Bank Act (S.C. 1991, c. 46)

Act current to 2014-09-15 and last amended on 2014-06-19. Previous Versions

Marginal note:Prohibition

 No person may control or be a major shareholder of a bank holding company if the person or an entity affiliated with the person

  • (a) has control of or has a substantial investment in an entity that engages in Canada in any personal property leasing activity that a financial leasing entity within the meaning of subsection 464(1) is prohibited from engaging in; or

  • (b) engages in Canada in any personal property leasing activity that a financial leasing entity within the meaning of subsection 464(1) is prohibited from engaging in.

  • 2001, c. 9, s. 183.
Marginal note:Prohibition

 No person who controls a bank holding company or who is a major shareholder of a bank holding company, and no entity affiliated with that person, may

  • (a) control or have a substantial investment in an entity that engages in Canada in any personal property leasing activity that a financial leasing entity within the meaning of subsection 464(1) is prohibited from engaging in; or

  • (b) engage in Canada in any personal property leasing activity that a financial leasing entity within the meaning of subsection 464(1) is prohibited from engaging in.

  • 2001, c. 9, s. 183.
Marginal note:Constraint on registration

 No bank holding company shall, unless the acquisition of the share has been approved by the Minister, record in its securities register a transfer or issue of any share of the bank holding company to any person or to any entity controlled by a person if

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

  • (b) where the person has a significant interest in a class of shares of the bank holding company, the transfer or issue of the share would increase the significant interest of the person in that class of shares.

  • 2001, c. 9, s. 183.
Marginal note:Exemption

 On application by a bank holding company, other than a bank holding company with equity of twelve billion dollars or more, the Superintendent may exempt any class of non-voting shares of the bank holding company the aggregate book value of which is not more than 30 per cent of the aggregate book value of all the outstanding shares of the bank holding company from the application of sections 875 and 887.

  • 2001, c. 9, s. 183;
  • 2007, c. 6, s. 132;
  • 2012, c. 5, s. 89.
Marginal note:Exception — small holdings

 Despite section 887, if, as a result of a transfer or issue of shares of a class of shares of a bank holding company to a person, other than an eligible agent, the total number of shares of that class registered in the securities register of the bank holding company in the name of that person would not exceed 5,000 and would not exceed 0.1% of the outstanding shares of that class, the bank holding company is entitled to assume that no person is acquiring or increasing a significant interest in that class of shares of the bank holding company as a result of that issue or transfer of shares.

  • 2001, c. 9, s. 183;
  • 2012, c. 31, s. 120.