Bank Act (S.C. 1991, c. 46)

Marginal note:Notice of issue of letters patent

30. The Superintendent shall cause to be published in the Canada Gazette a notice of the issuance of letters patent incorporating a bank.

Marginal note:First directors

31. The first directors of a bank are the directors named in the application for letters patent to incorporate the bank.

Marginal note:Effect of letters patent

32. A bank comes into existence on the date provided therefor in its letters patent.

Marginal note:Federal corporations

• 33. (1) A body corporate incorporated under the Canada Business Corporations Act or any other Act of Parliament, including a bank holding company, may apply to the Minister for letters patent continuing the body corporate as a bank under this Act.

• Marginal note:Other corporations

  (2) A body corporate incorporated otherwise than by or under an Act of Parliament may, if so authorized by the laws of the jurisdiction where it is incorporated, apply to the Minister for letters patent continuing the body corporate as a bank under this Act.

Marginal note:Application for continuance

• 34. (1) Where a body corporate applies for letters patent under subsection 33(1) or (2), sections 23 to 27 apply in respect of the application, with such modifications as the circumstances require.

• Marginal note:Special resolution approval

  (2) Where a body corporate applies for letters patent under subsection 33(1) or (2), the application must be duly authorized by a special resolution.

• Marginal note:Copy of special resolution

  (3) A copy of the special resolution referred to in subsection (2) shall be filed with the application.

Marginal note:Power to issue letters patent

• 35. (1) On the application of a body corporate under subsection 33(1) or (2), the Minister may, subject to this Part, issue letters patent continuing the body corporate as a bank under this Act.

• Marginal note:Issue of letters patent

  (2) Where letters patent are issued to a body corporate under subsection (1), section 28 applies in respect of the issue of letters patent, with such modifications as the circumstances require.

Marginal note:Effect of letters patent

36. On the day set out in the letters patent continuing a body corporate as a bank under subsection 35(1),

• (a) the body corporate becomes a bank as if it had been incorporated under this Act; and

• (b) the letters patent are deemed to be the incorporating instrument of the continued bank.