Bank of British Columbia Business Continuation Act (S.C. 1986, c. 47)
Full Document:
Act current to 2012-05-02
Bank of British Columbia Business Continuation Act
S.C. 1986, c. 47
Assented to 1986-11-27
An Act to facilitate the continuation of the business of the Bank of British Columbia
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
SHORT TITLE
Marginal note:Short title
1. This Act may be cited as the Bank of British Columbia Business Continuation Act.
INTERPRETATION
Marginal note:Definitions
2. (1) In this Act,
“Bank”
« Banque »
“Bank” means the Bank of British Columbia;
“Corporation”
« Société »
“Corporation” means the Canada Deposit Insurance Corporation;
“Minister”
« ministre »
“Minister” means the Minister of Finance;
“purchasing bank”
« banque acheteuse »
“purchasing bank” means a bank purchasing the whole or part of the assets of the Bank as referred to in this Act;
“sale agreement”
« contrat de vente »
“sale agreement” means an agreement referred to in subsection 5(2);
“trust amount”
« montant en fiducie »
“trust amount” means the amount of money paid into the trust account under section 7.
Marginal note:Other words and expressions
(2) Unless otherwise provided, words and expressions used in this Act have the same meaning as in the Bank Act.
CONFLICT OF PROVISIONS
Marginal note:Act prevails
3. In the event of a conflict between the provisions of this Act and any other Act or law, the provisions of this Act shall prevail.
APPLICATION
Marginal note:In lieu of Bank Act provisions
4. Sections 5 to 9 apply in respect of the sale of assets of the Bank and all matters related thereto in lieu of and notwithstanding anything in the Bank Act but nothing in this Act shall be construed as modifying the application of that Act in respect of a purchasing bank except that, in respect of a purchasing bank, paragraph 275(2)(c) of that Act shall not apply.