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This enactment amends the Bank Act to permit eligible foreign banks
to establish branches in Canada. It also amends the Winding-up and
Restructuring Act and a number of Acts relating to financial institutions
and makes consequential amendments to other Acts.
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Clause 1: (1) and (2) The definitions ``affairs'',
``bank'', ``branch'' and ``NAFTA country resident'' in
section 2 read as follows:
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``affairs'', with respect to a bank, means the relationships among the
bank and its affiliates and the shareholders, directors and officers of
the bank and its affiliates, but does not include the business of the
bank or any of its affiliates;
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``bank'' means a bank to which this Act applies;
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``branch'', in respect of a bank, means an agency, the head office and
any other office of the bank;
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``NAFTA country resident'' means a NAFTA country resident within
the meaning of section 11.1;
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(3) The relevant portion of the definition
``complainant'' in section 2 reads as follows:
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``complainant'', in relation to a bank or any matter concerning a bank,
means
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(c) any other person who, in the discretion of a court, is a proper
person to make an application under section 334, 338 or 569;
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(4) The relevant portion of the definition ``financial
institution'' in section 2 reads as follows:
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``financial institution'' means
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(5) New.
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Clause 2: New.
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Clause 3: The relevant portion of subsection 11.1(1)
reads as follows:
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11.1 (1) For the purposes of this Act, a NAFTA country resident is
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(a) a natural person who is ordinarily resident in a NAFTA country,
as defined in subsection 2(1) of the North American Free Trade
Agreement Implementation Act, other than Canada;
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(b) a body corporate, association, partnership or other organization
that is incorporated, formed or otherwise organized in a NAFTA
country, as defined in subsection 2(1) of the North American Free
Trade Agreement Implementation Act, other than Canada, and that is
controlled, directly or indirectly, by one or more persons referred to
in paragraph (a);
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Clause 4: Subsection 13(2) reads as follows:
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(2) Sections 507 to 522 and subsections 564(1) to (3) apply to foreign
banks and sections 2 to 10, 16, 561 and 566 to 571 apply in respect of
foreign banks.
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Clause 5: New.
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Clause 6: Section 16 reads as follows:
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16. No act of a bank, including any transfer of property to or by a
bank, is invalid by reason only that the act or transfer is contrary to the
bank's incorporating instrument or this Act.
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Clause 7: Section 19 reads as follows:
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19. No person is affected by or is deemed to have notice or
knowledge of the contents of a document concerning a bank by reason
only that the document has been filed with the Superintendent or the
Minister or is available for inspection at a branch of the bank.
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Clause 8: The relevant portion of section 20 reads as
follows:
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20. A bank or a guarantor of an obligation of a bank may not assert
against a person dealing with the bank or with any person who has
acquired rights from the bank that
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(b) the persons named as directors of the bank in the most recent
return sent to the Superintendent under section 527 are not the
directors of the bank,
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Clause 9: Section 21 reads as follows:
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21. Banks shall not carry on business after March 31, 2002, except
that, if Parliament dissolves after December 31, 2001 and before April
1, 2002, banks may continue to carry on business until the day that is one
hundred and eighty days after the first day of the first session of the next
Parliament.
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Clause 10: The relevant portion of section 24 reads as
follows:
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24. Where a proposed bank would be a subsidiary of a foreign bank,
within the meaning of paragraphs (a) to (f) of the definition ``foreign
bank'' in section 2, letters patent to incorporate the bank may not be
issued unless the Minister is satisfied that
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(b) treatment as favourable for banks to which this Act applies exists
or will be provided in the jurisdiction in which the foreign bank
principally carries on business, either directly or through a
subsidiary.
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Clause 11: Section 39.1 reads as follows:
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39.1 Where subsection 39.2(1) or 376.1(1), (2) or (5) or section
402.1 applies in respect of a bank, on the day specified in the letters
patent continuing the bank as a company under subsection 33(1) or
234(1) of the Trust and Loan Companies Act, this Act ceases to apply
to the bank and that Act applies to the company so continued under that
Act.
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Clause 12: The relevant portion of section 40 reads as
follows:
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40. A bank may not be incorporated under this Act with a name
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(e) that is reserved under section 43 for another bank or a proposed
bank.
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Clause 13: Section 43 reads as follows:
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43. The Superintendent may, on request, reserve for ninety days a
name for a proposed bank or for a bank that intends to change its name.
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Clause 14: The relevant portion of subsection 230(1)
reads as follows:
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230. (1) On the day provided for in the letters patent issued under
section 229
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(h) for the purposes of sections 373, 373.1 and 376.1, where one or
more of the applicants was a bank, the amalgamated bank is deemed
to have been incorporated on the earliest day that an amalgamating
bank was incorporated; and
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Clause 15: (1) Subsection 232(1) reads as follows:
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232. (1) A bank may sell all or substantially all of its assets to a
financial institution incorporated by or under an Act of Parliament if the
purchasing financial institution assumes all or substantially all of the
liabilities of the bank.
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(2) Subsection 232(3) reads as follows:
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(3) Notwithstanding anything in this Act, the consideration for a sale
referred to in subsection (1) may be cash or fully paid securities of the
purchasing financial institution or in part cash and in part fully paid
securities of the purchasing financial institution or such other
consideration as is provided for in the sale agreement.
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Clause 16: The relevant portion of subsection 238(1)
reads as follows:
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238. (1) A bank shall prepare and maintain records containing
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(c) the information referred to in paragraphs 527(1)(a), (c) and (e) to
(h) contained in all returns provided to the Superintendent pursuant
to section 527;
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Clause 17: Subsection 362(2) reads as follows:
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(2) Service of a document on a bank after its dissolution may be
effected by serving the document on a person shown as a director in the
incorporating instrument of the bank or, if applicable, in the latest return
sent to the Superintendent under section 527.
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Clause 18: Section 373.1 reads as follows:
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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.
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Clause 19: (1) Subsection 376.1(1) reads as follows:
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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.
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(2) Subsection 376.1(5) reads as follows:
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(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.
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Clause 20: Subsection 390(2) reads as follows:
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(2) Where a transaction in respect of which subsection 377(1) or (2)
applies would cause a bank named in Schedule II to become the foreign
bank subsidiary of a foreign bank, within the meaning of any of
paragraphs (a) to (f) of the definition ``foreign bank'' in section 2, that
does not have any other foreign bank subsidiary, the Minister shall not
approve the transaction unless the Minister is satisfied that treatment as
favourable for banks to which this Act applies exists or will be provided
in the jurisdiction in which the foreign bank principally carries on
business, either directly or through a subsidiary.
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Clause 21: Subsection 402(3) reads as follows:
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(3) Any person with respect to whom a direction has been made
under subsection (1) may, within thirty days after the date of the
direction, appeal the matter in accordance with section 558.
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Clause 22: Sections 422.1 and 422.2 read as follows:
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422.1 In section 422.2, ``non-NAFTA country bank subsidiary''
means a foreign bank subsidiary that is not controlled by a NAFTA
country resident.
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422.2 No non-NAFTA country bank subsidiary shall have any
branch in Canada, other than its head office and one branch, without the
approval of the Minister.
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Clause 23: Subsection 438(2) reads as follows:
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(2) A bank shall, on making a payment pursuant to subsection (1),
provide the Bank of Canada, for each deposit or instrument in respect
of which the payment is made, with all the particulars of the deposit or
instrument listed in subsection 524(3) or 525(2), as the case may be,
current as of the day the payment is made.
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Clause 24: The relevant portion of subsection 458(4)
reads as follows:
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(4) A bank shall not make a charge
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(a) for cashing a cheque or other instrument drawn on the Receiver
General or on the Receiver General's account in the Bank of Canada,
or in any bank or other deposit-taking Canadian financial institution
incorporated by or under an Act of Parliament;
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Clause 24.1: (1) Subsection 459.1(1) reads as follows:
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459.1 (1) A bank shall not impose undue pressure on, or coerce, a
person to obtain a product or service from a particular person, including
the bank and any of its affiliates, as a condition for obtaining a loan from
the bank.
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(2) Subsection 459.1(3) reads as follows:
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(3) For greater certainty, a bank or one of its affiliates may offer a
product or service to a person on more favourable terms or conditions
than the bank or affiliate would otherwise offer, where the more
favourable terms and conditions are offered on the condition that the
person obtain a loan from the bank.
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Clause 25: The relevant portion of subsection 460(1)
reads as follows:
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460. (1) Where the transmission of a debt owing by a bank by reason
of a deposit, of property held by a bank as security or for safe-keeping
or of rights with respect to a safety deposit box and property deposited
therein takes place because of the death of a person, the delivery to the
bank of
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(b) one of the following documents, namely,
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(i) when the claim is based on a will or other testamentary
instrument or on a grant of probate thereof or on such a grant and
letters testamentary or other document of like import or on a grant
of letters of administration or other document of like import,
purporting to be issued by any court of authority in Canada or
elsewhere, an authenticated copy or certificate thereof under the
seal of the court or authority without proof of the authenticity of
the seal or other proof, or
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is sufficient justification and authority for giving effect to the
transmission in accordance with the claim.
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Clause 26: (1) The relevant portion of subsection
468(3) reads as follows:
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(3) A bank may not acquire or increase a substantial investment in
a body corporate pursuant to subsection (1) unless
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(c) in the case of a body corporate referred to in paragraph (1)(n) that
carries on one or more of the businesses or activities engaged in or
carried on by bodies corporate referred to in any of paragraphs
(1)(d), (k) and (m), the bank obtains the prior written approval of the
Minister on the recommendation of the Superintendent.
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(2) Subsections 468(8) to (10) read as follows:
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(8) A bank shall not, without the prior written approval of the
Minister, acquire control of a body corporate, as authorized by
subparagraph (3)(a)(i), unless it also acquires control of the body
corporate within the meaning of paragraph 3(1)(d).
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(9) A bank that acquires control of a body corporate, as authorized
by subparagraph (3)(a)(i), shall not, without the prior written approval
of the Minister, give up control of the body corporate within the
meaning of paragraph 3(1)(d) while continuing to control the body
corporate.
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(10) A bank that controls a body corporate referred to in paragraph
(3)(a) may give up control of the body corporate and keep a substantial
investment in the body corporate if
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(a) the bank is permitted to do so by regulations made under
paragraph 474(b); and
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(b) the bank has the prior written approval of the Superintendent.
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Clause 27: (1) The definition ``non-bank affiliate of
a foreign bank'' in subsection 507(1) reads as follows:
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``non-bank affiliate of a foreign bank'' means a Canadian entity, other
than a bank,
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(a) in which a foreign bank has a substantial investment,
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(b) that is controlled by an entity in which a foreign bank or an
entity associated with a foreign bank has a substantial investment,
or
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(c) that is associated with a foreign bank,
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but a Canadian entity is not a non-bank affiliate of a foreign bank by
reason only that a foreign bank subsidiary of the foreign bank has a
substantial investment, as permitted by Part IX, in the Canadian
entity;
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(2) Subsection 507(2) reads as follows:
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(2) For the purposes of this Part, an entity is associated with a foreign
bank if
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(a) the foreign bank has a substantial investment in the entity,
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(b) a person who has a substantial investment in the foreign bank
controls the entity, or
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(c) two or more persons who are acting in concert in relation to the
entity and in relation to the foreign bank would, if they were one
person, control the entity and have a substantial investment in the
foreign bank,
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and an entity may be associated with more than one foreign bank.
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(3) The relevant portion of subsection 507(3) reads as
follows:
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(3) For the purposes of the definition ``non-bank affiliate of a foreign
bank'' in subsection (1) and section 518, a foreign bank is deemed to
have a substantial investment in a Canadian entity if
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(b) one or more entities associated with the foreign bank
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would, if they were one person, have a substantial investment in the
Canadian entity.
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(4) New.
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Clause 28: New.
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Clause 29: Subsection 513(1) reads as follows:
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513. (1) A foreign bank shall not guarantee any securities or accept
any bills of exchange that are
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(a) issued by a person resident in Canada, and
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(b) intended by the issuer thereof to be sold or traded in Canada,
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and no person shall participate in any arrangement in connection with
such a guarantee or acceptance by a foreign bank.
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Clause 30: (1) Subsections 518(1.1) and (1.2) are new.
Subsection 518(1) reads as follows:
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518. (1) Where shares in a foreign bank subsidiary are owned by a
foreign bank, by a foreign bank and one or more entities associated with
the foreign bank, or by one or more entities associated with a foreign
bank, the foreign bank and any entity associated with it shall not acquire
or hold a substantial investment in
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(a) any bank other than the foreign bank subsidiary; or
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(b) any other Canadian entity other than a financial institution that
is described in paragraph (b), (d) or (g) of the definition ``financial
institution'' in section 2.
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(2) and (3) The relevant portion of subsection 518(2)
reads as follows:
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(2) Subsection (1) does not apply where the foreign bank holds a
substantial investment in a Canadian entity only because a substantial
investment in the Canadian entity is held
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(d) as permitted by consent of the Governor in Council under
subsection 521(1).
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(4) New.
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(5) and (6) The relevant portion of subsection 518(3)
reads as follows:
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(3) Subsection (1) does not apply with respect to shares of or
ownership interests in a Canadian entity if
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(i) the shares or ownership interests were held at the time of the
making of the application for the incorporation or acquisition of
the foreign bank subsidiary of the foreign bank, and the
application was accompanied by written evidence to that effect,
or
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(ii) the shares or ownership interests were acquired subsequent to
the incorporation or acquisition of the foreign bank subsidiary of
the foreign bank, and the Minister, by order, approved an
application requesting permission for the shares or ownership
interests to be held.
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(7) New.
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Clause 31: Subsection 519(2) reads as follows:
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(2) Where a foreign bank acquires shares or ownership interests in
a Canadian entity through a realization of security for any loan or
advance made by the foreign bank or any other debt or liability to the
foreign bank, those shares or ownership interests are deemed, for the
purpose of subsection 518(1), not to have been acquired by the foreign
bank and not to be owned by it for a period of five years from the day
they are so acquired and for such additional period or periods as the
Minister may, by order, specify.
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Clause 32: New.
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Clause 33: (1) to (3) Paragraphs 521(1)(c.1) and (e)
are new. The relevant portion of subsection 521(1) reads
as follows:
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521. (1) Unless the consent of the Governor in Council, by order, is
obtained, a foreign bank shall not directly or indirectly
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(4) New.
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(5) Subsections 521(1.02) to (1.04) read as follows:
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(1.02) The consent of the Governor in Council under subsection (1)
may be subject to such terms and conditions as the Governor in Council
may impose in the order.
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(1.03) Subject to subsections (1.04) and (1.05), after a foreign bank
obtains consent under subsection (1) to do something described in any
of paragraphs (1)(a) to (d), the foreign bank may do anything described
in any of those paragraphs without seeking further consent under that
subsection. This subsection applies for the purpose of determining what
a foreign bank may do after the coming into force of this subsection
even if the consent under subsection (1) was obtained before that
coming into force.
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(1.04) Subsection (1.03) does not apply to allow a foreign bank,
without consent under subsection (1), to acquire or hold a substantial
investment in an entity described in any of paragraphs (b) to (g) of the
definition ``financial institution'' in section 2.
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(6) The relevant portion of subsection 521(1.07) reads
as follows:
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(1.07) That order may be made only if
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(a) the Minister is of the opinion, after consulting with the
Superintendent, that
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(ii) the foreign bank is regulated as a bank in the country under
whose laws it was incorporated or in any country in which it
carries on business; or
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(7) The relevant portion of subsection 521(2) reads as
follows:
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(2) Subsection (1) does not apply where a foreign bank holds a
substantial investment in a Canadian entity only because a substantial
investment in the Canadian entity is held
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(8) Subsections 521(2.1) and (2.2) are new.
Subsection 521(3) reads as follows:
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(3) Where the Governor in Council makes an order under subsection
(1), the Minister shall publish in the Canada Gazette a notice of the
making of the order.
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Clause 34: (1) and (2) New. The relevant portion of
section 522 reads as follows:
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522. The provisions of this Act apply in lieu of the provisions of the
Investment Canada Act in respect of
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Clause 35: (1) New.
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Clause 37: Section 526 reads as follows:
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526. Where a bank, pursuant to subsection 524(4) or 525(3) or (4),
omits from a return required by subsection 524(1) or 525(1) the
particulars of any deposit or instrument, the total of the amounts of all
deposits or instruments that have been so omitted shall be reported in
the return.
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Clause 39: (2) The relevant portion of section 529
reads as follows:
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529. The Superintendent shall, in respect of each bank for which an
order approving the commencement and carrying on of business has
been made, cause a register to be maintained containing a copy of
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(b) the information referred to in paragraphs 527(1)(a), (c) and (e)
to (h) contained in the latest return sent to the Superintendent
pursuant to section 527, and
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(c) the by-laws of the bank sent to the Superintendent pursuant to
section 528,
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and all persons are entitled to examine the register during regular
business hours and to make copies of or take extracts from the
documents contained therein.
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Clause 41: Subsection 531(1) reads as follows:
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531. (1) Subject to sections 532 and 532.1, all information regarding
the business or affairs of a bank or persons dealing therewith that is
obtained by the Superintendent, or by any person acting under the
direction of the Superintendent, as a result of the administration or
enforcement of any Act of Parliament is confidential and shall be treated
accordingly.
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Clause 42: (1) New.
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Clause 43: Section 532 reads as follows:
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532. The Superintendent shall cause to be published
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(a) in the Canada Gazette, the information contained in each of the
returns made under sections 524 and 525 within sixty days after the
expiration of the time provided by this Act for providing the return.
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(b) [Repealed, 1996, c. 6, s. 11]
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Clause 45: Section 532.3 reads as follows:
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532.3 Subject to any regulations made under section 459, no
information obtained by a bank regarding any of its customers shall be
disclosed or made available under subsection 532.1(1) or section 532.2.
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Clause 47: (2) Subsection 535(4) reads as follows:
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(4) Subject to section 536, a temporary direction under subsection
(3) continues to have effect after the expiration of the fifteen day period
referred to in that subsection if no representations are made to the
Superintendent within that period or, if representations have been made,
the Superintendent notifies the bank or person that the Superintendent
is not satisfied that there are sufficient grounds for revoking the
direction.
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Clause 48: The relevant portion of subsection 537(1)
reads as follows:
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537. (1) Where a bank or person
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(a) is contravening or has failed to comply with a direction of the
Superintendent issued to the bank or person pursuant to subsection
535(1) or (3),
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the Superintendent may, in addition to any other action that may be
taken under this Act, apply to a court for an order requiring the bank or
person to comply with the direction, cease the contravention or do any
thing that is required to be done, and on such application the court may
so order and make any other order it thinks fit.
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Clause 49: (2) The relevant portion of subsection
537.1(1) reads as follows:
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537.1 (1) This section applies only in respect of a bank
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(b) that is the subject of
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(i) a direction made pursuant to section 535, or
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Clause 51: (2) Subsection 542(1) reads as follows:
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542. (1) Where the Superintendent takes control of a bank pursuant
to subparagraph 538(1)(b)(iii), the powers, duties, functions, rights and
privileges of the directors of the bank and of the officers of the bank
responsible for its management are suspended.
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(3) The relevant portion of subsection 542(2) reads as
follows:
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(2) Where the Superintendent takes control of a bank pursuant to
subparagraph 538(1)(b)(iii), the Superintendent shall manage the
business and affairs of the bank and in so doing the Superintendent
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(4) Subsection 542(3) reads as follows:
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(3) Where the Superintendent takes control of a bank pursuant to
subparagraph 538(1)(b)(iii), the Superintendent may appoint one or
more persons to assist in the management of the bank.
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Clause 52: Sections 543 and 543.1 read as follows:
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543. Control by the Superintendent under subsection 538(1) of a
bank or of the assets of a bank expires on the day on which a notice by
the Superintendent is sent to the directors and officers who conducted
the business and affairs of the bank stating that the Superintendent is of
the opinion that the circumstances leading to the taking of control by the
Superintendent have been substantially rectified and that the bank can
resume control of its business and affairs.
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543.1 The Superintendent may, at any time before the receipt of a
request under section 544 to relinquish control of a bank or of the assets
of a bank, request the Attorney General of Canada to apply for a
winding-up order under section 10.1 of the Winding-up and
Restructuring Act in respect of the bank, where
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(a) the assets of the bank are under the control of the Superintendent
pursuant to subparagraph 538(1)(b)(i) or (ii); or
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(b) the bank is under the control of the Superintendent pursuant to
subparagraph 538(1)(b)(iii).
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Clause 53: The relevant portion of section 544 reads
as follows:
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544. Where no action has been taken by the Superintendent under
section 543.1 and, after thirty days following the taking of control by the
Superintendent under subsection 538(1) of a bank or of the assets of a
bank, the Superintendent receives from its board of directors a notice in
writing requesting the Superintendent to relinquish control, the
Superintendent must, not later than twelve days after receipt of the
notice,
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Clause 54: Section 545 reads as follows:
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545. The Superintendent may, from among the banks that are subject
to an assessment under section 23 of the Office of the Superintendent of
Financial Institutions Act and required to share in the expenses
resulting from the taking of control of a bank pursuant to subsection
538(1), appoint a committee of not more than six members to advise the
Superintendent in respect of assets, management and all other matters
pertinent to the duties and responsibilities of the Superintendent in
exercising control of the bank.
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Clause 55: Subsection 546(1) reads as follows:
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546. (1) Where the Superintendent has taken control of a bank
pursuant to subparagraph 538(1)(b)(iii) and the control expires or is
relinquished pursuant to section 543 or paragraph 544(a), the
Superintendent may direct that the bank be liable for repayment of all
or part of the expenses resulting from the taking of control of the bank
and assessed against and paid by other banks pursuant to section 23 of
the Office of the Superintendent of Financial Institutions Act, together
with such interest in respect thereof at such rate as is specified by the
Superintendent.
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Clause 56: Section 547 reads as follows:
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547. In the case of the winding-up of a bank, the expenses resulting
from the taking of control of the bank under subsection 538(1) and
assessed against and paid by other banks pursuant to section 23 of the
Office of the Superintendent of Financial Institutions Act, and interest
in respect thereof at such rate as is specified by the Superintendent,
constitute a claim of Her Majesty in right of Canada against the assets
of the bank that ranks after all other claims but prior to any claim in
respect of the shares of the bank.
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Clause 57: Section 548 reads as follows:
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548. Any amount recovered pursuant to section 546 or 547 shall be
applied to reduce the total amount of expenses incurred for or in
connection with the administration of this Act.
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Clause 58: (2) The relevant portion of section 549
reads as follows:
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549. A notice or document required by this Act or the regulations or
by the incorporating instrument or by-laws of a bank to be sent to a
shareholder or director of a bank may be sent by prepaid mail addressed
to, or may be delivered personally to,
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(b) the director at the director's latest address as shown in the records
of the bank or in the latest return made under section 527.
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Clause 59: (2) Sections 550 and 551 read as follows:
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550. A director named in the latest return sent by a bank to the
Superintendent under section 527 is presumed for the purposes of this
Act to be a director of the bank referred to in the return.
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551. (1) A notice or document sent by mail in accordance with
section 549 to a shareholder or director is deemed to be received by the
shareholder or director at the time it would be delivered in the ordinary
course of mail unless there are reasonable grounds for believing that the
shareholder or director did not receive the notice or document at that
time or at all.
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(2) If a bank sends a notice or document to a shareholder in
accordance with section 549 and the notice or document is returned on
three consecutive occasions because the shareholder cannot be found,
the bank is not required to send any further notices or documents to the
shareholder until informed in writing of the shareholder's new address.
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Clause 60: Section 552 reads as follows:
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552. A notice or document required by this Act to be sent to or served
on a bank may be sent by registered mail to the head office of the bank
and, if so sent, is deemed to be received or served at the time it would
be delivered in the ordinary course of mail unless there are reasonable
grounds for believing that the bank did not receive the notice or
document at that time or at all.
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Clause 62: Section 556 reads as follows:
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556. An instrument issued or made under this Act and directed to a
single bank or person, other than an order referred to in section 499, is
not a statutory instrument for the purposes of the Statutory Instruments
Act.
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Clause 64: (2) The relevant portion of section 559
reads as follows:
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559. The Governor in Council may make regulations
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(i) respecting information, in addition to the information required by
section 529, to be maintained in the register referred to in that
section; and
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Clause 66: Sections 562 and 563 read as follows:
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562. Every director, officer or employee of a bank who wilfully gives
or concurs in giving to any creditor of the bank any fraudulent, undue
or unfair preference over other creditors, by giving security to the
creditor, by changing the nature of the creditor's claim or otherwise, is
guilty of an offence.
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563. Every person who, without reasonable cause, refuses or fails to
comply with a requirement made under paragraph 533(2)(b) is guilty of
an offence.
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Clause 67: (2) and (3) New. The relevant portion of
subsection 564(3) reads as follows:
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(3) No person commits an offence who uses the word ``bank'',
``banker'' or ``banking''
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(4) The relevant portion of subsection 564(5) reads as
follows:
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(5) For the purposes of this section,
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(a) any statement that a business, other than a foreign bank
subsidiary, is connected, associated or affiliated with a bank or a
foreign bank, and
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shall be deemed to be a use of the word ``bank'', ``banker'' or
``banking''.
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Clause 68: (2) Subsections 565(1) to (4) read as
follows:
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565. (1) Every person who wilfully makes any false statement
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(a) in any warehouse receipt or bill of lading given to a bank under
the authority of this Act, or
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(b) in any document giving or purporting to give security on property
to a bank under section 426 or 427,
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is guilty of an offence.
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(2) Every person who, having possession or control of property
mentioned in or covered by any warehouse receipt, bill of lading or any
security given to a bank under section 426 or 427, and having
knowledge of the receipt, bill of lading or security, without the consent
of the bank in writing before the loan, advance, debt or liability thereby
secured has been fully paid
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(a) wilfully alienates or parts with any such property, or
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(b) wilfully withholds from the bank possession of any such property
if demand for such possession is made by the bank after failure to pay
such loan, advance, debt or liability,
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is guilty of an offence.
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(3) Where any debt or liability to a bank is secured by
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(a) any warehouse receipt or bill of lading, or
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(b) any security on property given to a bank under section 426 or
427,
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and is not paid, the bank is guilty of an offence if it sells the property
covered by the warehouse receipt, bill of lading or security under the
power of sale conferred on it by this Act without complying with the
provisions of this Act applicable to the exercise of such power of sale.
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(4) Every bank that acquires or holds any warehouse receipt or bill
of lading or any document signed and delivered to the bank giving or
purporting to give to the bank security on property under section 426 or
427, to secure the payment of any debt, liability, loan or advance, is
guilty of an offence unless
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(a) the debt, liability, loan or advance is contracted or made at the
time of the acquisition by the bank of the warehouse receipt, bill of
lading or document;
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(b) the debt, liability, loan or advance was contracted or made on the
written promise or agreement that a warehouse receipt, bill of lading
or security under section 426 or 427 would be given to the bank; or
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(c) the acquisition or holding by the bank of the warehouse receipt,
bill of lading or security is otherwise authorized by an Act of
Parliament.
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Clause 69: The relevant portion of subsection 566(1)
reads as follows:
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566. (1) Every person who is guilty of an offence under any of
sections 561 to 565 is
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Clause 70: Section 567 reads as follows:
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567. Where an entity commits an offence under this Act, any officer,
director or agent of the entity who directed, authorized, assented to,
acquiesced in or participated in the commission of the offence is a party
to and guilty of the offence and liable on summary conviction or on
conviction on indictment to the punishment provided under paragraph
566(1)(a) for the offence, whether or not the entity has been prosecuted
or convicted.
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Clause 72: New.
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Clause 76: (2) and (3) The definitions ``assets'' and
``Minister'' in section 2 read as follows:
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``assets'' means, in respect of a foreign insurance company, the assets
in Canada, within the meaning of subsection 2(1) of the Insurance
Companies Act, of the foreign insurance company together with its
other assets held in Canada under the control of its chief agent, within
the meaning of section 571 of that Act, including all amounts
received or receivable in respect of its insurance business in Canada;
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``Minister'' means
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(a) in Part I, the Minister of Industry, and
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(b) in Part III, the Minister of Finance;
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(4) and (5) New.
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Clause 77: Section 4 reads as follows:
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4. A company is deemed to be unable to pay its debts as they become
due whenever a creditor, to whom the company is indebted in a sum
exceeding two hundred dollars then due, has served on the company, in
the manner in which process may legally be served on it in the place
where service is made, a demand in writing, requiring the company to
pay the sum due, and the company has, for ninety days, in the case of
a bank, and for sixty days in all other cases, next succeeding the service
of the demand, neglected to pay the sum or to secure or compound for
the sum to the satisfaction of the creditor.
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Clause 78: (2) The relevant portion of section 6 reads
as follows:
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6. This Act applies to all corporations incorporated by or under the
authority of an Act of Parliament, of the former Province of Canada or
of the Province of Nova Scotia, New Brunswick, British Columbia,
Prince Edward Island or Newfoundland, and whose incorporation and
affairs are subject to the legislative authority of Parliament, and to
incorporate banks and savings banks, trust companies, insurance
companies, loan companies having borrowing powers, building
societies having a capital stock and incorporated trading companies
doing business in Canada wherever incorporated where any such body
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(3) New.
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Clause 79: New.
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Clause 80: Paragraph 10.1(a.1) is new. The relevant
portion of section 10.1 reads as follows:
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10.1 Where the Superintendent has taken control of a financial
institution or taken control of the assets of a financial institution
pursuant to paragraph 538(1)(b) of the Bank Act, paragraph 442(1)(b)
of the Cooperative Credit Associations Act, paragraph 679(1)(b) of the
Insurance Companies Act or paragraph 510(1)(b) of the Trust and Loan
Companies Act or, in the case of a foreign insurance company, taken
control of its assets under subparagraph 679(1)(b)(i) or (ii) of the
Insurance Companies Act, a court may make a winding-up order in
respect of the financial institution or the insurance business in Canada
of the foreign insurance company if the court is of the opinion that for
any reason it is just and equitable that the financial institution or the
insurance business in Canada of the foreign insurance company should
be wound up or if, in the case of
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(a) a bank to which the Bank Act applies, the control was taken on
a ground referred to in paragraph 538(1.1)(a), (c), (e) or (f) of that
Act;
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Clause 81: New.
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Clause 82: Section 38 reads as follows:
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38. A liquidator may, with the approval of the court, make such
compromise or other arrangements with creditors or persons claiming
to be creditors of the company as he deems expedient.
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Clause 83: Subsection 76(1) reads as follows:
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76. (1) After the notices required by sections 74 and 75 have been
given, the respective times therein specified have expired and all claims
of which proof has been required by due notice in writing by the
liquidator in that behalf have been allowed or disallowed by the court
in whole or in part, the liquidator may distribute the assets of the
company or any part thereof among the persons entitled thereto and
without reference to any claim against the company that has not then
been sent to the liquidator.
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Clause 84: Sections 78 and 79 read as follows:
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78. If a creditor holds security on the estate of the company, he shall
specify the nature and amount of the security in his claim, and shall
therein, on his oath, put a specified value thereon.
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79. The liquidator, under the authority of the court, may either
consent to the retention by the creditor of the property and effects
constituting the security referred to in section 78 or on which it attaches,
at the value specified thereon, or he may require from the creditor an
assignment and delivery of the security, property and effects, at the
specified value, to be paid by him out of the estate as soon as he has
realized the security, together with interest on the value from the date of
filing the claim until payment.
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Clause 85: Subsection 81(1) reads as follows:
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81. (1) If a creditor holds a claim based on negotiable instruments on
which the company is only indirectly or secondarily liable and that is not
mature or exigible, the creditor shall be considered to hold security
within the meaning of sections 78, 79 and 80, and shall put a value on
the liability of the person primarily liable thereon as being his security
for the payment thereof.
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Clause 86: Section 81.1 is new. Sections 82 to 84 read
as follows:
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82. Where the security of a creditor consists of a mortgage on ships
or shipping or on real property, or of a registered judgment or an
execution binding real property that is not by any other provision of this
Act invalid for any purpose of creating a lien, claim or privilege on the
real or personal property of the company, the property mortgaged or
bound by the security shall only be assigned and delivered to the
creditors
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(a) subject to all previous mortgages, judgments, executions,
hypothecs and liens thereon, holding rank and priority before his
claim;
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(b) on his assuming and binding himself to pay all such previous
mortgages, judgments, executions, hypothecs and liens; and
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(c) on his securing the estate of the company to the satisfaction of the
liquidator against any claim by reason of such previous mortgages,
judgments, executions, hypothecs and liens.
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83. Where there are mortgages, judgments, executions, hypothecs or
liens on ships or shipping or real property subsequent to those of a
creditor referred to in section 82, he shall only obtain the property
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(a) by consent of the subsequently secured creditors;
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(b) on the subsequently secured creditors filing their claims
specifying their security thereon as of no value;
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(c) on his paying the subsequently secured creditors the value by
them placed thereon; or
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(d) on his securing the estate of the company to the satisfaction of the
liquidator against any claim by reason of the subsequent mortgages,
judgments, executions, hypothecs and liens.
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84. On a secured claim being filed, with a valuation of the security,
the liquidator shall procure the authority of the court to consent to the
retention of the security by the creditor or shall require from him an
assignment and delivery thereof.
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Clause 87: Section 87 reads as follows:
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87. Any liquidator, creditor, contributory, shareholder or member
may object to any claim filed with the liquidator or to any dividend
declared.
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Clause 88: Section 108 reads as follows:
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108. In all proceedings connected with a company, a liquidator shall
be described as the ``liquidator of the (name of company)'' and not by
his individual name only.
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Clause 89: Section 125 reads as follows:
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125. The court may, by any order made after a winding-up order and
the appointment of a liquidator, dispense with notice to creditors,
contributories, shareholders or members of the company required by
this Act, where in its discretion the notice may properly be dispensed
with.
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Clause 90: Subsection 138(2) reads as follows:
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(2) If the dividends deposited under subsection (1) are unclaimed at
the expiration of three years, they shall be paid over by the bank, with
interest accrued thereon, to the Minister.
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Clause 91: 139(2) reads as follows:
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(2) Money not paid out pursuant to subsection (1) shall be paid over,
with the interest accrued thereon, to the Minister, and if afterwards
claimed shall be paid, with that interest, to the persons entitled thereto.
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Clause 92: New.
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Clause 93: (1) The definition ``bank'' in section 2 of
the Act reads as follows:
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``bank'' means a bank to which the Bank Act applies;
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(2) New.
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Clause 94: The relevant portion of subsection 10(2)
reads as follows:
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(2) No person is eligible for appointment as a director if that person
is a director, partner, officer or employee of any of the following
financial institutions:
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Clause 95: (1) to (3) The relevant portion of section
18 reads as follows:
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18. The Bank may
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(g) buy and sell bills of exchange and promissory notes endorsed,
accepted or issued by a bank and having a maturity not exceeding
one hundred and eighty days, excluding days of grace, from the date
of acquisition by the Bank;
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(h) make loans or advances for periods not exceeding six months to
banks or to other members of the Canadian Payments Association
that maintain deposits with the Bank on the pledge or hypothecation
of the classes of securities mentioned in paragraphs (a) to (g), bills
of exchange or promissory notes or any other property that the
institution to which the loan or advance is made is authorized to hold;
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(l.1) accept deposits from any bank or other member of the Canadian
Payments Association;
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Clause 96: Section 20 reads as follows:
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20. The Bank may
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(a) acquire from any bank or any other member of the Canadian
Payments Association that maintains deposits with the Bank and
hold any warehouse receipt, bill of lading and other security, held by
that bank or member as security for the repayment of any bill of
exchange or promissory note acquired by the Bank under section 18;
and
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(b) exercise every right and remedy, in respect of any security
acquired under paragraph (a), that could have been exercised by the
bank or member described in that paragraph.
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Clause 97: (1) The definition ``federal financial
institution'' in subsection 22(5) of the Act reads as
follows:
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``federal financial institution'' means a bank, a bank to which the
Quebec Savings Banks Act, chapter B-4 of the Revised Statutes of
Canada, 1970, applies or a company to which the Trust and Loan
Companies Act applies;
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(2) The relevant portion of the definition ``relevant
Act'' in subsection 22(5) reads as follows:
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``relevant Act'' in respect of a federal financial institution means
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(a) in the case of a bank, the Bank Act,
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(b) in the case of a bank to which the Quebec Savings Banks Act,
chapter B-4 of the Revised Statutes of Canada, 1970, applies, that
Act,
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Clause 98: New.
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Clause 99: The relevant portion of section 8 reads as
follows:
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8. For the purposes of this Act, the following are federal institutions:
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(a) a bank to which the Bank Act applies; and
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Clause 100: Subsection 18(1) reads as follows:
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18. (1) An application for deposit insurance shall be in such form as
may be prescribed by the by-laws.
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Clause 101: Section 26.01 reads as follows:
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26.01 For the purposes of sections 26.02 to 26.06, ``deposit'' has the
meaning that would be given to it by the schedule, for the purposes of
deposit insurance, if the schedule were read without reference to
subsections 2(2), (5) and (6) of the schedule.
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Clause 102: The relevant portion of subsection
26.03(1) reads as follows:
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26.03 (1) Subject to section 26.04, the Corporation may give that
authorization if
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(d) in respect of each deposit that is held by the bank, the bank has
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(ii) at the request in writing of the depositor, paid to the depositor
the principal amount of the deposit and interest determined in
accordance with rules prescribed by the by-laws, or
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(iii) except where the depositor has requested that the deposit be
paid to the depositor as provided under subparagraph (ii),
obtained from a member institution an agreement in writing to
assume the bank's liability in relation to the deposit on the same
terms and conditions; and
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Clause 103: Subsection 26.04(3) reads as follows:
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(3) If the Minister does not issue that direction within those thirty
days, the Corporation may then give the authorization under subsection
26.03(1).
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Clause 104: Subsection 27(1) reads as follows:
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27. (1) The Superintendent shall, notwithstanding any other Act of
the Parliament of Canada, examine on behalf of the Corporation the
affairs of
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(a) each bank to which the Bank Act applies, and
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(b) each company to which the Trust and Loan Companies Act
applies
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(c) [Repealed, 1991, c. 45, s. 544]
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once in each year and at such times as the Corporation may require for
a specified purpose.
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Clause 105: Section 28.1 reads as follows:
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28.1 Where an examination under section 27 or an inspection under
section 28 is carried out other than on the once in each year basis
referred to in that section, the costs of the examination or inspection may
be charged to the member institution in respect of which they were
incurred and in such case the amount of the costs constitute and may be
recovered as a debt due and payable to the Corporation by the member
institution.
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Clause 106: Subsection 29(3) reads as follows:
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(3) Where a report is sent by the Superintendent to the Minister under
section 533 of the Bank Act or section 505 of the Trust and Loan
Companies Act as to whether the provisions of that Act are being duly
observed by a member institution, a copy of the report shall be sent by
the Superintendent at the same time to the Corporation.
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Clause 107: Subsections 34(3) and (4) are new.
Subsection 34(2) reads as follows:
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(2) Subsection (1) does not apply in respect of a deposit with a
member institution where the deposit has been assumed by another
member institution.
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Clause 108: New.
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Clause 109: New.
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Clause 110: New.
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Clause 111: The relevant portion of subsection 4(1)
reads as follows:
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4. (1) The Association shall consist of the following members:
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Clause 112: The relevant portion of subsection 9(3)
reads as follows:
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(3) Subject to subsection 10(1), for the purpose of election of
directors, the members, other than the Bank of Canada, shall be grouped
into four classes, namely,
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Clause 113: The relevant portion of subsection 10(1)
reads as follows:
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10. (1) Where the number of members in the class ``other financial
institutions'' referred to in subsection 9(3) is less than five, the members
other than the Bank of Canada shall, for the purpose of election of
directors, be grouped into three classes, namely,
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Clause 114: (1) The relevant portion of subsection
30(1) reads as follows:
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30. (1) Subject to subsections (2) and (3), every member other than
the Bank of Canada shall
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Clause 115: The relevant portion of the definition
``financial institution'' in section 2 reads as follows:
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``financial institution'' means
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Clause 116: (1) The relevant portion of subsection
390(3) reads as follows:
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(3) An association may not acquire or increase a substantial
investment in a body corporate pursuant to subsection (1) unless
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(d) in the case of a body corporate referred to in paragraph (1)(n) that
carries on one or more of the businesses or activities engaged in or
carried on by bodies corporate referred to in any of paragraphs
(1)(d), (k) and (m), the association obtains the prior written approval
of the Minister on the recommendation of the Superintendent.
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(2) Subsections 390(6) to (8) read as follows:
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(6) An association shall not, without the prior written approval of the
Minister, acquire control of a body corporate, as authorized by
subparagraph (3)(a)(i), unless it also acquires control of the body
corporate within the meaning of paragraph 3(1)(e).
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(7) An association that acquires control of a body corporate, as
authorized by paragraph (3)(a)(i), shall not, without the prior written
approval of the Minister, give up control of the body corporate within
the meaning of paragraph 3(1)(e) while continuing to control the body
corporate.
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(8) An association that controls a body corporate referred to in
paragraph (3)(a) may give up control of the body corporate and keep a
substantial investment in the body corporate if
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(a) the association is permitted to do so by regulations made under
paragraph 396(b); and
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(b) the association has the prior written approval of the
Superintendent.
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Clause 117: New.
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Clause 118: (1) The relevant portion of the definition
``financial institution'' in subsection 2(1) reads as
follows:
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``financial institution'' means
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(2) New.
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Clause 119: New.
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Clause 120: The relevant portion of subsection 24(1)
reads as follows:
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24. (1) Where a proposed company would be a subsidiary of a
foreign institution that is engaged in the insurance business, letters
patent to incorporate the company may not be issued unless the Minister
is satisfied that
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(b) treatment as favourable for companies to which this Act applies
exists or will be provided in the jurisdiction in which the foreign
institution principally carries on business, either directly or through
a subsidiary.
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Clause 121: Subsection 420(2) reads as follows:
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(2) Where a transaction in respect of which subsection 407(1) or (2)
applies would cause a company to become a subsidiary of a foreign
institution that is engaged in the insurance business and that does not
have any other company as its subsidiary, the Minister shall not approve
the transaction unless the Minister is satisfied that treatment as
favourable for companies to which this Act applies exists or will be
provided in the jurisdiction in which the foreign institution principally
carries on business, either directly or through a subsidiary.
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Clause 122: (1) The relevant portion of subsection
495(4) reads as follows:
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(4) A company may not acquire or increase a substantial investment
in a body corporate pursuant to subsection (1) or (2) unless
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(c) in the case of a body corporate referred to in paragraph (1)(j) or
(2)(f) that carries on one or more of the businesses or activities
engaged in or carried on by bodies corporate referred to in any of
paragraphs (1)(b) and (i) and (2)(d), the company obtains the prior
written approval of the Minister on the recommendation of the
Superintendent.
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(2) Subsections 495(6.1) to (7) read as follows:
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(6.1) A company shall not, without the prior written approval of the
Minister, acquire control of a body corporate, as authorized by
subparagraph (4)(a)(i), unless it also acquires control of the body
corporate within the meaning of paragraph 3(1)(d).
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(6.2) A company that acquires control of a body corporate, as
authorized by subparagraph (4)(a)(i), shall not, without the prior written
approval of the Minister, give up control of the body corporate within
the meaning of paragraph 3(1)(d) while continuing to control the body
corporate.
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(7) A company that controls a body corporate referred to in
paragraph (4)(a) may give up control of the body corporate and keep a
substantial investment in the body corporate if
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(a) the company is permitted to do so by regulations made under
paragraph 501(b); and
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(b) the company has the prior written approval of the
Superintendent.
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Clause 123: The relevant portion of section 503 reads
as follows:
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503. A life company that has twenty-five million dollars or less of
regulatory capital shall not, and shall not permit its prescribed
subsidiaries to,
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Clause 124: The relevant portion of section 504 reads
as follows:
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504. A life company that has more than twenty-five million dollars
of regulatory capital may
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Clause 125: The relevant portion of subsection 574(2)
reads as follows:
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(2) The Minister shall not approve the making of an order under
subsection (1) unless the Minister is satisfied that
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(b) treatment as favourable for companies to which this Act applies
exists or will be provided in the jurisdiction in which the body
corporate principally carries on business, either directly or through
a subsidiary.
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Clause 126: New.
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Clause 127: The relevant portion of the definition
``financial institution'' in section 3 reads as follows:
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``financial institution'' means
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(a) a bank to which the Bank Act applies,
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Clause 128: New.
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Clause 129: New.
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Clause 130: (1) The relevant portion of subsection
23(1) reads as follows:
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23. (1) The Superintendent shall, before December 31 in each year,
ascertain
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Clause 131: New.
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Clause 132: Subsection 8(3) reads as follows:
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(3) The rights and remedies of a participant, a clearing house, a
central counter-party or the Bank in respect of collateral pledged to it as
security for a payment or the performance of an obligation incurred in
a designated clearing and settlement system shall not be the subject of
any stay provision or order affecting the ability of creditors to exercise
rights and remedies with respect to the collateral.
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Clause 133: (1) Subsection 13(1) reads as follows:
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13. (1) Notwithstanding anything in any law relating to bankruptcy
or insolvency or any order of a court made pursuant to an administration
of a reorganization, arrangement or receivership involving insolvency,
a financial institution that is a party to a netting agreement may
terminate the agreement and determine a net termination value or net
settlement amount in accordance with the provisions of the agreement
and the party entitled to the net termination value or settlement amount
shall be a creditor of the party owing the net termination value or net
settlement amount for that value or amount.
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(2) The relevant portion of the definition ``netting
agreement'' in subsection 13(2) reads as follows:
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``netting agreement'' means an agreement between two or more
financial institutions that is
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Clause 134: Section 20 reads as follows:
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20. No action lies against Her Majesty, the Minister, the Bank, any
officer or employee of the Bank or any person acting under the direction
of the Governor of the Bank for anything done or omitted to be done in
good faith in the administration or discharge of any powers or duties that
under this Act are intended or authorized to be executed or performed.
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Clause 135: New.
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Clause 136: (1) The relevant portion of the definition
``financial institution'' in section 2 reads as follows:
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``financial institution'' means
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(b) a bank to which the Bank Act applies,
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(2) New.
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Clause 137: New.
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Clause 138: The relevant portion of subsection 23(1)
reads as follows:
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23. (1) Where a proposed company would be a subsidiary of a
foreign institution that is engaged in the trust or loan business, letters
patent to incorporate the company may not be issued unless the Minister
is satisfied that
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(b) treatment as favourable for companies to which this Act applies
exists or will be provided in the jurisdiction in which the foreign
institution principally carries on business, either directly or through
a subsidiary.
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Clause 139: (1) Subsection 237(1) reads as follows:
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237. (1) A company may sell all or substantially all of its assets to a
financial institution incorporated by or under an Act of Parliament if the
purchasing financial institution assumes all or substantially all of the
liabilities of the company.
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(2) Subsection 237(4) is new. Subsection 237(3) reads
as follows:
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(3) Notwithstanding anything in this Act, the consideration for a sale
referred to in subsection (1) may be cash or fully paid securities of the
purchasing financial institution or in part cash and in part fully paid
securities of the purchasing financial institution or such other
consideration as is provided for in the sale agreement.
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Clause 140: Subsection 388(2) reads as follows:
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(2) Where a transaction in respect of which subsection 375(1) or (2)
applies would cause a company to become a subsidiary of a foreign
institution that is engaged in the trust or loan business and that does not
have any other company as its subsidiary, the Minister shall not approve
the transaction unless the Minister is satisfied that treatment as
favourable for companies to which this Act applies exists or will be
provided in the jurisdiction in which the foreign institution principally
carries on business, either directly or through a subsidiary.
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Clause 141: (1) The relevant portion of subsection
453(3) reads as follows:
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(3) A company may not acquire or increase a substantial investment
in a body corporate pursuant to subsection (1) unless
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(c) in the case of a body corporate referred to in paragraph (1)(n) that
carries on one or more of the businesses or activities engaged in or
carried on by bodies corporate referred to in any of paragraphs
(1)(d), (k) and (m), the company obtains the prior written approval
of the Minister on the recommendation of the Superintendent.
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(2) Subsections 453(6) to (8) read as follows:
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(6) A company shall not, without the prior written approval of the
Minister, acquire control of a body corporate, as authorized by
subparagraph (3)(a)(i), unless it also acquires control of the body
corporate within the meaning of paragraph 3(1)(d).
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(7) A company that acquires control of a body corporate, as
authorized by subparagraph (3)(a)(i), shall not, without the prior written
approval of the Minister, give up control of the body corporate within
the meaning of paragraph 3(1)(d) while continuing to control the body
corporate.
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(8) A company that controls a body corporate referred to in
paragraph (3)(a) may give up control of the body corporate and keep a
substantial investment in the body corporate if
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(a) the company is permitted to do so by regulations made under
paragraph 459(b); and
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(b) the company has the prior written approval of the
Superintendent.
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Clause 142: The relevant portion of section 461 reads
as follows:
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461. A company with twenty-five million dollars or less of
regulatory capital shall not, and shall not permit its prescribed
subsidiaries to,
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Clause 143: The relevant portion of section 462 reads
as follows:
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462. A company with more than twenty-five million dollars of
regulatory capital may
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Clause 144: New.
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Clause 145: Subsection 23(3) reads as follows:
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(3) Where all or any part of a cargo seized under subsection (1) is
perishable, the pollution prevention officer or other person having
custody thereof may sell the cargo or the portion thereof that is
perishable, as the case may be, and the proceeds of the sale shall be paid
to the Receiver General or shall be deposited in a bank to the credit of
the Receiver General.
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Clause 146: (1) The relevant portion of the definition
``bank'' in subsection 2(1) reads as follows:
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``bank'' means
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(a) every bank to which the Bank Act applies,
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(2) The definition ``corporation'' in subsection 2(1)
reads as follows:
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``corporation'' includes any company or legal person incorporated by
or under an Act of Parliament or of any province, and any
incorporated company, wherever incorporated, that is authorized to
carry on business in Canada or that has an office or property in
Canada, but does not include incorporated banks to which the Bank
Act applies, savings banks, insurance companies, trust companies,
loan companies or railway companies;
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Clause 147: Section 212 reads as follows:
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212. Nothing in this Act, other than sections 69 to 69.4 and 81 and
81.1, 81.2 and Part XI, shall interfere with or restrict the rights and
privileges conferred on banks and banking corporations by the Bank
Act.
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Clause 148: The definition ``bank'' in section 2 reads
as follows:
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``bank'' means an incorporated bank or savings bank carrying on
business in Canada;
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Clause 149: The definition ``financial institution'' in
subsection 29(9) reads as follows:
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``financial institution'' means the Bank of Canada, the Business
Development Bank of Canada and any institution incorporated in
Canada that accepts deposits of money from its members or the
public, and includes a branch, agency or office of any such Bank or
institution;
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Clause 150: The definition ``corporation'' in
subsection 31(1) reads as follows:
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``corporation'' means any bank, including the Bank of Canada and the
Business Development Bank of Canada, and each of the following
carrying on business in Canada, namely, every railway, express,
telegraph and telephone company (except a street railway and
tramway company), insurance company or society, trust company
and loan company;
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Clause 151: (1) The relevant portion of the definition
``federal works or undertakings'' in section 52 reads as
follows:
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``federal works or undertakings'' means any work or undertaking that
is within the legislative authority of Parliament, including, without
restricting the generality of the foregoing,
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Clause 152: The relevant portion of the definition
``bank'' in subsection 2(1) reads as follows:
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``bank'' means
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Clause 153: Subsection 49(3) reads as follows:
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(3) In this section and section 45, ``federal financial institution''
means a bank, a company to which the Trust and Loan Companies Act
applies or a company or society to which the Insurance Companies Act
applies.
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Clause 154: The definition ``company'' in section 2
reads as follows:
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``company'' means any company, corporation or legal person
incorporated by or under an Act of Parliament or of the legislature
of any province and any incorporated company having assets or
doing business in Canada, wherever incorporated, except banks,
railway or telegraph companies, insurance companies and
companies to which the Trust and Loan Companies Act applies;
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Clause 155: The relevant portion of the definition
``valuable security'' in section 2 reads as follows:
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``valuable security'' includes
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(a) an order, exchequer acquittance or other security that entitles
or evidences the title of any person
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(ii) to a deposit in a savings bank or other bank,
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Clause 156: The relevant portion of subsection 206(8)
reads as follows:
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(8) This section does not apply to
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(b) the distribution by lot of premiums given as rewards to promote
thrift by punctuality in making periodical deposits of weekly savings
in any chartered savings bank; or
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Clause 157: The relevant portion of subsection 216(1)
reads as follows:
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216. (1) Every official agent shall maintain, under his own name, in
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an account to which he shall deposit all money described in paragraph
217(1)(b) and from which he shall make all payments, advances or
deposits described in paragraph 217(1)(a).
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Clause 158: New.
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Clause 159: New.
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Clause 160: The relevant portion of subsection 278(3)
reads as follows:
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(3) Every person who is required under this Part to pay or remit an
amount to the Receiver General shall, where the amount is $50,000 or
more, make the payment or remittance to the account of the Receiver
General at
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Clause 161: The relevant portion of the definition
``secured creditor'' in section 2 reads as follows:
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``secured creditor'' means
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(c) any bank to which security on the property of a farmer or any
part thereof has been given under section 427 of the Bank Act.
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Clause 162: The relevant portion of the definition
``lender'' in section 2 reads as follows:
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``lender'' means
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Clause 163: The relevant portion of the definition
``lender'' in subsection 2(1) reads as follows:
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``lender'' means
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Clause 164: New.
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Clause 165: The relevant portion of the definition
``lender'' in section 2 reads as follows:
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``lender'' means
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Clause 166: New.
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Clause 167: Subsection 20(1) reads as follows:
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20. (1) The Centre shall establish, under its management in a bank,
an account to be known as the International Development Research
Centre Account, in this section called the ``Account''.
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Clause 168: The definition ``bank'' in subsection
35(1) reads as follows:
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``bank'' means a bank to which the Bank Act applies;
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Clause 169: The relevant portion of the definition
``federal work, undertaking or business'' in section 2
reads as follows:
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``federal work, undertaking or business'' means any work, undertaking
or business that is within the legislative authority of Parliament,
including, without restricting the generality of the foregoing,
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Clause 170: The relevant portion of the definition
``lender'' in section 2 reads as follows:
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``lender'' means
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Clause 171: Subsection 24(2) reads as follows:
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(2) The Commissioner shall establish, in the name of the government
of the Territories, accounts with such banks as the Commissioner
designates for the deposit of public moneys and revenue.
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Clause 172: The relevant portion of subsection 4(4)
reads as follows:
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(4) In this Act, ``included employment'' means employment, other
than excepted employment, on or in connection with the operation of
any work, undertaking or business that is within the legislative authority
of the Parliament of Canada, including, without restricting the
generality of the foregoing,
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Clause 173: The relevant portion of section 3 reads as
follows:
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3. This Act applies to
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(a) a bank to which the Bank Act applies;
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|
Clause 174: (1) Subsection 191(2) reads as follows:
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(2) Where the agreement with the crew is required to be made in a
form approved by the Minister, the seaman may require that a
stipulation be inserted in the agreement for the allotment by means of
an allotment note, of any part, not exceeding one-half, of his wages in
favour either of a near relative or of a savings bank.
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(2) The definition ``savings bank'' in subsection
191(4) reads as follows:
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|
``savings bank'' means a Government Savings Bank or a bank or
savings bank in Canada.
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|
(3) New.
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Clause 175: Section 192 reads as follows:
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|
192. (1) An allotment in favour of a savings bank shall be made in
favour of such persons and carried into effect in such manner as may be
prescribed by regulations of the Minister.
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(2) The sum received by a savings bank in pursuance of an allotment
shall be paid out only on an application made, through a shipping master
or the Minister, by the seaman himself or, in case of his death, by some
person to whom his property may be paid under this Act.
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Clause 176: Subsection 193(1) reads as follows:
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193. (1) Where the balance of wages due to a seaman is more than
fifty dollars, and a seaman expresses to the master of the ship his desire
to have facilities afforded to him for remitting all or any part of the
balance to a savings bank or to a near relative in whose favour an
allotment note may be made, the master shall give to the seaman all
reasonable facilities for so doing with respect to such portion of the
balance as is in excess of fifty dollars, but is under no obligation to give
those facilities while the ship is in port if the sum will become payable
before the ship leaves port, or otherwise than conditionally on the
seaman going to sea in the ship.
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Clause 177: The relevant portion of the definition
``lender'' in subsection 2(1) reads as follows:
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``lender'' means
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Clause 178: Subsection 24(2) reads as follows:
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(2) The Commissioner shall establish, in the name of the government
of the Territory, accounts with such banks as the Commissioner
designates for the deposit of public moneys and revenue.
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