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Bank Act

Version of section 376 from 2012-12-19 to 2024-05-28:


Marginal note:Obligation of widely held bank

  •  (1) If a widely held bank with equity of twelve billion dollars or more controls another bank and a person becomes a major shareholder of the other bank or of any entity that also controls the other bank, the widely held bank must do all things necessary to ensure that, on the day that is one year after the person became a major shareholder of the other bank or entity that controls the other bank,

    • (a) the widely held bank no longer controls the other bank; or

    • (b) the other bank or the entity that controls the other bank does not have any major shareholder other than the widely held bank or any entity that the widely held bank controls.

  • Marginal note:Exception — federal credit union

    (1.1) Subsection (1) does not apply in respect of a federal credit union that controls a bank.

  • Marginal note:Exception

    (2) Subsection (1) does not apply in respect of a bank with equity of less than two hundred and fifty million dollars or any other amount that is prescribed.

  • Marginal note:Extension

    (3) If general market conditions so warrant and the Minister is satisfied that the widely held bank has used its best efforts to be in compliance with subsection (1) on the required day, the Minister may specify a later day as the day from and after which it must comply with that subsection.

  • 1991, c. 46, s. 376
  • 2001, c. 9, s. 98
  • 2007, c. 6, s. 132
  • 2010, c. 12, s. 2055
  • 2012, c. 5, s. 15

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