Bank Act (S.C. 1991, c. 46)

Act current to 2015-07-09 and last amended on 2015-06-23. Previous Versions

Marginal note:Notice of issue of letters patent

 The Superintendent shall cause to be published in the Canada Gazette a notice of the issuance of letters patent incorporating a bank holding company.

  • 1999, c. 28, s. 73;
  • 2001, c. 9, s. 183.
Marginal note:First directors

 The first directors of a bank holding company are the directors named in the application for letters patent to incorporate the bank holding company.

  • 1999, c. 28, s. 73;
  • 2001, c. 9, s. 183.
Marginal note:Effect of letters patent

 A bank holding company comes into existence on the date provided therefor in its letters patent.

  • 2001, c. 9, s. 183.

Continuance

Marginal note:Federal corporations
  •  (1) A body corporate incorporated under the Canada Business Corporations Act or any other Act of Parliament, including a bank but not including a federal credit union, may apply to the Minister for letters patent continuing the body corporate as a bank holding company under this Part.

  • Marginal note:Other corporations

    (2) A body corporate incorporated otherwise than by or under an Act of Parliament may, if so authorized by the laws of the jurisdiction where it is incorporated, apply to the Minister for letters patent continuing the body corporate as a bank holding company under this Part.

  • 2001, c. 9, s. 183;
  • 2010, c. 12, s. 2083.
Marginal note:Application for continuance
  •  (1) Where a body corporate applies for letters patent under subsection 682(1) or (2), sections 672 to 675 apply in respect of the application, with such modifications as the circumstances require.

  • Marginal note:Special resolution approval

    (2) Where a body corporate applies for letters patent under subsection 682(1) or (2), the application must be duly authorized by a special resolution.

  • Marginal note:Copy of special resolution

    (3) A copy of the special resolution referred to in subsection (2) shall be filed with the application.

  • 2001, c. 9, s. 183.
Marginal note:Power to issue letters patent
  •  (1) On the application of a body corporate under subsection 682(1) or (2), the Minister may, subject to this Division, issue letters patent continuing the body corporate as a bank holding company under this Part.

  • Marginal note:Issue of letters patent

    (2) Where letters patent are issued to a body corporate under subsection (1), section 676 applies in respect of the issue of letters patent, with such modifications as the circumstances require.

  • 2001, c. 9, s. 183.