Bank Act (S.C. 1991, c. 46)

Act current to 2014-09-01 and last amended on 2014-06-19. Previous Versions

General

Marginal note:Sections 361 to 365 and 368 apply

 Sections 361 to 365 and 368 apply in respect of bank holding companies, subject to the following:

  • (a) references to “bank” in those sections are to be read as references to “bank holding company”;

  • (b) references to “this Part” in those sections are to be read as references to “this Division”;

  • (c) the reference to “section 632” in subsection 362(2) is to be read as a reference to “section 951”;

  • (d) the reference to “section 366” in section 364 is to be read as a reference to “section 872”; and

  • (e) the reference to “sections 366 and 367” in section 365 is to be read as a reference to “section 872”.

  • 2001, c. 9, s. 183.
Marginal note:Unknown claimants
  •  (1) On the dissolution of a bank holding company under this Act, the portion of the property distributable to a creditor or shareholder who cannot be found shall be converted into money and paid to the Receiver General.

  • Marginal note:Constructive satisfaction

    (2) A payment under subsection (1) is deemed to be in satisfaction of a debt or claim of such creditor or shareholder.

  • Marginal note:Recovery

    (3) If at any time a person establishes that he or she is entitled to any moneys paid to the Receiver General under this Act, the Receiver General shall pay an equivalent amount to him or her out of the Consolidated Revenue Fund.

  • 2001, c. 9, s. 183.

Division 7Ownership

Constraints on Ownership

Marginal note:Sections 370 to 371.1 apply

 Sections 370 to 371.1 apply in respect of bank holding companies, except that references to “bank” in sections 371 and 371.1 are to be read as references to “bank holding company”.

  • 2001, c. 9, s. 183;
  • 2012, c. 19, s. 336.
Marginal note:Significant interest

 Except as permitted by this Division, no person shall have a significant interest in any class of shares of a bank holding company.

  • 2001, c. 9, s. 183.
Marginal note:Acquisition of significant interest
  •  (1) Subject to section 876, no person, or entity controlled by a person, shall, without the approval of the Minister, purchase or otherwise acquire any share of a bank holding company or purchase or otherwise acquire control of any entity that holds any share of a bank holding company if

    • (a) the acquisition would cause the person to have a significant interest in any class of shares of the bank holding company; or

    • (b) if the person has a significant interest in a class of shares of the bank holding company, the acquisition would increase the significant interest of the person in that class of shares.

  • Marginal note:Amalgamation, etc., constitutes acquisition

    (2) If the entity that would result from an amalgamation, a merger or a reorganization would have a significant interest in a class of shares of a bank holding company, the entity is deemed to be acquiring a significant interest in that class of shares of the bank holding company through an acquisition for which the approval of the Minister is required under subsection (1).

  • 2001, c. 9, s. 183;
  • 2007, c. 6, s. 118.