Marginal note:Compliance agreement

661. The Commissioner may enter into an agreement, called a “compliance agreement”, with a bank or an authorized foreign bank for the purposes of implementing any measure designed to further compliance by it with the consumer provisions.

Marginal note:Purpose

662. The purpose of this Part is to provide for the incorporation, formation and regulation of bank holding companies.

Marginal note:Definitions

• 663. (1) The following definitions apply in this Part.

  “complainant”

  « plaignant »

  “complainant”, in relation to a bank holding company or any matter concerning a bank holding company, means

  • (a) a registered holder or beneficial owner, and a former registered holder or beneficial owner, of a security of a bank holding company or any of its affiliates;

  • (b) a director or an officer, or a former director or officer, of a bank holding company or any of its affiliates; or

  • (c) any other person who, in the discretion of a court, is a proper person to make an application under section 334, 338 or 989.

  “subordinated indebtedness”

  « titre secondaire »

  “subordinated indebtedness” means an instrument evidencing an indebtedness of a bank holding company that by its terms provides that the indebtedness will, in the event of the insolvency or winding-up of the bank holding company, be subordinate in right of payment to all liabilities of the bank holding company except those that, by their terms, rank equally with or are subordinate to such indebtedness.

• Marginal note:Provisions in other Parts

  (2) A reference in a provision of this Part to a provision in any other Part is deemed to be a reference to that provision as it has been made applicable by this Part in respect of bank holding companies.

• Marginal note:References in other Parts

  (3) A reference in a provision of another Part to a provision that has been made applicable in respect of bank holding companies by this Part is to be read as including a reference to that provision as it has been made applicable in respect of bank holding companies.

Marginal note:Corporate powers

• 664. (1) A bank holding company has the capacity of a natural person and, subject to this Act, the rights, powers and privileges of a natural person.

• Marginal note:Powers restricted

  (2) A bank holding company shall not carry on any business or exercise any power that it is restricted by this Act from carrying on or exercising, or exercise any of its powers in a manner contrary to this Act.

• Marginal note:Business in Canada

  (3) A bank holding company may carry on business throughout Canada.

• Marginal note:Powers outside Canada

  (4) Subject to this Act, a bank holding company has the capacity to carry on its business, conduct its affairs and exercise its powers in any jurisdiction outside Canada to the extent and in the manner that the laws of that jurisdiction permit.