Bank Act (S.C. 1991, c. 46)

Marginal note:Application to Minister

• 236. (1) Subject to subsection (2), unless a sale agreement is abandoned in accordance with section 235, the selling bank shall, within three months after the approval of the sale agreement in accordance with subsection 234(4), apply to the Minister for approval of the sale agreement.

• Marginal note:Conditions precedent to application

  (2) No application for approval under subsection (1) may be made unless

  • (a) notice of intention to make such an application has been published at least once a week for a period of four consecutive weeks in the Canada Gazette and in a newspaper in general circulation at or near the place where the head office of the selling bank is situated; and

  • (b) the application is supported by satisfactory evidence that the selling bank has complied with the requirements of sections 232 to 235 and this section.

• Marginal note:Approval by Minister

  (3) A sale agreement has no force or effect until it has been approved by the Minister.

• Marginal note:Idem

  (4) Where an application has been made to the Minister in accordance with subsections (1) and (2), the Minister may approve the sale agreement to which the application relates.

Marginal note:Head office

• 237. (1) A bank shall at all times have a head office in the province specified in its incorporating instrument or by-laws.

• Marginal note:Change of head office

  (2) The directors of a bank may change the address of the head office within the province specified in the incorporating instrument or by-laws.

• Marginal note:Notice of change of address

  (3) A bank shall send to the Superintendent, within fifteen days after any change of address of its head office, a notice of the change of address.

Marginal note:Bank records

• 238. (1) A bank shall prepare and maintain records containing

  • (a) its incorporating instrument and the by-laws of the bank and all amendments thereto;

  • (b) minutes of meetings and resolutions of shareholders;

  • (c) the information referred to in paragraphs 632(1)(a), (c) and (e) to (h) contained in all returns provided to the Superintendent pursuant to section 632;

  • (d) particulars of any authorizations, conditions and limitations established by the Superintendent pursuant to section 53 or subsection 54(1) that are from time to time applicable to the bank;

  • (e) particulars of exceptions granted under section 39, 55 or 231 that are from time to time applicable to the bank; and

  • (f) particulars from Schedule I or II that are applicable to the bank as they are from time to time amended and published in the Canada Gazette.

• Marginal note:Additional records

  (2) In addition to the records described in subsection (1), a bank shall prepare and maintain adequate

  • (a) corporate accounting records;

  • (b) records containing minutes of meetings and resolutions of the directors and any committee thereof; and

  • (c) records showing, for each customer of the bank, on a daily basis, particulars of the transactions between the bank and that customer and the balance owing to or by the bank in respect of that customer.

• Marginal note:Continued banks

  (3) For the purposes of paragraph (1)(b) and subsection (2),

  • (a) in the case of a body corporate continued as a bank under this Act, “records” includes similar records required by law to be maintained by the body corporate before it was so continued; and

  • (b) in the case of a body corporate amalgamated and continued as a bank under this Act, “records” includes similar records required by law to be maintained by the body corporate before it was so amalgamated.