Bank Act (S.C. 1991, c. 46)

Act current to 2014-04-02 and last amended on 2014-03-29. Previous Versions

Marginal note:Policies re security interests
  •  (1) The directors of a bank shall establish and the bank shall adhere to policies regarding the creation of security interests in property of the bank to secure obligations of the bank and the acquisition by the bank of beneficial interests in property that is subject to security interests.

  • Marginal note:Order to amend policies

    (2) The Superintendent may, by order, direct a bank to amend its policies as specified in the order.

  • Marginal note:Compliance

    (3) A bank shall comply with an order made under subsection (2) within the time specified in the order.

  • 1991, c. 46, s. 419;
  • 2001, c. 9, s. 107.
Marginal note:Regulations and guidelines

 The Governor in Council may make regulations and the Superintendent may make guidelines respecting the creation by a bank of security interests in its property to secure obligations of the bank and the acquisition by the bank of beneficial interests in property that is subject to security interests.

  • 2001, c. 9, s. 107.
Marginal note:Exception

 Sections 419 and 419.1 do not apply in respect of a security interest created by a bank to secure an obligation of the bank to the Bank of Canada or the Canada Deposit Insurance Corporation.

  • 2001, c. 9, s. 107.
Marginal note: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.

Marginal note:Restriction on partnerships
  •  (1) Except with the approval of the Superintendent, a bank may not be a general partner in a limited partnership or a partner in a general partnership.

  • Meaning of “general partnership”

    (2) For the purposes of subsection (1), “general partnership” means any partnership other than a limited partnership.

  • 1991, c. 46, s. 421;
  • 2001, c. 9, s. 108.
  •  (1) [Repealed, 2001, c. 9, s. 109]

  • (2) [Repealed, 1993, c. 44, s. 27]

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 not controlled by a WTO Member resident.

  • 1993, c. 44, s. 28;
  • 1994, c. 47, s. 24;
  • 1999, c. 28, s. 22;
  • 2001, c. 9, s. 110.