Bank Act (S.C. 1991, c. 46)

Marginal note:Effect of letters patent

• 230 (1) On the day provided for in the letters patent issued under section 229

  • (a) the amalgamation of the applicants and their continuance as one bank becomes effective;

  • (b) the property of each applicant continues to be the property of the amalgamated bank;

  • (c) the amalgamated bank continues to be liable for the obligations of each applicant;

  • (d) any existing cause of action, claim or liability to prosecution is unaffected;

  • (e) any civil, criminal or administrative action or proceeding pending by or against an applicant may be continued to be prosecuted by or against the amalgamated bank;

  • (f) any conviction against, or ruling, order or judgment in favour of or against, an applicant may be enforced by or against the amalgamated bank;

  • (g) if any director or officer of an applicant continues as a director or officer of the amalgamated bank, any disclosure by that director or officer of a material interest in any contract made to the applicant shall be deemed to be disclosure to the amalgamated bank; and

  • (h) [Repealed, 2001, c. 9, s. 87]

  • (i) the letters patent of amalgamation are the incorporating instrument of the amalgamated bank.

• Marginal note:Minutes

  (2) Any deemed disclosure under paragraph (1)(g) shall be recorded in the minutes of the first meeting of directors of the amalgamated bank.