Bank Act (S.C. 1991, c. 46)

Act current to 2016-01-25 and last amended on 2015-06-23. Previous Versions

Marginal note:Making false statements
  •  (1) Every person is guilty of an offence who wilfully makes a false statement

    • (a) in a warehouse receipt or bill of lading given to a bank or authorized foreign bank under the authority of this Act; or

    • (b) in a document giving or purporting to give security on property to a bank under section 426 or 427 or to an authorized foreign bank under either of those sections as incorporated by section 555.

  • Marginal note:Wilfully disposing of or withholding goods covered by security

    (2) Every person is guilty of an offence who, having possession or control of property mentioned in or covered by a warehouse receipt, bill of lading or any security given to a bank under section 426 or 427 or to an authorized foreign bank under either of those sections as incorporated by section 555, and having knowledge of the receipt, bill of lading or security, without the consent of the bank or authorized foreign bank in writing before the loan, advance, debt or liability secured by it has been fully paid

    • (a) wilfully alienates or parts with any of the property; or

    • (b) wilfully withholds from the bank or authorized foreign bank possession of any of the property if demand for its possession is made by the bank or authorized foreign bank after failure to pay the loan, advance, debt or liability.

  • Marginal note:Non-compliance with requirements for sale

    (3) If a debt or liability to a bank or authorized foreign bank is secured by a warehouse receipt or bill of lading or security on property given to a bank under section 426 or 427 or to an authorized foreign bank under either of those sections as incorporated by section 555 and is not paid, the bank or authorized foreign bank is guilty of an offence if it sells the property covered by the warehouse receipt, bill of lading or security under the power of sale conferred on it by this Act without complying with the provisions of this Act applicable to the exercise of the power of sale.

  • Marginal note:Acquisition of warehouse receipts, bills of lading, etc.

    (4) Every bank or authorized foreign bank that acquires or holds a warehouse receipt or bill of lading or a document signed and delivered to it giving or purporting to give to the bank security on property under section 426 or 427, or to give the authorized foreign bank security or property under either of those sections as incorporated by section 555, to secure the payment of any debt, liability, loan or advance, is guilty of an offence unless

    • (a) the debt, liability, loan or advance is contracted or made at the time of the acquisition by the bank or authorized foreign bank of the warehouse receipt, bill of lading or document;

    • (b) the debt, liability, loan or advance was contracted or made on the written promise or agreement that the warehouse receipt, bill of lading or security would be given to the bank or authorized foreign bank; or

    • (c) the acquisition or holding by the bank or authorized foreign bank of the warehouse receipt, bill of lading or security is otherwise authorized by an Act of Parliament.

  • Marginal note:Definitions

    (5) For the purposes of this section, the expressions warehouse receipt and bill of lading have the meaning assigned to those expressions by section 425.

  • 2001, c. 9, s. 183.
Marginal note:Punishment
  •  (1) Every person who is guilty of an offence under any of sections 980 to 984 is

    • (a) in the case of a natural person, liable

      • (i) on summary conviction, to a fine of not more than $100,000 or to imprisonment for a term of not more than twelve months, or to both, or

      • (ii) on conviction on indictment, to a fine of not more than $1,000,000 or to imprisonment for a term of not more than five years, or to both; and

    • (b) in the case of an entity, liable

      • (i) on summary conviction, to a fine of not more than $500,000, or

      • (ii) on conviction on indictment, to a fine of not more than $5,000,000.

  • Marginal note:Order to comply

    (2) If a person has been convicted of an offence under this Act, the court may, in addition to any punishment it may otherwise impose, order the person to comply with the provisions of this Act or the regulations in respect of which the person was convicted.

  • Marginal note:Additional fine

    (3) If a person has been convicted of an offence under this Act, the court may, if it is satisfied that as a result of the commission of the offence the convicted person acquired any monetary benefits or that monetary benefits accrued to the convicted person or their spouse, common-law partner or other dependant, order the convicted person to pay, despite the maximum amount of any fine that may otherwise be imposed under this Act, an additional fine in an amount equal to three times the court’s estimation of the amount of those monetary benefits.

  • 2001, c. 9, s. 183;
  • 2005, c. 54, s. 136.
Marginal note:Liability of officers, directors, etc.

 If an entity commits an offence under this Act, any officer, director, agent or principal officer of the entity who directed, authorized, assented to, acquiesced in or participated in the commission of the offence is a party to and guilty of the offence and liable on summary conviction or on conviction on indictment to the punishment provided under paragraph 985(1)(a) for the offence, whether or not the entity has been prosecuted or convicted.

  • 2001, c. 9, s. 183.
Marginal note:Limitation period
  •  (1) Proceedings by way of summary conviction in respect of an offence under a provision of this Act may be commenced at any time within, but not later than, two years after the day on which the subject-matter of the proceedings became known, in the case of an offence under a consumer provision, to the Commissioner and, in any other case, to the Superintendent.

  • Marginal note:Certificate of Superintendent or Commissioner

    (2) A document appearing to have been issued by the Superintendent or the Commissioner, as the case may be, certifying the day on which the subject-matter of any proceedings became known to the Superintendent or the Commissioner is admissible in evidence without proof of the signature or official character of the person appearing to have signed it and is, in the absence of evidence to the contrary, proof of the matter asserted in it.

  • 2001, c. 9, s. 183.
 
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