Bank Act (S.C. 1991, c. 46)

Section 541.1 — Guarantees and acceptances

Guarantees and acceptances An authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2) may, in respect…

Section 59 — Power to issue shares

Power to issue shares Subject to this Act and the by-laws of the bank, shares of a bank may be issued at such times and to such persons and for such…

Section 94 — Minors

Minors If a minor exercises any rights of ownership in the securities of a bank, no subsequent repudiation or avoidance is effective against the bank.

Section 948 — Prohibited activities

Prohibited activities A non-bank entity shall not, in Canada, engage in the business of accepting deposit liabilities; or represent to the public that any…

Section 348 — Court supervision thereafter

Court supervision thereafter When a court makes an order under subsection 347(1), the liquidation of the bank shall continue under the supervision of the…

Section 135 — Notice to agent

Notice to agent Notice to an authenticating trustee, registrar, transfer agent or other agent of an issuer is notice to the issuer in respect of the functions…

Section 866 — Definition of court”

Definition of court” For the purposes of subsections 346(1) and 347(1) and (2), sections 348 to 352, subsection 353(1), sections 355 and 357 to 359…

Section 999 — Multiple copies

Multiple copies A requirement under this Act or the regulations to provide two or more copies of a document at the same time to one addressee is satisfied by…

Section 627.12 — Imposition of charges or penalties

Imposition of charges or penalties An institution shall not impose on a person a charge or penalty in relation to a product or service in Canada unless the…

Section 488 — Meaning of transaction

Meaning of transaction For the purposes of this Part, entering into a transaction with a related party of a bank includes making a guarantee on behalf of the…

Section 426 — Loans on hydrocarbons and minerals

Loans on hydrocarbons and minerals A bank may lend money and make advances on the security of any or all of the following, namely, hydrocarbons or minerals in…

Section 256 — Corporate seal

Corporate seal A bank may adopt a corporate seal and change one that it adopted. A document executed on behalf of a bank is not invalid merely because a…

Section 413 — Restriction on deposit taking

Restriction on deposit taking A bank shall not accept deposits in Canada unless it is a member institution, as defined in section 2 of the Canada Deposit…

Section 578 — Branch of account with respect to deposits

Branch of account with respect to deposits For the purposes of this Act, the branch of account with respect to a deposit account is the branch the address or…

Section 627.17 — Opening

Opening Subject to subsection (2), a member bank shall, at any point of service or any branch in Canada at which it opens retail deposit accounts through…

Section 159.1 — Directors as members

Directors as members Not less than two thirds of the directors of a federal credit union, or any greater proportion that is provided for by the by-laws, must…

Section 469 — Approval for indirect investments

Approval for indirect investments If a bank obtains the approval of the Minister under subsection 468(5) to acquire control of, or to acquire or increase a…

Section 213 — Directors’ and officers’ insurance

Directors’ and officers’ insurance A bank may purchase and maintain insurance for the benefit of any person referred to in section 212 against any liability…

Section 522.07 — Investment in a financial institution

Investment in a financial institution Subject to the requirements relating to approval set out in Division 5, a foreign bank or an entity associated with a…

Section 425 — Definitions

Definitions For the purposes of sections 426 to 436, agricultural equipment means implements, apparatus, appliances and machinery of any kind usually affixed…

Section 494 — Acquisition of assets

Acquisition of assets A bank may purchase or otherwise acquire from a related party of the bank securities of, or securities guaranteed by, the Government of…

Section 294 — Definitions

Definitions In this section and sections 295 to 306, event of default means, in relation to a trust indenture, an event specified in the trust indenture on the…

Section 522.081 — Regulations

Regulations The Governor in Council may make regulations respecting the circumstances in which a foreign bank or an entity associated with a foreign bank may…

Section 894 — Public holding requirement

Public holding requirement If a bank holding company to which section 893 applies becomes a bank holding company with equity of twelve billion dollars or more…

Section 466 — Restriction on control and substantial investments

Restriction on control and substantial investments Subject to subsections (2) to (4.4), no bank shall acquire control of, or hold, acquire or increase a…

Section 592 — Examination of annual return

Examination of annual return The auditor of an authorized foreign bank shall make any examination that the auditor considers necessary to enable the auditor to…

Section 738 — Representative shareholder

Representative shareholder If an entity is a shareholder of a bank holding company, the bank holding company shall recognize any natural person authorized by a…

Section 7 — Shareholder

Shareholder For the purposes of this Act, a person is a shareholder of a body corporate when, according to the securities register of the body corporate, the…

Section 991 — Recovery and application of fines

Recovery and application of fines All fines payable under this Act are recoverable and enforceable, with costs, at the suit of Her Majesty in right of Canada…

Section 933 — Temporary investments in entity

Temporary investments in entity Subject to subsection (3), a bank holding company may, by way of a temporary investment, acquire control of, or acquire or…

Section 905 — Application for approval

Application for approval An application for an approval of the Minister required under this Division must be filed with the Superintendent and contain the…

Section 54 — Variations

Variations In respect of the order approving the commencement and carrying on of business by a bank, the Superintendent may at any time, by further order, make…

Section 339 — Definition of court

Definition of court For the purposes of subsections 346(1) and 347(1) and (2), sections 348 to 352, subsection 353(1), sections 355 and 357 to 359, subsections…

Section 522.21 — No financial establishment without approval — foreign bank

foreign bank A foreign bank may not, without the prior written approval of the Minister, have a financial establishment in Canada. Subsection (1) does not…

Section 950 — Required information

Required information A bank holding company shall provide the Superintendent with such information, at such times and in such form as the Superintendent may…

Section 39.011 — Transitional provision

Transitional provision When the Minister issues letters patent continuing a local cooperative credit society as a federal credit union under subsection 35 (1)…

Section 254.1 — Members register

Members register A federal credit union must maintain a members register in which it must record the names, alphabetically arranged, and latest known addresses…

Section 136 — Place of meetings

Place of meetings Meetings of shareholders or members of a bank are to be held at the place within Canada provided for in the by-laws of the bank or, in the…

Section 945 — Transitional

Transitional Nothing in this Division requires the termination of a loan made before February 7, 2001; the termination of a loan made after that date as a…

Section 499 — Exemption by order

Exemption by order A bank may enter into a transaction with a related party of the bank if the Superintendent, by order, has exempted the transaction from the…

Section 949 — Adequacy of capital and liquidity

Adequacy of capital and liquidity A bank holding company shall, in relation to its business, maintain adequate capital, and adequate and appropriate forms of…

Section 429 — Conditions under which bank may take security

Conditions under which bank may take security A bank shall not acquire or hold any warehouse receipt or bill of lading, or any security under section 427, to…

Section 967 — Presumption of receipt

Presumption of receipt A notice or document sent by mail in accordance with section 965 to a shareholder, member or director is deemed to be received by that…

Section 293 — Payment of unclaimed money

Payment of unclaimed money The Minister shall pay to the Bank of Canada any amounts paid to the Minister under subsection 291(4), and section 367 applies in…

Section 119 — Constructive delivery of a security

Constructive delivery of a security Delivery to a purchaser occurs when the purchaser or a person designated by the purchaser acquires possession of a…

Section 762 — Statement of director

Statement of director A director who resigns, receives a notice or otherwise learns of a meeting of shareholders called for the purpose of removing the…

Section 192.01 — By-laws — mandatory provisions

mandatory provisions The by-laws of a federal credit union must provide for the qualifications of members and the procedures for acceptance of members; the…

Section 255 — Publication of name

Publication of name A bank shall set out its name in legible characters in all contracts, invoices, negotiable instruments and other documents evidencing…

Section 332 — Notice of errors

Notice of errors A director or an officer of a bank shall forthwith notify the audit committee and the auditor or auditors of the bank of any error or…

Section 680 — First directors

First directors The first directors of a bank holding company are the directors named in the application for letters patent to incorporate the bank holding…

Section 39.3 — Act ceases to apply

Act ceases to apply If a bank applies for a certificate or letters patent referred to in section 39.1 or 39.2 in accordance with that section and the…

Section 627.53 — Provision of information

Provision of information If an institution or a body corporate is required under sections 627.43 to 627.52 to provide information, it shall do so in a manner…

Section 274 — Order of exemption

Order of exemption On application by a bank or any person proposing to make a distribution, the Superintendent may, by order, exempt that distribution from the…

Section 422.1 — Definition of non-WTO Member bank subsidiary

Definition of non-WTO Member bank subsidiary In section 422.2, non-WTO Member bank subsidiary means a bank that is a subsidiary of a foreign bank and that is…

Section 226.1 — Members of amalgamated federal credit union

Members of amalgamated federal credit union On the issuance of letters patent amalgamating and continuing two or more federal credit unions as one federal…

Section 156 — Notice to Superintendent

Notice to Superintendent A person who makes an application under subsection 154(1) or 155(1) shall give notice of the application to the Superintendent before…

Section 525 — Application procedure

Application procedure An application for an order under subsection 524(1) shall be filed with the Superintendent, together with any other information, material…

Section 205 — Avoidance standards

Avoidance standards A contract or transaction for which disclosure is required under subsection 202 (1) is not invalid and a director or officer is not…

Section 431 — Securities may be sold

Securities may be sold Securities acquired and held by a bank as security may, in case of default in the payment of the loan, advance or debt or in the…

Section 833 — Corporate seal

Corporate seal A bank holding company may adopt a corporate seal and change one that it adopted. A document executed on behalf of a bank holding company is not…

Section 321

Section 321 Section 522.08 of the Act is amended by adding the following after subsection (1): Subject to subsection (2) and the regulations made under…

Section 102 — Completion or alteration

Completion or alteration Where a security contains the signatures necessary to its issue or transfer but is incomplete in any other respect, any person may…

Section 694 — Affiliated bank holding company

Affiliated bank holding company Despite section 693 and subject to section 695, a bank holding company that is affiliated with another entity may, with the…

Section 333

Section 333 Subsection 627.01(1) of the Bank Act is amended by adding the following in alphabetical order: consumer-targeted fraud , in relation to a product…

Section 6 — Affiliated entities

Affiliated entities One entity is affiliated with another entity if one of them is controlled by the other or both are controlled by the same person. Despite…

Section 522.31 — Former par. 518(3)(b) or s. 521(1)

Former par. 518(3)(b) or s. 521(1) Every order made under former paragraph 518(3)(b) or former subsection 521(1) that is in force on the day this Division…

Section 654 — Expenses payable by bank

Expenses payable by bank If the Superintendent has taken control of a bank under subparagraph 648(1)(b)(iii) or paragraph 648(1.11)(d) and the control expires…

Section 688 — Transitional

Transitional Notwithstanding any other provision of this Act or the regulations, the Minister may, on the recommendation of the Superintendent, by order, grant…

Section 627.03 — False or misleading information

False or misleading information No institution shall communicate or otherwise provide false or misleading information to a customer, the public or the…

Section 979.3 — Procedures — wrongdoing

wrongdoing A bank or authorized foreign bank shall establish and implement procedures for dealing with matters the particulars of which have been reported to…

Section 230 — Effect of letters patent

Effect of letters patent On the day provided for in the letters patent issued under section 229 the amalgamation of the applicants and their continuance as one…

Section 626 — Application of assessment

Application of assessment Any amount recovered under section 624 or 625 shall be applied to reduce the total amount of expenses incurred for or in connection…

Section 231 — Transitional

Transitional Notwithstanding any other provision of this Act or the regulations, the Minister may, by order, on the recommendation of the Superintendent, grant…

Section 47.13 — Right to vote

Right to vote Each member of a federal credit union has only one vote on all matters to be decided by the members.

Section 43 — Reserved name

Reserved name The Superintendent may, on request, reserve for ninety days a name for a proposed bank or proposed authorized foreign bank or for a bank or…

Section 150 — Joint shareholders

Joint shareholders Unless the by-laws otherwise provide, if two or more persons hold shares jointly, one of those holders present at a meeting of shareholders…

Section 627.74 — Authorized foreign banks — customers and the public

customers and the public An authorized foreign bank that is subject to this section under an order referred to in subsection 524(2) shall disclose to its…

Section 819 — Use of shareholder list

Use of shareholder list A list of shareholders obtained under section 817 shall not be used by any person except in connection with an effort to influence the…

Section 216.13 — Effect of letters patent

Effect of letters patent If the Minister issues letters patent to amend a federal credit union’s incorporating instrument to convert it into a bank with common…

Section 393.1 — Loss of control — other entities

other entities Despite sections 374 and 377, an eligible foreign institution, an eligible Canadian financial institution, other than a bank, or a widely held…

Section 716.1 — Exception — conditions before acquisition

conditions before acquisition A bank holding company may permit any of its subsidiaries to acquire shares of the bank holding company through the issuance of…

Section 856 — Right to information

Right to information On the request of the auditor of a bank holding company, the present or former directors, officers, employees or agents of the bank…

Section 84 — Status of guarantor

Status of guarantor A guarantor for an issuer of a security is deemed to be an issuer to the extent of the guarantee, whether or not the guarantor’s obligation…

Section 4 — 2020, c. 1, s. 158

2020, c. 1, s. 158 Paragraph (a) of the definition regulated foreign entity in section 2 of the Bank Act is replaced by the following: incorporated or formed…

Section 770 — Notice of meeting

Notice of meeting A notice of a meeting of directors shall specify each matter referred to in section 785 that is to be dealt with at the meeting but, unless…

Section 627.24 — Non-application

Non-application Sections 627.21 and 627.22 do not apply if the institution has reasonable grounds to believe that the deposit is being made for illegal or…

Section 682 — Federal corporations

Federal corporations A body corporate incorporated under the Canada Business Corporations Act or any other Act of Parliament, including a bank but not…

Section 701 — Calling shareholders’ meeting

Calling shareholders’ meeting After the meeting referred to in subsection 700(1) is held, the directors of the bank holding company shall without delay call a…

Section 823 — Retention of records

Retention of records A bank holding company shall retain the records of the bank holding company referred to in subsection 815(1); any record of the bank…

Section 790 — Director to abstain

Director to abstain A director who is required to make a disclosure under subsection 789(1) shall not be present at any meeting of directors, or of a committee…

Section 617.1 — Application

Application This section applies only in respect of an authorized foreign bank that has been notified by the Superintendent that this section applies to it…

Section 9.1 — Acting in concert — members’ rights to vote

members’ rights to vote For the purposes of Part VII, if two or more members have agreed, under any agreement, commitment or understanding, whether formal or…

Section 184 — Electronic meeting

Electronic meeting Subject to the by-laws of a bank, a meeting of directors or of a committee of directors may be held by means of such telephonic, electronic…

Section 353 — Duties of liquidator

Duties of liquidator A liquidator shall forthwith after appointment give notice thereof to the Superintendent and to each claimant and creditor of the bank…

Section 124 — Seizure of security

Seizure of security No seizure of a security or other interest evidenced thereby is effective until the person making the seizure obtains possession of the…

Section 627.77 — Availability of information

Availability of information An institution shall disclose prescribed information with respect to a deposit-type instrument, a principal-protected note or a…

Section 419.1 — Regulations and guidelines

Regulations and guidelines The Governor in Council may make regulations and the Superintendent may make guidelines respecting the creation by a bank of…

Section 462 — Effect of writ, etc.

Effect of writ, etc. Subject to subsections (3) and (4), the following documents are binding on property belonging to a person and in the possession of a bank…

Section 739 — Joint shareholders

Joint shareholders Unless the by-laws otherwise provide, if two or more persons hold shares jointly, one of those holders present at a meeting of shareholders…

Section 938 — Limit on total property interest

Limit on total property interest A bank holding company shall not, and shall not permit its prescribed subsidiaries to, purchase or otherwise acquire an…

Section 904 — Change in status

Change in status If a body corporate that is an eligible financial institution other than a bank controls, within the meaning of paragraph 3(1)(d), a bank…

Section 201 — Right to attend meetings

Right to attend meetings A director of a bank is entitled to attend and to be heard at every meeting of shareholders or members.

Section 713 — Conversion privileges

Conversion privileges A bank holding company may issue conversion privileges, options or rights to acquire securities of the bank holding company, and shall…

Section 218 — Class vote

Class vote The holders of shares of a class or, subject to subsection

Section 5 — 2020, c. 1, s. 159

2020, c. 1, s. 159 Section 14.11 of the Act is replaced by the following: For the purpose of implementing Canada’s international trade obligations, the…

Section 627.1 — Cancellation periods — products or services

other than a prescribed product or service or a product or service referred to in section 627.11 — to be provided on an ongoing basis, the institution shall…

Section 192 — Deemed by-laws

Deemed by-laws Any matter that, immediately prior to the day this section comes into force, was provided for in the incorporating instrument of a bank that was…

Section 1004 — Content and form of notices and documents

Content and form of notices and documents The Minister, Superintendent, Commissioner or Bank of Canada may establish the requirements for the content and fix…

Section 192.04 — Proposal of by-law

Proposal of by-law A member may, in accordance with section 144.1, make a proposal to make, amend or repeal a by-law.

Section 47.08 — Redemption

Redemption No by-law governing the withdrawal of a member from membership or the termination of the membership of a member may authorize a redemption of…

Section 627.31 — Renewal of mortgages

Renewal of mortgages If a natural person enters into a credit agreement other than for business purposes with an institution for a loan that is secured by a…

Section 769 — Meetings required

Meetings required The directors shall meet at least four times during each financial year. The directors may meet at any place unless the by-laws provide…

Section 641 — Exceptions to disclosure

Exceptions to disclosure Subject to any regulations made under paragraph 627.998(n), no information obtained by a bank regarding any of its customers shall be…

Section 317

Section 317 Section 411 of the Act is replaced by the following: Subject to section 416 and the regulations, a bank may act as agent for any person in respect…

Section 646.1 — Meaning of senior officer

Meaning of senior officer In sections 647 and 647.1, senior officer means the chief executive officer, secretary, treasurer or controller of a bank or any…

Section 361 — Definition of shareholder, member and incorporator

Definition of shareholder, member and incorporator In sections 363 and 364, shareholder , member and incorporator include the heirs and personal…

Section 142 — Waiver of notice

Waiver of notice A shareholder, a member and any other person entitled to attend a meeting may in any manner waive notice of the meeting. Attendance at a…

Section 115 — Effect of endorsement without delivery

Effect of endorsement without delivery An endorsement of a security, whether special or in blank, does not constitute a transfer until delivery of the security…

Section 627.87 — Financial instruments and notes

in any advertisement in Canada for a product that is a deposit-type instrument, a principal-protected note or a prescribed product — disclose, visually or…

Section 391 — Application of section 385

Application of section 385 At the expiration of the period for compliance with an undertaking referred to in subsection 390(2), section 385 shall apply in…

Section 820 — Form of records

Form of records A register or other record required or authorized by this Part to be prepared and maintained by a bank holding company may be in a bound or…

Section 41 — Affiliated bank

Affiliated bank Despite section 40, a bank that is affiliated with another entity may, with the consent of that entity, be incorporated with, or change its…

Section 627.41 — Independent agreement

in an agreement in respect of another product or service.

Section 81 — Definitions

Definitions In this section and sections 82 to 135, adverse claim includes a claim that a transfer was or would be wrongful or that a particular adverse person…

Section 195 — Conduct review committee

Conduct review committee The conduct review committee of a bank shall consist of at least three directors. A majority of the members of the conduct review…

Section 897 — Exemption by order of the Minister

Exemption by order of the Minister On application by a bank holding company, the Minister may, if the Minister considers it appropriate to do so, by order…

Section 532 — Directing change of name

Directing change of name If through inadvertence or otherwise an order made under subsection 524(1) or 528(1.1) provides for the use of a name that is…

Section 729 — Notice of adjourned meeting

Notice of adjourned meeting If a meeting of shareholders is adjourned for less than thirty days, it is not necessary, unless the by-laws otherwise provide, to…

Section 273 — Distribution

Distribution No person, including a bank, shall distribute securities of a bank that is not a federal credit union except in accordance with the regulations…

Section 91 — Scrip certificates

Scrip certificates The directors of a bank may attach conditions to any scrip certificate issued by the bank, including conditions that the scrip certificate…

Section 551 — Restriction on residential mortgages

Restriction on residential mortgages An authorized foreign bank shall not make a loan in Canada on the security of residential property in Canada for the…

Section 174 — Statement of director

Statement of director A director who resigns, receives a notice or otherwise learns of a meeting called for the purpose of removing the director from office…

Section 345

Section 345 The Act is amended by adding the following after section 227: A federal credit union may, without complying with sections 224 to 226, amalgamate…

Section 918 — Interest of securities underwriter

Interest of securities underwriter This Division does not apply to a securities underwriter in respect of shares of a body corporate or ownership interests in…

Section 78 — Addition to stated capital account

Addition to stated capital account On a conversion of any debt obligation of a bank into shares of a class or series of shares, or into membership shares, the…

Section 627.994 — Exemptions

Exemptions In prescribed circumstances, the Commissioner may, on the request of a member bank, exempt it from the requirement to give a notice under section…

Section 268 — Regulations

Regulations The Governor in Council may make regulations for carrying out the purposes of sections 266 and 267, including defining insider for the purposes of…

Section 233 — Agreement to Superintendent

Agreement to Superintendent A sale agreement must be sent to the Superintendent before it is submitted to shareholders or to members and shareholders, as the…

Section 395 — Application for approval

Application for approval An application for an approval of the Minister required under this Part must be filed with the Superintendent and contain the…

Section 773 — Electronic meeting

Electronic meeting Subject to the by-laws of a bank holding company, a meeting of directors or of a committee of directors may be held by means of such…

Section 730 — Special business

Special business All matters dealt with at a special meeting of shareholders and all matters dealt with at an annual meeting of shareholders, except…

Section 627.14 — Advertisements

Advertisements Any advertisement in Canada that is made by an institution shall be accurate, clear and not misleading.

Section 623 — Advisory committee

Advisory committee The Superintendent may appoint a committee of not more than six members to advise the Superintendent in respect of the assets and all other…

Section 168 — Cumulative voting

Cumulative voting Where this Act or the by-laws provide for cumulative voting, there shall be a stated number of directors fixed by by-law and not a minimum…

Section 411 — Networking

Networking Subject to section 416 and the regulations, a bank may act as agent for any person in respect of the carrying on of any activity referred to in…

Section 920 — Reliance on information

Reliance on information A bank holding company and any person who is a director or an officer, employee or agent of the bank holding company may rely on any…

Section 519.1 — Borrowing from the public — non-bank affiliates

non-bank affiliates A non-bank affiliate of a foreign bank that carries on as part of its business the provision of financial services may borrow money in…

Section 347

Section 347 The Act is amended by adding the following after section 236: A federal credit union may acquire all or substantially all of the assets of a local…

Section 627.996 — Content

Content A bank with equity of $1,000,000,000 or more shall, within 135 days after the end of each financial year, file a written statement with the…

Section 865 — Sections 334 to 338 apply

Sections 334 to 338 apply Sections 334 to 338 apply in respect of bank holding companies, subject to the following: references to “bank” in those sections are…

Section 775 — Dissent of director

Dissent of director A director of a bank holding company who is present at a meeting of directors or a committee of directors is deemed to have consented to…

Section 627.68 — Institutions — customers and the public

customers and the public An institution shall disclose to its customers and to the public a list of all charges applicable to personal deposit accounts in…

Section 374.1 — Exception

Exception Despite section 374, if a bank with equity of twelve billion dollars or more was formed as the result of an amalgamation, a person who is a major…

Section 627.67 — Member banks — customers and the public

customers and the public A member bank shall disclose to its customers and to the public the conditions to be met for the opening of a retail deposit account…

Section 121 — Delivery of security

Delivery of security Unless otherwise agreed, if a sale of a security is made on a stock exchange or otherwise through securities brokers, the selling customer…

Section 374 — Limitations on share holdings

Limitations on share holdings No person may be a major shareholder of a bank with equity of twelve billion dollars or more. Subsection (1) does not apply in…

Section 593 — Right to information

Right to information On the request of the auditor of an authorized foreign bank, the present or former principal officers, directors, officers, employees or…

Section 520.1 — Borrowing from the public

may, as part of its business in Canada, borrow money in Canada from the public only if it maintains a branch in Canada as permitted by section 522.05 or 522.19…

Section 627.81 — Amendments — deposit-type instruments or prescribed products

deposit-type instruments or prescribed products An institution shall, before any amendment that it makes to a term or condition with respect to a deposit-type…

Section 484.1 — Domestic systemically important bank

Domestic systemically important bank The Superintendent may, by order, designate a bank as a domestic systemically important bank unless the Minister advises…

Section 368 — Custody of records after dissolution

Custody of records after dissolution A person who has been granted custody of the documents, records and registers of a dissolved bank shall keep them…

Section 399 — Notice of decision

Notice of decision Subject to subsections (2) and (3) and 400(1), the Minister shall, within a period of thirty days after the certified date referred to in…

Section 627.88 — Availability of information

Availability of information An institution shall disclose prescribed information with respect to a credit agreement by making the information available at each…

Section 627.37 — Debt recovery

Debt recovery In its dealings with a natural person who owes it a debt under a credit agreement entered into other than for business purposes, an institution…

Section 140 — Notice of adjourned meeting

Notice of adjourned meeting If a meeting is adjourned for less than 30 days, it is not necessary, unless the by-laws otherwise provide, to give notice of the…

Section 689 — Transferring to other Acts

Transferring to other Acts A bank holding company may apply to be continued only as a body corporate under any other Act of Parliament or any Act of the…

Section 962 — Meaning of senior officer

Meaning of senior officer In sections 963 and 964, senior officer means the chief executive officer, secretary, treasurer or controller of a bank holding…

Section 627.997 — Credit or refund of charge or penalty

Credit or refund of charge or penalty An institution shall, if it has imposed a charge or penalty in relation to a product or service, credit the amount of the…

Section 401.2 — Constraining registration: Crown and foreign governments

Constraining registration: Crown and foreign governments No bank is to record in its securities register or members register a transfer or issue of any share…

Section 292.1 — Obligation to acquire shares

Obligation to acquire shares If a shareholder who holds shares of an offeree bank does not receive the notice referred to in subsection 285(1), the shareholder…

Section 235 — Abandoning sale

Abandoning sale If a special resolution approving a sale under subsection 234(4) so states, the directors of a selling bank may, subject to the rights of third…

Section 664 — Corporate powers

Corporate powers A bank holding company has the capacity of a natural person and, subject to this Act, the rights, powers and privileges of a natural person. A…

Section 324 — Right to information

Right to information On the request of the auditor or auditors of a bank, the present or former directors, officers, employees or agents of the bank shall, to…

Section 859 — Report on directors’ statement

Report on directors’ statement The auditor of a bank holding company shall, if required by the shareholders, audit and report to the shareholders on any…

Section 921 — Competition Act

Competition Act Nothing in, or done under the authority of, this Act affects the operation of the Competition Act .

Section 808 — Joint application to Minister

Joint application to Minister Subject to subsection (2), unless an amalgamation agreement is terminated in accordance with subsection 806 (5), the applicants…

Section 774 — Resolution outside board meeting

Resolution outside board meeting A resolution in writing signed by all the directors entitled to vote on that resolution at a meeting of directors is as valid…

Section 47.07 — Inactivity

Inactivity No by-law may provide for the expulsion of a member by reason only of inactivity of the member in relation to the business or affairs of the federal…

Section 658 — Confidential information

Confidential information Subject to subsection (2), information regarding the business or affairs of a bank, authorized foreign bank or external complaints…

Section 283 — Definitions

Definitions In this section and sections 284 to 293, affiliate means a body corporate that is affiliated with another body corporate within the meaning of…

Section 653 — Advisory committee

Advisory committee The Superintendent may, from among the banks and authorized foreign banks that are subject to an assessment under section 23 of the Office…

Section 481 — Deemed temporary investment

Deemed temporary investment If a bank controls or has a substantial investment in an entity as permitted by this Part and the bank becomes aware of a change in…

Section 799 — Indemnification

Indemnification A bank holding company may indemnify a director or officer of the bank holding company, a former director or officer of the bank holding…

Section 35 — Power to issue letters patent

Power to issue letters patent On the application of a body corporate under section 33, the Minister may, subject to this Part, issue letters patent continuing…

Section 305 — Duty of care

Duty of care In exercising a trustee’s powers and discharging a trustee’s duties, the trustee shall act honestly and in good faith with a view to the best…

Section 168.1 — No cumulative voting

No cumulative voting Despite section 168 or any provision of its by-laws, cumulative voting is not permitted in a federal credit union.

Section 643 — Examination of banks

Examination of banks The Superintendent, from time to time, but at least once in each calendar year, shall make or cause to be made any examination and inquiry…

Section 785 — Limits on power to delegate

Limits on power to delegate The directors of a bank holding company may not delegate any of the following powers, namely, the power to submit to the…

Section 85 — Rights of holder

Rights of holder Subject to Part VII, every security holder is entitled at the holder’s option to a security certificate that complies with this Act or to a…

Section 810 — Court enforcement

Court enforcement If a bank holding company or any director, officer, employee or agent of a bank holding company is contravening or has failed to comply with…

Section 248 — Regulations apply — section 638 of Bank Act

section 638 of Bank Act The regulations made under paragraph 978(1)(a) of the Bank Act that prescribe supervisory information for the purposes of section 637…

Section 473 — Realizations

Realizations Despite anything in this Act, a bank may acquire an investment in a body corporate, an interest in an unincorporated entity, or an interest in…

Section 627.49 — Requirements

Requirements The external complaints body shall maintain a reputation for being operated in a manner that is consistent with the standards of good character…

Section 26 — Objections to incorporation

Objections to incorporation Any person who objects to the proposed incorporation of a bank may, within thirty days after the date of the last publication under…

Section 600 — Required information

Required information An authorized foreign bank shall provide the Superintendent with any information, at the times and in the form, that the Superintendent…

Section 893 — Public holding requirement

Public holding requirement Every bank holding company with equity of four billion dollars or more but less than twelve billion dollars shall, from and after…

Section 853 — Statement of auditor

Statement of auditor An auditor of a bank holding company that resigns, receives a notice or otherwise learns of a meeting of shareholders called for the…

Section 627.132 — Limits on withdrawals or transfers

Limits on withdrawals or transfers An institution shall permit a natural person in whose name a personal deposit account in Canada is kept to adjust the…

Section 719 — Recovery by action

Recovery by action Where any money or property was paid or distributed to a shareholder or other person as a consequence of a reduction of capital made…

Section 627.95 — Promotional and other offers

Promotional and other offers The institution shall, immediately before obtaining a person’s express consent under section 627.42, disclose to the person the…

Section 199 — Remuneration of directors, officers and employees

Remuneration of directors, officers and employees Subject to this section and the by-laws, the directors of a bank may fix the remuneration of the directors…

Section 538 — Main business

Main business Subject to this Act, an authorized foreign bank shall not carry on any business in Canada other than the business of banking and any business…

Section 900 — Application of section 893

Application of section 893 At the expiration of the period for compliance with an undertaking referred to in subsection 899(2), section 893 shall apply in…

Section 510.01 — Limit — business growth fund

business growth fund The aggregate value of all ownership interests in the business growth fund and the entities that the business growth fund controls that a…

Section 490 — Nominal value transactions

Nominal value transactions Notwithstanding anything in this Part, a bank may enter into a transaction with a related party of the bank if the value of the…

Section 892 — Pre-approval

Pre-approval For the purposes of sections 875 and 887, the Minister may approve the purchase or other acquisition of any number or percentage of shares of a…

Section 67 — Stated capital of continued bank

Stated capital of continued bank If a body corporate is continued as a bank under this Act, the bank must record in the stated capital account maintained for…

Section 804 — Amalgamation agreement

Amalgamation agreement Each applicant proposing to amalgamate shall enter into an amalgamation agreement. Every amalgamation agreement shall set out the terms…

Section 734 — List of shareholders entitled to notice

List of shareholders entitled to notice A bank holding company shall prepare an alphabetical list of shareholders entitled to receive notice of a meeting…

Section 363 — Limitations on liability

Limitations on liability Despite the dissolution of a bank, a shareholder, member or incorporator to whom any of its property has been distributed is liable to…

Section 522.22 — Minister’s approval

Minister’s approval Subject to subsection (2) and the regulations, a foreign bank or an entity associated with a foreign bank may not, without the prior…

Section 976.1 — Application for certain approvals

Application for certain approvals An application for the prior written approval of the Minister in respect of any of paragraphs 468(5)(b.1) or (c)…

Section 751 — No shareholder requirement

No shareholder requirement A director of a bank holding company is not required to hold shares of the bank holding company.

Section 107 — Staleness as notice

Staleness as notice An event that creates a right to immediate performance of the principal obligation evidenced by a security or that sets a date on or after…

Section 677 — Letters patent of incorporation on application of banks

Letters patent of incorporation on application of banks If, under section 671, the Minister issues letters patent incorporating a bank holding company on the…

Section 655 — Priority of claim in liquidation

Priority of claim in liquidation In the case of the winding-up of a bank, the expenses resulting from the taking of control of the bank under subsection 648(1)…

Section 554 — Definition of non-WTO Member authorized foreign bank

Definition of non-WTO Member authorized foreign bank In this section, non-WTO Member authorized foreign bank means an authorized foreign bank that is not…

Section 671 — Incorporation of bank holding company

Incorporation of bank holding company On the application of one or more persons made in accordance with this Part, the Minister may, subject to this Division…

Section 8 — Significant interest

Significant interest A person has a significant interest in a class of shares of a bank or a bank holding company if the aggregate of any shares of that class…

Section 627.134 — Consumer-targeted fraud

Consumer-targeted fraud An institution shall establish and adhere to policies and procedures to detect and prevent consumer-targeted fraud and to mitigate its…

Section 994 — Use not mandatory

Use not mandatory Nothing in this Act or the regulations requires a person to create or provide an electronic document.

Section 316 — Duty to resign

Duty to resign An auditor that ceases to be qualified under section 315 shall resign forthwith after any member of the firm becomes aware that the firm has…

Section 365 — Vesting in Crown

Vesting in Crown Subject to subsection 362(1) and sections 366 and 367, property of a bank that has not been disposed of at the date of the dissolution of the…

Section 791 — General notice

General notice For the purposes of subsection 789(1), a general notice to the directors declaring that a director or officer is to be regarded as interested…

Section 178 — Class vacancy

Class vacancy Despite section 183, if a class of persons have an exclusive right to elect one or more directors and a vacancy occurs among those directors…

Section 627.25 — Cashing

Cashing A member bank shall, at any branch in Canada at which it, through natural persons, opens retail deposit accounts and disburses cash to customers, cash…

Section 845 — Definitions

Definitions The following definitions apply in this section and sections 846 to 864. firm of accountants means a partnership, the members of which are…

Section 662 — Purpose

Purpose The purpose of this Part is to provide for the incorporation, formation and regulation of bank holding companies.

Section 399

Section 399 The Act is amended by adding the following after section 801: Disclosure Relating to Diversity The directors of a bank holding company of a…

Section 156.04 — Mandatory solicitation

Mandatory solicitation Subject to subsections (2) and 140(2), the management of a bank shall, concurrently with sending notice of a meeting of shareholders…

Section 350 — Cessation of business and powers

Cessation of business and powers Where a court makes an order for the liquidation of a bank, the bank continues in existence but shall cease to carry on…

Section 522.14 — Temporary investments

Temporary investments Subject to sections 522.21 and 522.211, a foreign bank or an entity associated with a foreign bank may, by way of temporary investment…

Section 382 — When approval not required

When approval not required Despite sections 373 and 379, the approval of the Minister is not required in respect of a bank with equity of less than twelve…

Section 71 — Purchase and redemption of shares and membership shares

Purchase and redemption of shares and membership shares Subject to subsection (2) and to its by-laws, a bank may, with the consent of the Superintendent…

Section 111 — Endorsement

Endorsement An endorsement of a security in registered form is made when an appropriate person signs, either on the security or on a separate document, an…

Section 210 — Directors liable for wages

Directors liable for wages Subject to subsections (2) and (3), the directors of a bank are jointly and severally, or solidarily, liable to each employee of the…

Section 382.1 — When approval not required — federal credit union

federal credit union Despite sections 373 and 379, the approval of the Minister is not required in respect of a federal credit union if a person with a…

Section 144.2 — Refusal to include proposal

Refusal to include proposal If a federal credit union refuses to include a proposal in a notice of a meeting referred to in section 138, it must, within the…

Section 973.05 — Multiple approval — other approvals

other approvals The Minister or the Superintendent may grant more than one approval, other than letters patent, in a single instrument if he or she considers…

Section 136 — Lieu des assemblées

Lieu des assemblées Les assemblées des actionnaires ou des membres se tiennent au Canada, au lieu que prévoient les règlements administratifs ou, à défaut, que…

Section 156.07 — Duty of intermediary

Duty of intermediary Shares of a bank that are registered in the name of an intermediary or an intermediary’s nominee and not beneficially owned by the…

Section 984 — Making false statements

Making false statements Every person is guilty of an offence who wilfully makes a false statement in a warehouse receipt or bill of lading given to a bank or…

Section 405 — Arrangements to effect compliance

Arrangements to effect compliance The directors of a bank may make such arrangements as they deem necessary to carry out the intent of this Part and, in…

Section 976.1 — Application for certain approvals

Application for certain approvals An application for the prior written approval of the Minister in respect of any of the following provisions must be filed…

Section 335

Section 335 Section 627.998 of the Act is amended by striking out “and” at the end of paragraph (n) and by adding the following after paragraph (o)…

Section 545 — Deposits that fall below $150,000

Deposits that fall below $150,000 An authorized foreign bank shall, in respect of its business in Canada, ensure that, on each day that is at least thirty days…

Section 54.1 — Limit on assets

Limit on assets The Minister may, by order, require a bank not to have average total assets in any three month period ending on the last day of a month…

Section 884 — Deeming

Deeming A bank holding company with equity of less than twelve billion dollars that controls a bank to which subsection 378(1) applies is deemed, for the…

Section 520 — Prohibition re deposits

shall not, as part of its business in Canada, engage in the business of accepting deposit liabilities; engage in the business of acting as an agent for the…

Section 476 — Limit on total property interest

Limit on total property interest A bank shall not, and shall not permit its prescribed subsidiaries to, purchase or otherwise acquire an interest in real…

Section 2.1 — References to “authorized foreign bank”

References to “authorized foreign bank” References in this Act to the carrying on of business in Canada by an authorized foreign bank and to the business in…

Section 979 — Delegation

Delegation The Minister may delegate any of the Minister’s powers, duties and functions under this Act to any Minister of State appointed under the Ministries…

Section 219 — Separate resolutions

Separate resolutions A proposed addition or amendment to the by-laws referred to in subsection 218(1) is adopted when the holders of the shares of each class…

Section 755 — Determining election of directors

Determining election of directors Except where this Part or the by-laws of a bank holding company provide for cumulative voting, the persons, to the number…

Section 627.01 — Definitions

Definitions The following definitions apply in this Part. business day does not include a Saturday or a holiday. ( jour ouvrable ) charge includes interest…

Section 383 — When approval not required

When approval not required Despite sections 373 and 379, the approval of the Minister is not required if the Superintendent has, by order, directed the bank to…

Section 2.4 — Regulations — distributing bank or bank holding company

distributing bank or bank holding company The Governor in Council may make regulations respecting the determination of what constitutes a distributing bank or…

Section 753.1 — Election or appointment as director

Election or appointment as director The election or appointment of a person as a director is subject to the following: the person was present at the meeting…

Section 38 — Effects of continuance

Effects of continuance Where a body corporate is continued as a bank under this Part, the property of the body corporate continues to be the property of the…

Section 192.09 — Rights preserved

Rights preserved No amendment to the letters patent or by-laws of a federal credit union affects an existing cause of action or claim or liability to…

Section 627.44 — Record of complaint

Record of complaint An institution shall make, with respect to a complaint referred to in paragraph 627.43(1)(a), a record that is to be retained for a period…

Section 156.09 — Meaning of eligible votes

Meaning of eligible votes In this section, eligible votes means the total number of votes that may be cast by or on behalf of shareholders on a vote of…

Section 215 — Incorporating instrument

Incorporating instrument On the application of a bank duly authorized by special resolution, the Minister may approve a proposal to add, change or remove any…

Section 337 — No security for costs

No security for costs A complainant is not required to give security for costs in any application made or any action brought or intervened in under subsection…

Section 141 — Special business

Special business All matters dealt with at a special meeting of shareholders or members and all matters dealt with at an annual meeting, except consideration…

Section 748 — Duty of care

Duty of care Every director and officer of a bank holding company in exercising any of the powers of a director or an officer and discharging any of the duties…

Section 839 — Financial year of bank holding company

Financial year of bank holding company The financial year of a bank holding company ends, at the election of the bank holding company in its by-laws, on the…

Section 28 — Contents of letters patent

Contents of letters patent There shall be set out in the letters patent incorporating a bank the name of the bank; in the case of a bank that is to be a…

Section 627.59 — Other products or services

Other products or services An institution shall, before entering into an agreement with a natural person in respect of any product or service in Canada to be…

Section 1005 — Exemption

Exemption In the prescribed circumstances, the Minister, Superintendent, Commissioner or Bank of Canada may, on any conditions that they consider appropriate…

Section 151 — Voting by hands or ballot

Voting by hands or ballot Unless the by-laws otherwise provide, voting at a meeting of shareholders or members is to take place by show of hands except when a…

Section 192.1 — By-laws binding

By-laws binding Subject to this Act, every by-law of a federal credit union binds the federal credit union and its members to the same extent as if each member…

Section 86 — Signatures

Signatures A security certificate shall be signed by or bear the printed or otherwise mechanically reproduced signature of at least one of the following: a…

Section 335 — Powers of court

Powers of court In connection with an action brought or intervened in under subsection 334(1), the court may at any time make any order it thinks fit…

Section 390 — Acquisition of control permitted

Acquisition of control permitted Subject to subsection (2) and sections 379 and 391, section 385 does not apply in respect of a bank if a person acquires…

Section 622 — Requirement to relinquish control

Requirement to relinquish control If no action has been taken by the Superintendent under section 621 and, after 30 days following the taking of control by the…

Section 262

Section 262 Section 942 of the Act is amended by adding the following after subsection (1): Subject to subsection (1.2), the Superintendent may, by order…

Section 692 — Withdrawing application

Withdrawing application Where a special resolution authorizing the application under subsection 689(1) so states, the directors of a bank holding company may…

Section 772 — Resident Canadian majority

Resident Canadian majority The directors of a bank holding company shall not transact business at a meeting of directors unless in the case of a bank holding…

Section 765 — Directors filling vacancy

Directors filling vacancy Despite section 772 but subject to subsection (2) and sections 764 and 766, a quorum of directors may fill a vacancy among the…

Section 479 — Regulations

Regulations For the purposes of this Part, the Governor in Council may make regulations defining the interests of a bank in real property; determining the…

Section 369 — Insolvency

Insolvency In the case of the insolvency of a bank, the payment of any amount due to Her Majesty in right of Canada, in trust or otherwise, except indebtedness…

Section 284 — Right to acquire shares

Right to acquire shares If, within one hundred and twenty days after the date of a take-over bid, the bid is accepted by the holders of not less than 90 per…

Section 12.1 — Cooperative basis

Cooperative basis For the purposes of this Act, a federal credit union is organized and carries on business on a cooperative basis if a majority of its members…

Section 710 — Stated capital account

Stated capital account A bank holding company shall maintain a separate stated capital account for each class and series of shares it issues. A bank holding…

Section 926 — Investments

Investments Subject to this Division, a bank holding company may invest its funds in the shares of or ownership interests in any entity or make any other…

Section 929 — Regulations re limits

Regulations re limits The Governor in Council may make regulations respecting the determination of the amount or value of loans, investments and interests for…

Section 941 — Regulations

Regulations For the purposes of this Division, the Governor in Council may make regulations defining the interests of a bank holding company in real property…

Section 732 — Proposals

Proposals Subject to subsections (1.1) and (1.2), a registered holder or beneficial owner of shares that may be voted at an annual meeting of shareholders may…

Section 913 — Constraining registration: Crown and foreign governments

Constraining registration: Crown and foreign governments No bank holding company shall record in its securities register a transfer or issue of any share of…

Section 691 — Act ceases to apply

Act ceases to apply On the day specified by the Minister, this Act ceases to apply to the body corporate continued under the other Act of Parliament or under…

Section 675 — Matters for consideration

Matters for consideration Before issuing letters patent to incorporate a bank holding company, the Minister shall take into account all matters that the…

Section 867 — Non-application of certain provisions

Non-application of certain provisions Subsection (2) and sections 342 to 365, 368 and 868 do not apply to a bank holding company that is an insolvent person or…

Section 37 — Copy of letters patent

Copy of letters patent Where a body corporate is continued as a bank under this Part, the Superintendent shall forthwith send a copy of the letters patent to…

Section 47.15 — Membership not transferable

Membership not transferable No transfer of a membership is valid for any purpose.

Section 761 — Removal of director

Removal of director Subject to paragraph 756(1)(g), the shareholders of a bank holding company may by resolution at a special meeting remove any director or…

Section 627.64 — Prohibited conduct

Prohibited conduct An institution shall disclose to its customers and to the public the fact that it shall not, under section 627.04, impose undue pressure on…

Section 349 — Powers of court

Powers of court In connection with the liquidation and dissolution of a bank, the court may, where it is satisfied that the bank is able to pay or adequately…

Section 73 — Cancellation of shares and membership shares

Cancellation of shares and membership shares Subject to subsection (2), if a bank purchases shares of the bank or fractions of shares, or membership shares of…

Section 176 — Shareholders filling vacancy

Shareholders filling vacancy The by-laws of a bank that is not a federal credit union may provide that a vacancy among the directors is to be filled only by a…

Section 79.4 — Authorized capital

Authorized capital The membership shares of a federal credit union must be issued with no par value, and its by-laws must specify any limit on the number of…

Section 1001 — Statutory declarations and affidavits

Statutory declarations and affidavits A statutory declaration or affidavit required under this Act or the regulations may be created or provided in an…

Section 527 — Contents of order

Contents of order An order made under subsection 524(1) shall set out the name of the authorized foreign bank and, where applicable, the name under which it is…

Section 735 — Quorum

Quorum Unless the by-laws otherwise provide, a quorum of shareholders is present at a meeting of shareholders if the holders of a majority of the shares who…

Section 825 — Central securities register

Central securities register A bank holding company shall maintain a central securities register in which it shall record the securities, within the meaning of…

Section 297 — Conflict of interest

Conflict of interest No person shall be appointed as trustee if at the time of the appointment there is a material conflict of interest between the person’s…

Section 61 — Classes of shares

Classes of shares The by-laws of a bank that is not a federal credit union may provide for more than one class of shares and, if they so provide, they must set…

Section 498 — Margin loans

Margin loans The Superintendent may establish terms and conditions with respect to the making by a bank of margin loans to a director or senior officer of the…

Section 5 — Subsidiary

Subsidiary An entity is a subsidiary of another entity if it is controlled by the other entity.

Section 120 — Constructive ownership of security

Constructive ownership of security A purchaser is the owner of a security held for the purchaser by a securities broker, but a purchaser is not a holder except…

Section 930.1 — Regulations

Regulations The Governor in Council may make regulations respecting the circumstances in which a bank holding company may acquire control of, or acquire or…

Section 313 — Definitions

Definitions For the purposes of this section and sections 314 to 333, firm of accountants means a partnership, the members of which are accountants engaged in…

Section 163 — Unaffiliated directors

Unaffiliated directors At the election of directors at each annual meeting of a bank and at all times until the day of the next annual meeting, no more than…

Section 266 — Insider report

Insider report An insider shall submit an insider report in accordance with the regulations.

Section 3 — Control

Control For the purposes of this Act, a person controls a body corporate if securities of the body corporate to which are attached more than 50 per cent of the…

Section 99 — Securities fungible

Securities fungible Unless otherwise agreed, and subject to any applicable law, regulation or stock exchange rule, a person required to deliver securities may…

Section 75 — Reduction of capital

Reduction of capital The stated capital of a bank that is not a federal credit union may be reduced by special resolution. The stated capital of a federal…

Section 695 — Restriction

Restriction A bank holding company may not be incorporated or continued with, change its name to or carry on business or identify itself by, a name that is…

Section 708 — Shares non-assessable

Shares non-assessable Shares issued by a bank holding company are non-assessable and the shareholders are not liable to the bank holding company or to its…

Section 869 — Sections 342 to 346 apply

Sections 342 to 346 apply Sections 342 to 346 apply in respect of bank holding companies, subject to the following: references to “bank” in those sections are…

Section 879 — Obligation of widely held bank holding company

Obligation of widely held bank holding company If a widely held bank holding company with equity of twelve billion dollars or more controls a bank and a person…

Section 731 — Waiver of notice

Waiver of notice A shareholder and any other person entitled to attend a meeting of shareholders may in any manner waive notice of a meeting of shareholders…

Section 627.8 — Current value

Current value An institution shall disclose the following information without delay to a person who makes a request concerning the value of a product referred…

Section 60.2 — Designation of shares

Designation of shares A federal credit union must not designate a class of its shares as “membership shares” or any variation of those words.

Section 627.62 — Prescribed amendments to agreements

Prescribed amendments to agreements An institution shall, before any prescribed amendment that it makes to a term or condition of an agreement with a person in…

Section 156.05 — Soliciting proxies

Soliciting proxies A person shall not solicit proxies unless a proxy circular that is in accordance with the regulations is sent to the auditor or auditors of…

Section 96 — Transmission of securities

Transmission of securities Subject to the provisions of Part VII and any applicable law relating to the collection of taxes, a person referred to in paragraph…

Section 162 — Affiliated person

Affiliated person The Governor in Council may make regulations specifying the circumstances under which a natural person is affiliated with a bank for the…

Section 216.04 — Time of application

Time of application An application under section 216.01 may be made no later than three months after the bank’s conversion proposal has been approved by the…

Section 295 — Application

Application Sections 296 to 306 apply in respect of a trust indenture if the subordinated indebtedness issued or to be issued under the trust indenture is part…

Section 709 — Consideration for share

Consideration for share No share of any class of shares of a bank holding company shall be issued until it is fully paid for in money or, with the approval of…

Section 891 — When approval not required

When approval not required Despite sections 875 and 887, the approval of the Minister is not required if the Superintendent has, by order, directed the bank…

Section 39.2 — Transferring to other federal Acts — federal credit union

federal credit union A federal credit union may apply, with the approval in writing of the Minister, under the Canada Cooperatives Act for a certificate of…

Section 983 — Use of name

Use of name Except to the extent permitted by the regulations, every person who uses the name of a bank or of a bank holding company in a prospectus, offering…

Section 216.1 — Right to vote

Right to vote For the purposes of subsection 216.09(1), each share of the federal credit union carries the right to vote in respect of any matter referred to…

Section 627.57 — Information box

Information box If an institution is required under this Division to disclose information in an application form or before entering into an agreement in…

Section 166 — Term of directors

Term of directors Except where this Act or the by-laws of a bank provide for cumulative voting, a bank may, by by-law, provide that the directors be elected…

Section 177 — Directors filling vacancy

Directors filling vacancy Despite section 183 but subject to subsection (2) and sections 176 and 178, a quorum of directors may fill a vacancy among the…

Section 504 — Bank obligation

Bank obligation Where, in respect of any proposed transaction permitted by this Part, other than those referred to in section 490, a bank has reason to believe…

Section 156.06 — Attendance at meeting

Attendance at meeting A person who solicits a proxy and is appointed proxyholder shall attend in person or cause an alternate proxyholder to attend the meeting…

Section 965 — Notice to directors, shareholders and members

Notice to directors, shareholders and members A notice or document required by this Act or the regulations or by the incorporating instrument or by-laws of a…

Section 814 — Head office

Head office A bank holding company shall at all times have a head office in the province specified in its incorporating instrument or by-laws. The directors of…

Section 816 — Place of records

Place of records The records described in section 815 shall be kept at the head office of the bank holding company or at such other place in Canada as the…

Section 627.29 — No minimum credit balance without express consent

No minimum credit balance without express consent An institution shall not make a loan or advance in Canada to a natural person subject to the condition that…

Section 946 — Saving

Saving A loan or investment referred to in section 945 is deemed not to be prohibited by the provisions of this Division.

Section 169 — Re-election of directors

Re-election of directors A director who has completed a term of office is, if otherwise qualified, eligible for re-election.

Section 317 — Revocation of appointment

Revocation of appointment The shareholders of a bank or the members of a federal credit union may, by ordinary resolution at a special meeting, revoke the…

Section 522.19 — Limited commercial branches

Limited commercial branches Subject to the requirements relating to approval set out in Division 5, and subject to subsection (2), a foreign bank, or an entity…

Section 627.46 — Report to Commissioner

Report to Commissioner Within 60 days after the end of each quarter, an institution shall submit to the Commissioner in a form satisfactory to him or her, with…

Section 707 — One share, one vote

One share, one vote Where voting rights are attached to a share of a bank holding company, the voting rights may confer only one vote in respect of that share.

Section 351 — Appointment of liquidator

Appointment of liquidator When making an order for the liquidation of a bank, or at any later time, the court may appoint any person, including a director, an…

Section 517.1 — Restriction

Restriction If an order has been made under subsection 973.1(1) in respect of a foreign bank or an entity associated with a foreign bank and section 516 or 517…

Section 944 — Asset transactions

Asset transactions A bank holding company shall not, and shall not permit its subsidiaries to, without the approval of the Superintendent, acquire assets from…

Section 801 — Application to court for indemnification

Application to court for indemnification A bank holding company or a person referred to in section 799 may apply to a court for an order approving an indemnity…

Section 65 — Consideration for share

Consideration for share No share of any class of shares of a bank shall be issued until it is fully paid for in money or, with the approval of the…

Section 911 — Notice of decision

Notice of decision Within a period of thirty days after the expiration of the period for making representations referred to in subsection 910(1), the Minister…

Section 468.1 — Regulations

Regulations The Governor in Council may make regulations respecting the circumstances in which a bank may acquire control of, or acquire or increase a…

Section 917 — Application to court

Application to court If a person fails to comply with a direction made under subsection 913(7) or 915(1), an application on behalf of the Minister may be made…

Section 460 — Transmission in case of death

Transmission in case of death Where the transmission of a debt owing by a bank by reason of a deposit, of property held by a bank as security or for…

Section 149 — Representative of shareholder or member

Representative of shareholder or member If an entity is a shareholder or member of a bank, the bank must recognize any natural person authorized by a…

Section 932 — Undertakings

Undertakings If a bank holding company controls a permitted entity, other than an entity referred to in any of paragraphs 930(1)(a) to (f), the bank holding…

Section 93 — Dealings with registered owner

Dealings with registered owner A bank or a trustee within the meaning of section 294 may, subject to subsections 137 (5) to (7) and sections 138 to 141 and…

Section 237 — Head office

Head office A bank shall at all times have a head office in the province specified in its incorporating instrument or by-laws. The directors of a bank may…

Section 197 — Appointment of officers

Appointment of officers The directors of a bank may, subject to the by-laws, designate the offices of the bank, appoint officers thereto, specify the duties of…

Section 786 — Remuneration of directors, officers and employees

Remuneration of directors, officers and employees Subject to this section and the by-laws, the directors of a bank holding company may fix the remuneration of…

Section 511 — Exception re accessing accounts

Exception re accessing accounts Nothing in paragraphs 510(1)(a) to (c) is to be construed as prohibiting a foreign bank or an entity associated with a foreign…

Section 873 — Sections 370 to 371.1 apply

Sections 370 to 371.1 apply Sections 370 to 371.1 apply in respect of bank holding companies, except that references to “bank” in sections 371 and 371.1 are to…

Section 82 — Provisions governing transfers of securities

Provisions governing transfers of securities The transfer of a security is governed by sections 83 to 135.

Section 98 — Burden of proof

Burden of proof In any action on a security, unless specifically denied in the pleadings, each signature on the security or in a necessary endorsement is…

Section 934 — Loan workouts

Loan workouts Despite anything in this Division, if any subsidiary of a bank holding company has made a loan to an entity and, under the terms of the agreement…

Section 977 — Appeal to Federal Court

Appeal to Federal Court An appeal lies to the Federal Court from any direction of the Minister made under subsection 401.2(7), 402(1), 402.2(1), 913(7) or…

Section 386 — Limit on assets

Limit on assets Unless an exemption order with respect to the bank is granted under section 388, if a bank fails to comply with section 385 in any month, the…

Section 942 — Divestment order

Divestment order The Superintendent may, by order, direct a bank holding company to dispose of, within any period that the Superintendent considers reasonable…

Section 606 — Confidential information

Confidential information Subject to section 609, all information regarding the business or affairs of an authorized foreign bank, or regarding a person dealing…

Section 627.36 — No charge — holds

holds An institution shall not impose a charge on a natural person for exceeding their credit limit as a result of a hold on a credit card that was issued in…

Section 106 — Notice of fiduciary duty

Notice of fiduciary duty Notwithstanding that a purchaser, or any securities broker for a seller or purchaser, has notice that a security is held for a third…

Section 367 — Liability of Bank of Canada

Liability of Bank of Canada Subject to section 22 of the Bank of Canada Act , where payment has been made to the Bank of Canada of an amount under subsection…

Section 542 — Payment clearing and settlement

Payment clearing and settlement Subject to section 22.1 of the Payment Clearing and Settlement Act , an authorized foreign bank may be a participant in a…

Section 756 — Cumulative voting

Cumulative voting Where this Part or the by-laws provide for cumulative voting, there shall be a stated number of directors fixed by by-law and not a minimum…

Section 670 — Sunset provision

Sunset provision Subject to subsections (2) and (4), bank holding companies shall not carry on business after June 30, 2033. The Governor in Council may, by…

Section 744 — Court review of election

Court review of election A bank holding company or a shareholder or director of a bank holding company may apply to a court to resolve any dispute in respect…

Section 18 — No personal liability

No personal liability The shareholders of a bank are not, as shareholders, liable for any liability, act or default of the bank except as otherwise provided by…

Section 627.992 — Availability of information

Availability of information If an institution or any of its affiliates imposes a charge for insurance or a guarantee that the institution obtains against…

Section 974 — Not statutory instruments

Not statutory instruments An instrument issued or made under this Act and directed to a single bank, bank holding company, authorized foreign bank or person…

Section 472 — Loan workouts

Loan workouts Despite anything in this Part, if a bank or any of its subsidiaries has made a loan to an entity and, under the terms of the agreement between…

Section 720 — Adjustment of stated capital account

Adjustment of stated capital account On a purchase, redemption or other acquisition by a bank holding company of shares or fractions thereof issued by it, the…

Section 679 — Notice of issue of letters patent

Notice of issue of letters patent The Superintendent shall cause to be published in the Canada Gazette a notice of the issuance of letters patent incorporating…

Section 954 — Production of information and documents

Production of information and documents The Superintendent may, by order, direct a person who controls a bank holding company or any entity that is affiliated…

Section 330 — Auditors’ attendance

Auditors’ attendance The auditors of a bank are entitled to receive notice of every meeting of the committee designated under paragraph 157(2)(e), if that…

Section 910 — Reasonable opportunity to make representations

Reasonable opportunity to make representations If, after receipt of the notice referred to in paragraph 909(1)(b), the applicant advises the Minister that the…

Section 57 — Cessation of existence

Cessation of existence Except for the sole purpose of winding up the bank’s affairs, a bank ceases to exist one year after the day on which its incorporating…

Section 793 — Court may set aside or require accounting

Court may set aside or require accounting If a director or officer of a bank holding company fails to comply with any of sections 789 to 792, a court, on…

Section 192.06 — By-laws of continued body corporate

By-laws of continued body corporate Subject to section 192.05, the by-laws of a body corporate that is continued as a federal credit union under this Act…

Section 242 — Use of list

Use of list No person shall use a list of shareholders or members obtained under section 240 except in connection with an effort to influence the voting of…

Section 540 — Restrictions

Restrictions Where subsection 524 (2) applies, the authorized foreign bank shall not, in respect of its business in Canada, except as permitted by subsection…

Section 495.2 — Restriction

Restriction If a bank enters into a transaction with a related party of the bank with whom the bank may enter into transactions under subsection 495.1(1) and…

Section 190

Section 190 Subsection 725(1) of the French version of the Act is replaced by the following: Les assemblées des actionnaires se tiennent au Canada, au lieu que…

Section 347 — Application for court supervision

Application for court supervision The Superintendent or any interested person may, at any time during the liquidation of a bank, apply to a court for an order…

Section 693 — Prohibited names

Prohibited names A bank holding company may not be incorporated under this Part with a name that is prohibited by an Act of Parliament; that is, in the opinion…

Section 782 — Audit committee

Audit committee The audit committee of a bank holding company shall consist of at least three directors. None of the members of the audit committee may be…

Section 79.1 — Membership shares

Membership shares A federal credit union may have only one class of membership shares in which the rights of their holders are equal in all respects, and those…

Section 143 — Proposals

Proposals Subject to subsections (1.1) and (1.2), a registered holder or beneficial owner of shares of a bank that is not a federal credit union that may be…

Section 881 — Prohibition against significant interest

Prohibition against significant interest No person who has a significant interest in any class of shares of a bank holding company may have a significant…

Section 624 — Expenses payable by authorized foreign bank

Expenses payable by authorized foreign bank If control of the assets of an authorized foreign bank has been taken under subparagraph 619(1)(b)(i) or (ii) or…

Section 611 — Exceptions to disclosure

Exceptions to disclosure Subject to any regulations made under paragraph 627.998(n), information obtained by an authorized foreign bank regarding any of its…

Section 656 — Application of assessment

Application of assessment Any amount recovered pursuant to section 654 or 655 shall be applied to reduce the total amount of expenses incurred for or in…

Section 627.471 — Purpose

Purpose The purpose of sections 627.48 to 627.54 is to enhance the process for dealing with complaints by establishing a regime comprised of a sole external…

Section 34 — Application for continuance

Application for continuance If a body corporate applies for letters patent under section 33, sections 23 to 27 apply in respect of the application, with any…

Section 245 — Requirement to maintain copies and process information in Canada

Requirement to maintain copies and process information in Canada If the Superintendent is of the opinion that it is incompatible with the fulfilment of the…

Section 69 — Conversion privileges

Conversion privileges A bank may issue conversion privileges, options or rights to acquire securities of the bank, and shall set out the conditions thereof in…

Section 795 — Contribution

Contribution A director who has satisfied a judgment in relation to the director’s liability under section 794 is entitled to contribution from the other…

Section 717 — Cancellation of shares

Cancellation of shares Subject to subsection (2), where a bank holding company purchases shares of the bank holding company or fractions thereof or redeems or…

Section 871 — Sections 361 to 365 and 368 apply

Sections 361 to 365 and 368 apply Sections 361 to 365 and 368 apply in respect of bank holding companies, subject to the following: references to “bank” in…

Section 88 — Restrictions and charges

Restrictions and charges No charge in favour of a bank and no restriction on transfer other than a constraint under Part VII is effective against a transferee…

Section 165 — Number of directors

Number of directors Subject to subsection 159(1) and sections 168 and 217, the directors of a bank that is not a federal credit union must, by by-law…

Section 42 — French or English form of name

French or English form of name The name of a bank may be set out in its letters patent in an English form, a French form, an English form and a French form or…

Section 522.23 — Regulations

Regulations The Governor in Council may make regulations for the purposes of this Part and, in particular, may make regulations concerning specialized…

Section 79.2 — Membership shares

Membership shares Membership shares may be held only by members. The right to vote attaches to membership and not to a membership share. A federal credit…

Section 316

Section 316 Paragraph 410(3)(a) of the Act is replaced by the following: respecting what a bank may or may not do with respect to the carrying on of the…

Section 325

Section 325 Section 543 of the Act is replaced by the following: Subject to sections 540, 546 and 549 and the regulations, an authorized foreign bank may, in…

Section 375 — Limitation on share holdings

Limitation on share holdings If a person is a major shareholder of a bank with equity of less than twelve billion dollars and the bank’s equity reaches twelve…

Section 248 — Central securities register

Central securities register A bank shall maintain a central securities register in which it shall record the securities, within the meaning of section 81…

Section 23 — Restrictions on incorporation

Restrictions on incorporation Letters patent incorporating a bank may not be issued if the application therefor is made by or on behalf of Her Majesty in right…

Section 97 — Over-issue

Over-issue The provisions of this Part that validate a security or compel its issue or reissue do not apply to the extent that a validation, issue or reissue…

Section 788 — Right to attend meetings

Right to attend meetings A director of a bank holding company is entitled to attend and to be heard at every meeting of shareholders.

Section 137 — Calling meetings

Calling meetings The directors of a bank must, after the meeting called under subsection 46 (1) or section 47.02, call the first annual meeting of shareholders…

Section 979.1 — Definition of wrongdoing

Definition of wrongdoing In this Part, wrongdoing includes a contravention of any provision of this Act or the regulations; a voluntary code of conduct that a…

Section 251 — Location of central securities register

Location of central securities register The central securities register of a bank shall be maintained by the bank at its head office or at any other place in…

Section 249 — Branch registers

Branch registers A bank may establish as many branch securities registers as it considers necessary.

Section 242 — Retroactivity — section 956.1 of Bank Act

section 956.1 of Bank Act Section 956.1 of the Bank Act applies to information referred to in that section that has been used or in relation to which oral…

Section 291 — Powers of court

Powers of court On an application to a court under subsection 289(1) or (2), the court may determine whether any other person is a dissenting offeree who…

Section 134 — Authenticating agent’s duty

Authenticating agent’s duty An authenticating trustee, registrar, transfer agent or other agent of an issuer has, in respect of the issue, registration of…

Section 579 — Effect of writ, etc.

Effect of writ, etc. Subject to subsections (3) and (4), the following documents are binding on property belonging to a person and in the possession of an…

Section 792 — Avoidance standards

Avoidance standards A contract or transaction for which disclosure is required under subsection 789(1) is not invalid and a director or officer is not…

Section 510 — Prohibited activities

Prohibited activities Except as permitted by this Part, a foreign bank or an entity associated with a foreign bank shall not in Canada, engage in or carry on…

Section 608.1 — No waiver

to the Superintendent of any information that is subject to a privilege under the law of evidence, solicitor-client privilege or the professional secrecy of…

Section 618 — Meaning of assets

Meaning of assets For the purposes of sections 619 to 627, assets , in relation to an authorized foreign bank, means any asset in respect of its business in…

Section 260

Section 260 The heading before section 937 and sections 937 to 940 of the Act are repealed.

Section 334

Section 334 The Act is amended by adding the following after section 627.13: An institution shall not activate a prescribed capability for a personal deposit…

Section 171 — Directors where elections or appointments incomplete or void

Directors where elections or appointments incomplete or void Despite subsections 166(2) and (3) and paragraphs 168(1)(f) and 172(1)(a), if subsection 170(1) or…

Section 45 — First directors’ meeting

First directors’ meeting After letters patent incorporating a bank that is not a federal credit union are issued, a meeting of the directors of the bank must…

Section 587 — Revocation of appointment

Revocation of appointment An authorized foreign bank may at any time revoke the appointment of its auditor. The Superintendent may at any time revoke the…

Section 56

that is a subsidiary of a federal financial institution.

Section 721 — Addition to stated capital account

Addition to stated capital account On a conversion of any debt obligation of a bank holding company into shares of a class or series of shares, the bank…

Section 989.2 — Superintendent’s directions

Superintendent’s directions If, in the opinion of the Superintendent, a person is acting in a manner that is prohibited by section 983, the Superintendent may…

Section 58

Section 58 Subsection 522.21(2) of the Act is amended by striking out “or” at the end of paragraph (c), by adding “or” at the end of paragraph (d) and by…

Section 896 — Increase of capital

Increase of capital If the Superintendent has, by order, directed a bank holding company with equity of four billion dollars or more but less than twelve…

Section 228 — Joint application to Minister

Joint application to Minister Subject to subsection (2), unless an amalgamation agreement is terminated in accordance with subsection 226 (5), the applicants…

Section 815 — Bank holding company records

Bank holding company records A bank holding company shall prepare and maintain records containing its incorporating instrument and by-laws and all amendments…

Section 973.03 — Revocation, suspension or amendment of approval — Minister

Minister The Minister may revoke, suspend or amend any approval granted by the Minister if he or she considers it appropriate to do so. In deciding whether to…

Section 522 — Permitted Canadian offices

Permitted Canadian offices A foreign bank may with the approval of the Superintendent and subject to any terms and conditions that are attached to the…

Section 979.2 — Whistleblowing

Whistleblowing Any employee of a bank or authorized foreign bank who has reasonable grounds to believe that the bank, authorized foreign bank or any person has…

Section 686 — Copy of letters patent

Copy of letters patent Where a body corporate is continued as a bank holding company under this Part, the Superintendent shall without delay send a copy of the…

Section 471 — Temporary investments in entity

Temporary investments in entity Subject to subsection (4), a bank may, by way of a temporary investment, acquire control of, or acquire or increase a…

Section 325 — Auditors’ report and extended examination

Auditors’ report and extended examination The Superintendent may, in writing, require that the auditor or auditors of a bank report to the Superintendent on…

Section 860 — Auditor of subsidiaries

Auditor of subsidiaries A bank holding company shall take all necessary steps to ensure that its auditor is the auditor of each of its subsidiaries; and in the…

Section 657 — Required information

Required information A bank, authorized foreign bank or external complaints body must provide the Commissioner with the information at the times and in the…

Section 14.11 — Schedule IV

Schedule IV For the purpose of implementing Canada’s international trade obligations, the Governor in Council may, by order, amend Schedule IV by adding…

Section 483 — Transitional

Transitional Nothing in this Part requires the termination of a loan made before February 7, 2001; the termination of a loan made after that date as a result…

Section 981 — Undue preference to creditor

Undue preference to creditor Every director, officer or employee of a bank or an authorized foreign bank who wilfully gives or concurs in giving to any…

Section 412 — Restriction on fiduciary activities

Restriction on fiduciary activities No bank shall act in Canada as an executor, administrator or official guardian or a guardian, tutor, curator, judicial…

Section 666 — By-law not necessary

By-law not necessary It is not necessary for a bank holding company to pass a by-law in order to confer any particular power on the bank holding company or its…

Section 776 — Record of attendance

Record of attendance A bank holding company shall keep a record of the attendance at each meeting of directors and each committee meeting of directors. A bank…

Section 185 — Dissent of director

Dissent of director A director of a bank who is present at a meeting of directors or a committee of directors is deemed to have consented to any resolution…

Section 889 — Exception — small holdings

small holdings Despite section 887, if, as a result of a transfer or issue of shares of a class of shares of a bank holding company to a person, other than an…

Section 928 — Restriction on control and substantial investments

Restriction on control and substantial investments Subject to subsections (2) to (3.4), no bank holding company shall acquire control of, or hold, acquire or…

Section 14.12 — Schedule V

Schedule V The Governor in Council may, by order, amend Schedule V by adding, deleting or amending a reference to a version of National Instrument 51-102 or…

Section 167 — Determining election of directors

Determining election of directors Except where this Act or the by-laws of a bank provide for cumulative voting, the persons, to the number authorized to be…

Section 614.1 — Prudential agreement

Prudential agreement The Superintendent may enter into an agreement, called a “prudential agreement”, with an authorized foreign bank for the purposes of…

Section 79 — Declaration of dividend or patronage allocation

Declaration of dividend or patronage allocation The directors of a bank may declare and a bank may pay a dividend or patronage allocation by issuing fully paid…

Section 165.1 — Election or appointment as director

Election or appointment as director The election or appointment of a person as a director is subject to the following: the person was present at the meeting…

Section 200 — Validity of acts

Validity of acts An act of a director or an officer of a bank is valid notwithstanding a defect in the director’s qualification or an irregularity in the…

Section 725 — Place of meetings

Place of meetings Meetings of shareholders of a bank holding company shall be held at the place within Canada provided for in the by-laws of the bank holding…

Section 638.1 — No waiver

to the Superintendent of any information that is subject to a privilege under the law of evidence, solicitor-client privilege or the professional secrecy of…

Section 370 — Definitions

Definitions In this Part, agent means in relation to Her Majesty in right of Canada or of a province, any agent of Her Majesty in either of those rights and…

Section 715 — Purchase and redemption of shares

Purchase and redemption of shares Subject to subsection (2) and to its by-laws, a bank holding company may, with the consent of the Superintendent, purchase…

Section 254.5 — Particulars in branch members register

Particulars in branch members register A branch members register must contain only particulars of the membership shares issued or transferred at the branch for…

Section 318

Section 318 Section 468 of the Act is amended by adding the following after subsection (2): Subject to subsections (3) to (6), Part XI and the regulations made…

Section 380.1 — Exemption — federal credit unions

federal credit unions On application by a federal credit union, the Superintendent may exempt any class of shares of the federal credit union the aggregate…

Section 377.1 — Restriction on control

Restriction on control No person shall, without the approval of the Minister, acquire control, within the meaning of paragraph 3(1)(d), of a bank with equity…

Section 24 — Subsidiary of foreign bank

Subsidiary of foreign bank If a proposed bank would be a subsidiary of a foreign bank, within the meaning of paragraphs (a) to (f) of the definition foreign…

Section 387 — Increase of capital

Increase of capital If the Superintendent has, by order, directed a bank with equity of four billion dollars or more but less than twelve billion dollars to…

Section 616 — Court enforcement

Court enforcement Where an authorized foreign bank or a person is contravening or has failed to comply with a prudential agreement entered into under section…

Section 54

Section 54 Section 507 of the Act is amended by adding the following after subsection (1): For the purposes of this Part, foreign bank means a foreign bank as…

Section 131 — Duration of notice of adverse claim

Duration of notice of adverse claim A written notice of adverse claim received by an issuer is effective for twelve months after the day it was received unless…

Section 30 — Notice of issue of letters patent

Notice of issue of letters patent The Superintendent shall cause to be published in the Canada Gazette a notice of the issuance of letters patent incorporating…

Section 522.04 — Permitted investment — foreign bank

foreign bank A foreign bank that does not have a financial establishment in Canada may acquire or hold control of, or a substantial investment in, a Canadian…

Section 350

Section 350 Paragraph 482(2)(g) of the Act is replaced by the following: assets purchased or sold under a sale agreement that is approved by the Minister under…

Section 922 — Main business

Main business Subject to this Part, a bank holding company shall not engage in or carry on any business other than acquiring, holding and administering…

Section 996 — Creation or provision of information

Creation or provision of information A requirement under this Act or the regulations to create or provide a notice, document or other information is satisfied…

Section 35.1 — Power to issue letters patent

Power to issue letters patent On the application of a local cooperative credit society under subsection 33(2), the Minister may, subject to this Part, issue…

Section 522.09 — Investment in a limited commercial entity — foreign bank

foreign bank Subject to the requirements relating to approval set out in Division 5, a foreign bank that has a financial establishment in Canada may acquire or…

Section 129 — Limited duty of inquiry

Limited duty of inquiry An issuer to whom a security is presented for registration has a duty to inquire into adverse claims if the issuer receives written…

Section 627.08 — No provision without express consent and agreement

No provision without express consent and agreement Subject to any regulations, an institution shall not provide a person with a product or service in Canada…

Section 87 — Contents of share certificate

Contents of share certificate There shall be stated on the face of each share certificate issued by a bank after the coming into force of this section the name…

Section 480 — Divestment order

Divestment order The Superintendent may, by order, direct a bank to dispose of, within any period that the Superintendent considers reasonable, any loan…

Section 261

Section 261 Section 941 of the Act is amended by adding “or” at the end of paragraph (a), by striking out “or” at the end of paragraph (b) and by repealing…

Section 821 — Protection of records

Protection of records A bank holding company and its agents shall take reasonable precautions to prevent loss or destruction of, prevent falsification of…

Section 122 — Right to reclaim possession

Right to reclaim possession A person against whom the transfer of a security is wrongful for any reason, including the person’s incapacity, may, against anyone…

Section 864 — Qualified privilege for statements

Qualified privilege for statements Any oral or written statement or report made under this Part by the auditor or former auditor of a bank holding company has…

Section 771 — Quorum

Quorum Subject to section 772, the number of directors referred to in subsection (2) constitutes a quorum at any meeting of directors or a committee of…

Section 958 — Power of Superintendent on inquiry

Power of Superintendent on inquiry The Superintendent has all the powers of a person appointed as a commissioner under Part II of the Inquiries Act for the…

Section 216.01 — Conversion into federal credit union

Conversion into federal credit union On the application of a bank that is not a federal credit union, the Minister may, by letters patent, amend the bank’s…

Section 705 — Classes of shares

Classes of shares The by-laws of a bank holding company may provide for more than one class of shares and, if they so provide, shall set out the rights…

Section 627.83 — Redemption or purchase before maturity

Redemption or purchase before maturity An institution shall before redeeming or purchasing a principal-protected note before its maturity on the request of the…

Section 401.1 — Deemed approval

Deemed approval If the Minister does not send a notice under subsection 399(1) or (3) or 401(1) within the period provided for in those subsections, the…

Section 640 — Disclosure by a bank

Disclosure by a bank A bank shall make available to the public such information concerning the compensation of its executives, as that expression is defined by…

Section 627.131 — Activation of prescribed capability

Activation of prescribed capability An institution shall not activate a prescribed capability for a personal deposit account in Canada without first obtaining…

Section 552 — Restriction on charges to borrowers

Restriction on charges to borrowers Subject to any regulations made under subsection (2), an authorized foreign bank that has obtained insurance or a guarantee…

Section 627.75 — Authorized foreign banks — deposit accounts and agreements for prescribed products

deposit accounts and agreements for prescribed products An authorized foreign bank that is not subject to the restrictions and requirements referred to in…

Section 114 — Effect of failure by fiduciary to comply

Effect of failure by fiduciary to comply Failure of a fiduciary to comply with a controlling instrument or with the law of the jurisdiction governing the…

Section 335 — Body corporate deemed to be approved

Body corporate deemed to be approved A body corporate that has been approved under section 455.01 of the Bank Act , as it read immediately before the day on…

Section 384 — Pre-approval

Pre-approval For the purposes of sections 373 and 379, the Minister may approve the purchase or other acquisition of any number or percentage of shares or…

Section 258

Section 258 Section 479 of the Act is amended by adding “or” at the end of paragraph (a), by striking out “or” at the end of paragraph (b) and by repealing…

Section 496 — Directors and officers and their interests

Directors and officers and their interests Subject to subsection (2) and sections 497 and 498, a bank may enter into any transaction with a related party of…

Section 993 — Application

Application This Part other than sections 1004 and 1005 does not apply in respect of any notice, document or other information that under this Act or the…

Section 474 — Regulations restricting ownership

Regulations restricting ownership The Governor in Council may make regulations for the purposes of subsection 468(4), permitting the acquisition of control or…

Section 806 — Shareholder approval

Shareholder approval The directors of each applicant shall submit an amalgamation agreement for approval to a meeting of the holders of shares of the applicant…

Section 699 — Publication of information

Publication of information The Superintendent shall, within sixty days after the end of each year, cause a notice to be published in the Canada Gazette…

Section 432 — Rights in respect of personal property

Rights in respect of personal property The rights, powers and privileges that a bank is by this Act declared to have, or to have had, in respect of real…

Section 356 — Costs of liquidation

Costs of liquidation A liquidator shall pay the costs of liquidation out of the property of the bank and shall pay or make adequate provision for all claims…

Section 461 — Branch of account with respect to deposits

Branch of account with respect to deposits For the purposes of this Act, the branch of account with respect to a deposit account is the branch the address or…

Section 702 — Term of first directors

Term of first directors A director named in the application for letters patent to incorporate a bank holding company holds office until the election of…

Section 661.2 — Court enforcement

Court enforcement If a bank, authorized foreign bank or person, in conducting the business of the bank or authorized foreign bank, contravenes or fails to…

Section 684 — Power to issue letters patent

Power to issue letters patent On the application of a body corporate under subsection 682(1) or (2), the Minister may, subject to this Division, issue letters…

Section 725 — Lieu des assemblées

Lieu des assemblées Les assemblées des actionnaires se tiennent au Canada, au lieu que prévoient les règlements administratifs ou, à défaut, que choisissent…

Section 355 — Examination of others

Examination of others Where a liquidator has reason to believe that any property of the bank is in the possession or under the control of a person or that a…

Section 419 — Policies re security interests

Policies re security interests The directors of a bank shall establish and the bank shall adhere to policies regarding the creation of security interests in…

Section 417 — Restriction on leasing

Restriction on leasing A bank shall not engage in Canada in any personal property leasing activity in which a financial leasing entity, as defined in…

Section 585 — Appointment of auditor

Appointment of auditor An authorized foreign bank shall appoint a firm of accountants as auditor for its business in Canada and shall notify the Superintendent…

Section 254.2 — Branch members registers

Branch members registers A federal credit union may establish as many branch members registers as it considers necessary.

Section 345 — Approval of Minister required

Approval of Minister required No action directed toward the voluntary liquidation and dissolution of a bank shall be taken by a bank, other than as provided in…

Section 627.82 — Amendments — principal-protected notes

principal-protected notes An institution shall, before any amendment that it makes to a term or condition with respect to a principal-protected note that may…

Section 627.43 — Procedures for dealing with complaints

Procedures for dealing with complaints An institution shall establish procedures that are satisfactory to the Commissioner for dealing, within the prescribed…

Section 543 — Networking

Networking Subject to sections 540, 546 and 549, an authorized foreign bank may, in Canada, act as agent for any person in respect of the provision of any…

Section 627.85 — Rate of interest

disclose the manner in which the amount of interest is calculated and any circumstances that will affect the rate of interest, including the balance of a…

Section 234 — Shareholder approval

Shareholder approval The directors of a selling bank must submit a sale agreement for approval to a meeting of shareholders, or, if the bank is a federal…

Section 298 — Validity despite conflict

Validity despite conflict A trust indenture and any subordinated indebtedness issued thereunder are valid notwithstanding a material conflict of interest of…

Section 627.2 — Application

Application Sections 627.21 and 627.22 apply only with respect to paper-based cheques or other paper-based instruments deposited in Canada that are encoded…

Section 47.02 — Calling members’ meeting

Calling members’ meeting If at least five million dollars, or any greater amount that the Minister may specify, has been received by a federal credit union in…

Section 360 — Dissolution by letters patent

Dissolution by letters patent On an application made pursuant to an order under paragraph 358(1)(a), the Minister may issue letters patent dissolving the bank…

Section 608 — Evidentiary privilege

Evidentiary privilege Prescribed supervisory information shall not be used as evidence in any civil proceedings and is privileged for that purpose. No person…

Section 14 — Schedule I and Schedule II banks

Schedule I and Schedule II banks Subject to this Act, there shall be set out in Schedule I the name of every bank named in Schedules I and II as those…

Section 156.01 — Definitions

Definitions The definitions in this section apply in this section and sections 156.02 to 156.08. intermediary means a person who holds a security on behalf of…

Section 206 — Court may set aside or require accounting

Court may set aside or require accounting If a director or officer of a bank fails to comply with any of sections 202 to 205, a court, on application of the…

Section 101 — Unauthorized signature

Unauthorized signature An unauthorized signature on a security before or in the course of issue is ineffective, except that the signature is effective in…

Section 47.05 — Withdrawal of membership

Withdrawal of membership A member of a federal credit union may withdraw from the federal credit union at any time by giving notice in accordance with the…

Section 915 — Disposition of shareholdings

Disposition of shareholdings If, with respect to any bank holding company, a person contravenes section 874 or subsection 875(1), 876(1) or 878(1) or section…

Section 627.96 — Amendments

Amendments If an institution makes an amendment to a term or condition of an agreement referred to in section 627.94 that results in a change to the…

Section 645 — Superintendent’s directions to bank

Superintendent’s directions to bank If, in the opinion of the Superintendent, a bank, or a person with respect to a bank, is committing, or is about to commit…

Section 638 — Evidentiary privilege

Evidentiary privilege Prescribed supervisory information shall not be used as evidence in any civil proceedings and is privileged for that purpose. No person…

Section 627.9 — Calculating borrowing costs

Calculating borrowing costs The cost of borrowing shall be calculated, in the prescribed manner, on the basis that all obligations of the borrower are…

Section 181 — Notice of meeting

Notice of meeting A notice of a meeting of directors shall specify each matter referred to in section 198 that is to be dealt with at the meeting but, unless…

Section 33 — Federal corporations

Federal corporations A body corporate incorporated under the Canada Business Corporations Act or any other Act of Parliament, including a bank holding company…

Section 522.18 — Business of a cooperative credit society and dealing in securities

that is a foreign cooperative credit society may, in Canada, engage in or carry on the business of a cooperative credit society, so long as that business is…

Section 844 — Copy to Superintendent

Copy to Superintendent Subject to subsection (2), a bank holding company shall send to the Superintendent a copy of the documents referred to in subsections…

Section 875 — Acquisition of significant interest

Acquisition of significant interest Subject to section 876, no person, or entity controlled by a person, shall, without the approval of the Minister, purchase…

Section 158 — Duty of care

Duty of care Every director and officer of a bank in exercising any of the powers of a director or an officer and discharging any of the duties of a director…

Section 973.02 — Minister — terms, conditions and undertakings

terms, conditions and undertakings In addition to any other action that may be taken under this Act, the Minister may, in granting an approval, impose any…

Section 550 — Restriction on leasing

Restriction on leasing An authorized foreign bank shall not engage in Canada in any personal property leasing activity in which a financial leasing entity as…

Section 47.11 — Prohibition

Prohibition An entity must not become a member of a federal credit union if, as a result of becoming a member, the majority of the members of the federal…

Section 303 — Trustee may require evidence

Trustee may require evidence On the request of a trustee, the issuer or guarantor of subordinated indebtedness issued under a trust indenture shall provide the…

Section 627.21 — Availability

Availability An institution shall make available for withdrawal any funds deposited by cheque or other instrument into a retail deposit account or into a…

Section 16 — No invalidity

No invalidity No act of a bank or authorized foreign bank, including any transfer of property to or by a bank or authorized foreign bank, is invalid by reason…

Section 906 — Matters for consideration

Matters for consideration Subject to subsection (2), if an application for an approval under section 875 is made, the Minister, in determining whether or not…

Section 495 — Services

Services A bank may enter into a transaction with a related party of the bank if the transaction subject to subsection (2), consists of a written contract for…

Section 322

Section 322 The Act is amended by adding the following after section 522.08: The Governor in Council may make regulations respecting the circumstances in which…

Section 627.98 — Availability of list of charges

Availability of list of charges An institution shall disclose a list of all charges applicable to registered products by making the list available at each of…

Section 627.09 — Obtaining express consent

Obtaining express consent Any communication from an institution seeking a person’s express consent shall be made in a manner, and using language, that is…

Section 17 — By-law not necessary

By-law not necessary It is not necessary for a bank to pass a by-law in order to confer any particular power on the bank or its directors.

Section 627.18 — Non-application

Non-application Subsections 627.17(1) to (3) do not apply if the member bank has reasonable grounds to believe that the retail deposit account will be used for…

Section 627.133 — Notice

Notice An institution shall, without delay and by electronic means, notify a natural person in whose name a personal deposit account in Canada is kept if an…

Section 319

Section 319 The Act is amended by adding the following after section 468: The Governor in Council may make regulations respecting the circumstances in which a…

Section 224 — Amalgamation agreement

Amalgamation agreement Each applicant proposing to amalgamate shall enter into an amalgamation agreement. Every amalgamation agreement shall set out the terms…

Section 966 — Presumption from return

Presumption from return A director named in the latest return sent by a bank or a bank holding company to the Superintendent under section 632 or 951 is…

Section 644 — Power of Superintendent on inquiry

Power of Superintendent on inquiry The Superintendent has all the powers of a person appointed as a commissioner under Part II of the Inquiries Act for the…

Section 957 — Examination of bank holding companies

Examination of bank holding companies The Superintendent, from time to time, shall make or cause to be made any examination and inquiry into the business and…

Section 56 — Public notice

Public notice On the making of an order approving the commencement and carrying on of business by a bank, the bank shall publish a notice of the making of the…

Section 366 — Unclaimed money on winding-up

Unclaimed money on winding-up Despite the Winding-up and Restructuring Act , if the business of a bank is being wound up, the liquidator or the bank must pay…

Section 599 — Release of assets in Canada

Release of assets in Canada An authorized foreign bank that discontinues its business in Canada may apply in writing to the Superintendent for the release of…

Section 463 — Deemed loan

Deemed loan For the purposes of sections 425 to 436, where a bank accepts a bill of exchange drawn on it and not payable on demand or pays or makes money…

Section 53 — Conditions of order

Conditions of order An order approving the commencement and carrying on of business by a bank may contain such conditions or limitations that are consistent…

Section 843 — Annual statement — distribution

distribution A bank holding company shall, no later than 21 days before the date of each annual meeting or before the signing of a resolution under paragraph…

Section 194 — Audit committee

Audit committee The audit committee of a bank shall consist of at least three directors. A majority of the members of the audit committee must consist of…

Section 92 — Holders of fractional shares

Holders of fractional shares A holder of a fractional share issued by a bank is not entitled to exercise voting rights or to receive a dividend in respect of…

Section 314 — Appointment of auditors

Appointment of auditors The shareholders of a bank, or the members of a federal credit union, must, by ordinary resolution at the first meeting of shareholders…

Section 47.03 — Membership governed by by-laws

Membership governed by by-laws Subject to the provisions of this Act, membership in a federal credit union is governed by its by-laws. To be a member of a…

Section 960 — Superintendent’s directions to bank holding company

or is pursuing or is about to pursue a course of conduct — that may directly or indirectly be prejudicial to the interest of depositors, policyholders or…

Section 221 — Proposal to amend

Proposal to amend Subject to subsection (2), a director or a shareholder who is entitled to vote at an annual meeting of shareholders of a bank may, in…

Section 83 — Security a negotiable instrument

Security a negotiable instrument A security is a negotiable instrument but, in the case of any inconsistency between the provisions of the Bills of Exchange…

Section 522.34 — Investment Canada Act

Investment Canada Act The Investment Canada Act does not apply in respect of any of the following, whether it occurs directly or indirectly: the acquisition of…

Section 428 — Priority of bank’s rights

Priority of bank’s rights All the rights and powers of a bank in respect of the property mentioned in or covered by a warehouse receipt or bill of lading…

Section 243 — Form of records

Form of records A register or other record required or authorized by this Act to be prepared and maintained by a bank may be in a bound or loose-leaf form or…

Section 970 — Entry in securities register

Entry in securities register An entry in the securities register of, or on a security certificate issued by, a bank or a bank holding company is evidence that…

Section 420 — Restriction on receivers

Restriction on receivers A bank shall not grant to a person the right to appoint a receiver or a receiver and manager of the property or business of the bank.

Section 320 — Right to attend meetings

Right to attend meetings The auditor or auditors of a bank are entitled to receive notice of every meeting of shareholders and, if the bank is a federal credit…

Section 385.1 — Public holding requirement

Public holding requirement If a bank to which section 385 applies becomes a bank with equity of twelve billion dollars or more, that section continues to apply…

Section 547 — Shared premises

Shared premises Subject to the regulations, no authorized foreign bank shall carry on business in Canada on premises that are shared with those of a member…

Section 378 — Former Schedule I banks with equity of less than five billion dollars

Former Schedule I banks with equity of less than five billion dollars A bank that was named in Schedule I as that Schedule read immediately before October 24…

Section 539 — Additional activities

Additional activities In addition, an authorized foreign bank may, in Canada, hold, manage and otherwise deal with real property; provide prescribed…

Section 531 — Publication of name

Publication of name An authorized foreign bank shall set out its name and, where applicable, any other permitted name, as set out in the order made under…

Section 522.13 — Indirect investments through provincial institutions

Indirect investments through provincial institutions A foreign bank or an entity associated with a foreign bank may acquire or hold control of, or a…

Section 47 — Term of first directors

Term of first directors A director named in the application for letters patent to incorporate a bank holds office until the election of directors at the…

Section 627.22 — First amount available

First amount available An institution shall make the prescribed amount of funds deposited or, if there is no prescribed amount, the first $100 of all funds…

Section 822 — Requirement to maintain copies and process information in Canada

Requirement to maintain copies and process information in Canada If the Superintendent is of the opinion that it is incompatible with the fulfilment of the…

Section 787 — Validity of acts

Validity of acts An act of a director or an officer of a bank holding company is valid notwithstanding a defect in the director’s qualification or an…

Section 627.35 — Different interest rates — allocation of payment

allocation of payment If different interest rates apply to different amounts owing for a particular billing cycle on a credit card account that is opened in…

Section 7 — 2020, c. 1, s. 163

2020, c. 1, s. 163 Subsection 251(3) of the Act is replaced by the following: Subject to subsection 245(1.1), subsection (1) does not apply to a bank that is a…

Section 627.54 — Content of Commissioner’s report

Content of Commissioner’s report The Commissioner shall include in the report referred to in section 34 of the Financial Consumer Agency of Canada Act the…

Section 590 — Statement of auditor

Statement of auditor An auditor of an authorized foreign bank who resigns, or receives a notice or otherwise learns that another person is to be appointed in…

Section 2 — Definitions

Definitions In this Act, affairs , with respect to a bank, an authorized foreign bank or a bank holding company, means the relationships among the bank…

Section 402 — Disposition

Disposition If, with respect to any bank, a person contravenes section 372 or subsection 373(1), 374(1) or 375(1) or section 376.1 or 376.2, subsection 377(1)…

Section 901 — Restriction on voting rights

Restriction on voting rights If, with respect to any bank holding company, a particular person contravenes section 874, subsection 875 (1), 876 (1) or 878 (1)…

Section 627.93 — Increase or new charge

Increase or new charge An institution shall not increase any charge or impose a new charge associated with a prepaid payment product that is issued to a…

Section 758 — Void election or appointment

Void election or appointment If, immediately after the time of any purported election or appointment of directors, the board of directors would fail to comply…

Section 830 — Particulars in branch register

Particulars in branch register A branch securities register shall only contain particulars of the securities issued or transferred at the branch for which that…

Section 627.11 — Cancellation — certain products or services

certain products or services If an institution enters into an agreement with a person in respect of a retail deposit account, deposit-type instrument, credit…

Section 661 — Compliance agreement

Compliance agreement The Commissioner may enter into an agreement, called a “compliance agreement”, with a bank, an authorized foreign bank or the external…

Section 216.14 — Regulations

Regulations The Governor in Council may make regulations respecting applications under section 216.08, including their form and the information to be contained…

Section 359 — Right to distribution of money

Right to distribution of money If in the course of the liquidation of a bank that is not a federal credit union the shareholders resolve, or the liquidator…

Section 617 — Order re: asset maintenance

Order re: asset maintenance Where, in the opinion of the Superintendent, it is necessary for the protection of rights of depositors and creditors of the…

Section 156.08 — Restraining order

Restraining order If a form of proxy, management proxy circular or dissident’s proxy circular contains an untrue statement of a material fact or omits to state…

Section 528 — Amended order

Amended order On application by an authorized foreign bank, the Minister may, by further order, add any provision referred to in subsection 527(2) or any term…

Section 522.1 — Acquisition of other investments

Acquisition of other investments A foreign bank or an entity associated with a foreign bank may acquire or hold control of, or a substantial investment in, a…

Section 923 — Restriction on guarantees

Restriction on guarantees A bank holding company shall not guarantee on behalf of any person the payment or repayment of any sum of money. Subsection (1) does…

Section 594 — Auditor’s report to principal officer

Auditor’s report to principal officer The auditor of an authorized foreign bank shall make a report to the principal officer of the authorized foreign bank in…

Section 254 — Destruction of certificates

Destruction of certificates A bank, its agent or a trustee within the meaning of section 294 is not required to produce a cancelled security certificate in…

Section 812 — Transitional

Transitional Despite any other provision of this Act or the regulations, the Minister may, by order, on the recommendation of the Superintendent, grant to a…

Section 522.2 — Non-application

Non-application This Division does not apply in respect of investments acquired and held, branches maintained and businesses engaged in or carried on in…

Section 357 — Final accounts

Final accounts Within one year after the appointment of a liquidator and after paying or making adequate provision for all claims against the bank, the…

Section 376.01 — Obligation of widely held bank

Obligation of widely held bank Despite subsection 376(1), if a widely held bank with equity of twelve billion dollars or more controls a bank (in this…

Section 270 — Meaning of insider

Meaning of insider In this section, insider means with respect to a distributing bank a director or officer of the bank; a director or officer of a subsidiary…

Section 352 — Vacancy in liquidator’s office

Vacancy in liquidator’s office Where an order for the liquidation of a bank has been made and the office of liquidator is or becomes vacant, the property of…

Section 123 — Right to requisites for registration

Right to requisites for registration Unless otherwise agreed, a transferor shall, on demand, supply a purchaser with proof of the transferor’s authority to…

Section 90 — Fractional share

Fractional share A bank may issue a certificate for a fractional share or may issue in place thereof a scrip certificate in bearer form that entitles the…

Section 880 — Prohibition against significant interest

Prohibition against significant interest No person who has a significant interest in any class of shares of a widely held bank holding company with equity of…

Section 415.1 — Prohibition

Prohibition It is prohibited for a bank to issue a debt obligation in relation to which the amounts of principal and interest owing are guaranteed to be paid…

Section 718 — Reduction of capital

Reduction of capital The stated capital of a bank holding company may be reduced by special resolution. A bank holding company shall not reduce its stated…

Section 544 — Restriction on fiduciary activities

Restriction on fiduciary activities No authorized foreign bank shall act in Canada as an executor, administrator or official guardian or a guardian, tutor…

Section 548 — Restriction on securities activities

Restriction on securities activities An authorized foreign bank shall not deal in Canada in securities to the extent prohibited or restricted by any…

Section 885 — Prohibition

Prohibition No person may control or be a major shareholder of a bank holding company if the person or an entity affiliated with the person has control of or…

Section 986 — Liability of officers, directors, etc.

Liability of officers, directors, etc. If an entity commits an offence under this Act, any officer, director, agent or principal officer of the entity who…

Section 955 — Confidential information

Confidential information All information regarding the business or affairs of a bank holding company, or regarding a person dealing with a bank holding…

Section 975 — Form

Form The Superintendent may, by order, establish the form of any application to be made to the Minister or the Superintendent under this Act.

Section 522.211 — No financial establishment without approval — associated entity

associated entity An entity that is associated with a foreign bank may not, without the prior written approval of the Minister, have a financial establishment…

Section 79.3 — Issue of certificates

Issue of certificates The by-laws of a federal credit union may provide that no membership share certificates need be issued and, if they so provide, the…

Section 524 — Order permitting carrying on of business in Canada, etc.

Order permitting carrying on of business in Canada, etc. On application by a foreign bank, the Minister may make an order permitting the foreign bank to…

Section 826 — Branch registers

Branch registers A bank holding company may establish as many branch securities registers as it considers necessary.

Section 796 — Limitation

Limitation An action to enforce a liability imposed by section 794 may not be commenced after two years from the date of the resolution authorizing the action…

Section 209 — Limitation

Limitation An action to enforce a liability imposed by section 207 may not be commenced after two years from the date of the resolution authorizing the action…

Section 126 — Duty to register transfer

Duty to register transfer Subject to Part VII, where a security in registered form is presented for transfer, the issuer shall register the transfer if the…

Section 664.1 — Policies and procedures — integrity or security

integrity or security A bank holding company shall establish and adhere to policies and procedures to protect itself against threats to its integrity or…

Section 943 — Deemed temporary investment

Deemed temporary investment If a bank holding company controls or has a substantial investment in an entity as permitted by this Division and the bank holding…

Section 324

Section 324 Paragraph 539(3)(c) of the Act is replaced by the following: respecting the circumstances in which an authorized foreign bank may engage in the…

Section 376.2 — Prohibition against significant interest

Prohibition against significant interest No person who has a significant interest in any class of shares of a bank may have a significant interest in any class…

Section 886 — Prohibition

Prohibition No person who controls a bank holding company or who is a major shareholder of a bank holding company, and no entity affiliated with that person…

Section 170 — Void election or appointment

Void election or appointment If, immediately after the time of any purported election or appointment of directors, the board of directors would fail to comply…

Section 2.3 — Widely held

Widely held For the purposes of this Act, an entity is widely held if it is a body corporate that has no major shareholder; a federal credit union; an…

Section 478 — Aggregate limit

Aggregate limit A bank shall not, and shall not permit its prescribed subsidiaries to, purchase or otherwise acquire participating shares of a body corporate…

Section 647 — Application

Application This section applies only in respect of a bank that has been notified by the Superintendent that this section applies to it where the bank is…

Section 193 — Committees

Committees The directors of a bank may appoint from their number, in addition to the committees referred to in subsection 157(2), such other committees as they…

Section 191

Section 191 Subsection 740(4) of the Act is replaced by the following: Unless the by-laws provide otherwise and in accordance with any regulations, any person…

Section 191 — By-laws re remuneration

By-laws re remuneration A by-law of a bank respecting the remuneration of the directors of the bank, as directors, that is in effect on the coming into force…

Section 309 — Annual statement — approval

approval The directors of a bank shall approve the annual statement and their approval shall be evidenced by the signature or a printed or otherwise…

Section 139 — Notice not required

Notice not required A notice of a meeting is not required to be sent to shareholders or members who are not registered on the records of the bank or the bank’s…

Section 634.1 — Certificate

Certificate On the application of a bank that has been incorporated by a special Act of Parliament, the Superintendent may issue a certificate stating that the…

Section 4 — Holding body corporate

Holding body corporate A body corporate is the holding body corporate of any entity that is its subsidiary.

Section 743 — Court may order meeting to be called

Court may order meeting to be called A court may, on the application of a director, a shareholder who is entitled to vote at a meeting of shareholders or the…

Section 522.12 — Investments through provincial institutions

Investments through provincial institutions An entity that is associated with a foreign bank and that is an entity referred to in any of paragraphs 468(1)(g)…

Section 627.995 — Meeting

Meeting After a notice is given but before the branch is closed or ceases to carry on the activity, the Commissioner shall require the member bank to convene…

Section 376 — Obligation of widely held bank

Obligation of widely held bank If a widely held bank with equity of twelve billion dollars or more controls another bank and a person becomes a major…

Section 50 — No payments before order

No payments before order Until an order approving the commencement and carrying on of business is made for a bank, the bank must not make any payment on…

Section 506 — Order to void contract or to grant other remedy

Order to void contract or to grant other remedy If a bank enters into a transaction that it is prohibited from entering into by this Part, the bank or the…

Section 156.071 — Regulations

Regulations The Governor in Council may make regulations respecting the powers that may be granted by a shareholder in a form of proxy; respecting proxy…

Section 728 — Notice not required

Notice not required A notice of a meeting is not required to be sent to shareholders who are not registered on the records of the bank holding company or the…

Section 627.3 — Default charges

Default charges If a natural person fails to make a payment when it becomes due under a credit agreement that the person entered into other than for business…

Section 49 — Authority to make order

Authority to make order On application by a bank, the Superintendent may make an order approving the commencement and carrying on of business by the bank. An…

Section 627.63 — Advertisements

within the advertisement.

Section 312 — Copy to Superintendent

Copy to Superintendent Subject to subsection (2), a bank must send to the Superintendent a copy of the documents referred to in subsections 308(1) and (3) not…

Section 292 — Status of dissenter

Status of dissenter Where no application is made to a court under subsection 289(2) within the period set out in that subsection, a dissenting offeree is…

Section 216.08 — Conversion into bank with common shares

Conversion into bank with common shares On the application of a federal credit union, the Minister may, by letters patent, amend the federal credit union’s…

Section 927 — Investment standards

Investment standards The directors of a bank holding company shall establish and the bank holding company shall adhere to investment and lending policies…

Section 747 — Duty to manage

Duty to manage Subject to this Act, the directors of a bank holding company shall manage or supervise the management of the business and affairs of the bank…

Section 247 — Regulations apply — section 608 of Bank Act

section 608 of Bank Act The regulations made under paragraph 978(1)(a) of the Bank Act that prescribe supervisory information for the purposes of section 607…

Section 147 — One shareholder meeting

One shareholder meeting If a bank has only one shareholder, or only one holder of any class or series of shares, the shareholder present in person or…

Section 285 — Offeror’s notice to dissenters

Offeror’s notice to dissenters An offeror may acquire shares held by a dissenting offeree by sending by registered mail within sixty days after the date of…

Section 377 — Prohibition against control

Prohibition against control No person shall control, within the meaning of paragraph 3(1)(d), a bank with equity of twelve billion dollars or more. Subsection…

Section 208 — Contribution

Contribution A director who has satisfied a judgment in relation to the director’s liability under section 207 is entitled to contribution from the other…

Section 216.02 — Shareholder approval of conversion proposal

Shareholder approval of conversion proposal Before a bank makes an application under section 216.01, the directors of the bank must obtain from the…

Section 247 — Regulations

Regulations The Governor in Council may make regulations respecting the records, papers and documents to be retained by a bank, including the length of time…

Section 522.01 — Examination of representative offices

Examination of representative offices The Superintendent shall, from time to time, make or cause to be made any examination and inquiry into the operation of…

Section 188

Section 188 Subsection 136(1) of the French version of the Bank Act is replaced by the following: Les assemblées des actionnaires ou des membres se tiennent au…

Section 388 — Exemption by order of the Minister

Exemption by order of the Minister On application by a bank, the Minister may, if the Minister considers it appropriate to do so, by order exempt the bank from…

Section 493 — Borrowing, etc., from related party

Borrowing, etc., from related party A bank may borrow money from, take deposits from, or issue debt obligations to, a related party of the bank.

Section 517 — Change of status

Change of status If an entity becomes a foreign bank, or an entity associated with a foreign bank, to which this Part applies and immediately before it became…

Section 411.1 — Regulations

Regulations The Governor in Council may, for the purposes of section 409 and subsection 411(1), make regulations respecting what a bank is prohibited from…

Section 836 — Ss. 283 to 292.1 apply

Ss. 283 to 292.1 apply Sections 283 to 292.1 apply in respect of bank holding companies, subject to the following: references to “bank” in those sections are…

Section 914 — Suspension of voting rights held by governments

Suspension of voting rights held by governments Despite section 737, no person shall, in person or by proxy, exercise any voting rights attached to any share…

Section 216.11 — Time of application

Time of application An application under section 216.08 may be made no later than three months after the bank’s conversion proposal has been approved by the…

Section 14.1 — Schedule III authorized foreign banks

Schedule III authorized foreign banks There shall be set out in Schedule III the name of every authorized foreign bank and, where applicable, any other name…

Section 588 — Ceasing to hold office

Ceasing to hold office An auditor ceases to hold office when the auditor resigns; or the appointment of the auditor is revoked by the authorized foreign bank…

Section 940 — Aggregate limit

Aggregate limit A bank holding company shall not, and shall not permit its prescribed subsidiaries to, purchase or otherwise acquire participating shares of a…

Section 831 — Destruction of certificates

Destruction of certificates A bank holding company, its agent or a trustee within the meaning of section 294 is not required to produce a cancelled security…

Section 406 — Reliance on information

Reliance on information A bank and any person who is a director or an officer, employee or agent of the bank may rely on any information contained in a…

Section 690 — Meaning of bank holding company without a bank subsidiary

Meaning of bank holding company without a bank subsidiary For the purpose of this section, bank holding company without a bank subsidiary means a bank holding…

Section 10 — Substantial investment in body corporate

Substantial investment in body corporate A person has a substantial investment in a body corporate where the voting rights attached to the aggregate of any…

Section 404 — Interest of securities underwriter

Interest of securities underwriter This Part does not apply to a securities underwriter in respect of shares of a body corporate or ownership interests in an…

Section 947 — Meaning of non-bank entity

Meaning of non-bank entity Subject to subsection (2), for the purpose of section 948 non-bank entity means a Canadian entity, other than a bank, that is…

Section 501 — Market terms and conditions

Market terms and conditions Except as provided in subsections 496(4) to (6), any transaction entered into with a related party of the bank shall be on terms…

Section 519 — Prohibited activities — non-bank affiliates

non-bank affiliates Despite subsections 510(4) and (5), a non-bank affiliate of a foreign bank shall not, in Canada, engage in the business of accepting…

Section 760 — Ceasing to hold office

Ceasing to hold office A director ceases to hold office at the close of the annual meeting at which the director’s term of office expires; when the director…

Section 764 — Shareholders filling vacancy

Shareholders filling vacancy The by-laws of a bank holding company may provide that a vacancy among the directors is to be filled only by a vote of the…

Section 160 — Disqualified persons

Disqualified persons The following persons are disqualified from being directors of a bank: a person who is less than eighteen years of age; a person who is of…

Section 79.6 — Continued body corporate

Continued body corporate A body corporate that is continued as a federal credit union under this Act and that is not in compliance with section 79.1 on the…

Section 409 — Main business

Main business Subject to this Act, a bank shall not engage in or carry on any business other than the business of banking and such business generally as…

Section 543 — Networking

Networking Subject to sections 540, 546 and 549 and the regulations, an authorized foreign bank may, in Canada, act as agent for any person in respect of the…

Section 539.1 — Regulations apply

Regulations apply Regulations made for the purpose of any of sections 409 to 411 apply in respect of authorized foreign banks with any modifications that the…

Section 79.5 — Membership shares non-assessable

Membership shares non-assessable Membership shares issued by a federal credit union are non-assessable, and their holders are not liable to the federal credit…

Section 308 — Annual financial statement

Annual financial statement The directors of a bank must place before the shareholders or members, as the case may be, at every annual meeting a comparative…

Section 627.991 — Amendments

Amendments An institution shall, before any amendment that it makes to a term or condition with respect to a registered product takes effect, disclose the…

Section 522.03 — Business conducted from head office in Canada

Business conducted from head office in Canada Subject to subsections (2) and (3), if the head office of a foreign bank is located in Canada under paragraph…

Section 144.1 — Proposals — members of federal credit union

members of federal credit union Subject to subsections (2) and (3), a member of a federal credit union may submit to the federal credit union notice of any…

Section 627.19 — Refusal to open

Refusal to open A member bank that refuses to open a retail deposit account for a natural person shall provide the person with a written statement that…

Section 522.06 — Permitted branches re leasing

Permitted branches re leasing Despite section 522.05, a foreign bank, or an entity that is incorporated or formed otherwise than by or under an Act of…