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134. The Act is amended by adding the
following after section 524:
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Prohibition
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524.1 No foreign bank may establish a
branch in Canada to carry on business in
Canada under this Part if the foreign bank or
an entity affiliated with the foreign bank
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Prohibition
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524.2 No authorized foreign bank and no
entity affiliated with an authorized foreign
bank may
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1999, c. 28,
s. 35(1)
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135. Section 526 of the Act is replaced by
the following:
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Factors to be
considered by
Minister
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526. Before making an order under
subsection 524(1), the Minister shall take into
account all matters that the Minister considers
relevant to the application, including
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1999, c. 28,
s. 35(1)
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136. (1) Paragraphs 529(1)(e) and (f) of
the Act are replaced by the following:
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1999, c. 28,
s. 35(1)
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(2) Paragraph 529(5)(c) of the Act is
replaced by the following:
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1999, c. 28,
s. 35(1)
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137. Paragraph 530(1)(e) of the Act is
replaced by the following:
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1999, c. 28,
s. 35(1)
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138. Subparagraph 534(3)(a)(ii) of the
Act is replaced by the following:
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1999, c. 28,
s. 35(1)
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139. (1) The portion of subsection 539(1)
of the English version of the Act before
paragraph (a) is replaced by the following:
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Additional
activities
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539. (1) In addition, an authorized foreign
bank may, in Canada,
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1999, c. 28,
s. 35(1)
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(2) Paragraph 539(1)(b) of the Act is
replaced by the following;
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1999, c. 28,
s. 35(1)
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(3) Paragraphs 539(3)(a) and (b) of the
Act are replaced by the following:
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140. The Act is amended by adding the
following after section 539:
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Regulations
apply
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539.1 Regulations made for the purpose of
any of sections 409 to 411 apply in respect of
authorized foreign banks with any
modifications that the circumstances require
unless regulations made under subsection
539(3) provide otherwise.
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1999, c. 28,
s. 35(1)
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141. (1) Paragraphs 540(1)(b) and (c) of
the Act are replaced by the following:
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1999, c. 28,
s. 35(1)
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(2) Subparagraph 540(4)(a)(ii) of the Act
is replaced by the following:
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(3) Subsection 540(6) of the Act is
amended by striking out the word ``and'' at
the end of paragraph (d) and by adding the
following after that paragraph:
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1999, c. 28,
s. 35(1)
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142. Paragraph 543(1)(a) of the Act is
replaced by the following:
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1999, c. 28,
s. 35(1)
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143. (1) Subsection 546(1) of the Act is
replaced by the following:
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Deposits less
than $150,000
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546. (1) Subject to the regulations, an
authorized foreign bank that is not subject to
the restrictions and requirements referred to in
subsection 524(2) may not, in respect of its
business in Canada, act as agent for any person
in the taking of a deposit that is less than
$150,000 and payable in Canada.
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(2) Section 546 of the Act is amended by
adding the following after subsection (2):
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Regulations
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(3) The Governor in Council may make
regulations respecting the circumstances in
which, and the conditions under which, an
authorized foreign bank referred to in
subsection (1) may act as agent for any person
in the taking of a deposit that is less than
$150,000 and payable in Canada.
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1999, c. 28,
s. 35(1)
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144. (1) Subsection 547(1) of the Act is
replaced by the following:
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Shared
premises
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547. (1) Subject to the regulations, no
authorized foreign bank shall carry on
business in Canada on premises that are shared
with those of a member institution, within the
meaning of section 2 of the Canada Deposit
Insurance Corporation Act, that is affiliated
with the authorized foreign bank.
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1999, c. 28,
s. 35(1)
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(2) Subsection 547(3) of the Act is
replaced by the following:
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Adjacent
premises
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(3) Subject to the regulations, no authorized
foreign bank shall carry on business in Canada
on premises that are adjacent to a branch or
office of a member institution, within the
meaning of section 2 of the Canada Deposit
Insurance Corporation Act, that is affiliated
with the authorized foreign bank, unless the
authorized foreign bank clearly indicates to its
customers that its business and the premises
on which it is carried on are separate and
distinct from the business and premises of the
affiliated member institution.
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Regulations
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(4) The Governor in Council may make
regulations
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1999, c. 28,
s. 35(1)
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145. Section 550 of the Act is replaced by
the following:
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Restriction on
leasing
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550. An authorized foreign bank shall not
engage in Canada in any personal property
leasing activity in which a financial leasing
entity as defined in subsection 464(1) is not
permitted to engage.
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1999, c. 28,
s. 35(1)
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146. Section 552 of the Act is repealed.
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1999, c. 28,
s. 35(1)
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147. Subsection 553.1(1) of the Act is
replaced by the following:
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Restriction on
partnerships
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553.1 (1) Except with the approval of the
Superintendent, an authorized foreign bank
may not, in respect of its business in Canada,
be a general partner in a limited partnership or
a partner in a general partnership.
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1999, c. 28,
s. 35(1)
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148. Subsection 556(3) of the Act is
replaced by the following:
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Execution of
trust
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(3) An authorized foreign bank is not, in
respect of its business in Canada, bound to see
to the execution of any trust to which a deposit
made under the authority of this Act is subject.
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Payment
when
authorized
foreign bank
has notice of
trust
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(4) Subsection (3) applies regardless of
whether the trust is express or arises by the
operation of law, and it applies even when the
authorized foreign bank has notice of the trust
if it acts on the order of or under the authority
of the holder or holders of the account into
which the deposit is made.
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1999, c. 28,
s. 35(1)
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149. The headings before section 559 of
the Act are replaced by the following:
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