Bank of Canada Act (R.S.C., 1985, c. B-2)

Marginal note:Inspection

• 22.1 (1) The Bank may require that the Superintendent of Financial Institutions perform, for a specified purpose, an inspection of any financial institution within the meaning of the Office of the Superintendent of Financial Institutions Act.

• Marginal note:Costs

  (2) Where an inspection is made under subsection (1), such costs incurred in relation thereto as in the opinion of the Superintendent of Financial Institutions are extraordinary shall be borne by the Bank.

Marginal note:Prohibited business

23. The Bank shall not, except as authorized by this Act,

• (a) engage or have a direct interest in any trade or business whatever;

• (b) purchase, or make loans on the security of, its own shares or the shares of any bank, except the Bank for International Settlements;

• (c) lend or make advances on the security of any real property or immovable, except that, in the event of any claims of the Bank being in the opinion of the Board endangered, the Bank may secure itself on any real property, or obtain security on any immovable, of the debtor or any other person liable and may acquire that property, which shall be resold as practicable after the acquisition;

• (d) make loans or advances without security;

• (e) pay interest on any money deposited with the Bank; or

• (f) allow the renewal of maturing bills of exchange, promissory notes or other similar documents purchased or discounted by or pledged to the Bank, except that the Board may make regulations authorizing in special circumstances not more than one renewal of any such bill of exchange, promissory note or other document.

Marginal note:Fiscal agent of Canadian Government

• 24. (1) The Bank shall act as fiscal agent of the Government of Canada.

• Marginal note:Charge for acting

  (1.1) With the consent of the Minister, the Bank may charge for acting as fiscal agent of the Government of Canada.

• Marginal note:To manage public debt

  (2) The Bank, if and when required by the Minister to do so, shall act as agent for the Government of Canada in the payment of interest and principal and generally in respect of the management of the public debt of Canada.

• Marginal note:Canadian Government cheques to be paid or negotiated at par

  (3) The Bank shall not make any charge for cashing or negotiating a cheque drawn on the Receiver General or on the account of the Receiver General, or for cashing or negotiating any other instrument issued as authority for the payment of money out of the Consolidated Revenue Fund, or on a cheque drawn in favour of the Government of Canada or any of its departments and tendered for deposit in the Consolidated Revenue Fund.