Bank Act (S.C. 1991, c. 46)

Act current to 2014-12-08 and last amended on 2014-06-19. 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), 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

    • (a) the local cooperative credit society has complied with the regulations respecting notice and disclosure requirements; and

    • (b) the federal credit union that results from the amalgamation will satisfy the requirements for incorporation as a federal credit union.

  • 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.
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.