Bank Act (S.C. 1991, c. 46)

Act current to 2014-10-15 and last amended on 2014-06-19. Previous Versions

 [Repealed, 2005, c. 54, s. 3]

Marginal note:WTO Member resident
  •  (1) For the purposes of this Act, a WTO Member resident is

    • (a) a natural person who is ordinarily resident in a country or territory that is a WTO Member, as defined in subsection 2(1) of the World Trade Organization Agreement Implementation Act, other than Canada;

    • (b) a body corporate, association, partnership or other organization that is incorporated, formed or otherwise organized in a country or territory that is a WTO Member, as defined in subsection 2(1) of the World Trade Organization Agreement Implementation Act, other than Canada, and that is controlled

      • (i) directly or indirectly, by one or more persons referred to in paragraph (a), or

      • (ii) by a government of a WTO Member, whether federal, state or local, or an agency of one of those governments;

    • (c) a trust established by one or more persons referred to in paragraph (a) or (b) or a trust in which one or more of those persons have more than 50 per cent of the beneficial interest; or

    • (d) a body corporate, association, partnership or other organization that is controlled, directly or indirectly, by a trust referred to in paragraph (c).

  • Marginal note:Interpretation

    (2) For the purposes of subsection (1),

    • (a) a body corporate is controlled by one or more persons if

      • (i) securities of the body corporate to which are attached more than 50 per cent of the votes that may be cast to elect directors of the body corporate are beneficially owned by the person or persons, and

      • (ii) the votes attached to those securities are sufficient to elect a majority of the directors of the body corporate;

    • (b) an association, partnership or other organization is controlled by one or more persons if

      • (i) more than 50 per cent of the ownership interests, however designated, into which the association, partnership or other organization is divided are beneficially owned by the person or persons, and

      • (ii) the person or persons are able to direct the business and affairs of the association, partnership or other organization;

    • (c) a body corporate, association, partnership or other organization is controlled by one or more persons if the person or persons have, directly or indirectly, control in fact of the body corporate, association, partnership or other organization; and

    • (d) a body corporate, association, partnership or other organization that controls another body corporate, association, partnership or other organization is deemed to control any body corporate, association, partnership or other organization that is controlled or deemed to be controlled by the other body corporate, association, partnership or other organization.

  • 1993, c. 44, s. 23;
  • 1999, c. 28, s. 3.