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Bank Act

Version of section 538 from 2009-03-12 to 2022-09-22:


Marginal note:Main business

  •  (1) Subject to this Act, an authorized foreign bank shall not carry on any business in Canada other than the business of banking and any business generally that appertains to the business of banking.

  • Marginal note:Included activities

    (2) For greater certainty, the business of banking includes

    • (a) providing any financial service;

    • (b) acting as a financial agent;

    • (c) providing investment counselling services and portfolio management services; and

    • (d) issuing payment, credit or charge cards and, in cooperation with others including other financial institutions, operating a payment, credit or charge card plan.

  • 1991, c. 46, s. 538
  • 1996, c. 6, s. 15
  • 1997, c. 15, s. 88
  • 1999, c. 28, s. 35
  • 2009, c. 2, s. 272(F)
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