Bank Act

Marginal note:Retention of records

• 246 (1) A bank shall retain

  • (a) the records of the bank referred to in subsection 238(1);

  • (b) any record of the bank referred to in paragraph 238(2)(a) or (b); and

  • (c) the central securities register referred to in subsection 248(1).

• Marginal note:Idem

  (2) A bank shall retain all signature cards and signing authorities or copies thereof relating to any deposit or instrument in respect of which the bank has paid an amount to the Bank of Canada pursuant to section 438 until the Bank of Canada notifies the bank that they need no longer be retained.

• Marginal note:Evidence

  (3) Copies of the signature cards and signing authorities referred to in subsection (2) may be kept in any manner or form referred to in paragraphs 243(1)(a) and (b) and any such copies, or prints therefrom, are admissible in evidence in the same manner and to the same extent as the original signature cards and signing authorities.

• Marginal note:Relief

  (4) Nothing in this section affects the operation of any statute of limitation or prescription or relieves the bank from any obligation to the Bank of Canada in respect of any deposit or instrument in respect of which section 438 applies.