Bank Act (S.C. 1991, c. 46)

Act current to 2015-05-11 and last amended on 2015-03-14. Previous Versions

Marginal note:Power to issue letters patent
  •  (1) On the application of a body corporate under section 33, 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.

  • 1991, c. 46, s. 35;
  • 2010, c. 12, s. 1910(E).
Marginal note:Power to issue letters patent
  •  (1) On the application of a local cooperative credit society under subsection 33(2), the Minister may, subject to this Part, issue letters patent continuing the local cooperative credit society as a federal credit union only if the Minister is of the opinion that the local cooperative credit society has complied with the regulations respecting notice and disclosure requirements.

  • Marginal note:Power to issue letters patent

    (2) On the application of a local cooperative credit society under subsection 33(3) or (4), the Minister may, subject to this Part, issue letters patent continuing the local cooperative credit society as a federal credit union only if

    • (a) the Minister is of the opinion that the local cooperative credit society has complied with the regulations respecting notice and disclosure requirements;

    • (b) the Minister is of the opinion that the federal credit union that results from the amalgamation will satisfy the requirements for incorporation as a federal credit union; and

    • (c) the Minister will, immediately after issuing letters patent for the continuance, issue letters patent for the amalgamation under subsection 229(1).

  • Marginal note:Regulations

    (3) The Governor in Council may make regulations respecting notice and disclosure requirements for the purpose of subsections (1) and (2).

  • 2010, c. 12, s. 1911;
  • 2014, c. 39, s. 272.
Marginal note:Effect of letters patent

 On the day set out in the letters patent continuing a body corporate as a bank,

  • (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.

  • 1991, c. 46, s. 36;
  • 2010, c. 12, s. 1912(E).
Marginal note:Copy of letters patent
  •  (1) Where a body corporate is continued as a bank under this Part, the Superintendent shall forthwith send a copy of the letters patent to the appropriate official or public body in the jurisdiction in which the body corporate was authorized to apply to be continued under this Act.

  • Marginal note:Notice of issuance of letters patent

    (2) The Superintendent shall cause to be published in the Canada Gazette a notice of the issuance of letters patent continuing a body corporate as a bank under this Act.

  • Marginal note:Notice of continuance and amalgamation

    (3) In the case of a continuance that results from an application made under subsection 33(3) or (4), the Superintendent may publish, in the form of a single notice, the notice referred to subsection (2), the notice required under subsection 229(3) in respect of the amalgamation and any notice required under subsection (2) in respect of other applicants for the amalgamation.

  • 1991, c. 46, s. 37;
  • 2014, c. 39, s. 273.