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Bank Act

Version of section 522.11 from 2008-05-19 to 2024-03-06:


Marginal note:Indirect investments through federal institutions

  •  (1) A foreign bank or an entity associated with a foreign bank may acquire or hold control of, or a substantial investment in, a Canadian entity by way of

    • (a) an acquisition or holding of the control of a Canadian entity referred to in any of paragraphs 468(1)(a) to (f), or of a prescribed Canadian entity, that controls or has a substantial investment in the Canadian entity; or

    • (b) an acquisition or holding of shares or ownership interests in the Canadian entity by

      • (i) a Canadian entity referred to in any of paragraphs 468(1)(a) to (f), or a prescribed Canadian entity, that is controlled by the foreign bank or the entity associated with the foreign bank, or

      • (ii) a Canadian entity controlled by a Canadian entity referred to in subparagraph (i).

  • Marginal note:Indirect investments through federal institutions

    (2) If a foreign bank or an entity associated with a foreign bank acquires or holds control of, or a substantial investment in, a Canadian entity under subsection (1), none of the requirements relating to approval set out in Division 5 apply in respect of that acquisition or holding.

  • 2001, c. 9, s. 132
  • 2007, c. 6, s. 62

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