Bill C-407
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SUMMARY |
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The purpose of this enactment is to prevent the merger of banks with
each other or with federally incorporated bodies to create one bank,
unless the Superintendent of Financial Institutions advises the Minister
of Finance that the merger is necessary to prevent an insolvency or
informs the Minister that none of the applicants wishing to merge is
about to become insolvent, in which case the merger would have to be
approved by a resolution of the Senate and House of Commons.
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