Marginal note:Restriction on control
377.1 (1) No person shall, without the approval of the Minister, acquire control, within the meaning of paragraph 3(1)(d), of a bank with equity of less than twelve billion dollars.
Marginal note:Exception — federal credit union
(1.1) Subsection (1) does not apply in respect of a person who acquires control of a federal credit union.
Marginal note:Amalgamation, etc., constitutes acquisition
(2) If the entity that would result from an amalgamation, a merger or a reorganization would control, within the meaning of paragraph 3(1)(d), a bank with equity of less than twelve billion dollars, the entity is deemed to be acquiring control, within the meaning of that paragraph, of the bank through an acquisition for which the approval of the Minister is required under subsection (1).
- 2001, c. 9, s. 98
- 2007, c. 6, s. 20
- 2010, c. 12, s. 2060
- 2012, c. 5, s. 20
- Date modified: