Marginal note:Holding as personal representative
72 (1) A bank may, and may permit its subsidiaries to, hold, in the capacity of a personal representative, shares of the bank or of any body corporate that controls the bank or ownership interests in any unincorporated entity that controls the bank, but only where the bank or the subsidiary does not have a beneficial interest in the shares or ownership interests.
Marginal note:Security interest
(2) A bank may, and may permit its subsidiaries to, by way of a security interest
(a) hold shares of the bank or of any body corporate that controls the bank, or
(b) hold any ownership interests of any entity that controls the bank,
where the security interest is nominal or immaterial when measured by criteria established by the bank that have been approved in writing by the Superintendent.
(3) Nothing in subsection (2) precludes a bank that was in existence immediately prior to the day this Part comes into force, or any of its subsidiaries, from holding any security interest held immediately prior to the coming into force of this Part.
- 1991, c. 46, s. 72
- 2005, c. 54, s. 10(F)
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