Bank Act (S.C. 1991, c. 46)

Act current to 2014-11-11 and last amended on 2014-06-19. Previous Versions

Division 6Administration

Marginal note:Regulations

 The Governor in Council may make regulations for the purposes of this Part and, in particular, may make regulations

  • (a) concerning specialized financing;

  • (b) for the purposes of subsection 522.22(1) or (2), permitting the acquisition or holding of control or the acquisition or holding of substantial investments, or prescribing the circumstances under which either of those subsections does not apply or the foreign banks, entities associated with foreign banks or other entities in respect of which either of those subsections does not apply, including prescribing foreign banks, entities associated with foreign banks or other entities on the basis of the activities they engage in;

  • (c) restricting the ownership by foreign banks, or entities associated with foreign banks, of shares in a body corporate or of ownership interests in an unincorporated entity under Division 3 or 4 and imposing terms and conditions applicable to foreign banks, or entities associated with foreign banks, that own such shares or interests;

  • (d) in respect of sections 409 to 411, for the purposes of paragraph 522.08(1)(a), subsection 522.22(1) and section 522.24;

  • (e) respecting the calculation referred to in subsection 508(2), including regulations respecting the classes of entities associated with a foreign bank, and the classes of foreign banks described in any of subparagraphs 508(1)(a)(i) to (iii) that are associated with a foreign bank, that are to be taken into account in that calculation;

  • (f) defining any terms in subsection 508(2);

  • (g) respecting exemptions under subsection 508(3); and

  • (h) defining “factoring entity” for the purpose of paragraph 522.22(1)(b).

  • 2001, c. 9, s. 132;
  • 2007, c. 6, s. 69.
Marginal note:Application of regulations

 Any regulations made for the purposes of sections 409 to 411 apply for the purposes of paragraph 522.08(1)(a) and subsection 522.22(1) unless otherwise provided in the regulations.

  • 2001, c. 9, s. 132.
Marginal note:Divestiture
  •  (1) If a foreign bank or an entity associated with a foreign bank contravenes any provision of Division 4 or fails to comply with any terms and conditions imposed by any order made for the purpose of any of those provisions, the Minister may, if the Minister considers it in the public interest to do so, by order, direct the foreign bank or the entity to divest itself of the control of, or a substantial investment in, a bank or bank holding company to which the offence relates.

  • Marginal note:Ceasing to engage in or carry on business

    (2) If an authorized foreign bank or an entity associated with an authorized foreign bank contravenes any provision of Division 4 or fails to comply with any terms and conditions imposed by any order made for the purpose of any of those provisions, the Minister may, if the Minister considers it in the public interest to do so, revoke the order made under subsection 524(1).

  • Marginal note:Divestment order

    (3) The Minister may, by order, direct a foreign bank or an entity associated with a foreign bank, within any period that the Minister considers reasonable, to dispose of assets used in a business or activity engaged in or carried on, or to dispose of the control of an entity or a substantial investment in an entity acquired or held, in contravention of this Part or in contravention of any terms and conditions imposed

    • (a) under subsection 522.26(2); or

    • (b) under subsection 518(4) or 521(1.02), as it read immediately before October 24, 2001.

  • 2001, c. 9, s. 132;
  • 2007, c. 6, s. 70.