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Bank Act (S.C. 1991, c. 46)

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Act current to 2019-06-20 and last amended on 2018-03-26. Previous Versions

Marginal note:Removal of directors or senior officers

  •  (1) The Superintendent may, by order, remove a person from office as a director or senior officer of a bank holding company if the Superintendent is of the opinion that the person is not suitable to hold that office

    • (a) on the basis of the competence, business record, experience, conduct or character of the person; or

    • (b) because the person has contravened or, by action or negligence, has contributed to the contravention of

      • (i) this Act or the regulations made under it,

      • (ii) a direction made under section 960,

      • (iii) an order made under subsection 949(3), or

      • (iv) a prudential agreement entered into under section 959 or an undertaking given by the bank holding company to the Superintendent.

  • Marginal note:Risk of prejudice

    (2) In forming an opinion under subsection (1), the Superintendent must consider whether the interests of the depositors, policyholders and creditors of any federal financial institution affiliated with the bank holding company have been or are likely to be prejudiced by the person’s holding office as a director or senior officer.

  • Marginal note:Representations may be made

    (3) The Superintendent must in writing notify the person concerned and the bank holding company of any removal order that the Superintendent proposes to make under subsection (1) and must afford them an opportunity within 15 days after the date of the notice, or within any longer period that the Superintendent allows, to make representations to the Superintendent in relation to the matter.

  • Marginal note:Suspension

    (4) If the Superintendent is of the opinion that the public interest may be prejudiced by the director or senior officer continuing to exercise the powers or carry out the duties and functions of that office during the period for making representations, the Superintendent may make an order suspending the director or senior officer. The suspension may not extend beyond 10 days after the expiration of that period.

  • Marginal note:Notice of order

    (5) The Superintendent shall, without delay, notify the director or senior officer, as the case may be, and the bank holding company of a removal order or suspension order.

  • Marginal note:Consequences of removal order

    (6) The director or senior officer, as the case may be, ceases to hold that office as of the date the removal order is made or any later date specified in the order.

  • Marginal note:Appeal

    (7) The director or senior officer, as the case may be, or the bank holding company may, within 30 days after the date of receipt of notice of the removal order under subsection (5), or within any longer period that the Court allows, appeal the matter to the Federal Court.

  • Marginal note:Powers of Federal Court

    (8) The Federal Court, in the case of an appeal, may dismiss the appeal or set aside the removal order.

  • Marginal note:Order not stayed by appeal

    (9) A removal order is not stayed by an appeal.

  • 2001, c. 9, s. 183

PART XVIAdministration

Notices and Other Documents

Marginal note:Execution of documents

 Any by-law, notice, resolution, requisition, statement or other document required or permitted to be executed or signed by more than one person for the purposes of this Act may be executed or signed in several documents of like form, each of which is executed or signed by one or more of the persons. The documents if duly executed or signed by all persons required or permitted to sign them are deemed to constitute one document for the purposes of this Act.

  • 2005, c. 54, s. 132

Marginal note:Notice to directors, shareholders and members

 A notice or document required by this Act or the regulations or by the incorporating instrument or by-laws of a bank or a bank holding company to be sent to a shareholder, member or director of the bank, or to a shareholder or director of the bank holding company, may be sent by prepaid mail addressed to, or may be delivered personally to,

  • (a) the shareholder at the shareholder’s latest address as shown in the records of the bank or bank holding company, or its transfer agent;

  • (b) the director at the director’s latest address as shown in the records of the bank or bank holding company, or in the latest return made under section 632 or 951; and

  • (c) the member at the member’s latest address as shown in the records of the bank.

  • 2001, c. 9, s. 183
  • 2010, c. 12, s. 2085

Marginal note:Presumption from return

 A director named in the latest return sent by a bank or a bank holding company to the Superintendent under section 632 or 951 is presumed for the purposes of this Act to be a director of the bank or bank holding company referred to in the return.

  • 2001, c. 9, s. 183

Marginal note:Presumption of receipt

  •  (1) A notice or document sent by mail in accordance with section 965 to a shareholder, member or director is deemed to be received by that person at the time it would be delivered in the ordinary course of mail unless there are reasonable grounds for believing that that person did not receive the notice or document at that time or at all.

  • Marginal note:Undelivered notices

    (2) If a bank or bank holding company sends a notice or document to a shareholder or member in accordance with section 965 and it is returned on two consecutive occasions because the shareholder or member cannot be found, the bank or bank holding company is not required to send any further notices or documents to the shareholder or member until it is informed in writing of their new address.

  • 2001, c. 9, s. 183
  • 2005, c. 54, s. 133
  • 2010, c. 12, s. 2086

Marginal note:Service on a bank, bank holding company or authorized foreign bank

 A notice or document required by this Act to be sent to or served on a bank, a bank holding company or an authorized foreign bank may be sent by registered mail to the head office of the bank or bank holding company, or to the principal office of the authorized foreign bank, as the case may be, and, if sent, is deemed to be received or served at the time it would be delivered in the ordinary course of mail unless there are reasonable grounds for believing that the bank, bank holding company or authorized foreign bank did not receive it at that time or at all.

  • 2001, c. 9, s. 183

Marginal note:Certificate

  •  (1) A certificate issued on behalf of a bank or a bank holding company stating any fact that is set out in the incorporating instrument, the by-laws, the minutes of the meetings of the directors, a committee of directors or the shareholders or members, or in a contract to which the bank or bank holding company is a party, may be signed by a director or an officer of the bank or bank holding company.

  • Marginal note:Proof of certain cases

    (2) When introduced as evidence in any civil, criminal or administrative action or proceeding, the following are, in the absence of evidence to the contrary, proof of the facts so certified without proof of the signature or official character of the person appearing to have signed the certificate:

    • (a) a fact stated in a certificate referred to in subsection (1);

    • (b) a certified extract from a securities register of a bank or a bank holding company;

    • (b.1) a certified extract from the members register of a federal credit union; or

    • (c) a certified copy of, or an extract from, minutes of a meeting of shareholders, directors or a committee of directors of a bank or a bank holding company or of a meeting of members of a federal credit union.

  • 2001, c. 9, s. 183
  • 2010, c. 12, s. 2087

Marginal note:Entry in securities register

  •  (1) An entry in the securities register of, or on a security certificate issued by, a bank or a bank holding company is evidence that the person in whose name the security is registered is the owner of the securities described in the register or in the certificate.

  • Marginal note:Entry in members register

    (2) An entry in the members register of a federal credit union is evidence that the person in whose name the membership share is registered is the owner of the membership share in the register.

  • 2001, c. 9, s. 183
  • 2005, c. 54, s. 134(F)
  • 2010, c. 12, s. 2088
 
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