d-9.2 - Act respecting the distribution of financial products and services

À jour au 1^er avril 1999

Ce document a valeur officielle.

chapter D-9.2

Act respecting the distribution of financial products and services

TITLE I REPRESENTATIVES

CHAPTER I GENERAL PROVISIONS

1. A representative is either an insurance representative, a securities representative, a claims adjuster or a financial planner.

1998, c. 37, s. 1.

2. An insurance representative is either a representative in insurance of persons, a group insurance representative, a damage insurance agent or a damage insurance broker.

1998, c. 37, s. 2.

3. A representative in insurance of persons is a natural person who offers individual insurance products in insurance of persons or individual annuities, including endowment contracts, from one or more insurers directly to the public, to a firm, to an independent representative or to an independent partnership.

A representative in insurance of persons acts as an advisor in the field of individual insurance of persons and is authorized to secure the adhesion of a person in respect of a group insurance or group annuity contract.

The following are not representatives in insurance of persons:

(1)  persons who, on behalf of an employer, a union, a professional order or an association or professional syndicate constituted under the Professional Syndicates Act (chapter S‐40), secure the adhesion of an employee of that employer or of a member of that union, professional order, association or professional syndicate in respect of a group contract in insurance of persons or a group annuity contract;

(2)  the members of a mutual benefit association that does not guarantee the payment of a benefit upon the occurrence of a risk who offer policies for the mutual benefit association.

1998, c. 37, s. 3.

4. A group insurance representative is a natural person who offers insurance products in group insurance of persons or group annuities from one or more insurers. A group insurance representative also acts as an advisor in the field of group insurance of persons.

Actuaries who, in pursuing activities as an actuary, offer insurance products in group insurance of persons or group annuities are not group insurance representatives.

1998, c. 37, s. 4.

5. A damage insurance agent is a natural person who, on behalf of a firm that is an insurer or that is bound by an exclusive contract with a single damage insurer, offers damage insurance products directly to the public. A damage insurance agent also acts as an advisor in the field of damage insurance.

A person who offers liability insurance products for the insurance fund established by the Bureau des services financiers is not a damage insurance agent.

1998, c. 37, s. 5.

6. A damage insurance broker is a natural person who offers a range of damage insurance products from several insurers directly to the public, or who offers damage insurance products from one or more insurers to a firm, an independent representative or an independent partnership. A damage insurance broker also acts as an advisor in the field of damage insurance.

1998, c. 37, s. 6.

7. A customs broker who, in pursuing activities as a customs broker, offers insurance products is not a damage insurance agent or damage insurance broker.

1998, c. 37, s. 7.

8. An insurer is an insurer holding a licence issued under the Act respecting insurance (chapter A‐32), other than a professional order authorized to insure its members’ liability.

1998, c. 37, s. 8.

9. A securities representative is either a group savings plan representative, an investment contract representative or a scholarship plan representative who does not act for a dealer governed by the Securities Act (chapter V‐1.1).

A group savings plan representative is a natural person who offers shares or units in mutual funds.

An investment contract representative is a natural person who offers a participation in investment contracts within the meaning of the second paragraph of section 1 of the Securities Act.

A scholarship plan representative is a natural person who offers units in scholarship plans.

1998, c. 37, s. 9.

10. A claims adjuster is a natural person who, in the field of damage insurance, investigates insured losses, appraises damages and negotiates the settlement of claims.

The following are not claims adjusters:

(1)  persons who, in pursuing activities in a field other than insurance, carry out one of the functions of a claims adjuster;

(2)  natural persons who act as appraisers within the meaning of Title VI of the Automobile Insurance Act (chapter A‐25).

1998, c. 37, s. 10.

11. A financial planner is a natural person who uses the title of financial planner.

1998, c. 37, s. 11.

13. Representatives pursue their activities in the sectors or classes of sectors in which they are authorized to act by a certificate issued by the Bureau.

The following are sectors:

 — insurance of persons;

 — group insurance of persons;

 — damage insurance;

 — claims adjustment;

 — financial planning;

 — group savings plan brokerage;

 — investment contract brokerage;

 — scholarship plan brokerage.

1998, c. 37, s. 13.

CHAPTER II SPECIAL PROVISIONS

Not in force

28. Insurance representatives must, before making an insurance contract, describe the product to the client, specify the nature of the coverage and indicate clearly all exclusions.

1998, c. 37, s. 28.

Not in force

40. Damage insurance brokers who act as such for a firm or independent partnership that is authorized by an insurer to act as a claims adjuster must, before making an insurance contract, disclose that fact in writing to the person with whom they are transacting business.

1998, c. 37, s. 40.

DIVISION IV FINANCIAL PLANNERS

58. The Institut québécois de planification financière shall determine the rules governing compulsory professional development in financial planning. The rules shall be submitted to the Government for approval with or without amendment.

1998, c. 37, s. 58.

CHAPTER III FINANCIAL PLANNERS BELONGING TO A PROFESSIONAL ORDER

59. Each of the professional orders variously known as the Ordre professionnel des avocats du Québec, the Ordre professionnel des notaires du Québec, the Ordre professionnel des comptables agréés du Québec, the Ordre professionnel des comptables en management accrédités du Québec, the Ordre professionnel des comptables généraux licenciés du Québec and the Ordre professionnel des administrateurs agréés du Québec may enter into an agreement with the Bureau setting out the responsibilities of the order with regard to those of its members who wish to use the title of financial planner.

While such an agreement is in force, the provisions of this Act relating to financial planners, with the exception of the penal provisions, do not apply to such members.

1998, c. 37, s. 59.

61. The agreement shall set out the powers and obligations of the order concerning the management and supervision of its members when they pursue activities as financial planners.

The agreement shall also set out the rules of ethics and the professional requirements with which the members must comply.

1998, c. 37, s. 61.

62. The agreement must provide that the liability insurance that the order requires of its members, and the provisions relating to its indemnity fund, cover the acts of the members using the title of financial planner.

Every act performed by a member as a financial planner within the scope of an agreement is deemed to be an act performed as a member of the order to which the member belongs.

1998, c. 37, s. 62.

63. The agreement shall have a maximum term of five years, and may be renewed.

It may, following agreement, be amended at any time.

1998, c. 37, s. 63.

64. The Bureau may not refuse to enter into an agreement if the rules of ethics and the professional requirements submitted by an order are at least as stringent as those applicable to financial planners holding a certificate.

1998, c. 37, s. 64.

65. An order may require that those of its members who hold a diploma in financial planning undergo additional training, pass examinations or meet specific requirements in order to qualify to hold that title during the term of the agreement.

1998, c. 37, s. 65.

TITLE II REGISTRATION

CHAPTER I FIRMS

70. A firm is either a single-sector firm or a multi-sector firm.

A single-sector firm is a firm that offers products and services in a single sector through representatives.

A multi-sector firm is a firm that offers products and services in more than one sector.

1998, c. 37, s. 70.

72. Only a legal person that maintains an establishment in Québec may register with the Bureau to act as a firm.

The following may, in particular, register as a firm:

 — insurers;

 — banks governed by the Bank Act (Statutes of Canada, 1991, chapter 46);

 — trust and loan companies within the meaning of the Trust and Loan Companies Act (Statutes of Canada, 1991, chapter 45);

 — savings and credit unions within the meaning of the Savings and Credit Unions Act (chapter C‐4.1);

 — trust companies within the meaning of the Act respecting trust companies and savings companies (chapter S‐29.01);

 — securities dealers or securities advisers registered under the Securities Act (chapter V‐1.1).

For the purposes of this Act, a Lloyd’s insurer is deemed to be a legal person.

1998, c. 37, s. 72.

Not in force

86.1. (Not in force).

2004, c. 37, s. 56.

TITLE III FINANCIAL SERVICES BUREAU

CHAPTER I ESTABLISHMENT AND ORGANIZATION

158. A financial services bureau is hereby established under the name “Bureau des services financiers”.

1998, c. 37, s. 158.

159. The Bureau is a legal person.

1998, c. 37, s. 159.

160. The Bureau is not a public body, government body, public agency, government agency or government corporation within the meaning of the Financial Administration Act (chapter A‐6), the Act respecting the Ministère des Relations internationales (chapter M‐25.1.1), the Act respecting the Ministère du Conseil exécutif (chapter M‐30) or the Auditor General Act (chapter V‐5.01).

The Regulations Act (chapter R‐18.1) applies to the Bureau, the Commission and the Chambers only with respect to regulations that must be submitted for approval to the Government.

1998, c. 37, s. 160.

161. The Bureau shall have its head office in the capital of Québec at the place it determines. Notice of the location of the head office, and of any change in its location, shall be published in the Gazette officielle du Québec.

1998, c. 37, s. 161.

162. The affairs of the Bureau shall be administered by a board consisting of 15 members. Ten members shall be appointed by the Minister, including the president and vice-president, and five members shall be designated in accordance with sections 296, 297 and 301.

Five of the members appointed by the Minister shall be selected to represent the general public, and five shall be selected from the financial planning sector, insurers in insurance of persons and damage insurance, deposit institutions and group savings organizations.

1998, c. 37, s. 162.

163. The president shall be appointed for a term not exceeding five years.

The other members of the board shall be appointed for a three-year term.

1998, c. 37, s. 163.

164. The president shall serve in a full-time capacity.

The Government shall fix the remuneration, employment benefits and other conditions of employment of the president.

1998, c. 37, s. 164.

165. The other members of the board shall receive no remuneration, except in the cases, on the conditions and to the extent determined by the Bureau’s internal management by-law. They shall, however, be entitled to an attendance allowance and to the reimbursement of the expenses incurred in the performance of their duties on the conditions and to the extent determined by the internal management by-law.

The vice-president, when replacing the president, is entitled to receive the remuneration provided for in the internal management by-law.

1998, c. 37, s. 165.

166. At the expiry of their term, the members shall continue to serve on the board until reappointed or replaced.

1998, c. 37, s. 166.

167. A vacancy in a position held by a member appointed by the Minister shall be filled for the unexpired portion of the term of the member to be replaced. If less than one year remains, the new member may be appointed for the applicable term plus the unexpired portion of the term of the member to be replaced.

Every other vacancy shall be filled in accordance with section 301.

1998, c. 37, s. 167.

168. A vacancy occurs, in particular, when a member fails to attend the number of meetings determined by the internal management by-law, in the cases and circumstances indicated in the by-law.

1998, c. 37, s. 168.

169. The meetings of the board shall be chaired by the president. The president shall represent the Bureau and supervise its activities.

When the president is absent or unable to act, the vice-president shall perform the duties of president.

1998, c. 37, s. 169.

170. The Bureau may hold its meetings at any place in Québec.

1998, c. 37, s. 170.

171. The quorum of the board is eight members.

1998, c. 37, s. 171.

172. A decision of the board is made by a majority vote of the members present.

Where there is a tie-vote, the member chairing the meeting shall have the casting vote.

The members may take part in a meeting using any means of communication that allows all the participants to communicate orally, such as the telephone.

1998, c. 37, s. 172.

173. Where both the president and the vice-president are absent or unable to act, the members present at a meeting shall designate one of their number to chair the meeting.

1998, c. 37, s. 173.

174. A decision signed by all the members of the board entitled to vote has the same value as a decision made at a meeting of the board.

1998, c. 37, s. 174.

175. A member of the board who is in a situation of conflict of interest must, on pain of forfeiture of office, disclose the situation, refrain from voting on any question concerning the situation, and avoid influencing any decision relating to the situation. The member must, in addition, withdraw from a meeting during any discussion or vote relating to the situation.

Articles 838 to 840 of the Code of Civil Procedure (chapter C‐25), adapted as required, apply to a motion to terminate the term of office of a board member. The decision of the court is executory and final and may not be appealed.

1998, c. 37, s. 175.

176. The board shall appoint a director general and a secretary.

It may also retain the services of the personnel it needs to pursue its activities.

1998, c. 37, s. 176.

177. The director general, the secretary and the other employees shall be appointed and remunerated according to the standards, scales and staffing plan established by regulation.

1998, c. 37, s. 177.

178. The director general is responsible for the management of the Bureau.

1998, c. 37, s. 178.

179. The Act respecting the disclosure of the compensation received by the executive officers of certain legal persons (chapter I‐8.01) applies to the Bureau. For that purpose, the Bureau is considered to be a legal person to which section 1 of the said Act applies. However, the statement of remuneration must be included in its annual report.

1998, c. 37, s. 179.

180. The Bureau shall determine, by by-law, the rules of ethics and the penalties applicable to its personnel.

1998, c. 37, s. 180.

181. On the written requisition of five members of the board, the secretary shall convene a special meeting.

1998, c. 37, s. 181.

182. The Bureau may establish committees, consisting of the persons it designates, to examine the questions it submits. Each such committee shall gather the relevant information and report its observations and recommendations to the Bureau.

1998, c. 37, s. 182.

183. The members of the board of the Bureau, the personnel of the Bureau and the persons designated by the Bureau to conduct inspections may not be prosecuted by reason of acts performed in good faith in the performance of their duties.

1998, c. 37, s. 183.

CHAPTER II FUNCTIONs AND POWERS

184. The mission of the Bureau is to ensure public protection in the fields of activity under its authority.

The Bureau shall ensure compliance with this Act and the regulations governing certificate holders, firms, independent representatives and independent partnerships.

1998, c. 37, s. 184.

185. The Bureau may make recommendations to the Minister concerning any question relating to the distribution of financial products and services.

The Bureau must advise the Minister on any question submitted by the Minister relating to the matters that fall within its jurisdiction.

1998, c. 37, s. 185.

189. The Bureau may enter into agreements with the Government, a government body, a professional order and any other person in Québec.

The Bureau may, after obtaining the advice of the Commission, enter into agreements authorized by law with any commission, council, bureau, office or any person that, under the legislation of a province or state or of another country, is empowered to supervise or regulate matters similar to those within its jurisdiction, in order to facilitate the administration of this Act.

The agreement may provide for the exchange of personal information to prevent, detect or repress violations of the law.

1998, c. 37, s. 189.

190. The Bureau may enter into an agreement with the Institut québécois de planification financière concerning professional development in financial planning.

1998, c. 37, s. 190.

193. The Bureau shall publish, periodically, an information bulletin to inform representatives, firms, and independent representatives and independent partnerships, as well as the general public, about its activities. The bulletin must, in particular, include the roll of hearings of the discipline committees, a summary of the decisions made by the Bureau in respect of firms, independent representatives and independent partnerships and restricted certificate holders, the decisions made by its discipline committees and the decisions made on appeal by the Commission, together with a summary of the Bureau’s report on activities and of the reports of the fund and the Chambers.

1998, c. 37, s. 193.

194. The Bureau shall publish, in the bulletin, every draft regulation prepared by the Bureau, the Commission, the financial services compensation fund or the Chambers.

Every draft regulation must be published with a notice stating the time that must elapse before the draft regulation may be made or be submitted for approval.

The Bureau shall also publish all regulations in the bulletin.

1998, c. 37, s. 194.

195. The Bureau shall adopt separately those of its regulations that must be submitted for approval to the Government or to the Commission.

The Commission shall adopt separately those of its regulations that are to be submitted for approval to the Government.

1998, c. 37, s. 195.

196. The Bureau may determine by regulation, for each sector and class of sectors, the requirements with which the liability insurance contracts of firms, representatives acting on behalf of a firm without being employees, independent representatives and independent partnerships must be consistent.

The regulation may, in particular, prescribe the extent of coverage, the amount covered per claim, the amount of the deductible and the notice that must be given before a contract is cancelled.

The regulation must be submitted to the Government for approval with or without amendment.

1998, c. 37, s. 196.

200. The Bureau, with regard to insurance representatives, claims adjusters and financial planners, and the Commission, with regard to securities representatives, may make regulations to determine, for each sector,

(1)  the minimum qualifications required to obtain a certificate, the courses that an applicant for a certificate must take, and the rules relating to the preparation and passing of prescribed examinations;

(2)  the cases in which the requirements of paragraph 1 do not apply;

(3)  the rules relating to compulsory training periods, the acts that trainees may perform during training periods, notwithstanding section 12, and the rules relating to the obligations of training supervisors;

(4)  the cases in which training periods are not compulsory;

(5)  the other conditions for obtaining a certificate;

(6)  the titles or abbreviations that a representative may use, the rules for obtaining authorization to use such titles and abbreviations, and the rules relating to their use;

(7)  the various classes of sectors;

(8)  the information that a representative must disclose to a person from whom the representative requires compensation, and the manner of disclosing the information;

(9)  the information and documents that a representative or prospective representative must furnish.

1998, c. 37, s. 200.

201. The Commission may, after consulting the chamber of financial products, make a regulation to determine the rules of ethics applicable to securities representatives.

The regulation shall be submitted to the Government for approval with or without amendment.

1998, c. 37, s. 201.

202. The Bureau, with regard to insurance representatives, claims adjusters and financial planners, and the Commission, with regard to securities representatives, may make regulations to determine, for each sector,

(1)  the occupations that are incompatible with the pursuit of activities as a representative;

(2)  the conditions and restrictions that apply to the pursuit of activities as a representative;

(3)  the rules applicable to client solicitation and the representations made by representatives;

(4)  the product information that representatives must give to clients, and the manner of giving such information.

A regulation made under the first paragraph must be submitted to the Government for approval with or without amendment.

1998, c. 37, s. 202.

203. The Bureau may, for each sector, make regulations to determine

(1)  the term of a representative’s certificate;

(2)  the fees payable by a representative for the issue and renewal of a certificate;

(3)  the rules and procedure governing the issue and renewal of certificates;

(4)  the particulars that a certificate may contain;

(5)  the forms that must be used to meet a requirement prescribed by regulation, the medium of such forms, and the manner in which they are to be used;

(6)  the manner in which and time within which the Bureau must be informed by a representative of any change affecting the information entered in the register in respect of that representative.

A regulation made under subparagraph 2 of the first paragraph shall be submitted to the Government for approval with or without amendment.

1998, c. 37, s. 203.

204. The Bureau and the Commission may exercise the powers conferred on them by sections 200 to 203 according to such classes of sectors as they may determine.

1998, c. 37, s. 204.

205. The Bureau, with regard to insurance representatives, claims adjusters and financial planners, and the Commission, with regard to securities representatives, may allow representatives in a given sector to pursue activities in Québec from a base in another province or another country, and fix the professional requirements for the pursuit of such activities.

1998, c. 37, s. 205.

206. The Bureau may, by regulation, determine the conditions to be met by an insurance representative or securities representative before engaging in brokerage operations in connection with loans secured by immovable hypothec.

1998, c. 37, s. 206.

207. The Bureau may, by regulation, determine what constitutes a business relationship and the rules relating to the disclosure of business relationships for the purposes of section 26.

The Commission may, similarly, make a regulation for the purposes of section 53.

1998, c. 37, s. 207.

208. The Bureau may, by regulation, determine the information that must be disclosed by representatives in insurance of persons, group insurance representatives and damage insurance brokers to the person with whom they are transacting business concerning the insurers whose products they offer, and the manner in which the information must be disclosed.

1998, c. 37, s. 208.

209. The Bureau may, by regulation, determine the form and content of notices under sections 19 and 22 and the form and the content of forms for seeking specific consent under section 93.

1998, c. 37, s. 209.

210. The Bureau may, by regulation, determine the rules for drafting and presenting distribution guides.

1998, c. 37, s. 210.

211. The Bureau may, by regulation, determine the formalities, conditions and restrictions that apply to representatives in insurance of persons upon replacing an insurance policy.

1998, c. 37, s. 211.

212. The Bureau may, by regulation, determine

(1)  the conditions to be met by a damage insurance broker in order to be authorized to act as a special broker, and the documents and reports that the broker must send to the Bureau;

(2)  the amount or method of calculating the security that the firm for which such a broker is acting must furnish to the Bureau to secure the obligations of the outside insurers whose products are distributed by the broker;

(3)  the information that the broker must give to clients in writing before placing a risk.

1998, c. 37, s. 212.

213. The Bureau may, by regulation, determine the circumstances under which a damage insurance agent or a damage insurance broker may be authorized to act as a claims adjuster and the conditions of exercise with which the agent or broker must comply.

Such a regulation may provide for rules that differ according to whether they apply to a damage insurance agent or a damage insurance broker.

1998, c. 37, s. 213.

214. The Commission may, by regulation, determine the conditions to be met by a securities representative offering permanent shares and preferred shares issued by a credit union, federation or confederation governed by the Savings and Credit Unions Act (chapter C‐4.1) that are not exempted from the application of Titles II to VIII of the Securities Act (chapter V‐1.1).

1998, c. 37, s. 214.

215. The Bureau may, by regulation, determine the titles similar to the title of financial planner or claims adjuster, and the abbreviations, that may not be used.

1998, c. 37, s. 215.

216. The Bureau may, by regulation,

(1)  determine special rules applicable to a natural person who, in accordance with the legislation of another province or state or of another country, acts as an insurance representative or claims adjuster and applies for a certificate to act as such in Québec;

(2)  determine the activities that such a person may pursue;

(3)  set conditions and restrictions applicable to the pursuit of such activities.

1998, c. 37, s. 216.

217. Regulations made under sections 206, 207, 211 to 213, 214, 215 and 216 shall be submitted to the Government for approval with or without amendment.

1998, c. 37, s. 217.

223. The Bureau may, by regulation, determine for each sector

(1)  the rules applicable to the registration of firms, independent representatives and independent partnerships;

(2)  the experience required of a representative in order to register as an independent representative or become a partner in or employee of an independent partnership;

(3)  the cases in which the requirements prescribed under subparagraph 2 do not apply;

(4)  the information and documents to be provided by applicants for registration;

(5)  the rules relating to maintenance of registration;

(6)  the rules applicable to client solicitation;

(7)  the rules relating to advertisements and representations made by firms, independent representatives and independent partnerships, and the elements they may contain;

(8)  the rules relating to the keeping of records, the register of commissions and the register of complaints;

(9)  the manner in which commissions are to be shared, and the rules relating to their entry in the register;

(10)  the rules to be followed by firms, independent representatives and independent partnerships in dealing with complaints from clients;

(11)  the nature, form and content of the books and other registers to be kept by firms, independent representatives and independent partnerships;

(12)  the rules relating to the use, conservation and destruction of the records, books and registers to be kept by firms, independent representatives and independent partnerships;

(13)  the titles and abbreviations under which a firm, an independent representative or an independent partnership may make itself known;

(14)  the forms that firms, independent representatives and independent partnerships must use to meet a requirement prescribed by regulation, the medium of such forms, and the manner in which they are to be used;

(15)  the procedure by which and time within which firms, independent representatives and independent partnerships must advise the Bureau of any change affecting the information entered in the register in their respect.

A regulation made under subparagraph 2, 3 or 6 to 10 of the first paragraph must be submitted to the Government for approval with or without amendment.

A regulation made under subparagraph 11 or 12 of the first paragraph must be submitted to the Commission for approval with or without amendment.

1998, c. 37, s. 223.

224. The Bureau shall, by regulation, determine the rules applicable to franchisers and franchisees.

The regulation shall be submitted to the Government for approval with or without amendment.

1998, c. 37, s. 224.

Not in force

224.2. (Not in force).

2004, c. 37, s. 61.

225. The Bureau shall, by regulation, determine for each sector the fees payable for registration and the annual fees payable to maintain registration. In the case of a firm or an independent partnership, the fees shall be determined on the basis of the number of establishments the firm or partnership maintains or proposes to maintain in Québec, the number of representatives through whom it pursues or proposes to pursue its activities, and any other criteria the Bureau considers relevant.

The regulation shall be submitted to the Government for approval with or without amendment.

1998, c. 37, s. 225.

226. The Bureau shall, by regulation, determine the fees payable for any formality or other measure prescribed by this Act or the regulations, and the charges for the goods and services provided by the Bureau.

A regulation made under the first paragraph shall be submitted to the Government for approval with or without amendment.

1998, c. 37, s. 226.

227. The Commission may, by regulation, determine

(1)  the rules relating to the establishment and maintenance of the trust account that must be maintained by a firm acting through a securities representative;

(2)  the rules relating to the financial resources that must be maintained by a firm acting through a securities representative.

A regulation made under the first paragraph shall be submitted to the Government for approval with or without amendment.

1998, c. 37, s. 227.

228. The Bureau shall, by regulation, determine

(1)  the standards, scales and staffing plan applicable to the appointment and remuneration of the employees of the compensation fund;

(2)  the rules of ethics and the disciplinary sanctions applicable to the board members and personnel members of the compensation fund;

(3)  the rules relating to the administration of the compensation fund;

(4)  the conditions governing the eligibility of a claim presented to the compensation fund and the maximum amount of compensation that may be paid.

A regulation made under subparagraph 4 of the first paragraph shall be submitted to the Government for approval with or without amendment.

1998, c. 37, s. 228.

229. The Bureau may, by motion, apply to a judge of the Superior Court for an injunction in any matter relating to this Act or the regulations.

A motion for an injunction constitutes a proceeding.

The procedure provided for in the Code of Civil Procedure (chapter C‐25) applies, except that the Bureau is not required to furnish security.

1998, c. 37, s. 229.

231. The Bureau may, on its own initiative and without notice, intervene in any proceeding in which a question relating to this Act or a regulation under it has been raised.

1998, c. 37, s. 231.

232. The Minister may request that the Bureau take into account the guidelines and objectives indicated by the Minister in performing its functions.

The report on activities of the Bureau must indicate the steps it has taken in that respect.

1998, c. 37, s. 232.

233. The Commission may prescribe any measure to be taken by the Bureau where the Commission considers that it is necessary to do so to ensure the proper functioning of the securities market.

If the Bureau fails to take the measure prescribed, the Commission may refer the matter to the Minister. The Minister may, in such a case, exercise the powers conferred on the Minister by Chapter II of Title VII in respect of the Bureau.

1998, c. 37, s. 233.

CHAPTER III DOCUMENTS AND REGISTERS

244. The Bureau must, at the request of the Minister, forward any document or information the Minister requires concerning the Bureau’s activities.

1998, c. 37, s. 244.

245. The minutes of the meetings of the board, when approved by the board and certified as true by the president or the secretary, are authentic. Documents and copies of documents emanating from the Bureau or forming part of its records, when signed or certified as true by one of those persons, are also authentic.

1998, c. 37, s. 245.

246. No act, document or writing is binding on the Bureau unless signed by the president or, to the extent determined by regulation, by the secretary.

The Bureau may, on the conditions and for the documents it determines, allow the required signature to be affixed by means of an automatic device, or allow a facsimile of the signature to be engraved, lithographed or printed. However, the facsimile has the same force as the signature only when the document is countersigned by a person authorized by the Bureau for that purpose.

1998, c. 37, s. 246.

CHAPTER IV FINANCIAL PROVISIONS

247. The financial year of the Bureau ends on 31 December.

1998, c. 37, s. 247.

Notwithstanding this section, the financial year of the Bureau des services financiers, for the current year, ends on 1 February 2004. Order in Council 1366-2003 dated 17 December 2003, section 11; (2003) 135 G.O. 2, 3847.

248. The Bureau shall finance its activities.

1998, c. 37, s. 248.

251. The Bureau may not make commitments for terms exceeding five years.

The Bureau may not, without the authorization of the Government, make commitments for an amount that exceeds the limits determined by the Government.

1998, c. 37, s. 251.

252. The Bureau shall, each year, cause its books and accounts to be audited by an auditor, who must be a person referred to in section 293 of the Act respecting insurance (chapter A‐32). If no such audit is carried out, the Minister may designate an auditor for that purpose; the latter’s remuneration shall be paid by the Bureau.

1998, c. 37, s. 252.

253. The auditor shall have access to all the books, registers, accounts and other accounting records of the Bureau, and to all vouchers. Every person having custody of such documents must facilitate the auditor’s examination of them.

The auditor may require the members, mandataries and employees of the Bureau to provide any information and document necessary for the audit.

1998, c. 37, s. 253.

254. At the request of the Minister, the auditor shall, in addition, conduct an audit of the adequacy and proper functioning of the systems and procedures implemented by the Bureau, to ensure that its resources are acquired and utilized with due regard to economy and effectiveness.

1998, c. 37, s. 254.

255. The auditor may require that a meeting of the board be held concerning any matter relating to the audit.

1998, c. 37, s. 255.

256. The Bureau shall file with the Minister its financial statements and report on activities for the preceding financial year not later than 30 April of each year.

The financial statements and the report on activities must contain all the information required by the Minister.

The report on activities shall contain the Bureau’s findings regarding the manner in which firms, independent representatives, independent partnerships and the holders of restricted certificates protect the personal information they hold on their clients.

1998, c. 37, s. 256.

257. The Minister shall lay the annual report before the National Assembly within 30 days of receiving it or, if the Assembly is not sitting, within 30 days of resumption.

1998, c. 37, s. 257.

TITLE IV FINANCIAL SERVICES COMPENSATION FUND

258. A financial services compensation fund is hereby established under the name “Fonds d’indemnisation des services financiers”.

1998, c. 37, s. 258.

259. The fund is a legal person.

1998, c. 37, s. 259.

260. The head office of the fund shall be in the capital of Québec at the place determined by the Bureau. Notice of the location of the head office, and of any change in its location, shall be published in the Gazette officielle du Québec.

1998, c. 37, s. 260.

261. The affairs of the fund shall be administered by a board consisting of seven members appointed by the Bureau for a three-year term, including a president and a vice-president.

Two of the members of the board shall be appointed from among persons qualified to represent the general public.

At the expiry of their term, the members shall continue to serve on the board until reappointed or replaced.

1998, c. 37, s. 261.

262. A vacancy occurs, in particular, when a member fails to attend the number of meetings determined by the internal management by-law of the fund, in the cases and circumstances indicated in the by-law.

1998, c. 37, s. 262.

263. The members of the board of the fund shall receive no remuneration, except in the cases, on the conditions and to the extent determined by the internal management by-law. They shall, however, be entitled to an attendance allowance and to the reimbursement of the expenses incurred in the performance of their duties, on the conditions and to the extent determined by the internal management by-law.

1998, c. 37, s. 263.

264. The board meetings of the fund shall be chaired by the president. The president shall also act as the fund’s representative with respect to the Bureau.

When the president is absent or unable to act, the vice-president shall perform the duties of president.

1998, c. 37, s. 264.

265. The fund shall hold its board meetings at its head office, or at any other place authorized by the Bureau.

1998, c. 37, s. 265.

266. The quorum at the fund’s board meetings is four members.

1998, c. 37, s. 266.

267. A decision of the fund is made by a majority vote of the board members present.

Where there is a tie-vote, the member chairing the meeting shall have the casting vote.

The members may take part in a meeting using any means of communication that allows all the participants to communicate orally, such as the telephone.

1998, c. 37, s. 267.

268. Where both the president and the vice-president are absent or unable to act, the members present at a meeting shall designate one of their number to chair the meeting.

1998, c. 37, s. 268.

269. A decision signed by all the members of the board entitled to vote has the same value as a decision made at a meeting of the board.

1998, c. 37, s. 269.

270. A board member of the fund who is in a situation of conflict of interest must, on pain of forfeiture of office, disclose the situation, refrain from voting on any question concerning the situation, and avoid influencing any decision relating to the situation. The member must, in addition, withdraw from a meeting during any discussion or vote relating to the situation.

Articles 838 to 840 of the Code of Civil Procedure (chapter C‐25), adapted as required, apply to a motion to terminate the term of office of a member. The decision of the court becomes executory immediately, is final and may not be appealed.

1998, c. 37, s. 270.

271. The internal management by-law of the fund shall be made by the Bureau.

1998, c. 37, s. 271.

272. The Bureau may designate a secretary and the personnel required for the pursuit of the activities of the fund.

The secretary and the other employees shall be appointed and remunerated according to the standards, scales and staffing plan established by regulation of the Bureau.

1998, c. 37, s. 272.

273. The Bureau shall determine, by regulation, the rules of ethics and the disciplinary sanctions applicable to the board members and personnel members of the fund.

1998, c. 37, s. 273.

274. The object of the fund is to administer the sums of money deposited with it to compensate the victims of fraud, fraudulent tactics or embezzlement for which a firm, an independent representative or an independent partnership, is responsible.

For such purpose, the fund shall, in accordance with the rules determined by regulation,

(1)  administer the moneys deposited with the fund;

(2)  determine whether the claims presented to the fund are eligible, and the amount of compensation to be paid.

Expenses required for the operation of the fund are authorized by the fund.

1998, c. 37, s. 274.

Not in force

274.2. (Not in force).

2008, c. 7, s. 82.

Not in force

274.3. (Not in force).

2008, c. 7, s. 82.

Not in force

274.4. (Not in force).

2008, c. 7, s. 82.

Not in force

274.5. (Not in force).

2008, c. 7, s. 82.

Not in force

274.6. (Not in force).

2008, c. 7, s. 82.

279. The investments made by the fund must be made in accordance with the rules of the Civil Code of Québec (Statutes of Québec, 1991, chapter 64) concerning investments presumed sound.

1998, c. 37, s. 279.

280. The Bureau shall have, with regard to the fund, the powers conferred on it by sections 106 to 112 with regard to a firm.

1998, c. 37, s. 280.

281. The fund shall cause its books and accounts to be audited each year by an auditor, who must be a person referred to in section 293 of the Act respecting insurance (chapter A‐32). If no such audit is carried out, the Bureau may designate an auditor for that purpose; the latter’s remuneration shall be paid by the fund.

Sections 253 to 255, adapted as required, apply to the audit.

1998, c. 37, s. 281.

282. The financial year of the fund ends on 31 December.

1998, c. 37, s. 282.

Notwithstanding this section, the financial year of the Fonds d’indemnisation des services financiers, for the current year, ends on 1 February 2004. Order in Council 1366-2003 dated 17 December 2003, section 11; (2003) 135 G.O. 2, 3847.

283. The fund shall file with the Bureau its financial statements and report on activities for the preceding financial year not later than 30 April each year.

The financial statements and the report on activities must contain all the information required by the Bureau.

1998, c. 37, s. 283.

TITLE V CHAMBRE DE LA SÉCURITÉ FINANCIÈRE AND CHAMBRE DE L’ASSURANCE DE DOMMAGES

CHAPTER I ESTABLISHMENT AND ORGANIZATION

284. Two Chambers are hereby established under the names “Chambre de la sécurité financière” and “Chambre de l’assurance de dommages”.

1998, c. 37, s. 284.

285. Each Chamber is a legal person.

1998, c. 37, s. 285.

286. The Chambers and the Bureau are subject to the Act respecting Access to documents held by public bodies and the Protection of personal information (chapter A‐2.1).

1998, c. 37, s. 286.

287. Each Chamber shall have its head office in Québec at the place it determines. Notice of the location of the head office, and of any change in its location, shall be published in the Gazette officielle du Québec.

1998, c. 37, s. 287.

288. The affairs of each Chamber shall be administered by a board consisting of 11 members.

Two members shall be appointed by the Minister to represent the general public, for a term of three years.

1998, c. 37, s. 288.

296. The candidates elected to the Chambre de la sécurité financière shall designate a president from among their number. They shall also designate a vice-president for insurance from among the candidates elected by the representatives in insurance of persons and group insurance representatives, and a vice-president for securities from among the candidates elected by securities representatives.

The president and vice-presidents are, by virtue of their office, members of the board of the Bureau.

1998, c. 37, s. 296.

297. The candidates elected to the Chambre de l’assurance de dommages shall designate a president from among their number. They shall also designate a vice-president from among the candidates elected by the damage insurance agents or by claims adjusters.

The president and vice-president are, by virtue of their office, members of the board of the Bureau.

1998, c. 37, s. 297.

299. The members of the board of a Chamber shall receive no remuneration. They shall, however, be entitled to an attendance allowance and to the reimbursement of expenses incurred in the performance of their duties, on the conditions and to the extent determined by the internal management by-law of the Chamber.

1998, c. 37, s. 299.

302. A vacancy occurs, in particular, when a member fails to attend the number of meetings determined by the internal management by-law of the Chamber, in the cases and circumstances indicated in the by-law.

1998, c. 37, s. 302.

303. The meetings of the board of the Chamber shall be chaired by the president. The president shall represent the Chamber and supervise its activities.

When the president is absent or unable to act, the vice-president of the Chambre de l’assurance de dommages or, in the case of the Chambre de la sécurité financière, the vice-president designated by the internal management by-law, shall perform the duties of president.

1998, c. 37, s. 303.

304. A Chamber may hold its meetings at any place in Québec.

1998, c. 37, s. 304.

305. The quorum at board meetings of a Chamber is six members.

1998, c. 37, s. 305.

306. A decision by a Chamber is made on a majority vote of the members present.

Where there is a tie-vote, the member chairing the meeting shall have the casting vote.

The members may take part in a meeting using any means of communication that allows all the participants to communicate orally, such as the telephone.

1998, c. 37, s. 306.

307. Where both the president and the vice-president are absent or unable to act, the members present at a meeting shall designate one of their number to chair the meeting.

1998, c. 37, s. 307.

308. A decision signed by all the members of the board has the same value as a decision made at a meeting of the board.

1998, c. 37, s. 308.

309. Each Chamber shall appoint a secretary.

It may also retain the personnel it needs to pursue its activities.

The personnel members of the Chamber shall be appointed according to the staffing plan and standards established by regulation of the Chamber. The regulation shall also determine the standards and scales of remuneration, employment benefits and the other conditions of employment of the personnel members.

1998, c. 37, s. 309.

310. Each Chamber shall determine, by regulation, the rules of ethics and the sanctions applicable to its personnel.

1998, c. 37, s. 310.

311. On the written requisition of three members of the board, the secretary of a Chamber shall convene a special meeting.

1998, c. 37, s. 311.

CHAPTER II FUNCTIONS AND POWERS

312. The mission of a Chamber shall be to ensure the protection of the public by maintaining discipline among and supervising the training and ethics of its contributors.

The contributors of the Chambre de la sécurité financière are the representatives listed in the first paragraph of section 289, and the contributors of the Chambre de l’assurance de dommages are the representatives listed in the first paragraph of section 290.

1998, c. 37, s. 312.

313. Each Chamber shall determine, by regulation,

(1)  the rules of ethics applicable to the representatives, other than the securities representatives, of each sector or class of sectors in which its contributors carry on business;

(2)  the rules governing compulsory professional development in each sector or class of sectors other than financial planning in which its contributors carry on business;

(3)  the criteria, including the equivalency criteria, governing the granting or withdrawal of the titles mentioned in sections 317 and 318.

A regulation made under the first paragraph shall be submitted to the Government for approval with or without amendment.

1998, c. 37, s. 313.

314. A Chamber shall give its opinion on any matter submitted to it by the Bureau. It may make recommendations to the Bureau on any matter within the jurisdiction of the Bureau.

To that end, a Chamber may establish committees composed of the persons it designates to collect all relevant information and report their findings to the Chamber together with their recommendations.

1998, c. 37, s. 314.

315. A Chamber may offer services to its contributors, such as professional development sessions for sectors other than the financial planning sector, and advisory services in quality control and compliance with professional requirements.

The Chamber shall determine, by regulation, the fees payable for such services.

1998, c. 37, s. 315.

316. A Chamber may enter into an agreement concerning the provision of compulsory upgrading and professional development sessions by any person.

1998, c. 37, s. 316.

319. The Chambre de la sécurité financière shall make recommendations to the Commission concerning the rules of ethics applicable to each securities sector and class of sectors.

1998, c. 37, s. 319.

321. Within one year from 20 June 1998, the Bureau and the Chambers shall agree on the pooling of the resources necessary for

(1)  collecting and allocating, according to a method that may vary from the method prescribed by this Act, the fees determined by the Bureau for the issue and renewal of representatives’ certificates, the fees determined by the Bureau for registration and for maintaining registration, the contributions determined by the financial services compensation fund, and the dues determined by each Chamber;

(2)  a method, other than the method prescribed by this Act, for managing the register of representatives, firms, independent representatives and independent partnerships.

If the Bureau and the Chambers fail to conclude an agreement within the prescribed time, the Government may, by order, impose the terms of an agreement.

1998, c. 37, s. 321.

322. The Bureau and the Chambers may, even after the Government has imposed the terms of an agreement pursuant to the second paragraph of section 321, conclude an agreement to replace the agreement imposed by the Government.

1998, c. 37, s. 322.

323. The financial year of a Chamber ends on 31 December.

1998, c. 37, s. 323.

324. A Chamber may not make commitments for terms exceeding five years.

A Chamber may not, without the authorization of the Government, make commitments for an amount that exceeds the limits determined by the Government.

1998, c. 37, s. 324.

325. Each Chamber shall cause its books and accounts to be audited each year by an auditor, who must be a person referred to in section 293 of the Act respecting insurance (chapter A‐32). If no such audit is carried out, the Bureau may designate an auditor for that purpose; the latter’s remuneration shall be borne by the Chamber.

Sections 253 to 255, adapted as required, apply to the audit.

1998, c. 37, s. 325.

326. Each Chamber shall file with the Bureau its financial statements and report on activities for the preceding financial year not later than 30 April each year.

The financial statements and the report on activities must contain all the information required by the Bureau.

1998, c. 37, s. 326.

CHAPTER III SYNDICS

327. The Minister shall appoint a syndic for each Chamber.

The Commission shall appoint a co-syndic for the Chambre de la sécurité financière.

1998, c. 37, s. 327.

328. The Minister shall fix the remuneration, employment benefits and other conditions of employment of each syndic, to be borne by the Chamber concerned.

The co-syndic shall receive the same remuneration as the syndic of the Chambre de la sécurité financière, to be borne by that Chamber.

1998, c. 37, s. 328.

331. The Minister may appoint assistants to assist in the performance of the duties of each syndic, and shall fix the remuneration, employment benefits and other conditions of employment of the assistants.

The Commission may appoint assistants to assist in the performance of the duties of the co-syndic. The assistants shall receive the same remuneration as that paid to an assistant of the Chambre de la sécurité financière.

The remuneration of the assistants shall be borne by the Chamber concerned.

1998, c. 37, s. 331.

332. The assistants to a syndic or co-syndic shall perform their duties under the direction of the syndic or co-syndic.

The assistants shall have all the powers conferred on the syndic or co-syndic.

1998, c. 37, s. 332.

333. Each Chamber shall appoint the personnel required to enable the activities of the syndic or co-syndic to be pursued.

The personnel shall be appointed and remunerated in accordance with the standards, scales and staffing plan established by the Chamber by regulation.

1998, c. 37, s. 333.

351. The syndics and the co-syndic shall report on their activities to the Chambers and the Bureau in the manner determined by the Bureau.

The Chambre de la sécurité financière shall forward the co-syndic’s report to the Commission.

1998, c. 37, s. 351.

TITLE VI DISCIPLINE COMMITTEES

CHAPTER I ESTABLISHMENT

352. A discipline committee is hereby established within each Chamber.

1998, c. 37, s. 352.

355. Each discipline committee shall be composed of advocates and representatives.

1998, c. 37, s. 355.

356. The business of each discipline committee shall be directed by a president appointed by the Minister, after consulting the Barreau, from among advocates having at least ten years of practice.

The Minister shall fix the remuneration, employment benefits and other conditions of employment of the president, which shall be borne by the Chamber.

1998, c. 37, s. 356.

357. The Minister shall, after consulting the Barreau, appoint the vice-president from among the advocates having at least ten years of practice. The vice-president shall exercise the duties of the president when the latter is absent or unable to act.

1998, c. 37, s. 357.

358. The president of each discipline committee shall, after consulting the Barreau, appoint the members, with the exception of the vice-president, who are to be chosen from among the advocates having at least ten years of practice.

The president shall prepare a list of the members and file the list with the Chamber.

1998, c. 37, s. 358.

364. Each Chamber shall fix, by regulation, the salary and fees or other remuneration of the members of the discipline committee other than the president. The regulation shall prescribe the remuneration to be received by the vice-president when the latter replaces the president.

The regulation shall be submitted to the Government for approval with or without amendment.

1998, c. 37, s. 364.

365. The term of the president shall not exceed five years and the term of the other members shall not exceed three years.

At the expiry of their them, the members of the discipline committee shall continue to serve on the committee until reappointed or replaced.

1998, c. 37, s. 365.

366. Each Chamber shall appoint a secretary to its discipline committee. It shall also appoint another person to replace the secretary when the latter is absent or unable to act.

The Chamber shall also appoint the personnel required to ensure the proper functioning of the discipline committee.

1998, c. 37, s. 366.

370. Each discipline committee shall forward an annual report on its activities to the Bureau and to the Chamber concerned, on the date and in the form determined by the Chamber.

1998, c. 37, s. 370.

TITLE VIII DISTRIBUTION OTHER THAN THROUGH A REPRESENTATIVE

CHAPTER I INSURERS

408. An insurer may, in accordance with this Title, offer insurance products through a distributor.

A distributor is a person who, in pursuing activities in a field other than insurance, offers, as an accessory, for an insurer, an insurance product which relates solely to goods sold by the person or secures a client’s adhesion in respect of such an insurance product.

1998, c. 37, s. 408.

411. The distribution guide must describe the product offered, state the nature of the guarantee and state clearly all exclusions from the guarantee.

The distribution guide shall specify the way in which eventual claims are to be presented, and the time for presenting a claim. The guide shall also indicate the lapse of time available to the insurer, in such a case, to pay the amounts insured, and the steps to be taken by the insured, within the time specified in the guide, if the insurer fails to allow the claim.

1998, c. 37, s. 411.

412. Where applicable, the distribution guide shall mention that the insurer is aware that other insurance products offering guarantees similar to those of the product offered are available on the market.

1998, c. 37, s. 412.

413. A distribution guide must be drafted and presented in accordance with the rules determined by the Bureau.

1998, c. 37, s. 413.

414. The insurer must, before furnishing a distribution guide to distributors, forward a copy of the guide to the Bureau. A copy must also be forwarded following any amendment to the guide.

The distribution guide must include a copy of the policy related to the products described in the guide.

In addition, the distribution guide must include a list of the names and addresses of the distributors through whom the product described in the guide is offered by the insurer.

1998, c. 37, s. 414.

416. The Bureau may, as often as it considers it necessary, order an insurer to amend a distribution guide in the manner and within the time it specifies. The insurer must send a copy of the amended guide to the Bureau within that time.

The Bureau may, before the expiry of the time specified, grant an extension.

1998, c. 37, s. 416.

423. The Bureau shall, by regulation, fix the fees to be paid to it by an insurer for the examination of each distribution guide sent to the Bureau pursuant to section 414.

1998, c. 37, s. 423.

424. For the purposes of this Title, the following types of products are deemed to be insurance products which relate solely to goods:

(1)  travel insurance;

(2)  vehicle rental insurance, where the rental period is less than four months;

(3)  credit card and debit card insurance.

1998, c. 37, s. 424.

426. For the purposes of this Title, the following insurance products are deemed to be insurance products which relate solely to goods and to which clients adhere:

(1)  debtor life, health and employment insurance;

(2)  investor life insurance.

1998, c. 37, s. 426.

CHAPTER II DISTRIBUTORS

440. A distributor that, at the time a contract is made, causes the client to make an insurance contract must give the client a notice, drafted in the manner prescribed by regulation of the Bureau, stating that the client may cancel the insurance contract within 10 days of signing it.

1998, c. 37, s. 440.

443. A distributor that offers financing for the purchase of goods or services and that requires the debtor to subscribe for insurance to guarantee the reimbursement of the loan must give the debtor a notice, drawn up in the manner prescribed by regulation of the Bureau, stating that the debtor may subscribe for insurance with the insurer and representative of the debtor’s choice provided that the insurance is considered satisfactory by the creditor, who may not refuse it without reasonable grounds. The distributor may not subordinate the making of the contract of credit to the making of an insurance contract with the insurer specified by the distributor.

No contract of credit may stipulate that it is made subject to the condition that the insurance contract subscribed with such an insurer remain in force until the expiry of the term, or subject to the condition that the expiry of such an insurance contract will entail forfeiture of term or the reduction of the debtor’s rights.

The rights of the debtor under the contract of credit shall not be forfeited when the debtor cancels, terminates or withdraws from the insurance contract, provided that the debtor has subscribed for insurance with another insurer that is considered satisfactory by the creditor, who may not refuse it without reasonable grounds.

1998, c. 37, s. 443.

TITLE X AMENDING PROVISIONS

503. (Amendment integrated into c. A-32, s. 93.165.1).

1998, c. 37, s. 503.

504. (Amendment integrated into c. A-32, s. 93.214).

1998, c. 37, s. 504.

505. (Amendment integrated into c. A-32, s. 93.226).

1998, c. 37, s. 505.

506. (Amendment integrated into c. A-32, s. 93.229).

1998, c. 37, s. 506.

510. (Amendment integrated into c. A-32, s. 222, English text).

1998, c. 37, s. 510.

TITLE XI TRANSITIONAL PROVISIONS

543. A natural person who, on 20 June 1998, holds a certificate authorizing the person to pursue activities as a market intermediary under the Act respecting market intermediaries (chapter I‐15.1) and who, within two years from that date, establishes a legal person in order to act as a firm within the meaning of this Act is exempted from the payment of the fees payable for the filing of articles of constitution and for the related research report.

1998, c. 37, s. 543.

568. The members of the first boards of directors of the Chambre de la sécurité financière and the Chambre de l’assurance de dommages shall be appointed by the Minister. They shall be appointed for a term of two years.

The Minister shall designate, from among the members the Minister appoints to the board of directors of the Chambre de la sécurité financière, the members who are to fill the positions of president, of vice-president, insurance, and of vice-president, securities.

The Minister shall also designate, from among the members the Minister appoints to the board of the Chambre de l’assurance de dommages, the members who are to fill the positions of president and vice-president.

1998, c. 37, s. 568.

572. Notwithstanding section 177, the board of directors of the Bureau may appoint its personnel before adopting a by-law under that section. However, as soon as the by-law is adopted, the remuneration, employment benefits and other conditions of employment of the persons so appointed shall be revised, where necessary, in accordance with the by-law.

1998, c. 37, s. 572.

573. In addition to the insurance products referred to in sections 424 and 426, a credit union may, in accordance with the provisions of Title VIII, continue to distribute the insurance products it distributed on 20 June 1998.

The Government shall, by order, identify those products.

1998, c. 37, s. 573.

577. In addition to the transitional provisions provided for in this Title, the Government may, in a regulation made before 1 July 1999, make any other transitional provision needed to supply any deficiency and ensure the application of this Act.

A regulation made pursuant to the first paragraph is not subject to the publication requirements prescribed by section 8 of the Regulations Act (chapter R‐18.1).

1998, c. 37, s. 577.

TITLE XII MISCELLANEOUS PROVISIONS

579. The Government may, on the conditions and to the extent it determines, guarantee any loan contracted by the Bureau during fiscal years 1998-1999 and 1999-2000.

Where the Government guarantees such a loan, the Bureau must, at the request of the Minister, either directly or through the financial institutions with which it does business, provide the Minister with any information concerning its financial situation in the manner and within the time indicated by the Minister.

The sums required for the purposes of this section shall be taken out of the Consolidated Revenue Fund.

1998, c. 37, s. 579.

581. The Minister of Finance is responsible for the administration of this Act.

1998, c. 37, s. 581.

583. (Omitted).

1998, c. 37, s. 583.

REPEAL SCHEDULE

In accordance with section 9 of the Act respecting the consolidation of the statutes and regulations (chapter R-3), chapter 37 of the statutes of 1998, in force on 1 April 1999, is repealed, except section 583, effective from the coming into force of chapter D-9.2 of the Revised Statutes.

Any provisions referred to in this Act as “not in force” will come into force on the date or dates fixed by order of the Government (1998, c. 37, s. 583).