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Office of the Superintendent of Financial Institutions Act (R.S.C., 1985, c. 18 (3rd Supp.), Part I)

Act current to 2023-01-25 and last amended on 2018-12-13. Previous Versions

Remission and Write-off (continued)

Marginal note:Debt write-off

  •  (1) The Superintendent may write off from the accounts of the Office all or part of any debt referred to in subsection 23.2(2) or 31(1) that has been determined to be uncollectible or for which further administrative expense or other costs of collecting the debt are not justifiable in relation to the amount of the debt or the probability of collection.

  • Marginal note:Effect of write-off

    (2) The writing-off of any debt does not affect any right of Her Majesty to collect or recover the debt.

  • Marginal note:Financial Administration Act

    (3) The regulations made under subsection 25(1) of the Financial Administration Act do not apply to the writing off of a debt under this section.

  • 2010, c. 25, s. 177

Regulations

Marginal note:Power to make regulations

 The Governor in Council may make regulations

  • (a) prescribing anything that is required or authorized by this Act to be prescribed; and

  • (b) prescribing the way in which anything that is required or authorized by this Act to be prescribed shall be determined.

  • R.S., 1985, c. 18 (3rd Supp.), s. 38
  • 2001, c. 9, s. 477

No Liability

Marginal note:No liability

 No action lies against Her Majesty, the Minister, the Superintendent, any Deputy Superintendent, any officer or employee of the Office or any person acting under the direction of the Superintendent for anything done or omitted to be done in good faith in the administration or discharge of any powers or duties that under any Act of Parliament are intended or authorized to be executed or performed.

  • R.S., 1985, c. 18 (3rd Supp.), s. 39
  • 2001, c. 9, s. 477

Immunities

Marginal note:Not compellable

 The Superintendent, any Deputy Superintendent, any officer or employee of the Office or any person acting under the direction of the Superintendent, is not a compellable witness in any civil proceedings in respect of any matter coming to their knowledge as a result of exercising any of their powers or performing any of their duties or functions under this Act or the Acts listed in the schedule.

  • 2012, c. 5, s. 212

Annual Report

Marginal note:Annual report

 The Minister shall cause to be laid before each House of Parliament, not later than the fifth sitting day of that House after September 30 next following the end of each fiscal year, a report showing the operations of the Office for that year.

  • R.S., 1985, c. 18 (3rd Supp.), s. 40
  • 2001, c. 9, s. 477

[Note: The former sections 26 to 46, as originally enacted by R.S., c. 18 (3rd Supp.), Part I, are spent but not yet repealed. Those spent provisions will be repealed by a future amendment.]

 
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