Business Development Bank of Canada Act (S.C. 1995, c. 28)

Marginal note:Privileged information

• 37 (1) Subject to subsection (2), all information obtained by the Bank or by a subsidiary in relation to its customers is privileged and a director, officer, employee or agent or mandatary of, or adviser or consultant to, the Bank or a subsidiary must not knowingly communicate, disclose or make available the information, or permit it to be communicated, disclosed or made available.

• Marginal note:Authorized disclosure

  (2) Privileged information may be communicated, disclosed or made available

  • (a) for the purpose of the administration or enforcement of this Act and legal proceedings related to it;

  • (b) for the purpose of prosecuting an offence under this Act or any other Act of Parliament;

  • (c) to the Minister of National Revenue solely for the purpose of administering or enforcing the Income Tax Act or the Excise Tax Act; or

  • (d) with the written consent of the person to whom the information relates.

Marginal note:Use of Bank’s names or initials

38 Except with the consent in writing of the Bank, a person must not in any prospectus or advertisement, or for any other business purpose, use the name of the Bank or any of the following names or initials: “Federal Business Development Bank”, “Banque fédérale de développement”, “Industrial Development Bank”, “Banque d’expansion industrielle”, “B.D. Canada”, “B.D.C.”, “B.D.B.C.”, “B.F.D.” or “F.B.D.B.”.

Marginal note:Offence

39 A person who contravenes section 37 or 38 is guilty of an offence and liable on summary conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding six months, or to both.

Marginal note:Regulations

40 The Governor in Council may make regulations

• (a) defining hybrid capital instrument; and

• (b) prescribing anything that by this Act is to be prescribed.

Repeal

41 [Repeal]

Transitional Provisions

Marginal note:Continuation of Federal Business Development Bank

• 42 (1) The Bank continues for all purposes the existence of the Federal Business Development Bank established by the Federal Business Development Bank Act.

• Marginal note:Rights preserved

  (2) Without limiting the generality of subsection (1),

  • (a) the property of the Federal Business Development Bank continues to be the property of the Bank;

  • (b) the Bank continues to be liable for the obligations of the Federal Business Development Bank;

  • (c) an existing cause of action, claim or liability to prosecution relating to the Federal Business Development Bank is unaffected;

  • (d) a civil, criminal or administrative action or proceeding pending by or against the Federal Business Development Bank may be continued to be prosecuted by or against the Bank; and

  • (e) a conviction against, or ruling, order or judgment in favour of or against, the Federal Business Development Bank may be enforced by or against the Bank.

Marginal note:Capital vests in Bank

• 43 (1) The capital paid in by Canada with respect to the Federal Business Development Bank as of the coming into force of this Act is vested in the Bank as its paid-in capital and is converted into common shares of the Bank on the basis of one fully paid common share for each $100 of paid-in capital.

• Definition of capital

  (2) The capital vested in the Bank by subsection (1) includes

  • (a) amounts referred to in paragraph 28(1)(a) of the Federal Business Development Bank Act;

  • (b) amounts paid in under subsection 28(1) of that Act; and

  • (c) amounts paid in as capital by Parliamentary appropriation.

Consequential Amendments

44 to 55 [Amendments]