Government of Canada / Gouvernement du Canada
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Bank Act

Version of section 73 from 2003-01-01 to 2012-12-18:

Marginal note:Cancellation of shares

  •  (1) Subject to subsection (2), where a bank purchases shares of the bank or fractions thereof or redeems or otherwise acquires shares of the bank, the bank shall cancel those shares.

  • Marginal note:Requirement to sell

    (2) Where a bank or any of its subsidiaries, through the realization of security, acquires any shares of the bank or of any body corporate that controls the bank or any ownership interests in an unincorporated entity that controls the bank, the bank shall, or shall cause its subsidiaries to, as the case may be, within six months after the day of the realization, sell or otherwise dispose of the shares or ownership interests.

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