|
|
|
|
| Appeal to
Federal Court
|
977. (1) An appeal lies to the Federal Court
from any direction of the Minister made under
subsection 402(1) or 915(1) .
|
|
| Powers
|
(2) The Federal Court may, in an appeal
under subsection (1),
|
|
|
|
|
|
|
|
(b) set aside the direction or decision; or
|
|
|
|
(c) set aside the direction or decision and
refer the matter back for re-determination.
|
|
| Certificate
|
(3) For the purposes of an appeal under
subsection (1), the Minister shall, at the
request of the bank, bank holding company or
person making the appeal, provide the bank,
bank holding company or person with a
certificate in writing setting out the direction
or decision appealed from and the reasons why
the direction or decision was made.
|
|
|
|
|
|
| Power to
make
regulations
|
978. The Governor in Council may make
regulations
|
|
|
|
(a) prescribing anything that is required or
authorized by this Act to be prescribed;
|
|
|
|
(b) prescribing the way in which anything
that is required or authorized by this Act to
be prescribed is to be determined;
|
|
|
|
(c) respecting, for any purpose of any
provision of the Act, the determination of
the equity of a bank or a bank holding
company;
|
|
|
|
(d) defining words and expressions to be
defined for the purposes of this Act;
|
|
|
|
(e) requiring the payment of a fee in respect
of the filing, examining or issuing of any
document or in respect of any action that the
Superintendent is required or authorized to
take under this Act, and fixing the amount
of the fee or the manner of determining its
amount;
|
|
|
|
(f) respecting the regulatory capital and
total assets of a bank or a bank holding
company ;
|
|
|
|
(g) respecting the retention, in Canada, of
assets of a bank or a bank holding company ;
|
|
|
|
(h) respecting the value of assets of a bank
or a bank holding company to be held in
Canada and the manner in which those
assets are to be held;
|
|
|
|
(i) respecting the protection and
maintenance of assets of a bank or a bank
holding company , including regulations
respecting the bonding of directors, officers
and employees of a bank or a bank holding
company ;
|
|
|
|
(j) respecting the holding of shares and
ownership interests for the purposes of
sections 70, 74 and 714 ;
|
|
|
|
(k) respecting information, in addition to
the information required by section 634 or
953 , to be maintained in the register
referred to in that section; and
|
|
|
|
(l) generally for carrying out the purposes
and provisions of this Act.
|
|
|
|
|
|
| Delegation
|
979. The Minister may delegate any of the
Minister's powers, duties and functions under
this Act to any Minister of State appointed
under the Ministries and Ministers of State Act
to assist the Minister.
|
|
|
|
|
|
|
|
|
|
| Offence
|
980. Every person who, without reasonable
cause, contravenes any provision of this Act or
the regulations is guilty of an offence.
|
|
| Undue
preference to
creditor
|
981. Every director, officer or employee of
a bank or an authorized foreign bank who
wilfully gives or concurs in giving to any
creditor of the bank or authorized foreign 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.
|
|
| Failure to
provide
information
|
982. Every person who, without reasonable
cause, refuses or fails to comply with a
requirement made under paragraph 643(2)(b)
or 957(2)(b) is guilty of an offence.
|
|
| Use of name
|
983. (1) Except to the extent permitted by
the regulations, every person who uses the
name of a bank or of a bank holding company
in a prospectus, offering memorandum,
takeover bid circular, advertisement for a
transaction related to securities or in any other
document in connection with a transaction
related to securities is guilty of an offence.
|
|
| Unauthorized
use of title
``bank'', etc.
|
(2) Subject to the regulations and
subsections (4) to (6.1) and (10) to (12) , every
entity that acquires, adopts or retains a name
that, in any language, includes the word
``bank'', ``banker'' or ``banking'', either alone
or in combination with other words, or any
word or words of import equivalent thereto,
and every person who, in any language, uses
the word ``bank'', ``banker'' or ``banking'',
either alone or in combination with other
words, or any word or words of import
equivalent thereto, to indicate or describe a
business in Canada or any part of a business in
Canada, without being authorized to do so by
this Act or any other Act of Parliament, is
guilty of an offence.
|
|
| Unauthorized
use of the
name of a
bank holding
company
|
(3) Subject to the regulations and
subsections (7) to (9.1), every entity that
acquires, adopts or retains, in any language,
the name of a bank holding company and
every person who, in any language, uses the
name of a bank holding company to indicate
or describe a business in Canada or any part of
a business in Canada, without being
authorized to do so by this Act or any other Act
of Parliament, is guilty of an offence.
|
|
| Permitted use
|
(4) No person commits an offence who uses
the word ``bank'', ``banker'' or ``banking''
|
|
|
|
(a) in relation to a business that is not
engaged in financial activities, unless the
business is carried out by a prescribed
entity;
|
|
|
|
(b) in a description of the corporate
relationship of an entity controlled by a
bank to that bank;
|
|
|
|
(b.1) with the approval of the Minister and
subject to terms and conditions that the
Minister may impose, in a description of the
corporate relationship of an entity in which
a bank has a substantial investment to that
bank;
|
|
|
|
(b.2) in a description of the corporate
relationship of an entity controlled by a
bank holding company to that bank holding
company;
|
|
|
|
(b.3) with the approval of the Minister and
subject to terms and conditions that the
Minister may impose, in a description of the
corporate relationship of an entity in which
a bank holding company has a substantial
investment to that bank holding company;
|
|
|
|
(c) in an advertisement in Canada by or on
behalf of a foreign bank in respect of its
facilities outside Canada;
|
|
|
|
(d) in the identification of representative
offices of a foreign bank in Canada;
|
|
|
|
(e) in relation to the business in Canada of
an authorized foreign bank;
|
|
|
|
(f) in a description made in accordance with
the regulations of the corporate relationship
of a bank or a bank holding company with
a foreign bank or an entity associated with
a foreign bank within the meaning of
section 507 that controls the bank or bank
holding company;
|
|
|
|
(g) in a description made in accordance
with the regulations of the corporate
relationship of a prescribed Canadian entity
with a foreign bank or an entity associated
with a foreign bank within the meaning of
section 507;
|
|
|
|
(h) in a description made in accordance
with the regulations of the corporate
relationship of a prescribed entity
associated with a foreign bank within the
meaning of section 507 with the foreign
bank or with another prescribed entity;
|
|
|
|
(i) in the identification of a body corporate
that was a non-bank affiliate of a foreign
bank within the meaning of subsection
303(1) of the Bank Act, being chapter B-1
of the Revised Statutes of Canada, 1985, at
any time before June 1, 1981;
|
|
|
|
(j) in the identification of a Canadian
financial institution that
|
|
|
|
(i) was controlled by a bank that was a
subsidiary of a foreign bank before June
15, 1997 but that has ceased to be so
controlled,
|
|
|
|
(ii) is controlled by a foreign bank that,
before June 15, 1997, controlled the
subsidiary, and
|
|
|
|
(iii) used, before June 15, 1997, the word
``bank'', ``banker'' or ``banking'' to
identify itself; or
|
|
|
|
(k) in the identification of a bank holding
company.
|
|
| Permitted use
|
(5) No subsidiary of a bank commits an
offence by reason only that it uses the name of
the bank of which it is a subsidiary in its
corporate name or a name under which it
carries on business or by reason only that it
uses any identifying mark, logogram or
insignia of that bank in carrying on its
business.
|
|
| Permitted use
|
(5.1) No entity in which a bank has a
substantial investment commits an offence by
reason only that it uses the name of the bank
in its corporate name or a name under which
it carries on business or by reason only that it
uses any identifying mark, logogram or
insignia of that bank in carrying on its business
if it does so with the approval of the Minister
and subject to terms and conditions that the
Minister may impose.
|
|
| Permitted use
|
(6) No financial institution that was
controlled by a bank on June 25, 1999 and that
had a name that included the word ``bank'',
``banker'' or ``banking'' on that day commits
an offence by reason only that it uses that word
in its name or in a name under which it carries
on business if the financial institution is a
subsidiary of a bank holding company that
controls the bank.
|
|
| Permitted use
|
(6.1) No financial institution in which a
bank had a substantial investment on June 25,
1999 and that had a name that included the
word ``bank'', ``banker'' or ``banking'' on that
day commits an offence by reason only that it
uses that word in its name or in a name under
which it carries on business if the financial
institution is an entity in which the bank or a
bank holding company that controls the bank
has a substantial investment and the financial
institution uses that word with the approval of
the Minister and subject to terms and
conditions that the Minister may impose.
|
|
| Permitted use
|
(7) No subsidiary of a bank holding
company commits an offence by reason only
that it uses the name of the bank holding
company in the subsidiary's corporate name
or in a name under which it carries on
business, so long as, if the subsidiary is not a
bank or a subsidiary of the bank, it does not use
the word ``bank'', ``banker'' or banking'' in its
corporate name or in a name under which it
carries on business.
|
|
| Permitted use
|
(7.1) No entity in which a bank holding
company has a substantial investment
commits an offence by reason only that it uses
the name of the bank holding company in its
corporate name or in a name under which it
carries on business, so long as
|
|
|
|
(a) it uses that name with the approval of the
Minister and subject to terms and
conditions that the Minister may impose;
and
|
|
|
|
(b) if the entity is not any of the following,
it does not use the word ``bank'', ``banker''
or ``banking'' in its corporate name or in a
name under which it carries on business:
|
|
|
|
|
|
|
|
(ii) a subsidiary of a bank, and
|
|
|
|
(iii) an entity that has received an
approval under subsection (5.1).
|
|
| Permitted use
|
(8) No subsidiary of a bank holding
company commits an offence by reason only
that it uses any identifying mark, logogram or
insignia of the bank holding company in
carrying on the subsidiary's business, so long
as, if the subsidiary is not a bank or a
subsidiary of the bank, it does not use any
identifying mark, logogram or insignia that
includes the word ``bank'', ``banker'' or
banking''.
|
|
| Permitted use
|
(8.1) No entity in which a bank holding
company has a substantial investment
commits an offence by reason only that it uses
any identifying mark, logogram or insignia of
the bank holding company in carrying on its
business, so long as
|
|
|
|
(a) it does so with the approval of the
Minister and subject to terms and
conditions that the Minister may impose;
and
|
|
|
|
(b) if the entity is not any of the following,
it does not use any identifying mark,
logogram or insignia that includes the word
``bank'', ``banker'' or ``banking``:
|
|
|
|
|
|
|
|
(ii) a subsidiary of a bank, and
|
|
|
|
(iii) an entity that has received an
approval under subsection (5.1).
|
|
| Permitted use
|
(9) No subsidiary of a bank holding
company commits an offence by reason only
that it uses the name of the bank holding
company in a description of its corporate
relationship to the bank holding company.
|
|
| Permitted use
|
(9.1) No entity in which a bank holding
company has a substantial investment
commits an offence by reason only that it uses
the name of the bank holding company in a
description of its corporate relationship to the
bank holding company if it does so with the
approval of the Minister and subject to terms
and conditions that the Minister may impose.
|
|
| Permitted use
|
(10) No Canadian entity that is an entity
associated with a foreign bank within the
meaning of section 507 commits an offence by
reason only that it uses the name of the foreign
bank or any identifying mark, logogram or
insignia of the foreign bank or the name of a
prescribed entity associated with a foreign
bank within the meaning of section 507 or any
identifying mark, logogram or insignia of any
such entity, so long as it does not use, in any
language, the word ``bank'', ``banker'' or
``banking'' and so long as
|
|
|
|
(a) it does so with the approval of the
Minister and subject to terms and
conditions that the Minister may impose; or
|
|
|
|
(b) it does so in prescribed circumstances
and in accordance with prescribed terms
and conditions.
|
|
| Permitted use
|
(10.1) No Canadian entity in which a
foreign bank or an entity associated with a
foreign bank within the meaning of section
507 has a substantial investment commits an
offence by reason only that it uses the name of
the foreign bank or any identifying mark,
logogram or insignia of the foreign bank or the
name of a prescribed entity associated with a
foreign bank within the meaning of section
507 or any identifying mark, logogram or
insignia of that prescribed entity, so long as it
does not use, in any language, the word
``bank'', ``banker'' or ``banking'' and so long
as
|
|
|
|
(a) it does so with the approval of the
Minister and subject to terms and
conditions that the Minister may impose; or
|
|
|
|
(b) it does so in prescribed circumstances
and in accordance with prescribed terms
and conditions.
|
|
| Permitted use
|
(11) Subject to subsection (12), no foreign
bank that carries on a business or activity
referred to in section 514, 522.05, 522.18 or
522.19 and no entity incorporated or formed
by or under the laws of a country other than
Canada that carries on a business or activity
referred to in any of those provisions and that
is an entity associated with a foreign bank
within the meaning of section 507 commits an
offence by reason only that it uses
|
|
|
|
(a) its name or any of its identifying marks,
logograms or insignia, or
|
|
|
|
(b) the name of an entity associated with a
foreign bank within the meaning of section
507 or any identifying mark, logogram or
insignia of that entity,
|
|
|
|
so long as it does not use, in any language, the
word ``bank'', ``banker'' or ``banking''.
|
|
| Permitted use
|
(12) A foreign bank, or an entity associated
with a foreign bank, that is referred to in
subsection (11) may use the word ``bank'',
``banker'' or ``banking'' in prescribed
circumstances if it does so in accordance with
prescribed terms and conditions.
|
|
| Deemed use
of ``bank'',
etc.
|
(13) For the purposes of this section, the
following are deemed to be a use of the word
``bank'', ``banker'' or ``banking``:
|
|
|
|
(a) any statement that a business, other than
a bank that is a subsidiary of a foreign bank
or the business in Canada of an authorized
foreign bank, is connected, associated or
affiliated with a bank or a foreign bank; and
|
|
|
|
(b) the use of any identifying mark,
logogram, insignia or name of a bank or a
foreign bank or a name substantially similar
to any such name.
|
|
| Deeming
|
(14) For the purposes of this section, the use
of the name of a bank holding company is
deemed to include the use of any identifying
mark, logogram, insignia or name of the bank
holding company or a name substantially
similar to any such name.
|
|
| Deeming
|
(15) For the purposes of this section, the
identifying mark, logogram or insignia of an
entity is deemed to include the logo, initials or
acronym of that entity.
|
|
| Regulations
|
(16) The Governor in Council may make
regulations for the purposes of subsections (1)
to (3) or paragraph (4)(a), (f), (g) or (h).
|
|
| Making false
statements
|
984. (1) Every person is guilty of an offence
who wilfully makes a false statement
|
|
|
|
(a) in a warehouse receipt or bill of lading
given to a bank or authorized foreign bank
under the authority of this Act; or
|
|
|
|
(b) in a document giving or purporting to
give security on property to a bank under
section 426 or 427 or to an authorized
foreign bank under either of those sections
as incorporated by section 555.
|
|
| Wilfully
disposing of
or
withholding
goods covered
by security
|
(2) Every person is guilty of an offence who,
having possession or control of property
mentioned in or covered by a warehouse
receipt, bill of lading or any security given to
a bank under section 426 or 427 or to an
authorized foreign bank under either of those
sections as incorporated by section 555, and
having knowledge of the receipt, bill of lading
or security, without the consent of the bank or
authorized foreign bank in writing before the
loan, advance, debt or liability secured by it
has been fully paid
|
|