Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada

Search

Bank Act

Version of section 513 from 2003-01-01 to 2008-05-18:


Marginal note:Exception re automated services

  •  (1) A foreign bank, or an entity associated with a foreign bank, that has received the approval of the Minister under paragraph 522.22(1)(f) to engage in or carry on the business of dealing in securities or the business of a cooperative credit society may

    • (a) if it is a foreign securities dealer that has also received the approval of the Minister under paragraph 522.22(1)(i), engage in the activities referred to in paragraph 510(1)(c) so long as they relate to its business of dealing in securities engaged in or carried on by it in accordance with provincial laws relating to securities dealing; and

    • (b) if it is a foreign cooperative credit society, engage in the activities referred to in paragraph 510(1)(c) so long as they relate to its business as a cooperative credit society engaged in or carried on by it in accordance with provincial laws relating to cooperative credit societies.

  • Marginal note:Non-application

    (2) Paragraph 510(1)(c) does not apply to

    • (a) a Canadian entity referred to in any of paragraphs 468(1)(g) to (i);

    • (b) a prescribed Canadian entity, other than a permitted Canadian entity, that is controlled by a Canadian entity referred to in paragraph (a); or

    • (c) any other Canadian entity, other than a limited commercial entity, that is acquired or held by a foreign bank or an entity associated with a foreign bank in accordance with Divisions 4 and 5, and that has received the approval of the Minister under paragraph 522.22(1)(i).

  • 1991, c. 46, s. 513
  • 1997, c. 15, s. 78
  • 1999, c. 28, s. 29
  • 2001, c. 9, s. 132

Date modified: