10 (1) The following are interests of a bank holding company in real property:
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(c) a loan made by the bank holding company, or by a designated entity controlled by the bank holding company, to
(d) a debt obligation issued by a real property entity described in subparagraph (c)(i) or (ii) and beneficially owned by the bank holding company or by a designated entity controlled by the bank holding company;
(e) a debt obligation that is
(2) The value of the interests of a bank holding company in real property is
(b) in respect of a loan referred to in paragraph (1)(b) or (c), the book value of the loan; and
(c) in respect of a guaranteed debt obligation referred to in paragraph (1)(e) or a guaranteed loan referred to in paragraph (1)(f),
1 The following definitions apply in these Regulations.
designated entity means an entity other than
(c) a securities dealer; or
joint venture means a real property entity
(c) in respect of which the persons who formed it have agreed on joint control, regardless of the distribution of their equity. (coentreprise)
real property entity means an entity that is primarily engaged in holding, managing or otherwise dealing with
(c) ownership interests in an unincorporated entity that is primarily engaged in holding, managing or otherwise dealing with real property, including ownership interests in an unincorporated entity that is another real property entity. (entité immobilière)
third party , in respect of a bank holding company, means a person other than
(c) a related real property entity of the bank holding company. (tierce partie)
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to sections 929Footnote a, 941Footnote a and 978Footnote a of the Bank ActFootnote b, hereby makes the annexed Investment Limits (Bank Holding Companies) Regulations.
Return to footnote aS.C. 2001, c. 9, s. 183
Return to footnote bS.C. 1991, c. 46
11 (1) If a bank holding company or a designated entity controlled by a bank holding company makes a loan to, or beneficially owns or guarantees the debt obligation of, a third party, the loan or debt obligation is an interest of the bank holding company in real property if it is secured by
(a) real property beneficially owned by a third party in conjunction with
(vi) a real property entity described in subparagraph 10(1)(c)(i) or (ii); or
(c) in respect of a loan or debt obligation that is secured by shares or ownership interests beneficially owned by a third party in a related real property entity referred to in subparagraph (1)(b)(ii), the lesser of
4 For the purposes of sections 938 to 940 of the Act, a prescribed subsidiary of a bank holding company is a subsidiary of the bank holding company other than
(c) a subsidiary of an insurance company or securities dealer.
