Bank Act (S.C. 1991, c. 46)

Act current to 2015-08-04 and last amended on 2015-06-23. Previous Versions

Discontinuance

Marginal note:Transferring to other Acts
  •  (1) A bank holding company may apply to be continued only as a body corporate under any other Act of Parliament or any Act of the legislature of a province, and it may do so only with the approval in writing of the Minister.

  • Marginal note:Conditions for approval

    (2) No approval referred to in subsection (1) may be given to a bank holding company unless the Minister is satisfied that the application of the bank holding company has been authorized by a special resolution.

  • 2001, c. 9, s. 183;
  • 2007, c. 6, s. 108.

Meaning of “bank holding company without a bank subsidiary”

  •  (1) For the purpose of this section, “bank holding company without a bank subsidiary” means a bank holding company that does not, at any time within one year after it came into existence, have a subsidiary that is a bank or that does not, for a period of one year, have a subsidiary that is a bank.

  • Marginal note:Obligation to apply

    (2) A bank holding company without a bank subsidiary must, within 30 days after becoming a bank holding company without a bank subsidiary, apply to be continued under subsection 689(1).

  • Marginal note:Cessation of existence

    (3) Except for the sole purpose of winding up its affairs, a bank holding company without a bank subsidiary that has no other subsidiary that fails to make an application under subsection (2) within the time provided for in that subsection ceases to exist on the expiration of that period.

  • 2001, c. 9, s. 183.
Marginal note:Act ceases to apply

 On the day specified by the Minister, this Act ceases to apply to the body corporate continued under the other Act of Parliament or under the Act of the legislature of a province.

  • 2001, c. 9, s. 183.
Marginal note:Withdrawing application

 Where a special resolution authorizing the application under subsection 689(1) so states, the directors of a bank holding company may, without further approval of the shareholders, withdraw the application before it is acted on.

  • 2001, c. 9, s. 183.

Corporate Name

Marginal note:Prohibited names

 A bank holding company may not be incorporated under this Part with a name

  • (a) that is prohibited by an Act of Parliament;

  • (b) that is, in the opinion of the Superintendent, deceptively misdescriptive;

  • (c) that is the same as or, in the opinion of the Superintendent, substantially the same as or confusingly similar to, any existing

    • (i) trade-mark or trade name, or

    • (ii) corporate name of a body corporate,

    except where the trade-mark or trade name is being changed or the body corporate is being dissolved or is changing its corporate name and consent to the use of the trade-mark, trade name or corporate name is signified to the Superintendent in such manner as the Superintendent may require;

  • (d) that is the same as or, in the opinion of the Superintendent, substantially the same as or confusingly similar to, the known name under or by which any entity carries on business or is identified; or

  • (e) that is reserved under section 43 for a bank or an authorized foreign bank or a proposed bank or proposed authorized foreign bank or under section 697 for another bank holding company or a proposed bank holding company.

  • 2001, c. 9, s. 183.