Bank Act (S.C. 1991, c. 46)

Act current to 2014-08-05 and last amended on 2014-06-19. Previous Versions

Marginal note:Regulations re disclosure

 The Governor in Council may, subject to any other provisions of this Act relating to the disclosure of information, make regulations respecting the disclosure of information by authorized foreign banks or any prescribed class of authorized foreign banks, including regulations respecting

  • (a) the information that must be disclosed, including information relating to

    • (i) any product or service or prescribed class of products or services offered by them,

    • (ii) any of their policies, procedures or practices relating to the offer by them of any product or service or prescribed class of products or services,

    • (iii) anything they are required to do or to refrain from doing under a consumer provision, and

    • (iv) any other matter that may affect their dealings, or their employees’, representatives’, agents’ or other intermediaries’ dealings, with customers or the public;

  • (b) the time and place at which, the form and manner in which and the persons to whom information is to be disclosed; and

  • (c) the content and form of any advertisement by authorized foreign banks or any prescribed class of authorized foreign banks relating to any matter referred to in paragraph (a).

  • 2001, c. 9, s. 159;
  • 2007, c. 6, s. 93;
  • 2012, c. 5, s. 72.
Marginal note:Affiliates

 An authorized foreign bank shall not enter into any arrangement or otherwise cooperate with any of its representatives, agents or other intermediaries, with any of its affiliates that is controlled by an authorized foreign bank and that is a finance entity as defined in subsection 464(1) or other prescribed entity or with any of the representatives, agents or other intermediaries of such an affiliate, to sell or further the sale of a product or service of the authorized foreign bank or the affiliate in Canada unless

  • (a) the affiliate or the representative, agent or other intermediary of the authorized foreign bank or the affiliate, as the case may be, complies, with respect to the product or service, with the consumer provisions that apply to authorized foreign banks — other than section 573.1 — as if they were an authorized foreign bank, to the extent that those provisions are applicable to their activities; and

  • (b) the persons who request or receive the product or service have access to the authorized foreign bank’s procedures for dealing with complaints established under this Act.

  • 2012, c. 5, s. 73.
Marginal note:Transmission in case of death
  •  (1) Where the transmission of a debt owing by an authorized foreign bank by reason of a deposit, of property held by an authorized foreign bank as security or for safe-keeping or of rights with respect to a safety deposit box and property deposited in it takes place because of the death of a person, the delivery to the authorized foreign bank of the following is sufficient justification and authority for giving effect to the transmission in accordance with the claim:

    • (a) an affidavit or declaration in writing in form satisfactory to the authorized foreign bank signed by or on behalf of a person claiming by virtue of the transmission stating the nature and effect of the transmission; and

    • (b) one of the following, namely,

      • (i) if the claim is based on a will or other testamentary instrument or on a grant of probate of a will or testamentary instrument or on such a grant and letters testamentary or other document of like import or on a grant of letters of administration or other document of like import, purporting to be issued by any court or authority in Canada or elsewhere, an authenticated copy or certificate of the document under the seal of the court or authority without proof of the authenticity of the seal or other proof, or

      • (ii) if the claim is based on a notarial will, an authenticated copy of the notarial will.

  • Marginal note:Evidence of transmission

    (2) Nothing in subsection (1) shall be construed to prevent an authorized foreign bank from refusing to give effect to a transmission until there has been delivered to the authorized foreign bank any documentary or other evidence of or in connection with the transmission that it may consider necessary.

  • 1991, c. 46, s. 577;
  • 1999, c. 28, s. 35.