Bank Act (S.C. 1991, c. 46)

Act current to 2014-10-15 and last amended on 2014-06-19. Previous Versions

Marginal note: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 declaration required by the directors pursuant to section 405 or on any information otherwise acquired in respect of any matter that might be the subject of such a declaration, and no action lies against the bank or any such person for anything done or omitted to be done in good faith in reliance on any such information.

 [Repealed, 1994, c. 47, s. 23]

Marginal note:Competition Act

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

PART VIIIBUSINESS AND POWERS

General Business

Marginal note:Main business
  •  (1) 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 appertains thereto.

  • Marginal note:Idem

    (2) For greater certainty, the business of banking includes

    • (a) providing any financial service;

    • (b) acting as a financial agent;

    • (c) providing investment counselling services and portfolio management services; and

    • (d) issuing payment, credit or charge cards and, in cooperation with others including other financial institutions, operating a payment, credit or charge card plan.

  • 1991, c. 46, s. 409;
  • 2009, c. 2, s. 269(F).
Marginal note:Additional activities
  •  (1) In addition, a bank may

    • (a) hold, manage and otherwise deal with real property;

    • (b) provide prescribed bank-related data processing services;

    • (c) outside Canada or, with the prior written approval of the Minister, in Canada, engage in any of the following activities, namely,

      • (i) collecting, manipulating and transmitting

        • (A) information that is primarily financial or economic in nature,

        • (B) information that relates to the business of a permitted entity, as defined in subsection 464(1), or

        • (C) any other information that the Minister may, by order, specify,

      • (ii) providing advisory or other services in the design, development or implementation of information management systems,

      • (iii) designing, developing or marketing computer software, and

      • (iv) designing, developing, manufacturing or selling, as an ancillary activity to any activity referred to in any of subparagraphs (i) to (iii) that the bank is engaging in, computer equipment integral to the provision of information services related to the business of financial institutions or to the provision of financial services;

    • (c.1) with the prior written approval of the Minister, develop, design, hold, manage, manufacture, sell or otherwise deal with data transmission systems, information sites, communication devices or information platforms or portals that are used

      • (i) to provide information that is primarily financial or economic in nature,

      • (ii) to provide information that relates to the business of a permitted entity, as defined in subsection 464(1), or

      • (iii) for a prescribed purpose or in prescribed circumstances;

    • (c.2) engage, under prescribed terms and conditions, if any are prescribed, in specialized business management or advisory services;

    • (d) promote merchandise and services to the holders of any payment, credit or charge card issued by the bank;

    • (e) engage in the sale of

      • (i) tickets, including lottery tickets, on a non-profit public service basis in connection with special, temporary and infrequent non-commercial celebrations or projects that are of local, municipal, provincial or national interest,

      • (ii) urban transit tickets, and

      • (iii) tickets in respect of a lottery sponsored by the federal government or a provincial or municipal government or an agency of any such government or governments;

    • (f) act as a custodian of property; and

    • (g) act as receiver, liquidator or sequestrator.

  • Marginal note:Restriction

    (2) Except as authorized by or under this Act, a bank shall not deal in goods, wares or merchandise or engage in any trade or other business.

  • Marginal note:Regulations

    (3) The Governor in Council may make regulations

    • (a) respecting what a bank may or may not do with respect to the carrying on of the activities referred to in paragraphs (1)(c) to (c.2);

    • (b) imposing terms and conditions in respect of

      • (i) the provision of financial services referred to in paragraph 409(2)(a) that are financial planning services,

      • (ii) the provision of services referred to in paragraph 409(2)(c), and

      • (iii) the carrying on of the activities referred to in any of paragraphs (1)(c) to (c.2); and

    • (c) respecting the circumstances in which banks may be exempted from the requirement to obtain the approval of the Minister before carrying on a particular activity referred to in paragraph (1)(c) or (c.1).

  • 1991, c. 46, s. 410;
  • 1993, c. 34, s. 8(F);
  • 1997, c. 15, s. 42;
  • 2001, c. 9, s. 100.