428/2003).

(a) a municipality or regional district under the Local Government Act,

(b) the City of Vancouver,

  Section 1 (1) definition of "Company Act" was added by 2003-70-143(a), effective March 29, 2004 (BC Reg 64/2004).

  Section 1 (4) was added by 2003-70-143(b), effective March 29, 2004 (BC Reg 64/2004).

  Section 1 (1) definition of "tribunal" was added by 2003-51-23, effective June 1, 2004 (BC Reg 222/2004).

  Section 1 (1) definition of "credit union" BEFORE amended by 2004-48-25(a), effective December 31, 2004 (BC Reg 597/2004).

"credit union" means a corporation incorporated as a credit union under the Credit Union Incorporation Act, under the Credit Union Act, R.S.B.C., 1979, c 79, or under a former Credit Unions Act, and includes a central credit union;

  Section 1 (1) definition of "deposit business" (part) BEFORE amended by 2004-48-25(b), effective December 31, 2004 (BC Reg 597/2004).

"deposit business" means the business of receiving on deposit money that is repayable

  Section 1 (1) definition of "extraprovincial corporation" BEFORE amended by 2004-48-25(c), effective December 31, 2004 (BC Reg 597/2004).

"extraprovincial corporation" means an extraprovincial insurance corporation or an extraprovincial trust corporation;

  Section 1 (1) definition of "extraprovincial credit union" was added by 2004-48-25(d), effective December 31, 2004 (BC Reg 597/2004).

  Section 1 (1) definitions of "extraprovincial insurance corporation" and "insurance company" BEFORE amended by 2004-48-25(e), effective December 31, 2004 (BC Reg 597/2004).

"extraprovincial insurance corporation" means

(a) a corporation that is an insurer and is incorporated by or under the laws of a jurisdiction other than British Columbia and is, under those laws, licensed, registered or in any way authorized to carry on activities that are substantially the same as insurance business, or

(b) an insurance association,

and includes a society that is named in an order of the superintendent made under section 193 (2) to which society section 159 applies because of section 193 (3), but does not include

(c) a corporation that

(i)  is licensed under Division 2 of Part 6 as an insurance agent or insurance adjuster, and

(ii)  carries on insurance business only in its capacity as an insurance agent or insurance adjuster;

"insurance company" means

(a) a corporation incorporated under Division 1 of Part 2 for the purpose of carrying on insurance business, or

(b) an insurer incorporated by or under another Act,

and includes

(c) a corporation converted under section 21 or continued into British Columbia under section 23, and

(d) a society that is named in an order of the superintendent, made under section 193 (2) to which society section 59 applies because of section 193 (3)

but does not include

(e) a corporation continued under the laws of another jurisdiction,

(f) a society deemed under section 191 to have a business authorization issued under Division 5 of Part 6,

(g) a mutual fire insurance company as defined in section 188 or a grandparented insurance society as defined in section 200,

(h) a corporation that

(i)  is licensed under Division 2 of Part 6 as an insurance agent or insurance adjuster, and

(ii)  carries on insurance business only in its capacity as an insurance agent or insurance adjuster, or

(i) a corporation that is registered as a captive insurance company under the Insurance (Captive Company) Act;

  Section 1 (1) definition of "insurance association" BEFORE amended by 2004-48-25(f), effective December 31, 2004 (BC Reg 597/2004).

"insurance association" means an association of individuals formed on the plan known as Lloyd's or on another prescribed plan by which each associate underwriter is liable for a stated, limited or proportionate part of the whole amount insured by a contract of insurance;

  Section 1 (1) definition of "trust company", paragraph (a) BEFORE amended by 2004-48-25(g), effective December 31, 2004 (BC Reg 597/2004).

(a) a corporation incorporated under Division 1 of Part 2, for the purpose of carrying on trust business, deposit business or both, and includes a corporation continued into British Columbia under section 23, or

  Section 1 (4) (b) BEFORE amended by 2004-48-26, effective December 31, 2004 (BC Reg 597/2004).

(b) the provisions of the Company Act, R.S.B.C. 1996, c. 62, continue to apply, as though that Act had not been repealed, to and in respect of the deposit insurance corporation, and to every financial institution or extraprovincial corporation, in the manner and to the extent provided by this Act.

  Section 1 (4) (c) was added by 2004-48-26, effective December 31, 2004 (BC Reg 597/2004).

  Section 1 (4) BEFORE amended by 2006-12-40, effective March 30, 2006 (Royal Assent).

(4)  Despite the repeal of the Company Act, R.S.B.C. 1996, c. 62,

(a) a reference in this Act to the Company Act is, except in section 245 (1) (j) (ii) of this Act, deemed to be a reference to the Company Act, R.S.B.C. 1996, c. 62, and is, in section 245 (1) (j) (ii) of this Act, deemed to include a reference to the Company Act, R.S.B.C. 1996, c. 62,

(b) subject to paragraph (c), the provisions of the Company Act, R.S.B.C. 1996, c. 62, continue to apply, as though that Act had not been repealed, to and in respect of the deposit insurance corporation, and to every financial institution or extraprovincial corporation, in the manner and to the extent provided by this Act, and

(c) the reference in section 298 (3) (a) (ii) of the Company Act, R.S.B.C. 1996, c. 62, to "the Superintendent of Financial Institutions" must be read as a reference to "the Financial Institutions Commission".

  Section 1 (1) definition of "capital base" BEFORE amended by 2006-12-39, effective November 23, 2007 (BC Reg 365/2007).

"capital base" of a financial institution or extraprovincial corporation means the capital base determined in accordance with the regulations under section 289 (3) (f);

  Section 1 (1) definition of "insurance business" (part) BEFORE amended by 2009-15-9(a), effective January 1, 2010 (BC Reg 299/2009).

"insurance business" means the business of

  Section 1 (5) was added by 2009-15-9(b), effective January 1, 2010 (BC Reg 299/2009).

  Section 1 (1) definition of "depositor" BEFORE amended by 2010-4-3(a), effective March 31, 2010 (Royal Assent).

"depositor" means

(a) an individual, or

(b) an entity

that has money on deposit with a trust company, credit union or extraprovincial trust corporation, and includes an individual or entity who holds non-equity shares in a credit union;

  Section 1 (1) definition of "tribunal" BEFORE amended by 2008-30-11, effective November 19, 2010 (BC Reg 331/2010).

"tribunal" means the Financial Services Tribunal established under section 242.1;

  Section 1 (1) definition of "financial services" was added by 2010-4-3(b), effective December 31, 2010.

  Section 1 (1) in the definition of "unaffiliated director", paragraph (h) was added by 2010-4-3(c), effective December 31, 2010.

  Section 1 (1) definition of "trust business", paragraph (c) BEFORE amended by 2007-34-78, effective September 1, 2011 (BC Reg 14/2011).

(c) committee of the estate of a person with a mental disorder, or

  Section 1 (1) definition of "trust business" (part) and paragraph (d) BEFORE amended by 2007-34-78(a), effective September 1, 2011 (BC Reg 14/2011).

Note: 2007-34-78(a) was amended by 2009-22-31, effective October 29, 2009 (Royal Assent).

(d) representative under the Representation Agreement Act,

whether or not the person undertaking an activity or activities set out in paragraphs (a) to (d) can or does distribute any gain, profit or dividend, or otherwise disposes of the person's assets, to a member or shareholder of the person other than during winding up or on dissolution;

  Section 1 (1) definition of "trust business", paragraph (e) was added by 2007-34-78, effective September 1, 2011 (BC Reg 14/2011).

  Section 1 (1) definition of "life insurance" BEFORE repealed by 2009-16-104, effective July 1, 2012 (BC Reg 213/2011).

"life insurance" means insurance by which an insurer undertakes to pay money

(a) on death,

(b) on the happening of an event or a contingency dependent on human life,

(c) at a fixed or determinable future time, or

(d) for a term dependent on human life,

and, without restricting the generality of the foregoing, includes

(e) accidental death insurance, but not accident insurance,

(f) disability insurance, and

(g) an undertaking entered into by an insurer in the ordinary course of its business to provide an annuity, including an annuity in respect of which the periodic payments may be unequal in amount;

  Section 1 (1) BEFORE amended by 2011-29-64(a), effective November 1, 2012 (BC Reg 208/2012).

(1)  In this Act and in the Company Act as it applies for the purposes of this Act:

  Section 1 (1) definitions of "articles", "insurance company", "member", "memorandum", and "trust company" BEFORE amended by 2011-29-64(b), (e), (f), (g), and (i), effective November 1, 2012 (BC Reg 208/2012).

"articles" means the document described in section 13 and includes the articles, articles of association or bylaws by whatever name called of a trust company or insurance company;

"insurance company" means

(a) a corporation incorporated under Division 1 of Part 2 for the purpose of carrying on insurance business, or

(b) an insurer incorporated by or under another Act,

and includes

(c) a corporation converted under section 21 or continued into British Columbia under section 23, and

(d) a society that is named in an order of the commission, made under section 193 (2) to which society section 59 applies because of section 193 (3)

but does not include

(e) a corporation continued under the laws of another jurisdiction,

(f) a society deemed under section 191 to have a business authorization issued under Division 5 of Part 6,

(g) a mutual fire insurance company as defined in section 188 or a grandparented insurance society as defined in section 200,

(h) a corporation that

(i)  is licensed under Division 2 of Part 6 as an insurance agent or insurance adjuster, and

(ii)  carries on insurance business only in its capacity as an insurance agent or insurance adjuster, or

(i) a corporation that is registered as a captive insurance company under the Insurance (Captive Company) Act;

"member",

(a) in relation to a trust company or insurance company, means a subscriber of the memorandum of a company, and includes every other person who agrees to become a member of the company and whose name is entered in its register of members or a branch register of members, and

(b) in relation to a credit union, means a person who has been admitted to membership or junior membership in the credit union and whose name is entered in its register of members, but does not include a person who is an auxiliary member as defined in section 1 of the Credit Union Incorporation Act;

"memorandum" means the document described in section 12 and includes the memorandum, memorandum of association or constitution by whatever name called of a trust company or insurance company;

"trust company" means

(a) a corporation incorporated under Division 1 of Part 2, for the purpose of carrying on trust business and includes a corporation continued into British Columbia under section 23, or

(b) a corporation incorporated as a trust company under the Trust Company Act, R.S.B.C. 1979, c. 412, or incorporated under another Act,

but does not include a corporation continued under the laws of another jurisdiction;

  Section 1 (1) definition of "Company Act" BEFORE repealed by 2011-29-64(c), effective November 1, 2012 (BC Reg 208/2012).

"Company Act", except in section 245 (1) (j) (ii) of this Act and subsection (4) of this section, means the Company Act, R.S.B.C. 1996, c. 62, as that Act is applied under subsection (4) of this section;

  Section 1 (1) definitions of "insolvent", "pre-existing insurance company", "pre-existing trust company", and "special Act insurance company" were added by 2011-29-64(d) and (h), effective November 1, 2012 (BC Reg 208/2012).

  Section 1 (2) BEFORE amended by 2011-29-64(j), effective November 1, 2012 (BC Reg 208/2012).

(2)  For the purposes of this Act and the Company Act as it applies for the purposes of this Act, an affiliate of a corporation is deemed to be affiliated with all other corporations with which the corporation is affiliated.

  Section 1 (3) and (4) BEFORE repealed by 2011-29-64(k), effective November 1, 2012 (BC Reg 208/2012).

(3)  Subject to subsections (1) and (2) and unless the context requires otherwise, words and expressions used in the Company Act, whether or not defined in that Act, have the same meaning for the purposes of this Act as they have in the Company Act.

(4)  Despite the repeal of the Company Act, R.S.B.C. 1996, c. 62,

(a) a reference in this Act to the Company Act is, except in section 245 (1) (j) (ii) of this Act, deemed to be a reference to the Company Act, R.S.B.C. 1996, c. 62, and is, in section 245 (1) (j) (ii) of this Act, deemed to include a reference to the Company Act, R.S.B.C. 1996, c. 62, and

(b) the provisions of the Company Act, R.S.B.C. 1996, c. 62, continue to apply, as though that Act had not been repealed, to and in respect of the deposit insurance corporation, and to every financial institution, in the manner and to the extent provided by this Act.

(c) [Repealed 2006-12-40.]

  Section 1 (6) was added by 2011-29-64(l), effective November 1, 2012 (BC Reg 208/2012).

  Section 1 (1) definition of "spouse", paragraph (b) BEFORE amended by 2011-25-358, effective March 18, 2013 (BC Reg 131/2012).

(b) is living and cohabiting with another person in a marriage-like relationship, including a marriage-like relationship between persons of the same gender;

  Section 1 (1) definition of "unaffiliated director", paragraph (g) BEFORE amended by BC Reg 243/2013, effective November 28, 2013.

(g) an individual who, within the 2 years before becoming a director, has been an officer or employee of the company or of an affiliate of it; or

  Section 1 (1) definition of "Authority" was added by 2019-14-37(a), effective June 4, 2019 (BC Reg 116/2019).

  Section 1 (1) definition of "commission" BEFORE repealed by 2019-14-37(b), effective November 1, 2019 (BC Reg 197/2019).

"commission" means the Financial Institutions Commission established under section 201;

  Section 1 (1) definition of "extraprovincial insurance corporation" BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

"extraprovincial insurance corporation" means

(a) a corporation that is an insurer and is incorporated by or under the laws of a jurisdiction other than British Columbia and is, under those laws, licensed, registered or in any way authorized to carry on activities that are substantially the same as insurance business, or

(b) an insurance association,

and includes a society that is named in an order of the commission made under section 193 (2) to which society section 159 applies because of section 193 (3), but does not include

(c) a corporation that

(i) is licensed under Division 2 of Part 6 as an insurance agent or insurance adjuster, and

(ii) carries on insurance business only in its capacity as an insurance agent or insurance adjuster;

  Section 1 (1) definition of "insurance company", paragraph (g) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(g) a society that is named in an order of the commission made under section 193 (2) of this Act to which society section 59 applies because of section 193 (3),

  Section 1 (1) definition of "unaffiliated director", paragraph (h) (part) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(h) unless determined to be an unaffiliated director by the commission under section 97 (2),

  Section 1 (1) definitions of "depositor" and "extraprovincial credit union" BEFORE amended by 2019-39-1(b) and (c), effective January 27, 2020 (BC Reg 7/2020).

"depositor" means

(a) an individual, or

(b) an entity

that has money on deposit with a credit union, extraprovincial credit union or extraprovincial trust corporation, and includes an individual or entity who holds non⁠-⁠equity shares in a credit union;

"extraprovincial credit union" means a credit union that is incorporated by or under the laws of a jurisdiction other than British Columbia and that is, under those laws, licensed, registered or in any way authorized to carry on activities that are substantially the same as trust business or deposit business or both;

  Section 1 (1) definition of "capital base" BEFORE amended by 2019-39-1(a), effective June 22, 2020 (BC Reg 141/2020).

"capital base" of a financial institution or extraprovincial corporation means the capital base determined in accordance with the regulations under section 289 (3) (e) or (f);

  Section 1 (1) definition of "prescribed" was added by 2019-39-1(f), effective June 22, 2020 (BC Reg 141/2020).

  Section 1 (1) definitions of "electronic meeting", "fully electronic meeting" and "partially electronic meeting" were added by 2021-14-43, effective May 20, 2021 (Royal Assent).

  Section 1 (1) definition of "special resolution", paragraph (a) (i) and (ii) BEFORE amended by 2021-14-65,Sch, effective May 20, 2021 (Royal Assent).

(i) passed by a majority of not less than 3/4 of the votes cast by those members of the company who, being entitled to do so, vote in person or by proxy at a general meeting of the company

(A) of which notice as the articles provide and being not less than 21 days' notice specifying the intention to propose the resolution as a special resolution has been given, or

(B) if every member entitled to attend and vote at the meeting agrees, at a meeting of which less than 21 days' notice has been given, or

(ii) consented to in writing by every member of the company who would have been entitled to vote in person or by proxy at a general meeting of the company, and a resolution so consented to is deemed to be a special resolution passed at a general meeting of the company, and

  Section 1 (1) definition of "extraprovincial insurance corporation" sandwich text BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

and includes a society that is named in an order of the Authority made under section 193 (2) to which society section 159 applies because of section 193 (3), but does not include

  Section 1 (1) definition of "insurance company", paragraph (g) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(g) a society that is named in an order of the Authority made under section 193 (2) of this Act to which society section 59 applies because of section 193 (3),

  Section 1 (1) definition of "unaffiliated director", paragraph (h) (part) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(h) unless determined to be an unaffiliated director by the Authority under section 97 (2),

  Section 1 (1) definition of "insurer" BEFORE amended by 2024-10-20(a), effective April 25, 2024 (Royal Assent).

"insurer" means an individual, corporation or other entity carrying on insurance business;

  Section 1 (1) definition of "personal information" was added by 2024-10-20(b), effective April 25, 2024 (Royal Assent).

  Section 2 BEFORE amended by 2003-70-144, effective March 29, 2004 (BC Reg 64/2004).

  Section 2 BEFORE amended by 2006-12-41, effective March 30, 2006 (Royal Assent).

  Section 2 BEFORE re-enacted by 2011-29-65, effective November 1, 2012 (BC Reg 208/2012).

  Sections 3 to 5 BEFORE repealed by 2011-29-65, effective November 1, 2012 (BC Reg 208/2012).

  Section 6 (2) and (3) were added (after renumbering section 6 to 6 (1)) by 2003-70-145, effective March 29, 2004 (BC Reg 64/2004).

  Section 6 BEFORE repealed by 2006-12-42, effective March 30, 2006 (Royal Assent).

  Section 7 BEFORE repealed by 2011-29-65, effective November 1, 2012 (BC Reg 208/2012).

  Section 9 (5) BEFORE repealed by 2004-48-27, effective December 31, 2004 (BC Reg 597/2004).

(5)  A reference to "minister" in the Company Act must be read as a reference to the minister who is responsible for the administration of this Act.

  Section 9 (3) BEFORE amended by 2006-12-43, effective March 30, 2006 (Royal Assent).

(3)  A reference to "company", "corporation" or "extraprovincial company" in the Company Act must be read as a reference to "financial institution" or to "credit union", "trust company", "insurance company" or "extraprovincial corporation", as the context requires.

  Sections 9 and 10 BEFORE repealed by 2011-29-65, effective November 1, 2012 (BC Reg 208/2012).

  Section 10 (3) BEFORE amended by 2004-48-28(a) and (b), effective December 31, 2004 (BC Reg 597/2004).

(3)  The references to "registrar" in sections 114, 223, 227 and 264 of the Company Act must be read as references to "registrar and Superintendent of Financial Institutions".

  Section 10 (6) BEFORE amended by 2004-48-28(b) and (c), effective December 31, 2004 (BC Reg 597/2004).

(6)  The reference to "registrar" in section 139 (2) of the Company Act and in section 262 (4) of that Act must be read as a reference to "Superintendent of Financial Institutions".

  Section 10 (8.1) was added by 2004-48-28(d), effective December 31, 2004 (BC Reg 597/2004).

  Section 10 (15) BEFORE amended by 2004-48-28(e), effective December 31, 2004 (BC Reg 597/2004).

(15)  The reference to "the minister" in section 271 (1) of the Company Act must be read as a reference to "the minister, the superintendent or the commission".

  Section 10 (15.1) was added by 2004-48-28(e), effective December 31, 2004 (BC Reg 597/2004).

  Section 10 (2) BEFORE repealed by 2006-12-44(a), effective March 30, 2006 (Royal Assent).

(2)  The references to "corporation" in section 32 (1) and (2) of the Company Act must, in relation to an extraprovincial corporation, be read as an extraprovincial corporation that is registered as required under section 297 of the Company Act.

  Section 10 (15.1) BEFORE amended by 2006-12-44(b), effective March 30, 2006 (Royal Assent).

(15.1)  The reference to "registrar" in section 262 (4) of the Company Act must be read as a reference to "commission".

  Section 10 (16) BEFORE repealed by 2006-12-44(c), effective March 30, 2006 (Royal Assent).

(16)  In section 306 of the Company Act, in relation to an extraprovincial corporation, the requirement for filing within one month must be read as a requirement for immediate filing.

  Section 10.1 was enacted by 2006-12-45, effective March 30, 2006 (Royal Assent).

  Section 10.1 (2) (b) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(b) obtain the consent of the commission to the restoration, or conversion of a limited restoration, contemplated by the application.

  Section 10.1 (2) BEFORE amended by 2019-39-2, effective January 27, 2020 (BC Reg 7/2020).

(2) Without limiting Division 11 of Part 10 of the Business Corporations Act, before submitting an application to the registrar under that Division or before making an application to the court under that Division, the applicant must, if the application relates to an extraprovincial corporation,

(a) first obtain the consent of the superintendent to a name and then reserve that name under the Business Corporations Act, and

(b) obtain the consent of the Authority to the restoration, or conversion of a limited restoration, contemplated by the application.

  Section 10.1 (2) (b) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(b) obtain the consent of the Authority to the reinstatement, limited reinstatement or extension of a limited reinstatement contemplated by the application.

  Section 11 BEFORE amended by 2011-29-66, effective November 1, 2012 (BC Reg 208/2012).

  Division 1, sections 12 to 33 of Part 2 BEFORE re-enacted as Division 1, section 12; Division 1.1, section 13 to 14; Division 1.2, section 15; Division 1.3, sections 16 to 17; Division 1.4, sections 18 to 19; Division 1.5, section 20; Division 1.6, section 21; Division 1.7, section 22 to 23; Division 2, sections 24 to 33 by 2011-29-67, effective November 1, 2012 (BC Reg 208/2012).

Division 1 — Incorporation and Significant Changes

  Section 12 (1) (a) (i) BEFORE amended by 2004-48-29, effective December 31, 2004 (BC Reg 597/2004).

(i)  form a corporation other than a credit union for the purpose of carrying on trust business or deposit business or both, or

  Section 12 (1) (b) BEFORE amended by 2004-48-30, effective December 31, 2004 (BC Reg 597/2004).

(b) complete an application in the prescribed form, and

  Section 12 (3) BEFORE amended by 2019-39-3, effective January 27, 2020 (BC Reg 7/2020).

(3) A person must not apply to reserve a name under the Business Corporations Act that includes the word "trust", "trustco", "insurance" or "assurance" unless the consent of the superintendent is first obtained for that name.

  Section 12.1 was enacted by 2019-39-4, effective January 27, 2020 (BC Reg 7/2020).

  Section 13 BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

  Section 13 (2) (e) BEFORE amended by 2019-39-5, effective January 27, 2020 (BC Reg 7/2020).

(e) each of the proposed first directors and senior officers of the proposed company has completed and submitted to the Authority a personal information return in the form established by the Authority and disclosing information required by the Authority,

  Section 13 (2) (e) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(e) each of the proposed first directors and senior officers of the proposed company has completed and submitted to the superintendent a personal information return in the form established by the Authority that discloses the information required by the Authority,

  Section 13 (4) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(4) The Authority may conduct an investigation and an applicant must provide to the Authority information, verifications, forecasts of business operations or documents that the Authority considers necessary in relation to the application.

  Section 15 BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

  Section 15 BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

  Section 16 BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

  Section 16 BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

  Section 18 (1) BEFORE amended by 2004-48-31(a), effective December 31, 2004 (BC Reg 597/2004).

(1)  The registrar must not register the memorandum and articles of a trust company or insurance company or enter its name in the register of financial institutions without first receiving the consent of the commission and of the minister to the incorporation.

  Section 18 (2) (b) (ii) BEFORE amended by 2004-48-31(b), effective December 31, 2004 (BC Reg 597/2004).

(ii)  specifying whether the business proposed to be carried on is,

(A)  in the case of a trust company, trust business, deposit business or both, or

(B)  in the case of an insurance company, life insurance business, general insurance business or both,

  Section 18 (2) (b) (iv) BEFORE amended by 2004-48-31(c), effective December 31, 2004 (BC Reg 597/2004).

(iv)  describing, in detail satisfactory to the commission, the period within which the proposed trust company or insurance company will meet the requirements for being issued a business authorization and specifying the preliminary activities, not being trust business, deposit business or insurance business, that the proposed trust company or insurance company proposes to carry on during that period, and

  Section 18 (2) (b) (v) BEFORE amended by 2004-48-31(d), effective December 31, 2004 (BC Reg 597/2004).

(v)  containing prescribed additional information,

  Section 18 (2) (e) BEFORE amended by 2004-48-32, effective December 31, 2004 (BC Reg 597/2004).

(e) each of the proposed first directors and senior officers of the trust company or insurance company has completed and submitted to the commission a personal information return in the prescribed form and disclosing the prescribed information,

  Section 18 (3) BEFORE amended by 2004-48-31(e), effective December 31, 2004 (BC Reg 597/2004).

(3)  The minister must not consent to the incorporation of a trust company or an insurance company if the minister

(a) has not received a report from the commission that the requirements of subsection (2) (a) to (g) have been met, or

(b) believes on reasonable grounds that

(i)  a person who directly or indirectly would own or control 10% or more of voting shares in the company, or

(ii)  a proposed director or senior officer of the company

is a person who, in the public interest, ought not to be in a position to control or influence a trust company or insurance company.

  Section 18 (4) BEFORE amended by 2004-48-31(f), effective December 31, 2004 (BC Reg 597/2004).

(4)  The commission may conduct, and on the request of the minister must conduct, an investigation and a subscriber must provide to the commission information, verifications, forecasts of business operations or documents that the commission considers necessary in relation to the proposed incorporation.

  Section 18 (1) and (2) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(1) An extraprovincial trust corporation or extraprovincial insurance corporation must not apply under section 302 of the Business Corporations Act to continue into British Columbia as a company unless, before the continuation application is submitted to the registrar for filing, the consent of the commission is obtained to the continuation.

(2) Without limiting section 22 of this Act, the commission must not give a consent referred to in subsection (1) of this section unless satisfied that the extraprovincial trust corporation or extraprovincial insurance corporation, in its primary jurisdiction as defined in section 157, is licensed, registered or authorized to carry on the business that it proposes to carry on in British Columbia.

  Section 19 (1) (b) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(b) the consent of the commission is obtained to the continuation.

  Section 20 (3) and (4) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(3) A trust company or an insurance company must not amalgamate with a corporation referred to in subsection (1) or (2) unless, before the amalgamation application is submitted to the registrar for filing under section 275 of the Business Corporations Act, the consent of the commission is obtained to the amalgamation.

(4) On an amalgamation referred to in this section, the amalgamated company

(a) may carry on business under the business authorization issued with respect to one of the amalgamating corporations, as directed by the commission, until the amalgamated company has been granted a new business authorization under section 61, and

(b) has 30 days in which to apply for a new business authorization.

  Section 21 BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

  Section 21 (2.1) was added by 2021-2-1(a), effective August 1, 2021 (BC Reg 208/2021).

  Section 21 (5) BEFORE amended by 2021-2-1(b), effective August 1, 2021 (BC Reg 208/2021).

(5) The Authority must not consent to an arrangement, acquisition or disposition by reinsurance if the Authority believes on reasonable grounds that it is not in the public interest to consent.

  Section 21 (2) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(2) Unless it first receives the consent of the Authority, a trust company or an insurance company must not acquire assets that, immediately after the acquisition, will constitute a percentage of the total assets of the trust company or insurance company that is greater than the prescribed percentage.

  Section 22 (2) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(2) The commission must not consent under section 18 (1) in respect of a continuation into British Columbia of an extraprovincial corporation as a trust company or an insurance company or consent under section 20 (3) to an amalgamation, unless

(a) the directors of the corporation have submitted to the commission

(i) the name and address of the corporation,

(ii) the financial statements of the corporation,

(iii) the notice of articles proposed for the continued company or amalgamated company,

(iv) the articles proposed for the continued company or amalgamated company,

(v) a plan for the continued company or amalgamated company

(A) specifying, in the case of an insurance company, whether the business proposed to be carried on is life insurance business, general insurance business or both,

(B) specifying the services that the company intends to offer to the public,

(C) if the company does not have a business authorization, describing in detail satisfactory to the commission the period within which the company will meet the requirements for being issued a business authorization and specifying the preliminary activities, not being trust business or insurance business, that the company proposes to carry on during that period, and

(D) containing any other information required by the commission, and

(vi) the full particulars, in the case of a proposed amalgamation, of

(A) the terms on which the amalgamation is to take place, together with copies of every agreement relating to the amalgamation, and

(B) the financial resources that will be available to the amalgamated company,

(b) the commission approves the notice of articles and articles submitted under paragraph (a),

(c) each proposed director and senior officer of the continued company or amalgamated company has completed and submitted to the commission a personal information return in the form established by the commission and disclosing information required by the commission, and

(d) the commission believes on reasonable grounds that it is in the public interest to consent to the continuation or amalgamation.

  Section 22 (2) (c) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(c) each proposed director and senior officer of the continued company or amalgamated company has completed and submitted to the Authority a personal information return in the form established by the Authority and disclosing information required by the Authority, and

  Section 23 (1) to (6) BEFORE amended by 2004-48-33, effective December 31, 2004 (BC Reg 597/2004).

(1)  Subject to this section and section 29, an extraprovincial corporation, if it appears to the registrar to be authorized to do so by the laws of the jurisdiction in which it was incorporated, may deliver to the registrar an instrument of continuation in duplicate continuing the extraprovincial corporation as if it had been incorporated under this Act.

(2)  The instrument of continuation must

(a) set out prescribed matters,

(b) be executed under seal and signed by an officer or director of the extraprovincial corporation and verified by an affidavit of the person signing the instrument of continuation, and

(c) be accompanied by other material required by the commission.

(3)  The instrument of continuation must make the amendments to the charter of the extraprovincial corporation that are necessary to make the instrument conform to the laws of British Columbia and may make other amendments permitted under this Act as if the extraprovincial corporation were incorporated under this Act as a trust company or insurance company, as the case may be.

(4)  If the registrar under subsection (1) receives from an extraprovincial corporation

(a) an instrument of continuation that complies with subsections (2) and (3),

(b) the prescribed fees, and

(c) the consent of the commission and the minister

the registrar must file one duplicate of the instrument of continuation and issue to the extraprovincial corporation a certificate of continuation to which the registrar must affix the other duplicate.

(5)  In addition to the requirements under section 29, the commission and the minister must not give a consent referred to in subsection (4) (c) unless satisfied that the extraprovincial corporation, in its primary jurisdiction as defined in section 157, is licensed, registered or authorized to carry on the business that it proposes to carry on in British Columbia.

(6)  On and after the date in a certificate of continuation issued to an extraprovincial corporation under subsection (4), this Act applies to the corporation to the same extent as if it had been incorporated under this Act as a trust company or insurance company, as the case may be.

  Section 23 (4) (c) BEFORE amended by 2004-48-34, effective December 31, 2004 (BC Reg 597/2004).

(c) the consent of the commission and the minister

  Section 23 (5) BEFORE amended by 2004-48-34, effective December 31, 2004 (BC Reg 597/2004).

(5)  In addition to the requirements under section 29, the commission and the minister must not give a consent referred to in subsection (4) (c) unless satisfied that the extraprovincial insurance corporation or extraprovincial trust corporation, in its primary jurisdiction as defined in section 157, is licensed, registered or authorized to carry on the business that it proposes to carry on in British Columbia.

  Section 23 BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

  Section 23 BEFORE amended by 2021-2-2 and 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

  Section 25 BEFORE amended by 2004-48-33, effective December 31, 2004 (BC Reg 597/2004).

  Section 25 BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

  Section 25 BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

  Section 25.1 was enacted by 2019-39-6, effective January 27, 2020 (BC Reg 7/2020).

  Section 25.1 (part) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

  Section 26 (3) and (4) BEFORE amended by 2004-48-35, effective December 31, 2004 (BC Reg 597/2004).

(3)  On an amalgamation under subsection (1) or (2), the amalgamating companies continue as one company called the "amalgamated company" under the name of one of them, or under a name approved by the superintendent.

(4)  On an amalgamation under subsection (1) or (2), the amalgamated company

(a) may carry on business under the business authorization issued with respect to one of the amalgamating companies, as directed by the superintendent, until the amalgamated company has been granted a new business authorization under section 61, and

(b) has 30 days in which to apply for a new business authorization.

  Section 26 BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

  Section 27 BEFORE amended by 2004-48-34, effective December 31, 2004 (BC Reg 597/2004).

  Section 28 (1), (2) and (3) BEFORE amended by 2004-48-36, effective December 31, 2004 (BC Reg 597/2004).

(1)  Despite section 252 of the Company Act as it applies for the purposes of this Act, a compromise or arrangement made with respect to a trust company or insurance company is not binding unless, after the vote that is required by that section and before approval is given by the Supreme Court, consent is also given by the minister.

(2)  Unless it first receives the consent of the minister, a trust company or insurance company must not acquire assets that, immediately after the acquisition, will constitute a percentage of the total assets of the trust company or insurance company that is greater than the prescribed percentage.

(3)  Unless it first receives the consent of the minister, an insurance company must not reinsure all or any portion of its policies with another insurance company if the reinsurance has the effect of transferring

(a) the whole, or

(b) a part that is greater than the prescribed percentage

of the business or property of the insurance company placing the reinsurance.

  Section 28 BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

  Section 29 (2) (c) BEFORE amended by 2004-48-32, effective December 31, 2004 (BC Reg 597/2004).

(c) each proposed director and senior officer of the continued company or amalgamated company has completed and submitted to the commission a personal information return in the prescribed form and disclosing the prescribed information.

  Section 29 (2) (a) (v) (A), (C) and (D) BEFORE amended by 2004-48-37(a), (b) and (c) effective December 31, 2004 (BC Reg 597/2004).

(A)  specifying whether the business proposed to be carried on is

(I) in the case of a trust company, trust business, deposit business or both trust business and deposit business, or

(II) in the case of an insurance company, life insurance business, general insurance business or both,

(B)  specifying the services that the company intends to offer to the public,

(C)  if the company does not have a business authorization, describing in detail satisfactory to the commission the period within which the company will meet the requirements for being issued a business authorization and specifying the preliminary activities, not being trust business, deposit business or insurance business, that the company proposes to carry on during that period, and

(D)  containing any other prescribed information, and

  Section 29 (2) (d) was added by 2004-48-37(d), effective December 31, 2004 (BC Reg 597/2004).

  Section 29 (3) BEFORE repealed by 2004-48-37(e), effective December 31, 2004 (BC Reg 597/2004).

(3)  The minister must not consent under section 23 (4) (c) in respect of a continuation in British Columbia of an extraprovincial corporation as a trust company or insurance company or consent under section 27 to an amalgamation agreement if the minister

(a) has not received a report from the commission that the requirements of subsection (2) (a) to (c) have been met, or

(b) believes on reasonable grounds that

(i)  a person who would own 10% or more of the voting shares in the continued company or amalgamated company, or

(ii)  a proposed director or senior officer of the continued company or amalgamated company,

is a person who, in the public interest, ought not to be in a position to control or influence a trust company or insurance company.

  Section 29 (4) BEFORE amended by 2004-48-37(f), effective December 31, 2004 (BC Reg 597/2004).

(4)  The minister must not consent under section 28 in respect of a compromise, arrangement, acquisition or disposition by reinsurance if the minister believes on reasonable grounds that, on completion of the compromise, arrangement, acquisition or disposition by reinsurance,

(a) a person who would own 10% or more of the voting shares in the trust company or insurance company, or

(b) a proposed director or senior officer of the trust company or insurance company

is a person who in the public interest ought not to be in a position to control or influence a trust company or an insurance company.

  Section 29 (5) BEFORE amended by 2004-48-37(g), effective December 31, 2004 (BC Reg 597/2004).

(5)  The commission may conduct, and on the request of the minister must conduct, an investigation and the directors and officers must provide the commission with information, verifications, forecasts of business operations or documents that the commission or the minister considers necessary in determining whether to consent or refuse consent under section 23 (4) (c), 27 or 28.

  Section 29 (1) (part) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(1) If the commission makes an order under section 26 that a trust company or an insurance company be liquidated and dissolved, the commission may, subject to subsection (2) of this section, make an order under this subsection

  Section 30 (1) BEFORE amended by 2004-48-38, effective December 31, 2004 (BC Reg 597/2004).

(1)  A trust company that proposes or is authorized to carry on trust business or both trust business and deposit business must have and use a name that includes the word

(a) "trust" together with a designation such as "company" or "corporation", or

(b) "trustco".

  Section 30 (part) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

  Section 31 (b) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(b) in the case of a liquidation ordered by the commission, file with the superintendent the accounts of the liquidation referred to in section 338 of the Business Corporations Act unless otherwise ordered by the commission.

  Section 32 BEFORE amended by 2004-48-35, effective December 31, 2004 (BC Reg 597/2004).

  Section 33 BEFORE amended by 2004-48-35, effective December 31, 2004 (BC Reg 597/2004).

  Section 33 BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

  Section 33 BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

  Section 33.1 was enacted by 2019-39-7, effective January 27, 2020 (BC Reg 7/2020).

  Section 33.1 (1) BEFORE amended by 2021-2-3, effective August 1, 2021 (BC Reg 208/2021).

(1) If the business authorization of a trust company or an insurance company has been revoked under section 64 (1) or 249 (1) (j), the Authority may appoint the superintendent or another person as the provisional liquidator of the company.

  Section 33.1 (6) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(6) A trust company or an insurance company must pay its provisional liquidator's remuneration at a rate directed by the Authority.

  Section 34 BEFORE amended by 2004-48-35, effective December 31, 2004 (BC Reg 597/2004).

  Division 2, sections 34 to 40 of Part 2 BEFORE repealed by 2011-29-67, effective November 1, 2012 (BC Reg 208/2012).

Division 2 — Dissolution and Winding Up of Trust Companies and Insurance Companies

  Section 36 BEFORE amended by 2004-48-35, effective December 31, 2004 (BC Reg 597/2004).

  Section 37 BEFORE amended by 2003-9-19, effective March 31, 2003 (BC Reg 149/2003).

  Section 37 (1.1) (c) BEFORE amended by 2003-37-20, effective May 29, 2003 (Royal Assent).

(c) the date, not sooner than 60 days or later than 120 days after the publication, on which the liquidator will pay or deliver the assets or money to the Minister of Finance and Corporate Relations.

  Section 38 (1) to (3) BEFORE amended by 2004-48-36, effective December 31, 2004 (BC Reg 597/2004).

(1)  If the minister believes on reasonable grounds that it is contrary to the public interest that a trust company or insurance company that is incorporated but has not been issued a business authorization continue in business, the minister may order that the trust company or insurance company be wound up.

(2)  Without limiting the generality of subsection (1), if a trust company or insurance company

(a) has not within the time limited by section 61 (1) applied for a business authorization,

(b) is refused a business authorization,

(c) has contravened section 20 (1) or (2), or

(d) without having a business authorization for that business, holds itself out to the public as authorized to carry on trust business or deposit business or insurance business,

the minister may order that the trust company or insurance company be wound up.

(3)  If the minister makes an order under this section, the references in sections 273 to 275 (2) (b), 278 (b), 279 (1) (a), 283 (1) (b) and (3), 286, 288 (3) and 293 (3) of the Company Act as it applies for the purposes of this Act to the court or to a court order, for the purposes of the winding up, must be read as references to the minister or to the minister's order.

  Section 38 (2) (d) BEFORE amended by 2004-48-39(a), effective December 31, 2004 (BC Reg 597/2004).

(d) without having a business authorization for that business, holds itself out to the public as authorized to carry on trust business or deposit business or insurance business,

  Section 38 (3) BEFORE amended by 2004-48-39(b), effective December 31, 2004 (BC Reg 597/2004).

(3)  If the minister makes an order under this section, the references in sections 273 to 275 (2) (b), 278 (b), 279 (1) (a), 283 (1) (b) and (3), 286, 288 (3) and 293 (3) of the Company Act as it applies for the purposes of this Act to the court or to a court order, for the purposes of the winding up, must be read as references to the commission or to the minister's order.

  Section 39 (a) BEFORE amended by 2004-48-36, effective December 31, 2004 (BC Reg 597/2004).

(a) by the minister, if the minister under section 38 ordered the winding up, or

  Section 47 (2) and (3) BEFORE amended by 2004-48-35, effective December 31, 2004 (BC Reg 597/2004).

(2)  Subject to first receiving the written approval of the superintendent, the fraternal society may proceed to ascertain the persons entitled to rank on distribution of the fund and may distribute the fund among those entitled, and the distribution discharges the society from all liability in respect of the fund, and of the endowment or expectancy contracts undertaken by the society.

(3)  If all the members interested in the endowment or expectancy fund are also interested as holders of life insurance contracts, members at the general meeting, instead of determining that the endowment or expectancy fund be distributed, by resolution passed at the meeting, may determine that the fund be converted into or merged in a life insurance fund, and then, subject to the superintendent first approving the resolution, the endowment or expectancy fund becomes a life insurance fund.

  Section 47 (2) and (3) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(2) Subject to first receiving the written approval of the commission, the fraternal society may proceed to ascertain the persons entitled to rank on distribution of the fund and may distribute the fund among those entitled, and the distribution discharges the society from all liability in respect of the fund, and of the endowment or expectancy contracts undertaken by the society.

(3) If all the members interested in the endowment or expectancy fund are also interested as holders of life insurance contracts, members at the general meeting, instead of determining that the endowment or expectancy fund be distributed, by resolution passed at the meeting, may determine that the fund be converted into or merged in a life insurance fund, and then, subject to the commission first approving the resolution, the endowment or expectancy fund becomes a life insurance fund.

  Section 47 (2) and (3) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(2) Subject to first receiving the written approval of the Authority, the fraternal society may proceed to ascertain the persons entitled to rank on distribution of the fund and may distribute the fund among those entitled, and the distribution discharges the society from all liability in respect of the fund, and of the endowment or expectancy contracts undertaken by the society.

(3) If all the members interested in the endowment or expectancy fund are also interested as holders of life insurance contracts, members at the general meeting, instead of determining that the endowment or expectancy fund be distributed, by resolution passed at the meeting, may determine that the fund be converted into or merged in a life insurance fund, and then, subject to the Authority first approving the resolution, the endowment or expectancy fund becomes a life insurance fund.

  Section 48 BEFORE amended by 2004-48-35, effective December 31, 2004 (BC Reg 597/2004).

  Section 48 (1) definition of "holding company" BEFORE amended by 2011-29-68, effective November 1, 2012 (BC Reg 208/2012).

"holding company" means a corporation that alone or together with all of its connected parties, if any, controls, within the meaning of section 1 (4) of the Company Act as it applies for the purposes of this Act, a trust company or insurance company;

  Section 48 (1) definition of "connected party", paragraph (g) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(g) a person specified in an order of the commission under subsection (2);

  Section 48 (2) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(2) For the purposes of this Division, the commission by order may designate a person as a connected party of another person designated in the order if the commission believes on reasonable grounds that the first mentioned person is acting in concert with that other person to acquire or control voting shares of a trust company, insurance company or holding company.

  Section 48 (1) definition of "connected party", paragraph (g) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(g) a person specified in an order of the Authority under subsection (2);

  Section 48 (2) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(2) For the purposes of this Division, the Authority by order may designate a person as a connected party of another person designated in the order if the Authority believes on reasonable grounds that the first mentioned person is acting in concert with that other person to acquire or control voting shares of a trust company, insurance company or holding company.

  Section 50 BEFORE amended by 2004-48-36, effective December 31, 2004 (BC Reg 597/2004).

  Section 50 (4) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(4) Subject to section 51, on application, the commission may consent to the acquisition of a substantial interest or increased substantial interest in a trust company, insurance company or holding company named in the consent, and, in giving the consent, the commission must specify in it

(a) the name of the person to whom the consent is given,

(b) the consent expiry day that the commission considers appropriate, and

(c) the proposed base level ownership percentage of votes in the company or the proposed increased base level ownership percentage of votes in the company, as the case may be, that the commission considers appropriate.

  Section 50 (4) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(4) Subject to section 51, on application, the Authority may consent to the acquisition of a substantial interest or increased substantial interest in a trust company, insurance company or holding company named in the consent, and, in giving the consent, the Authority must specify in it

(a) the name of the person to whom the consent is given,

(b) the consent expiry day that the Authority considers appropriate, and

(c) the proposed base level ownership percentage of votes in the company or the proposed increased base level ownership percentage of votes in the company, as the case may be, that the Authority considers appropriate.

  Section 51 BEFORE amended by 2004-48-36, effective December 31, 2004 (BC Reg 597/2004).

  Section 51 BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

  Section 51 BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

  Section 58 BEFORE amended by 2004-48-35, effective December 31, 2004 (BC Reg 597/2004).

  Section 58 BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

  Section 58 BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

  Section 59 (1) BEFORE amended by 2004-48-40(a), effective December 31, 2004 (BC Reg 597/2004).

(1)  A trust company or credit union must not carry on trust business or deposit business unless authorized to do so by a business authorization issued to it under this Division.

  Section 59 (1.1) was added by 2004-48-40(a), effective December 31, 2004 (BC Reg 597/2004).

  Section 59 (3) BEFORE amended by 2004-48-40(b), effective December 31, 2004 (BC Reg 597/2004).

(3)  A business authorization issued to a trust company may be confined to trust business or to deposit business or may authorize both trust business and deposit business.

  Section 60 (3) BEFORE repealed by 2004-48-41, effective December 31, 2004 (BC Reg 597/2004).

(3)  Despite subsection (1) of this section and section 60 (1) and (2) of the Financial Institutions Act, S.B.C. 1989, c. 47, a restriction, limitation or condition

(a) imposed under a previous Act on a licence, a registration or the carrying on of any business of a financial institution, and

(b) still in effect immediately before September 15, 1990

remains in effect and is deemed to be a condition of the financial institution's business authorization, subject to a subsequent surrender of the business authorization, and to any amendment or the suspension, revocation or cancellation of the business authorization, under this Act.

  Section 60 (2) (part) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(2) On application under section 61 (5) of a credit union described in subsection (1), the commission, if satisfied that the credit union

  Section 60 (2) (part) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(2) On application under section 61 (5) of a credit union described in subsection (1), the Authority, if satisfied that the credit union

  Section 61 (4) BEFORE amended by 2002-12-10, effective April 11, 2002 (Royal Assent).

(4)  On an amalgamation under section 26 of this Act or under section 20 or 21 of the Credit Union Incorporation Act, the amalgamated financial institution within 30 days after the date of amalgamation must file with the commission an application in the prescribed form for a business authorization.

  Section 61 (4.1) was added by 2002-12-10, effective April 11, 2002 (Royal Assent).

  Section 61 (1), (3), (4), (5) and (7) BEFORE amended by 2004-48-30, effective December 31, 2004 (BC Reg 597/2004).

(1)  A financial institution other than

(a) a financial institution described in section 60 (1) or (2) of the Financial Institutions Act, S.B.C. 1989, c. 47, or

(b) a society that is named in an order of the superintendent made under section 193 (2),

must file with the commission, within one year after the date of its incorporation under this Act or under the Credit Union Incorporation Act or its continuation into British Columbia, an application in the prescribed form for a business authorization.

(3)  A society that is named in an order of the superintendent made under section 193 (2) must file with the commission, by a date not later than 30 days before the date specified under section 193 (2) (b) in the order under section 193 (2), an application in the prescribed form for a business authorization.

(4)  On an amalgamation under section 26 of this Act, the amalgamated financial institution must, within 30 days after the date of amalgamation, file with the commission an application in the prescribed form for a business authorization.

(5)  A credit union that has a business authorization confined to deposit business may file with the commission at any time an application in the prescribed form for a business authorization for the credit union to carry on both trust business and deposit business.

(7)  An insurance company that has a business authorization confined to

(a) general insurance business or life insurance business, or

(b) one or more classes of insurance

may file with the commission at any time an application in the prescribed form for a business authorization for the insurance company to carry on

(c) both general insurance business and life insurance business, or

(d) one or more additional classes of insurance.

  Section 61 (1) (b) BEFORE amended by 2004-48-35, effective December 31, 2004 (BC Reg 597/2004).

(b) a society that is named in an order of the superintendent made under section 193 (2),

  Section 61 (3) BEFORE amended by 2004-48-35, effective December 31, 2004 (BC Reg 597/2004).

(3)  A society that is named in an order of the superintendent made under section 193 (2) must file with the commission, by a date not later than 30 days before the date specified under section 193 (2) (b) in the order under section 193 (2), an application in the form established by the commission for a business authorization.

  Section 61 (6) BEFORE repealed by 2004-48-42(a), effective December 31, 2004 (BC Reg 597/2004).

(6)  A trust company that has a business authorization confined to deposit business or trust business may file with the commission at any time an application in the prescribed form for a business authorization for the trust company to carry on both trust business and deposit business.

  Section 61 (8) (c) BEFORE repealed by 2004-48-42(a), effective December 31, 2004 (BC Reg 597/2004).

(c) if the financial institution is a trust company that will carry on deposit business, it will not receive deposits of money unless

(i)  it is a member of the Canada Deposit Insurance Corporation, or

(ii)  a deposit insurer has been named by regulation for the purpose of this paragraph and the trust company maintains deposit insurance through that deposit insurer,

(A)  in respect of those deposits with the trust company that can be insured with that deposit insurer, and

(B)  in the maximum insurable amounts allowed under the insurance for those insurable deposits,

  Section 61 (8) (a) (ii) BEFORE amended by 2004-48-42(b), effective December 31, 2004 (BC Reg 597/2004).

(ii)  is at least equal to the appropriate minimum imposed under section 68 (2),

  Section 61 (4) BEFORE amended by 2011-29-69, effective November 1, 2012 (BC Reg 208/2012).

(4)  On an amalgamation under section 26 of this Act, the amalgamated financial institution must, within 30 days after the date of amalgamation, file with the commission an application in the form established by the commission for a business authorization.

  Section 61 BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

  Section 61 BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

  Section 63 (part) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

  Section 63 (part) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

  Section 64 (1) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(1) On the written application of a financial institution, the commission may revoke the financial institution's business authorization, effective on a date specified by the commission, and in that case sections 249 (8) and 250 apply.

  Section 64 (1) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(1) On the written application of a financial institution, the Authority may revoke the financial institution's business authorization, effective on a date specified by the Authority, and in that case sections 249 (8) and 250 apply.

  Section 65 (1) (c) BEFORE amended by 2004-48-43, effective December 31, 2004 (BC Reg 597/2004).

(c) business of a prescribed type.

  Section 65 (1) (part) BEFORE amended by 2011-29-70, effective November 1, 2012 (BC Reg 208/2012).

(1)  Subject to section 20 (1) of this Act and to section 13 (1) of the Credit Union Incorporation Act, a financial institution that has a business authorization must not carry on business other than

  Section 66 (1) BEFORE repealed by 2004-48-44, effective December 31, 2004 (BC Reg 597/2004).

(1)  A trust company must not carry on deposit business unless

(a) it is a member institution within the meaning of the Canada Deposit Insurance Corporation Act, or

(b) a deposit insurer has been named by regulation for the purpose of this paragraph and the trust company maintains deposit insurance through that deposit insurer

(i)  in respect of those deposits with the trust company that can be insured with that deposit insurer, and

(ii)  in the maximum insurable amounts allowed under that deposit insurance for those insurable deposits.

  Section 67 (2) (b) BEFORE amended by 2003-96-23, effective February 5, 2004 (BC Reg 40/2004).

(b) keeps a prescribed percentage of its assets in the form of deposits with a central credit union specified by regulations.

  Section 67 BEFORE re-enacted by 2004-48-45, effective December 31, 2004 (BC Reg 597/2004).

  Section 67 (2.1) was added by 2006-12-46, effective November 23, 2007 (BC Reg 365/2007).

  Section 67 (2) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(2) If the commission considers that the liquid assets or capital base of a financial institution are, or within one year will be, inadequate in relation to the business carried on by it whether or not the financial institution is complying with the regulations, the commission may order the financial institution to acquire additional liquid assets or increase its capital base in the amount and form and by the date specified in the order.

  Section 67 (2.1) (part) BEFORE amended by 2019-14-30,Sch 3, effective November 1, 2019 (BC Reg 197/2019).

(2.1) Whether or not a credit union is otherwise complying with the regulations, if the amount of the capital base of a credit union does not comprise a prescribed percentage of the calculated value of the credit union's risk weighted assets, the credit union must obtain the commission's written consent before engaging in

  Section 67 (3) (part) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(3) Without first receiving the written consent of the commission, a trust company or an insurance company must not

  Section 67 (1) BEFORE amended by 2019-39-9(a)(part), effective January 27, 2020 (BC Reg 7/2020).

(1) A financial institution must at all times ensure that it has adequate liquid assets and an adequate capital base in relation to the business carried on by it, in accordance with the regulations.

  Section 67 (1) BEFORE amended by 2019-39-9(a)(rem), effective June 22, 2020 (BC Reg 141/2020).

(1) A financial institution must ensure that it has adequate liquid assets and an adequate capital base in relation to the business carried on by it, in accordance with the regulations.

  Section 67 (2) and (3) BEFORE amended by 2019-39-9(b), effective June 22, 2020 (BC Reg 141/2020).

(2) If the Authority considers that the liquid assets or capital base of a financial institution are, or within one year will be, inadequate in relation to the business carried on by it whether or not the financial institution is complying with the regulations, the Authority may order the financial institution to acquire additional liquid assets or increase its capital base in the amount and form and by the date specified in the order.

(3) Without first receiving the written consent of the Authority, a trust company or an insurance company must not

(a) redeem or purchase or otherwise acquire shares issued by it, or

(b) declare a dividend, except a dividend in shares

if the redemption, purchase or other acquisition or the declaration would reduce the capital base of the financial institution to an amount less than the amount that constitutes an adequate capital base for that financial institution in accordance with the regulations.

  Section 67 (2.1) BEFORE amended by 2019-39-9(c), effective June 22, 2020 (BC Reg 141/2020).

(2.1) Whether or not a credit union is otherwise complying with the regulations, if the amount of the capital base of a credit union does not comprise a prescribed percentage of the calculated value of the credit union's risk weighted assets, the credit union must obtain the Authority's written consent before engaging in

(a) prescribed activities, or

(b) prescribed activities in prescribed circumstances or that have or may have prescribed consequences.

  Section 67 (2.2) was added by 2019-39-9(c), effective June 22, 2020 (BC Reg 141/2020).

  Section 67 (2) and (3) (part) BEFORE amended by 2021-2-4, effective August 1, 2021 (BC Reg 208/2021).

(2) If the Authority considers that the liquid assets or capital base of a financial institution are, or within one year will be, inadequate in relation to the business carried on by it whether or not the financial institution is complying with the regulations and the rules made by the Authority, the Authority may order the financial institution to acquire additional liquid assets or increase its capital base in the amount and form and by the date specified in the order.

(3) Without first receiving the written consent of the Authority, a trust company or an insurance company must not

  Section 67 (2.1) (part) and (2.2) (part) BEFORE amended by 2021-2-135,Sch 2, effective August 1, 2021 (BC Reg 208/2021).

(2.1) Whether or not a credit union is otherwise complying with the regulations and the rules made by the Authority, the credit union must obtain the Authority's written consent before engaging in the activities referred to in subsection (2.2) if the amount of the capital base of a credit union does not comprise any of the following percentages of the calculated value of the credit union's risk weighted assets:

(2.2) For the purpose of subsection (2.1), the credit union must obtain the Authority's written consent before engaging in the following activities:

  Section 68 BEFORE repealed by 2004-48-46, effective December 31, 2004 (BC Reg 597/2004).

  Section 69 BEFORE amended by 2004-48-36, effective December 31, 2004 (BC Reg 597/2004).

  Section 69 BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

  Section 69 BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

  Section 70 (e) was added by 2004-48-47, effective December 31, 2004 (BC Reg 597/2004).

  Section 73 (1) and (4) BEFORE amended by 2007-34-79, effective September 1, 2011 (BC Reg 14/2011).

Note: 2007-34-79 was amended by 2009-22-32, effective October 29, 2009 (Royal Assent).

(1)  Subject to the terms of the instrument creating a trust, the liability of a trust company or credit union to persons interested in an estate held by the trust company or credit union as executor, administrator, trustee, receiver, liquidator, assignee, representative under the Representation Agreement Act, guardian or committee is the same as if the estate were held by an individual in the like capacity, and the powers of the trust company or credit union are the same as the powers of an individual holding an estate in the like capacity.

(4)  Despite any rule, practice or statutory provision, it is not necessary for a trust company or credit union to give security for the due performance of its duty as executor, administrator, trustee, receiver, liquidator, assignee, representative under the Representation Agreement Act, guardian or committee unless so ordered by a court.

  Section 74.1 was enacted by 2009-16-105, effective July 1, 2012 (BC Reg 213/2011).

  Section 75 (f) (i) BEFORE repealed by 2004-48-48, effective December 31, 2004 (BC Reg 597/2004).

(i)  named by regulation for the purpose of section 61 (8) (c) (ii) or 66 (1) (b), or

  Section 75 (f) BEFORE amended by 2024-10-21, effective April 25, 2024 (Royal Assent).

(f) an insurer

(i) [Repealed 2004-48-48.]

(ii) that administers an insurance compensation plan designated by regulation for the purpose of section 66 (2),

  Section 76 (2) BEFORE amended by 2004-48-49, effective December 31, 2004 (BC Reg 597/2004).

(2)  An insurance agent licensed under Division 2 of Part 6 who, under subsection (1) (c), procures or negotiates a contract of insurance must keep a record showing the particulars of the contract, and at the request of the Commissioner of Income Tax or of the superintendent, must provide the record to the commissioner or superintendent as requested.

  Section 76 (3) and (5) BEFORE amended by 2004-48-35, effective December 31, 2004 (BC Reg 597/2004).

(3)  If

(a) the sum imposed by way of tax under section 4 of the Insurance Premium Tax Act in respect of an insurance contract lawfully made under subsection (1) (c) has been paid,

(b) the insurer described in subsection (1) (c) has notified the superintendent that it proposes to make an inspection for the purpose of the insurance contract or to adjust or appraise a loss under the contract, and

(c) the superintendent has given written approval to the proposed activity by the insurer,

the insurer may make the inspection or adjust and appraise the loss.

(5)  The superintendent may suspend, cancel or refuse to issue an approval referred to in subsection (3) (c) if an insurer contravenes a provision of this Act.

  Section 76 (1) (c) BEFORE amended by 2009-15-10, effective January 1, 2010 (BC Reg 299/2009).

(c) an insurance agent licensed under Division 2 of Part 6 who

(i)  does not, directly or indirectly, solicit the resident for the insurance contract, and

(ii)  is authorized by the resident to effect the insurance contract, may negotiate or procure an insurance contract between a resident of British Columbia and an insurer prohibited by section 75 from carrying on business in British Columbia.

  Section 76 (1) (d) and (e) were added by 2009-15-10, effective January 1, 2010 (BC Reg 299/2009).

  Section 76 (2), (3) and (5) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(2) An insurance agent licensed under Division 2 of Part 6 who, under subsection (1) (c), procures or negotiates a contract of insurance must keep a record showing the particulars of the contract and at the request of the Commissioner of Income Tax or of the commission, must provide the record to the Commissioner of Income Tax or commission as requested.

(3) If

(a) the sum imposed by way of tax under section 4 of the Insurance Premium Tax Act in respect of an insurance contract lawfully made under subsection (1) (c) has been paid,

(b) the insurer described in subsection (1) (c) has notified the commission that it proposes to make an inspection for the purpose of the insurance contract or to adjust or appraise a loss under the contract, and

(c) the commission has given written approval to the proposed activity by the insurer,

the insurer may make the inspection or adjust and appraise the loss.

(5) The commission may suspend, cancel or refuse to issue an approval referred to in subsection (3) (c) if an insurer contravenes a provision of this Act.

  Section 76 (2), (3) and (5) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(2) An insurance agent licensed under Division 2 of Part 6 who, under subsection (1) (c), procures or negotiates a contract of insurance must keep a record showing the particulars of the contract and at the request of the Commissioner of Income Tax or of the Authority, must provide the record to the Commissioner of Income Tax or Authority as requested.

(3) If

(a) the sum imposed by way of tax under section 4 of the Insurance Premium Tax Act in respect of an insurance contract lawfully made under subsection (1) (c) has been paid,

(b) the insurer described in subsection (1) (c) has notified the Authority that it proposes to make an inspection for the purpose of the insurance contract or to adjust or appraise a loss under the contract, and

(c) the Authority has given written approval to the proposed activity by the insurer,

the insurer may make the inspection or adjust and appraise the loss.

(5) The Authority may suspend, cancel or refuse to issue an approval referred to in subsection (3) (c) if an insurer contravenes a provision of this Act.

  Section 77 BEFORE amended and paragraphs (a) and (b) were added by 2010-4-4, effective January 30, 2013 (BC Reg 22/2013).

  Section 77 (a) (ii) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(ii) under section 126.23 (1) (b), of any other matter specified in an order made by the commission, and

  Section 77 (a) (ii) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(ii) under section 126.23 (1) (b), of any other matter specified in an order made by the Authority, and

  Section 78 BEFORE amended by 2010-4-5, effective January 30, 2013 (BC Reg 22/2013).

  Section 79 (1) BEFORE amended by 2004-48-50, effective December 31, 2004 (BC Reg 597/2004).

(1)  A person, in relation to the sale of insurance, must not, directly or indirectly, pay or allow, or offer or agree to pay or allow, a rebate of premium or part of it or other consideration or thing of value intended to be in the nature of a rebate of premium or other gift, promotion or inducement to a person insured or applying for insurance in respect of life, person or property in British Columbia.

  Sections 80.1 to 80.3 were enacted by 2009-16-105, effective July 1, 2012 (BC Reg 213/2011).

  Section 80.3 (3) (a) BEFORE amended by 2012-37-158, effective July 1, 2012 (BC Reg 191/2012) [as amended by BC Reg 194/2012 effective July 1, 2012].

(a) a matter to which section 9 of the Insurance Act applies, or

  Section 81 (1) (a) and (b) BEFORE amended by 2004-48-50, effective December 31, 2004 (BC Reg 597/2004).

(a) a trust company or extraprovincial trust corporation that has a business authorization to carry on deposit business,

(b) a credit union that has a business authorization to carry on deposit business,

  Section 82 (1) (e) BEFORE amended by 2019-39-10(a), effective June 22, 2020 (BC Reg 141/2020).

(e) any 2 or more members jointly on behalf of a partnership or an unincorporated association if the directors of the credit union are satisfied that a majority of the members of the association or partnership are persons who are eligible for membership in the credit union,

  Section 82 (2) BEFORE amended by 2019-39-10(b), (c) and (d), effective June 22, 2020 (BC Reg 141/2020).

(2) A deposit permitted under subsection (1) (e) may be recorded in the books of the credit union in the name of the unincorporated association or partnership, and the credit union is not obliged to

(a) see to the application of the money so deposited or any interest on it, whether or not it has notice of any trust, or

(b) determine the powers of the members, the association or the partnership,

and the association or partnership or a member of the association or partnership is not entitled to notice of, to be represented at or to vote at meetings of the credit union.

  Section 83 BEFORE amended by 2004-48-52, effective December 31, 2004 (BC Reg 597/2004).

  Section 84 (1) BEFORE amended by 2004-48-53, effective December 31, 2004 (BC Reg 597/2004).

(1)  A person who has deposits with a trust company or deposits, non-equity shares or both with a credit union that do not exceed $10 000 may nominate a person in writing to receive the amount at the death of the depositor.

  Section 84 (2) and (3) BEFORE amended by 2004-48-52, effective December 31, 2004 (BC Reg 597/2004).

(2)  On receiving a certificate of death, or certified copy of a certificate of death, as described in section 38 of the Vital Statistics Act or an affidavit showing that a person who has made a nomination under subsection (1) has died, the trust company or credit union must substitute on its books the name of the nominee in place of the name of the person or must pay to the nominee the amount due in accordance with the instructions of the nominee.

(3)  A payment by a trust company or credit union in accordance with this section is valid and effectual discharge of the trust company or credit union with respect to a demand by a person against the trust company or credit union as to the amount paid.

  Section 85 BEFORE amended by 2003-9-20, effective March 31, 2003 (BC Reg 149/2003).

  Section 85 (1.1), (2), (3), (4), (6) and (7) BEFORE amended by 2004-48-52, effective December 31, 2004 (BC Reg 597/2004).

(1.1)  If a debt is owing by a trust company or credit union because of a deposit and no transaction has taken place and no statement of account has been requested or acknowledged by the creditor during a period of 10 years,

(a) in the case of a deposit made for a fixed period, from the day on which the fixed period terminated, and

(b) in the case of any other deposit, from the day on which the last transaction took place or a statement of account was last requested or acknowledged by the creditor, whichever is later,

then, the debt is an inactive deposit for the purposes of this section.

(2)  If the amount of an inactive deposit, including interest, is less than $100, then, subject to subsection (6), the trust company or credit union may treat it as income of the trust company or credit union.

(3)  If the amount of an inactive deposit, including interest, is $100 or more, then, within 30 days after the debt becomes an inactive deposit, the trust company or credit union must mail written notice to the depositor, at the depositor's last address known to the trust company or credit union, informing the depositor that the debt has become an inactive deposit and will be dealt with under this section if the depositor does not, within 30 days after the date of the notice, give instructions as to the disposition of the deposit.

(4)  If, under subsection (3), a trust company or credit union mails written notice to its depositor and does not, within 30 days after the date of the notice, receive instructions from its depositor as to the disposition of the deposit, then the trust company or credit union must pay to the administrator an amount equal to the debt, including interest if any, in accordance with the terms and conditions of the debt, and the payment discharges the trust company or credit union from all liability to the creditor in respect of the debt and interest.

(6)  If, under subsection (2), a trust company or credit union has treated a debt and interest as income and payment is demanded of the trust company or credit union by the person who, but for that subsection, would be entitled to receive payment of the debt, the trust company or credit union must pay to that person

(a) an amount equal to the amount so treated as income, and

(b) if interest was payable in accordance with the terms and conditions of the debt or instrument, interest on the amount so treated as income

(i)  for the period not exceeding 5 years from the day on which the debt and interest were treated as income until the date of payment to the claimant, and

(ii)  at the prescribed rate.

(7)  If a trust company or credit union has under subsection (2) treated a debt and interest as income or under subsection (4) has paid an amount to the administrator, the trust company or credit union must keep all related signature cards and signing authorities or microfilm copies of them for a prescribed period after which the trust company or credit union may destroy them.

  Section 85 (1.2), (1.3), (1.4) and (1.5) were added by 2019-39-11, effective June 22, 2020 (BC Reg 141/2020).

  Section 86 BEFORE amended by 2004-48-52 and 54, effective December 31, 2004 (BC Reg 597/2004).

  Section 87 (1) (a) BEFORE amended by 2004-48-35, effective December 31, 2004 (BC Reg 597/2004).

(a) the note is evidenced by a certificate in a form approved by the superintendent and contains a statement in it to the effect of the statements made in paragraphs (b) and (c) and contains the information that it is a subordinated note and contains any other information that the superintendent requires in approving the form of certificate;

  Section 87 (1) (b) BEFORE amended by 2004-48-55, effective December 31, 2004 (BC Reg 597/2004).

(b) the borrowing evidenced by the note does not constitute a deposit of money with the trust company or credit union that issues the note and is not insured by the Canada Deposit Insurance Corporation, the deposit insurance corporation or a deposit insurer named by regulation for the purpose of section 61 (8) (c) (ii) or 66 (1) (b);

  Section 87 (1) (a) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(a) the note is evidenced by a certificate in a form approved by the commission and contains a statement in it to the effect of the statements made in paragraphs (b) and (c) and contains the information that it is a subordinated note and contains any other information that the commission requires in approving the form of certificate;

  Section 87 (1) (a) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(a) the note is evidenced by a certificate in a form approved by the Authority and contains a statement in it to the effect of the statements made in paragraphs (b) and (c) and contains the information that it is a subordinated note and contains any other information that the Authority requires in approving the form of certificate;

  Section 88 BEFORE repealed by 2004-48-56, effective December 31, 2004 (BC Reg 597/2004).

  Section 89 BEFORE repealed by 2004-48-56, effective December 31, 2004 (BC Reg 597/2004).

  Section 90 BEFORE repealed by 2004-48-56, effective December 31, 2004 (BC Reg 597/2004).

  Section 92 BEFORE amended by 2004-48-35, effective December 31, 2004 (BC Reg 597/2004).

  Section 92 BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

  Section 92 BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

  Section 92 BEFORE re-enacted by 2024-10-22, effective April 25, 2024 (Royal Assent).

  Section 92.1 was enacted by 2007-94-48, effective June 1, 2007 (BC Reg 166/2006).

Note: 2007-94-48 was amended by 2006-28-53.

  Section 92.2 was enacted by 2019-39-12, effective January 27, 2020 (BC Reg 7/2020).

  Section 92.2 (2) BEFORE amended by 2024-10-23, effective April 25, 2024 (Royal Assent).

(2) An insurance company, an insurance agent or an insurance salesperson who issues, delivers or offers to undertake a contract of insurance through the use of an electronic agent must meet the prescribed requirements and the requirements established in the rules made by the Authority.

  Section 93 BEFORE amended by 2004-48-35, effective December 31, 2004 (BC Reg 597/2004).

  Section 93 BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

  Section 93 (1) BEFORE amended by 2019-39-13, effective January 27, 2020 (BC Reg 7/2020).

(1) If, in the opinion of the Authority, a form of contract in use between a financial institution and its customers or a form of application or advertisement relating to such a contract is unfair, misleading or deceptive, the Authority by order may prohibit the use of that form by a financial institution.

  Section 93 BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

  Section 94 BEFORE re-enacted by 2004-48-57, effective December 31, 2004 (BC Reg 597/2004).

  Section 94.1 was enacted by 2019-39-14, effective June 30, 2022 (BC Reg 34/2022).

  Section 94.2 was enacted by 2019-39-14, effective June 30, 2022 (BC Reg 34/2022).

  Section 94.3 was enacted by 2019-39-14, effective June 30, 2022 (BC Reg 34/2022).

  Section 95 BEFORE repealed by 2004-48-58, effective December 31, 2004 (BC Reg 597/2004).

  Section 96 BEFORE amended by 2004-48-35, effective December 31, 2004 (BC Reg 597/2004).

  Section 96 BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

  Section 96 (3) (c) BEFORE amended by 2021-2-5, effective August 1, 2021 (BC Reg 208/2021).

(c) any money, excluding costs, recovered by the Authority belongs to and must be paid to the customer without deduction, and any amount, excluding costs, awarded against the customer must be paid by and is recoverable from the customer, but in every case any costs of the proceedings awarded by the court having jurisdiction must be borne by, or paid to and retained by, the Authority, as the case may be.

  Section 96 (1) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(1) If the Authority is satisfied that a customer, in respect of a transaction, has

(a) a cause of action,

(b) a defence to an action,

(c) grounds for setting aside a default judgment, or

(d) grounds for an appeal or to contest an appeal,

then, on behalf of the customer, the Authority may institute or assume the conduct of any proceedings, or defend any proceedings, with a view to enforcing or protecting the rights of the customer respecting a contravention or suspected contravention of those rights or of any enactment or law relating to the protection or interests of customers.

  Section 96 (2) (part) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(2) The Authority must not institute, assume the conduct of or defend any proceedings under subsection (1) unless the Authority

  Section 96 (3) (a) and (b) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(a) the Authority, on behalf of the customer, has the same rights in and control over the proceedings, including the same right to settle an action or part of an action, as the customer,

(b) the Authority, without consulting or seeking the further consent of the customer, may conduct the proceedings in the manner the Authority considers appropriate, and

  Section 96 (4) second sandwich text BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

the court having jurisdiction in the proceedings must, on the application of the Authority, order

  Section 97 BEFORE renumbered by 2010-4-6(a), effective December 31, 2010.

  Section 97 (2) was added by 2010-4-6(b), effective December 31, 2010.

  Section 97 (2) BEFORE amended by 2011-29-71(a), effective November 1, 2012 (BC Reg 208/2012).

(2)  On application by a trust company or an insurance company, if the commission believes, on reasonable grounds, that it is in the public interest, the commission may, for the purposes of subsection (1) and sections 61 (8) (b), 103 (2), 111 (3) and (4), 112 (1), 115 (1) (b) and 135 (c), make a determination that an individual described by paragraph (h) of the definition of "unaffiliated director" is an unaffiliated director, unless that individual is also described in one or more of paragraphs (a) to (g) of that definition.

  Section 97 (3), (4), (5) and (6) were added by 2011-29-71(b), effective November 1, 2012 (BC Reg 208/2012).

  Section 97 (2) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(2) On application by a trust company or an insurance company, if the commission believes, on reasonable grounds, that it is in the public interest, the commission may, for the purposes of subsection (1) and sections 61 (8) (b), 103 (2), 111 (3) and (4), 112 (1), 115 (1) and 135 (c), make a determination that an individual described by paragraph (h) of the definition of "unaffiliated director" is an unaffiliated director, unless that individual is also described in one or more of paragraphs (a) to (g) of that definition.

  Section 97 (2) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(2) On application by a trust company or an insurance company, if the Authority believes, on reasonable grounds, that it is in the public interest, the Authority may, for the purposes of subsection (1) and sections 61 (8) (b), 103 (2), 111 (3) and (4), 112 (1), 115 (1) and 135 (c), make a determination that an individual described by paragraph (h) of the definition of "unaffiliated director" is an unaffiliated director, unless that individual is also described in one or more of paragraphs (a) to (g) of that definition.

  Section 98 BEFORE repealed by 2011-29-72, effective November 1, 2012 (BC Reg 208/2012).

  Section 98.1 was enacted by 2011-29-73, effective November 1, 2012 (BC Reg 208/2012).

  Section 99 (2), (3) and (5) BEFORE amended by 2004-48-35, effective December 31, 2004 (BC Reg 597/2004).

(2)  Without limiting section 130 of the Company Act as it applies for the purpose of this Act, if the superintendent is satisfied that a director or officer of a financial institution or of its subsidiary

(a) because of section 133 (2) of the Company Act, is not qualified to be an officer,

(b) because of subsection (1), is not qualified to be a director or officer,

(c) within the last 5 years has been bankrupt in Canada or elsewhere,

(d) has a conflicting interest that prevents the director or officer from properly discharging the duties as director or officer,

(e) is contravening or has contravened an undertaking given to or an order made by the superintendent, or

(f) is an individual who ought not to be in a position to control or influence a financial institution,

the superintendent may order that the director or officer cease to be a director or officer of the financial institution; and on the date of the order the director or officer ceases to be a director or officer of the financial institution.

(3)  When an individual ceases to be a director or officer of a financial institution under subsection (2), then, despite the Company Act as it applies for the purposes of this Act, the individual is not eligible to again be or act as a director or officer of a financial institution without first applying for and receiving the consent of the superintendent.

(5)  The superintendent may require a financial institution to provide any information the superintendent considers necessary to determine if there are grounds to take action under subsection (2).

  Section 99 (2) (e) BEFORE amended by 2004-48-59, effective December 31, 2004 (BC Reg 597/2004).

(e) is contravening or has contravened an undertaking given to or an order made by the commission, or

  Section 99 (2) (g) was added by 2010-4-7, effective December 31, 2010.

  Section 99 (1), (2) and (3) BEFORE amended by 2011-29-74, effective November 1, 2012 (BC Reg 208/2012).

  Section 99 (2), (3) and (5) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(2) Without limiting section 128 of the Business Corporations Act or section 84.24 of the Credit Union Incorporation Act, if the commission is satisfied that a director or officer of a financial institution or of its subsidiary

(a) because of section 97 (5) of this Act, section 124 or 141 (3) of the Business Corporations Act or section 84.12 or 84.3 (2) of the Credit Union Incorporation Act, is not qualified to be a director or an officer,

(b) because of subsection (1), is not qualified to be a director or officer,

(c) within the last 5 years has been bankrupt in Canada or elsewhere,

(d) has a conflicting interest that prevents the director or officer from properly discharging the duties as director or officer,

(e) is contravening or has contravened a written undertaking given under this Act,

(f) is an individual who ought not to be in a position to control or influence a financial institution, or

(g) is an individual who has been

(i) convicted of an offence in Canada or another jurisdiction arising from a transaction, business or course of conduct related to financial services, or

(ii) found by a regulator or a court in Canada or another jurisdiction to have contravened the laws of that jurisdiction respecting financial services,

the commission may order that the director or officer cease to be a director or officer of the financial institution; and on the date of the order the director or officer ceases to be a director or officer of the financial institution.

(3) When an individual ceases to be a director or officer of a financial institution under subsection (2), then, despite the Business Corporations Act or the Credit Union Incorporation Act, the individual is not eligible to again be or act as a director or officer of a financial institution without first applying for and receiving the consent of the commission.

(5) The commission may require a financial institution to provide any information the commission considers necessary to determine if there are grounds to take action under subsection (2).

  Section 99 (2), (3) and (5) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(2) Without limiting section 128 of the Business Corporations Act or section 84.24 of the Credit Union Incorporation Act, if the Authority is satisfied that a director or officer of a financial institution or of its subsidiary

(a) because of section 97 (5) of this Act, section 124 or 141 (3) of the Business Corporations Act or section 84.12 or 84.3 (2) of the Credit Union Incorporation Act, is not qualified to be a director or an officer,

(b) because of subsection (1), is not qualified to be a director or officer,

(c) within the last 5 years has been bankrupt in Canada or elsewhere,

(d) has a conflicting interest that prevents the director or officer from properly discharging the duties as director or officer,

(e) is contravening or has contravened a written undertaking given under this Act,

(f) is an individual who ought not to be in a position to control or influence a financial institution, or

(g) is an individual who has been

(i) convicted of an offence in Canada or another jurisdiction arising from a transaction, business or course of conduct related to financial services, or

(ii) found by a regulator or a court in Canada or another jurisdiction to have contravened the laws of that jurisdiction respecting financial services,

the Authority may order that the director or officer cease to be a director or officer of the financial institution; and on the date of the order the director or officer ceases to be a director or officer of the financial institution.

(3) When an individual ceases to be a director or officer of a financial institution under subsection (2), then, despite the Business Corporations Act or the Credit Union Incorporation Act, the individual is not eligible to again be or act as a director or officer of a financial institution without first applying for and receiving the consent of the Authority.

(5) The Authority may require a financial institution to provide any information the Authority considers necessary to determine if there are grounds to take action under subsection (2).

  Section 100 (part) BEFORE amended by 2011-29-75, effective November 1, 2012 (BC Reg 208/2012).

  Section 101 (3) was added by 2011-29-76, effective November 1, 2012 (BC Reg 208/2012).

  Section 101.1 was enacted by 2011-29-77, effective November 1, 2012 (BC Reg 208/2012).

  Section 101.1 BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

  Section 101.1 BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

  Section 102 (5) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(5) An applicant under subsection (4) must give the commission not less than 14 days' notice of the application and the commission is entitled to appear and be heard in person or by counsel.

  Section 102 (5) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(5) An applicant under subsection (4) must give the Authority not less than 14 days' notice of the application and the Authority is entitled to appear and be heard in person or by counsel.

  Section 105 BEFORE re-enacted by 2004-48-60, effective December 31, 2004 (BC Reg 597/2004).

  Section 105 BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

  Section 105 BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

  Section 107 (1) BEFORE amended by 2004-48-35, effective December 31, 2004 (BC Reg 597/2004).

(1)  The superintendent by order may require a meeting of the directors of a financial institution for the purpose of considering matters specified in the order within the time specified in the order; and on receiving the order the directors must inform the superintendent in advance of the time and place of the meeting.

  Section 107 (1) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(1) The commission by order may require a meeting of the directors of a financial institution for the purpose of considering matters specified in the order within the time specified in the order; and on receiving the order the directors must inform the commission in advance of the time and place of the meeting.

  Section 107 (1) BEFORE amended by 2021-14-44(a), effective May 20, 2021 (Royal Assent).

(1) The Authority by order may require a meeting of the directors of a financial institution for the purpose of considering matters specified in the order within the time specified in the order; and on receiving the order the directors must inform the Authority in advance of the time and place of the meeting.

  Section 107 (1.1) was added by 2021-14-44(b), effective May 20, 2021 (Royal Assent).

  Section 107 (1.1) BEFORE amended by 2021-14-45, effective August 1, 2021 (BC Reg 210/2021).

(1.1) If a meeting ordered under subsection (1) is an electronic meeting, the directors of the financial institution must also provide the Authority with instructions for attending and participating in the meeting by telephone or other communications medium.

  Section 107 (1) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(1) The Authority by order may require a meeting of the directors of a financial institution for the purpose of considering matters specified in the order within the time specified in the order; and on receiving the order the directors must inform the Authority in advance of the time and, if applicable, the place of the meeting.

  Section 109 (2) BEFORE amended by 2004-48-35, effective December 31, 2004 (BC Reg 597/2004).

(2)  If the directors, on the basis set out in subsection (1), decide against delivery of the statement to the members, they must so inform the superintendent who, despite that decision, may order the financial institution to deliver the statement immediately to its members who are entitled to notice of meetings.

  Section 109 (2) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(2) If the directors, on the basis set out in subsection (1), decide against delivery of the statement to the members, they must so inform the commission who, despite that decision, may order the financial institution to deliver the statement immediately to its members who are entitled to notice of meetings.

  Section 109 (2) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(2) If the directors, on the basis set out in subsection (1), decide against delivery of the statement to the members, they must so inform the Authority who, despite that decision, may order the financial institution to deliver the statement immediately to its members who are entitled to notice of meetings.

  Section 111 (2) (g) BEFORE amended by 2011-29-78, effective November 1, 2012 (BC Reg 208/2012).

(g) approve a financial statement, or

  Section 112 (1) and (2) BEFORE amended by 2004-48-61, effective December 31, 2004 (BC Reg 597/2004).

(1)  The directors of a financial institution must elect from among themselves a conduct review committee consisting of at least 3 directors; and, in the case of a trust company and an insurance company, 2/3 of the committee members must be unaffiliated directors.

(2)  The conduct review committee, in addition to the duties set out in Part 5, must establish written procedures

(a) to provide disclosure under section 90 to customers of the financial institution, and

(b) designed to prevent conflicts of interest and to resolve them if they occur, setting out in those procedures techniques for the identification of potential conflict of interest situations and for restricting the flow of confidential information and ensuring compliance with section 95.

  Section 113 BEFORE re-enacted by 2011-29-79, effective November 1, 2012 (BC Reg 208/2012).

  Section 114 BEFORE amended by 2010-4-8, effective March 31, 2010 (Royal Assent).

  Section 114 BEFORE amended by 2011-29-80, effective November 1, 2012 (BC Reg 208/2012).

  Section 115 BEFORE re-enacted by 2011-29-81, effective November 1, 2012 (BC Reg 208/2012).

  Section 115 (3.1) was added by 2011-29-82, effective January 30, 2013 (BC Reg 22/2013).

  Section 116 BEFORE amended by 2021-14-46, effective May 20, 2021 (Royal Assent).

  Section 117 (2) BEFORE amended by 2004-48-35, effective December 31, 2004 (BC Reg 597/2004).

(2)  If the office of auditor is vacant and no application has been made under section 178 (5) of the Company Act as it applies for the purposes of this Act, the superintendent by order delivered to the financial institution, may require the appointment of an auditor by a deadline stipulated in the order; and if an auditor is not appointed by that deadline

(a) the superintendent may appoint an auditor to hold office until the close of the next annual general meeting, and, despite section 184 of the Company Act as it applies for the purposes of this Act, the financial institution must pay to the auditor so appointed remuneration at a rate directed by the superintendent, and

(b) despite section 185 of the Company Act as it applies for the purposes of this Act, without the written permission of the superintendent, the financial institution must not remove an auditor so appointed before the expiration of the auditor's term of office.

  Section 117 (2) BEFORE amended by 2011-29-83, effective November 1, 2012 (BC Reg 208/2012).

(2)  If the office of auditor is vacant and no application has been made under section 178 (5) of the Company Act as it applies for the purposes of this Act, the commission by order delivered to the financial institution, may require the appointment of an auditor by a deadline stipulated in the order; and if an auditor is not appointed by that deadline

(a) the commission may appoint an auditor to hold office until the close of the next annual general meeting, and, despite section 184 of the Company Act as it applies for the purposes of this Act, the financial institution must pay to the auditor so appointed remuneration at a rate directed by the commission, and

(b) despite section 185 of the Company Act as it applies for the purposes of this Act, without the written permission of the commission, the financial institution must not remove an auditor so appointed before the expiration of the auditor's term of office.

  Section 117 (2) BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

(2) If the office of auditor is vacant and no application has been made under section 204 (5) of the Business Corporations Act or section 39.5 (4) of the Credit Union Incorporation Act, the commission by order delivered to the financial institution, may require the appointment of an auditor by a deadline stipulated in the order; and if an auditor is not appointed by that deadline

(a) the commission may appoint an auditor to hold office until the close of the next annual general meeting, and, despite section 207 of the Business Corporations Act or section 39.53 of the Credit Union Incorporation Act, the financial institution must pay to the auditor so appointed remuneration at a rate directed by the commission, and

(b) despite section 209 of the Business Corporations Act or section 39.54 of the Credit Union Incorporation Act, without the written permission of the commission, the financial institution must not remove an auditor so appointed before the expiration of the auditor's term of office.

  Section 117 (2) BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).

(2) If the office of auditor is vacant and no application has been made under section 204 (5) of the Business Corporations Act or section 39.5 (4) of the Credit Union Incorporation Act, the Authority by order delivered to the financial institution, may require the appointment of an auditor by a deadline stipulated in the order; and if an auditor is not appointed by that deadline

(a) the Authority may appoint an auditor to hold office until the close of the next annual general meeting, and, despite section 207 of the Business Corporations Act or section 39.53 of the Credit Union Incorporation Act, the financial institution must pay to the auditor so appointed remuneration at a rate directed by the Authority, and

(b) despite section 209 of the Business Corporations Act or section 39.54 of the Credit Union Incorporation Act, without the written permission of the Authority, the financial institution must not remove an auditor so appointed before the expiration of the auditor's term of office.

  Section 118 BEFORE amended by 2004-48-35, effective December 31, 2004 (BC Reg 597/2004).

  Section 118 (1) (c) and (h) BEFORE amended by 2011-29-84, effective November 1, 2012 (BC Reg 208/2012).

(c) has been a party to the preparation of or has approved a financial statement that does not fairly present the financial position of the financial institution,

(h) if the auditor is a person certified by the Auditor Certification Board under section 180 (b) of the Company Act as it applies for the purposes of this Act, to that Board.

  Section 118 (1) (f) BEFORE amended by 2015-1-91, effective June 24, 2015 (BC Reg 114/2015).

(f) if the auditor is a chartered accountant, to the council of the Institute of Chartered Accountants of British Columbia,

  Section 118 (1) (g) BEFORE repealed by 2015-1-91, effective June 24, 2015 (BC Reg 114/2015).

(g) if the auditor is a certified general accountant, to the Board of Governors of The Certified General Accountant's Association of British Columbia, and

  Section 118 (1) (f) BEFORE amended by 2018-23-17(a), effective May 31, 2018 (Royal Assent).

(f) if the auditor is a chartered professional accountant, to a provincial or territorial organization of chartered professional accountants of which the auditor is a member, or, if the auditor is a chartered accountant, to a provincial or territorial institute or ordre of chartered accountants, of which the auditor is a member within Canada, and

  Section 118 (1) (h) BEFORE repealed by 2018-23-17(b), effective May 31, 2018 (Royal Assent).

(h) if the auditor is a person certified under section 222 of the Business Corporations Act by the Auditor Certification Board continued under section 221 of that Act, to that Board.

  Section 118 (1) (f) BEFORE amended by 2018-36-22, effective October 31, 2018 (Royal Assent).

(f) if the auditor is a chartered professional accountant, to a provincial or territorial organization of chartered professional accountants of which the auditor is a member, or, if the auditor is a chartered accountant, to a provincial or territorial institute or ordre of chartered accountants, of which the auditor is a member within Canada.

  Section 118 BEFORE amended by 2019-14-29,Sch 2, effective November 1, 2019 (BC Reg 197/2019).

  Section 118 BEFORE amended by 2021-2-134,Sch 1, effective August 1, 2021 (BC Reg 208/2021).