32. The Act is amended by adding the following after section 266:
Exemption by regulation	266.1 Under prescribed circumstances, an insider is exempt from any of the requirements of section 266.
	33. Subsection 308(4) of the Act is replaced by the following:
Accounting principles	(4) The financial statements referred to in subsection (1), paragraph (3)(b) and subsection 310(1) shall, except as otherwise specified by the Superintendent, be prepared in accordance with generally accepted accounting principles, the primary source of which is the Handbook of the Canadian Institute of Chartered Accountants. A reference in any provision of this Act to the accounting principles referred to in this subsection shall be construed as a reference to those generally accepted accounting principles with any specifications so made.
	34. Section 311 of the Act is amended by adding the following after subsection (2):
Effect of default	(3) Where a bank is required to comply with subsection (1) and the bank does not comply with that subsection, the annual meeting at which the documents referred to in that subsection are to be considered shall be adjourned until that subsection has been complied with.
	35. Section 312 of the Act is replaced by the following:
Copy to Superinten- dent	312. (1) A bank shall send to the Superintendent a copy of the documents referred to in subsections 308(1) and (3) not later than twenty-one days before
	(a) the date of each annual meeting of shareholders of the bank; or
	(b) the signing of a resolution under paragraph 152(1)(b) in lieu of an annual meeting of shareholders of the bank.
Consent to file later	(2) The Superintendent may give a bank consent in writing to comply with subsection (3) rather than subsection (1) on the condition that the bank's shareholders sign a resolution under paragraph 152(1)(b) in lieu of an annual meeting.
Later filing	(3) Where the Superintendent has given that consent to a bank and has not notified the bank that the consent has been withdrawn, the bank shall send a copy of the documents referred to in subsections 308(1) and (3) to the Superintendent not later than thirty days after the signing of that resolution.
	36. The Act is amended by adding the following after section 372:
No acquisition of control without approval	372.1 No person shall acquire control, within the meaning of paragraph 3(1)(d), of a bank named in Schedule I and no person shall, without the prior written approval of the Minister, acquire control, within the meaning of that paragraph, of a bank named in Schedule II.
1994, c. 47, s. 17	37. Subsection 373(1) of the English version of the Act is replaced by the following:
Schedule II banks - first 10 years	373. (1) Subject to section 377, a person may, at any time before the day that is ten years after the day the bank came into existence, have a significant interest in any class of shares of a bank named in Schedule II.
	38. The Act is amended by adding the following after section 373:
Exception	373.1 Subject to section 377, a person may, at any time before April 1, 2002, have a significant interest in any class of shares of a bank named in Schedule II if the bank came into existence before June 1, 1992.
1991, c. 46, s. 578	39. (1) Subsection 376.1(1) of the Act is replaced by the following:
Continuance under the Trust and Loan Companies Act	376.1 (1) Where, on the day that is ten years after the day a bank named in Schedule II came into existence, a person holds a significant interest in any class of shares of the bank and the person is not permitted by section 373.1 , 374 or 375 to hold that interest, the bank shall apply under subsection 31(1) of the Trust and Loan Companies Act for letters patent continuing the bank as a company under that Act .
	(2) Section 376.1 of the Act is amended by adding the following after subsection (4):
Continuance under the Trust and Loan Companies Act - special case	(5) Where, on April 1, 2002, a person holds a significant interest in any class of shares of a bank referred to in section 373.1, the bank shall apply under subsection 31(1) of the Trust and Loan Companies Act for letters patent continuing the bank as a company under that Act.
	40. (1) Paragraph 379(4)(a) of the Act is replaced by the following:
	(a) result in the acquisition of control of the bank by the person referred to in that subsection ;
	(2) Paragraph 379(4)(b) of the French version of the Act is replaced by the following:
	b) si la personne contrôle déjà la banque mais que les droits de vote attachés à l'ensemble des actions de la banque qu'elle-même et les entités qu'elle contrôle détiennent à titre de véritable propriétaire n'excèdent pas cinquante pour cent des droits de vote attachés à la totalité des actions en circulation, aurait pour effet de porter les droits de vote attachés à l'ensemble de ces actions détenues par la personne et les entités à plus de cinquante pour cent des droits de vote attachés à la totalité des actions en circulation;
	(3) Subsection 379(4) of the Act is amended by adding the following after paragraph (b):
	(c) result in the acquisition of a significant interest in a class of shares of the bank by an entity controlled by the person and the acquisition of that investment is not exempted by the regulations; or
	(d) result in an increase in a significant interest in a class of shares of the bank by an entity controlled by the person by a percentage that is greater than the percentage referred to in subsection (2) or (3), whichever applies, and the increase is not exempted by the regulations.
	(4) Section 379 of the Act is amended by adding the following after subsection (4):
Regulations	(5) The Governor in Council may make regulations
	(a) exempting from the application of paragraph (4)(c) the acquisition of a significant interest in a class of shares of the bank by an entity controlled by the person; and
	(b) exempting from the application of paragraph (4)(d) an increase in a significant interest in a class of shares of the bank by an entity controlled by the person by a percentage that is greater than the percentage referred to in subsection (2) or (3), whichever applies.
	41. Section 388 of the Act is replaced by the following:
Restriction on voting rights	388. (1) Where, with respect to any bank named in Schedule II, a particular person contravenes section 372.1 or subsection 377(1) or fails to comply with an undertaking referred to in subsection 386(2), no person, and no entity controlled by the particular person, shall, in person or by proxy, exercise any voting rights
	(a) that are attached to shares of the bank beneficially owned by the particular person or any entity controlled by the particular person; or
	(b) that are subject to an agreement entered into by the particular person, or any entity controlled by the particular person, pertaining to the exercise of the voting rights.
Subsection (1) ceases to apply	(2) Subsection (1) shall cease to apply in respect of a person
	(a) where the person contravened subsection 377(1), when the shares to which the contravention relates have been disposed of;
	(b) where the person contravened section 372.1, when the person ceases to control the bank within the meaning of paragraph 3(1)(d); and
	(c) where the person failed to comply with an undertaking referred to in subsection 386(2), when the bank complies with section 381.
	42. (1) Paragraph 410(1)(a) of the Act is replaced by the following:
	(a) hold, manage and otherwise deal with real property;
	(2) Subsection 410(1) of the Act is amended by adding the following after paragraph (c):
	(c.1) in Canada, engage in the activities in which an information services corporation, within the meaning of subsection 464(1), may engage, if before engaging in those activities the bank obtains the Minister's written approval for it to engage in those activities;
	(c.2) engage in the activities in which a specialized financing corporation, as defined in subsection 464(1), may engage, if before engaging in those activities the bank obtains the Minister's written approval for it to engage in those activities;
	(3) Paragraphs 410(3)(a) and (b) of the Act are replaced by the following:
	(a) respecting what a bank may or may not do with respect to the carrying on of the activities referred to in paragraphs (1)(b) to (c.2) ; and
	(b) imposing terms and conditions in respect of
	(i) the provision of financial services referred to in paragraph 409(2)(a) that are financial planning services,
	(ii) the provision of services referred to in paragraph 409(2)(c), and
	(iii) the carrying on of the activities referred to in paragraphs (1)(b) to (c.2) .
	43. Section 413 of the Act is replaced by the following:
Restriction on deposit taking	413. (1) A bank shall not accept deposits in Canada unless
	(a) it is a member institution, as defined in section 2 of the Canada Deposit Insurance Corporation Act; or
	(b) it has been authorized under subsection 26.03(1) of that Act to accept deposits without being a member institution, as defined in section 2 of that Act.
Restriction on affiliation	(2) A bank to which paragraph (1)(b) applies shall not be affiliated with any member institution, as defined in section 2 of the Canada Deposit Insurance Corporation Act.
Deposits that fall below $150,000	(3) A bank to which paragraph (1)(b) applies shall ensure that, on each day that is at least thirty days after the bank receives the authorization referred to in that paragraph,
	A/B < 0.01
	where
	A is the sum of all amounts each of which is the sum of all the deposits held by the bank at the end of a day in the preceding thirty days each of which deposits is less than $150,000 and payable in Canada; and
	B is the sum of all amounts each of which is the sum of all deposits held by the bank at the end of a day in those preceding thirty days and payable in Canada.
Exchange rate	(4) For the purpose of subsection (3), the rate of exchange that shall be applied on any day in determining the amount in Canadian dollars of a deposit in a currency of a country other than Canada is the last rate of exchange quoted by the Bank of Canada between the Canadian dollar and that other currency.
Definition of ``deposit''	(5) For the purpose of subsection (3), ``deposit'' has the meaning that would be given to it by the schedule to the Canada Deposit Insurance Corporation Act for the purposes of deposit insurance if that schedule were read without reference to subsections 2(2), (5) and (6) of that schedule.
Notice before opening account	413.1 (1) Before a bank to which paragraph 413(1)(b) applies opens a deposit account in Canada, the bank shall give the person requesting the opening of the account
	(a) a notice in writing that the deposit will not be insured by the Canada Deposit Insurance Corporation; and
	(b) such other information as may be prescribed.
Other notice	(2) A bank to which paragraph 413(1)(b) applies shall, in accordance with such regulations as may be made,
	(a) post notices in its branches in Canada to inform the public that deposits with the bank are not insured by the Canada Deposit Insurance Corporation; and
	(b) include in its advertisements notices to inform the public that deposits with the bank are not insured by the Canada Deposit Insurance Corporation.
Regulations	(3) The Governor in Council may make regulations respecting notices for the purpose of subsection (2).
	44. Subsection 414(2) of the Act is replaced by the following:
Exception	(2) Paragraph (1)(a) does not apply where the person on whose behalf the bank has undertaken to guarantee the payment or repayment is a subsidiary of the bank.
	45. Subsection 416(5) of the Act is repealed.
	46. Subsection 418(2) of the Act is amended by striking out the word ``or'' at the end of paragraph (b), by adding the word ``or'' at the end of paragraph (c) and by adding the following after paragraph (c):
	(d) a loan secured by a mortgage where
	(i) the mortgage is taken back by the bank on a property disposed of by the bank, including where the disposition is by way of a realization of a security interest, and
	(ii) the mortgage secures payment of an amount payable to the bank for the property.
	47. Subparagraph 427(7)(b)(ii) of the Act is replaced by the following:
	(ii) the prescribed amount
	48. Section 445 of the Act is replaced by the following:
Disclosure required on opening a deposit account	445. (1) Subject to subsection (2), a bank shall not open a deposit account in the name of a customer unless, at the time the account is opened, the bank provides the individual who requests the opening of the account with
	(a) a copy of the account agreement with the bank ;
	(b) information about all charges applicable to the account;
	(c) information about how the customer will be notified of any increase in those charges and of any new charges applicable to the account;
	(d) information about the bank's procedures relating to complaints about the application of any charge applicable to the account; and
	(e) such other information as may be prescribed.
Exception	(2) Where a deposit account is not a personal deposit account and the amount of a charge applicable to the account cannot be established at the time the account is opened, the bank shall, as soon as is practicable after the amount is established, provide the customer in whose name the account is kept with a notice of the amount of the charge.
Manner of providing information	(3) The agreement or information to be provided under subsection (1) or (2) shall be provided in writing or in such manner as may be prescribed.
Information can be obtained in writing	(4) Whether or not the manner of providing the agreement or information is prescribed under subsection (3), the manner of providing the agreement or information to the individual shall be to provide it in writing if, at the time the account is opened, the individual requests the bank to provide it in writing.