Bank Act (S.C. 1991, c. 46)

Act current to 2015-11-16 and last amended on 2015-06-23. Previous Versions

Marginal note:Name of federal credit union

 Despite any other Act, but subject to paragraphs 40(f) and (g), a bank may be incorporated or formed under this Act with the words “credit union” “coopérative de crédit”, “cooperative” or “coopérative”, or any abbreviation, combination or derivative of those words, in its name, but only if it will be a federal credit union.

  • 2010, c. 12, s. 1918.
Marginal note:Affiliated bank

 Despite section 40, a bank that is affiliated with another entity may, with the consent of that entity, be incorporated with, or change its name to, substantially the same name as that of the affiliated entity.

  • 1991, c. 46, s. 41;
  • 1996, c. 6, s. 1;
  • 2001, c. 9, s. 52;
  • 2007, c. 6, s. 7.
Marginal note:French or English form of name
  •  (1) The name of a bank may be set out in its letters patent in an English form, a French form, an English form and a French form or in a combined English and French form, and the bank may use and be legally designated by any such form.

  • Marginal note:Alternate name

    (2) A bank may identify itself outside Canada by its name in any language and the bank may use and be legally designated by any such form of its name outside Canada.

  • Marginal note:Other name

    (3) Subject to subsection (4) and section 255, a bank may carry on business under or identify itself by a name other than its corporate name.

  • Marginal note:Directions

    (4) If a bank is carrying on business under or identifying itself by a name other than its corporate name, the Superintendent may, by order, direct the bank not to use that other name if the Superintendent is of the opinion that that other name is a name referred to in any of paragraphs 40(a) to (g).

  • 1991, c. 46, s. 42;
  • 1996, c. 6, s. 2;
  • 2010, c. 12, s. 1919.
Marginal note:Reserved name

 The Superintendent may, on request, reserve for ninety days a name for a proposed bank or proposed authorized foreign bank or for a bank or authorized foreign bank that intends to change its name.

  • 1991, c. 46, s. 43;
  • 1999, c. 28, s. 13.
Marginal note:Directing change of name
  •  (1) If through inadvertence or otherwise a bank

    • (a) comes into existence or is continued with a name, or

    • (b) on an application to change its name, is granted a name

    that is prohibited by section 40, the Superintendent may, by order, direct the bank to change its name and the bank shall comply with that direction.

  • Marginal note:Revoking name

    (2) If a bank has been directed under subsection (1) to change its name and has not, within sixty days after the service of the direction, changed its name to a name that is not prohibited by this Act, the Superintendent may revoke the name of the bank and assign to it a name and, until changed in accordance with section 215 or 217, the name of the bank is thereafter the name so assigned.

  • 1991, c. 46, s. 44;
  • 1996, c. 6, s. 3;
  • 2001, c. 9, s. 53.