Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada

Search

Bank Act

Version of section 876 from 2007-04-20 to 2012-05-23:


Marginal note:Limitations on share holdings

  •  (1) No person may be a major shareholder of a bank holding company with equity of eight billion dollars or more.

  • Marginal note:Exception — widely held bank

    (2) Subsection (1) does not apply to a widely held bank that controls, within the meaning of paragraphs 3(1)(a) and (d), the bank holding company with equity of eight billion dollars or more if it controlled, within the meaning of those paragraphs, the bank holding company on the day the bank holding company’s equity reached eight billion dollars and it has controlled, within the meaning of those paragraphs, the bank holding company since that day.

  • Marginal note:Exception — widely held bank holding company

    (3) Subsection (1) does not apply to a widely held bank holding company that controls, within the meaning of paragraphs 3(1)(a) and (d), the bank holding company with equity of eight billion dollars or more if the widely held bank holding company controlled, within the meaning of those paragraphs, the bank holding company on the day the bank holding company’s equity reached eight billion dollars and the widely held bank holding company has controlled, within the meaning of those paragraphs, the bank holding company since that day.

  • Marginal note:Exception — insurance holding companies and certain institutions

    (4) Subsection (1) does not apply to any of the following that controls, within the meaning of paragraph 3(1)(d), the bank holding company with equity of eight billion dollars or more if it controlled, within the meaning of that paragraph, the bank holding company on the day the bank holding company’s equity reached eight billion dollars and it has controlled, within the meaning of that paragraph, the bank holding company since that day:

    • (a) a widely held insurance holding company;

    • (b) an eligible Canadian financial institution, other than a bank; or

    • (c) an eligible foreign institution.

  • Marginal note:Exception — other entities

    (5) Subsection (1) does not apply to an entity that controls, within the meaning of paragraphs 3(1)(a) and (d), the bank holding company with equity of eight billion dollars or more if the entity is controlled, within the meaning of those paragraphs, by a widely held bank to which subsection (2) applies, or a widely held bank holding company to which subsection (3) applies, that controls the bank holding company.

  • Marginal note:Exception — other entities

    (6) Subsection (1) does not apply to an entity that controls, within the meaning of paragraph 3(1)(d), the bank holding company with equity of eight billion dollars or more if the entity is controlled, within the meaning of that paragraph, by

    • (a) a widely held insurance holding company to which subsection (4) applies that controls the bank holding company;

    • (b) an eligible Canadian financial institution, other than a bank, to which subsection (4) applies that controls the bank holding company; or

    • (c) an eligible foreign institution to which subsection (4) applies that controls the bank holding company.

  • 2001, c. 9, s. 183
  • 2007, c. 6, s. 132

Date modified: