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Bank Act

Version of section 860 from 2006-11-28 to 2022-09-11:


Marginal note:Auditor of subsidiaries

  •  (1) A bank holding company shall take all necessary steps to ensure that

    • (a) its auditor is the auditor of each of its subsidiaries; and

    • (b) in the case of a subsidiary with more than one auditor, the auditor of the bank holding company is one of the subsidiary’s auditors.

  • Marginal note:Subsidiary outside Canada

    (2) Subsection (1) applies in the case of a subsidiary that carries on its operations in a country other than Canada unless the laws of that country do not permit the appointment of an auditor of the bank holding company as the auditor of that subsidiary.

  • Marginal note:Exception

    (3) Subsection (1) does not apply in respect of any particular subsidiary where the bank holding company, after having consulted its auditor, is of the opinion that the total assets of the subsidiary are not a material part of the total assets of the bank holding company.

  • 2001, c. 9, s. 183
  • 2005, c. 54, s. 131
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