Bank Act (S.C. 1991, c. 46)

Marginal note:Exemption from foreign bank status

• 12. (1) The Minister may, by order, and subject to such terms and conditions as the Minister considers appropriate, exempt for the purposes of any provision of this Act any entity from being a foreign bank that, but for that order, would be a foreign bank.

• Marginal note:Revocation of order

  (2) The Minister may, by further order, revoke or vary any order made under subsection (1), and any such revocation or variation shall come into force three months after the date the further order is made, unless the Minister and the entity to which the order relates agree that the revocation or variation should come into force at some other time agreed by them.

• Marginal note:Notice

  (3) Before filing an application for an order referred to in subsection (1), an applicant shall publish a notice of intention to make the application in the Canada Gazette.

Marginal note:Application of Act

13. This Act is the charter of and applies to each bank.

Marginal note:Schedule I and Schedule II banks

• 14. (1) Subject to this Act,

  • (a) there shall be set out in Schedule I

    • (i) the name of every bank named in Schedules I and II as those Schedules read immediately before the day section 184 of the Financial Consumer Agency of Canada Act comes into force that was not a subsidiary of a foreign bank,

    • (ii) the name of every bank incorporated or formed under this Act that is not a subsidiary of a foreign bank, and

    • (iii) the province in which the head office of the bank is situated; and

  • (b) there shall be set out in Schedule II

    • (i) the name of every bank named in Schedule II as that Schedule read immediately before the day section 184 of the Financial Consumer Agency of Canada Act comes into force that was a subsidiary of a foreign bank,

    • (ii) the name of every bank incorporated or formed under this Act that is a subsidiary of a foreign bank, and

    • (iii) the province in which the head office of the bank is situated.

• Marginal note:Amending the schedules

  (2) Where

  • (a) a bank is incorporated,

  • (b) a body corporate is continued as a bank,

  • (c) one or more bodies corporate are amalgamated as a bank,

  • (d) the name of a bank is changed,

  • (e) the head office of a bank is changed,

  • (f) a bank becomes, or ceases to be, a subsidiary of a foreign bank,

  • (g) a bank is dissolved, or

  • (h) a bank is continued, or amalgamated and continued, as a body corporate to which another Act of Parliament applies,

  Schedules I and II shall be amended accordingly.

• Marginal note:Notice of amendments

  (3) If in any year either Schedule I or II is amended, the Superintendent shall, within sixty days after the end of the year, cause a notice to be published in the Canada Gazette showing Schedule I or II in its complete amended form as at the end of the year.