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Update on Bill C-10

As we reported in our Spring 2009 newsletter, the Federal Government had recently introduced Bill C-10, “An Act to implement certain provisions of the budget tabled in Parliament on January 27, 2009 and related fiscal measures.” Among other things that Bill amends the Bank Act, providing Cabinet authority to override the existing prohibition on financial institutions issuing shares to the Federal Government if necessary to “promote the stability of the financial system in Canada.” The Bill received third reading on March 4, 2009, and certain parts are now in force as of March 12, 2009; others have retroactive in-force dates. See S.C. 2009, c. 2