Bill C-67

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	SUMMARY
	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.
	EXPLANATORY NOTES
	Bank Act
	Clause 1: (1) and (2) The definitions ``affairs'', ``bank'', ``branch'' and ``NAFTA country resident'' in section 2 read as follows:
	``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;
	``bank'' means a bank to which this Act applies;
	``branch'', in respect of a bank, means an agency, the head office and any other office of the bank;
	``NAFTA country resident'' means a NAFTA country resident within the meaning of section 11.1;
	(3) The relevant portion of the definition ``complainant'' in section 2 reads as follows:
	``complainant'', in relation to a bank or any matter concerning a bank, means
	. . .
	(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;
	(4) The relevant portion of the definition ``financial institution'' in section 2 reads as follows:
	``financial institution'' means
	(a) a bank,
	(5) New.
	Clause 2: New.
	Clause 3: The relevant portion of subsection 11.1(1) reads as follows:
	11.1 (1) For the purposes of this Act, a NAFTA country resident is
	(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;
	(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);
	Clause 4: Subsection 13(2) reads as follows:
	(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.
	Clause 5: New.
	Clause 6: Section 16 reads as follows:
	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.
	Clause 7: Section 19 reads as follows:
	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.
	Clause 8: The relevant portion of section 20 reads as follows:
	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
	. . .
	(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,
	Clause 9: Section 21 reads as follows:
	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.
	Clause 10: The relevant portion of section 24 reads as follows:
	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
	. . .
	(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.
	Clause 11: Section 39.1 reads as follows:
	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.
	Clause 12: The relevant portion of section 40 reads as follows:
	40. A bank may not be incorporated under this Act with a name
	. . .
	(e) that is reserved under section 43 for another bank or a proposed bank.
	Clause 13: Section 43 reads as follows:
	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.
	Clause 14: The relevant portion of subsection 230(1) reads as follows:
	230. (1) On the day provided for in the letters patent issued under section 229
	. . .
	(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
	Clause 15: (1) Subsection 232(1) reads as follows:
	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.
	(2) Subsection 232(3) reads as follows:
	(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.
	Clause 16: The relevant portion of subsection 238(1) reads as follows:
	238. (1) A bank shall prepare and maintain records containing
	. . .
	(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;
	Clause 17: Subsection 362(2) reads as follows:
	(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.
	Clause 18: Section 373.1 reads as follows:
	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.
	Clause 19: (1) Subsection 376.1(1) reads as follows:
	376.1 (1) Where, on the day that is ten years after the day a bank named in Schedule II came into existence, a person holds a significant interest in any class of shares of the bank and the person is not permitted by section 373.1, 374 or 375 to hold that interest, the bank shall apply under subsection 31(1) of the Trust and Loan Companies Act for letters patent continuing the bank as a company under that Act.
	(2) Subsection 376.1(5) reads as follows:
	(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.
	Clause 20: Subsection 390(2) reads as follows:
	(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.
	Clause 21: Subsection 402(3) reads as follows:
	(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.
	Clause 22: Sections 422.1 and 422.2 read as follows:
	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.
	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.
	Clause 23: Subsection 438(2) reads as follows:
	(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.
	Clause 24: The relevant portion of subsection 458(4) reads as follows:
	(4) A bank shall not make a charge
	(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;
	Clause 24.1: (1) Subsection 459.1(1) reads as follows:
	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.
	(2) Subsection 459.1(3) reads as follows:
	(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.
	Clause 25: The relevant portion of subsection 460(1) reads as follows:
	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
	. . .
	(b) one of the following documents, namely,
	(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
	. . .
	is sufficient justification and authority for giving effect to the transmission in accordance with the claim.
	Clause 26: (1) The relevant portion of subsection 468(3) reads as follows:
	(3) A bank may not acquire or increase a substantial investment in a body corporate pursuant to subsection (1) unless
	. . .
	(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.
	(2) Subsections 468(8) to (10) read as follows:
	(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).
	(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.
	(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
	(a) the bank is permitted to do so by regulations made under paragraph 474(b); and
	(b) the bank has the prior written approval of the Superintendent.
	Clause 27: (1) The definition ``non-bank affiliate of a foreign bank'' in subsection 507(1) reads as follows:
	``non-bank affiliate of a foreign bank'' means a Canadian entity, other than a bank,
	(a) in which a foreign bank has a substantial investment,
	(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
	(c) that is associated with a foreign bank,
	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;
	(2) Subsection 507(2) reads as follows:
	(2) For the purposes of this Part, an entity is associated with a foreign bank if
	(a) the foreign bank has a substantial investment in the entity,
	(b) a person who has a substantial investment in the foreign bank controls the entity, or
	(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,
	and an entity may be associated with more than one foreign bank.
	(3) The relevant portion of subsection 507(3) reads as follows:
	(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
	. . .
	(b) one or more entities associated with the foreign bank
	would, if they were one person, have a substantial investment in the Canadian entity.
	(4) New.
	Clause 28: New.
	Clause 29: Subsection 513(1) reads as follows:
	513. (1) A foreign bank shall not guarantee any securities or accept any bills of exchange that are
	(a) issued by a person resident in Canada, and
	(b) intended by the issuer thereof to be sold or traded in Canada,
	and no person shall participate in any arrangement in connection with such a guarantee or acceptance by a foreign bank.
	Clause 30: (1) Subsections 518(1.1) and (1.2) are new. Subsection 518(1) reads as follows:
	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
	(a) any bank other than the foreign bank subsidiary; or
	(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.
	(2) and (3) The relevant portion of subsection 518(2) reads as follows:
	(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
	. . .
	(d) as permitted by consent of the Governor in Council under subsection 521(1).
	(4) New.
	(5) and (6) The relevant portion of subsection 518(3) reads as follows:
	(3) Subsection (1) does not apply with respect to shares of or ownership interests in a Canadian entity if
	. . .
	(b) either
	(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
	(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.
	(7) New.
	Clause 31: Subsection 519(2) reads as follows:
	(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.
	Clause 32: New.
	Clause 33: (1) to (3) Paragraphs 521(1)(c.1) and (e) are new. The relevant portion of subsection 521(1) reads as follows:
	521. (1) Unless the consent of the Governor in Council, by order, is obtained, a foreign bank shall not directly or indirectly
	(4) New.
	(5) Subsections 521(1.02) to (1.04) read as follows:
	(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.
	(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.
	(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.
	(6) The relevant portion of subsection 521(1.07) reads as follows:
	(1.07) That order may be made only if
	(a) the Minister is of the opinion, after consulting with the Superintendent, that
	. . .
	(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
	(7) The relevant portion of subsection 521(2) reads as follows:
	(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
	(8) Subsections 521(2.1) and (2.2) are new. Subsection 521(3) reads as follows:
	(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.
	Clause 34: (1) and (2) New. The relevant portion of section 522 reads as follows:
	522. The provisions of this Act apply in lieu of the provisions of the Investment Canada Act in respect of
	Clause 35: (1) New.
	Clause 37: Section 526 reads as follows:
	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.
	Clause 39: (2) The relevant portion of section 529 reads as follows:
	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
	. . .
	(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
	(c) the by-laws of the bank sent to the Superintendent pursuant to section 528,
	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.
	Clause 41: Subsection 531(1) reads as follows:
	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.
	Clause 42: (1) New.
	Clause 43: Section 532 reads as follows:
	532. The Superintendent shall cause to be published
	(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.
	(b) [Repealed, 1996, c. 6, s. 11]
	Clause 45: Section 532.3 reads as follows:
	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.
	Clause 47: (2) Subsection 535(4) reads as follows:
	(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.
	Clause 48: The relevant portion of subsection 537(1) reads as follows:
	537. (1) Where a bank or person
	(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),
	. . .
	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.
	Clause 49: (2) The relevant portion of subsection 537.1(1) reads as follows:
	537.1 (1) This section applies only in respect of a bank
	. . .
	(b) that is the subject of
	(i) a direction made pursuant to section 535, or
	Clause 51: (2) Subsection 542(1) reads as follows:
	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.
	(3) The relevant portion of subsection 542(2) reads as follows:
	(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
	(4) Subsection 542(3) reads as follows:
	(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.
	Clause 52: Sections 543 and 543.1 read as follows:
	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.
	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
	(a) the assets of the bank are under the control of the Superintendent pursuant to subparagraph 538(1)(b)(i) or (ii); or
	(b) the bank is under the control of the Superintendent pursuant to subparagraph 538(1)(b)(iii).
	Clause 53: The relevant portion of section 544 reads as follows:
	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,
	Clause 54: Section 545 reads as follows:
	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.
	Clause 55: Subsection 546(1) reads as follows:
	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.
	Clause 56: Section 547 reads as follows:
	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.
	Clause 57: Section 548 reads as follows:
	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.
	Clause 58: (2) The relevant portion of section 549 reads as follows:
	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,
	. . .
	(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.
	Clause 59: (2) Sections 550 and 551 read as follows:
	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.
	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.
	(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.
	Clause 60: Section 552 reads as follows:
	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.
	Clause 62: Section 556 reads as follows:
	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.
	Clause 64: (2) The relevant portion of section 559 reads as follows:
	559. The Governor in Council may make regulations
	. . .
	(i) respecting information, in addition to the information required by section 529, to be maintained in the register referred to in that section; and
	Clause 66: Sections 562 and 563 read as follows:
	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.
	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.
	Clause 67: (2) and (3) New. The relevant portion of subsection 564(3) reads as follows:
	(3) No person commits an offence who uses the word ``bank'', ``banker'' or ``banking''
	(4) The relevant portion of subsection 564(5) reads as follows:
	(5) For the purposes of this section,
	(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
	. . .
	shall be deemed to be a use of the word ``bank'', ``banker'' or ``banking''.
	Clause 68: (2) Subsections 565(1) to (4) read as follows:
	565. (1) Every person who wilfully makes any false statement
	(a) in any warehouse receipt or bill of lading given to a bank under the authority of this Act, or
	(b) in any document giving or purporting to give security on property to a bank under section 426 or 427,
	is guilty of an offence.
	(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
	(a) wilfully alienates or parts with any such property, or
	(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,
	is guilty of an offence.
	(3) Where any debt or liability to a bank is secured by
	(a) any warehouse receipt or bill of lading, or
	(b) any security on property given to a bank under section 426 or 427,
	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.
	(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
	(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;
	(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
	(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.
	Clause 69: The relevant portion of subsection 566(1) reads as follows:
	566. (1) Every person who is guilty of an offence under any of sections 561 to 565 is
	Clause 70: Section 567 reads as follows:
	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.
	Clause 72: New.
	Winding-up and Restructuring Act
	Clause 76: (2) and (3) The definitions ``assets'' and ``Minister'' in section 2 read as follows:
	``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;
	``Minister'' means
	(a) in Part I, the Minister of Industry, and
	(b) in Part III, the Minister of Finance;
	(4) and (5) New.
	Clause 77: Section 4 reads as follows:
	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.
	Clause 78: (2) The relevant portion of section 6 reads as follows:
	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
	(3) New.
	Clause 79: New.
	Clause 80: Paragraph 10.1(a.1) is new. The relevant portion of section 10.1 reads as follows:
	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
	(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;
	Clause 81: New.
	Clause 82: Section 38 reads as follows:
	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.
	Clause 83: Subsection 76(1) reads as follows:
	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.
	Clause 84: Sections 78 and 79 read as follows:
	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.
	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.
	Clause 85: Subsection 81(1) reads as follows:
	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.
	Clause 86: Section 81.1 is new. Sections 82 to 84 read as follows:
	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
	(a) subject to all previous mortgages, judgments, executions, hypothecs and liens thereon, holding rank and priority before his claim;
	(b) on his assuming and binding himself to pay all such previous mortgages, judgments, executions, hypothecs and liens; and
	(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.
	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
	(a) by consent of the subsequently secured creditors;
	(b) on the subsequently secured creditors filing their claims specifying their security thereon as of no value;
	(c) on his paying the subsequently secured creditors the value by them placed thereon; or
	(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.
	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.
	Clause 87: Section 87 reads as follows:
	87. Any liquidator, creditor, contributory, shareholder or member may object to any claim filed with the liquidator or to any dividend declared.
	Clause 88: Section 108 reads as follows:
	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.
	Clause 89: Section 125 reads as follows:
	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.
	Clause 90: Subsection 138(2) reads as follows:
	(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.
	Clause 91: 139(2) reads as follows:
	(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.
	Clause 92: New.
	Bank of Canada Act
	Clause 93: (1) The definition ``bank'' in section 2 of the Act reads as follows:
	``bank'' means a bank to which the Bank Act applies;
	(2) New.
	Clause 94: The relevant portion of subsection 10(2) reads as follows:
	(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:
	(a) a bank;
	Clause 95: (1) to (3) The relevant portion of section 18 reads as follows:
	18. The Bank may
	. . .
	(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;
	. . .
	(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;
	. . .
	(l.1) accept deposits from any bank or other member of the Canadian Payments Association;
	Clause 96: Section 20 reads as follows:
	20. The Bank may
	(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
	(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.
	Clause 97: (1) The definition ``federal financial institution'' in subsection 22(5) of the Act reads as follows:
	``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;
	(2) The relevant portion of the definition ``relevant Act'' in subsection 22(5) reads as follows:
	``relevant Act'' in respect of a federal financial institution means
	(a) in the case of a bank, the Bank Act,
	(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,
	Canada Deposit Insurance Corporation Act
	Clause 98: New.
	Clause 99: The relevant portion of section 8 reads as follows:
	8. For the purposes of this Act, the following are federal institutions:
	(a) a bank to which the Bank Act applies; and
	Clause 100: Subsection 18(1) reads as follows:
	18. (1) An application for deposit insurance shall be in such form as may be prescribed by the by-laws.
	Clause 101: Section 26.01 reads as follows:
	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.
	Clause 102: The relevant portion of subsection 26.03(1) reads as follows:
	26.03 (1) Subject to section 26.04, the Corporation may give that authorization if
	. . .
	(d) in respect of each deposit that is held by the bank, the bank has
	. . .
	(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
	(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
	Clause 103: Subsection 26.04(3) reads as follows:
	(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).
	Clause 104: Subsection 27(1) reads as follows:
	27. (1) The Superintendent shall, notwithstanding any other Act of the Parliament of Canada, examine on behalf of the Corporation the affairs of
	(a) each bank to which the Bank Act applies, and
	(b) each company to which the Trust and Loan Companies Act applies
	(c) [Repealed, 1991, c. 45, s. 544]
	once in each year and at such times as the Corporation may require for a specified purpose.
	Clause 105: Section 28.1 reads as follows:
	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.
	Clause 106: Subsection 29(3) reads as follows:
	(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.
	Clause 107: Subsections 34(3) and (4) are new. Subsection 34(2) reads as follows:
	(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.
	Clause 108: New.
	Clause 109: New.
	Canadian Payments Association Act
	Clause 110: New.
	Clause 111: The relevant portion of subsection 4(1) reads as follows:
	4. (1) The Association shall consist of the following members:
	Clause 112: The relevant portion of subsection 9(3) reads as follows:
	(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,
	(a) banks,
	Clause 113: The relevant portion of subsection 10(1) reads as follows:
	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,
	(a) banks,
	Clause 114: (1) The relevant portion of subsection 30(1) reads as follows:
	30. (1) Subject to subsections (2) and (3), every member other than the Bank of Canada shall
	Cooperative Credit Associations Act
	Clause 115: The relevant portion of the definition ``financial institution'' in section 2 reads as follows:
	``financial institution'' means
	. . .
	(b) a bank,
	Clause 116: (1) The relevant portion of subsection 390(3) reads as follows:
	(3) An association may not acquire or increase a substantial investment in a body corporate pursuant to subsection (1) unless
	. . .
	(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.
	(2) Subsections 390(6) to (8) read as follows:
	(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).
	(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.
	(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
	(a) the association is permitted to do so by regulations made under paragraph 396(b); and
	(b) the association has the prior written approval of the Superintendent.
	Clause 117: New.
	Insurance Companies Act
	Clause 118: (1) The relevant portion of the definition ``financial institution'' in subsection 2(1) reads as follows:
	``financial institution'' means
	. . .
	(b) a bank,
	(2) New.
	Clause 119: New.
	Clause 120: The relevant portion of subsection 24(1) reads as follows:
	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
	. . .
	(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.
	Clause 121: Subsection 420(2) reads as follows:
	(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.
	Clause 122: (1) The relevant portion of subsection 495(4) reads as follows:
	(4) A company may not acquire or increase a substantial investment in a body corporate pursuant to subsection (1) or (2) unless
	. . .
	(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.
	(2) Subsections 495(6.1) to (7) read as follows:
	(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).
	(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.
	(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
	(a) the company is permitted to do so by regulations made under paragraph 501(b); and
	(b) the company has the prior written approval of the Superintendent.
	Clause 123: The relevant portion of section 503 reads as follows:
	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,
	Clause 124: The relevant portion of section 504 reads as follows:
	504. A life company that has more than twenty-five million dollars of regulatory capital may
	Clause 125: The relevant portion of subsection 574(2) reads as follows:
	(2) The Minister shall not approve the making of an order under subsection (1) unless the Minister is satisfied that
	. . .
	(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.
	Clause 126: New.
	Office of the Superintendent of Financial Institutions Act
	Clause 127: The relevant portion of the definition ``financial institution'' in section 3 reads as follows:
	``financial institution'' means
	(a) a bank to which the Bank Act applies,
	Clause 128: New.
	Clause 129: New.
	Clause 130: (1) The relevant portion of subsection 23(1) reads as follows:
	23. (1) The Superintendent shall, before December 31 in each year, ascertain
	Clause 131: New.
	Payment Clearing and Settlement Act
	Clause 132: Subsection 8(3) reads as follows:
	(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.
	Clause 133: (1) Subsection 13(1) reads as follows:
	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.
	(2) The relevant portion of the definition ``netting agreement'' in subsection 13(2) reads as follows:
	``netting agreement'' means an agreement between two or more financial institutions that is
	Clause 134: Section 20 reads as follows:
	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.
	Clause 135: New.
	Trust and Loan Companies Act
	Clause 136: (1) The relevant portion of the definition ``financial institution'' in section 2 reads as follows:
	``financial institution'' means
	. . .
	(b) a bank to which the Bank Act applies,
	(2) New.
	Clause 137: New.
	Clause 138: The relevant portion of subsection 23(1) reads as follows:
	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
	. . .
	(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.
	Clause 139: (1) Subsection 237(1) reads as follows:
	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.
	(2) Subsection 237(4) is new. Subsection 237(3) reads as follows:
	(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.
	Clause 140: Subsection 388(2) reads as follows:
	(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.
	Clause 141: (1) The relevant portion of subsection 453(3) reads as follows:
	(3) A company may not acquire or increase a substantial investment in a body corporate pursuant to subsection (1) unless
	. . .
	(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.
	(2) Subsections 453(6) to (8) read as follows:
	(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).
	(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.
	(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
	(a) the company is permitted to do so by regulations made under paragraph 459(b); and
	(b) the company has the prior written approval of the Superintendent.
	Clause 142: The relevant portion of section 461 reads as follows:
	461. A company with twenty-five million dollars or less of regulatory capital shall not, and shall not permit its prescribed subsidiaries to,
	Clause 143: The relevant portion of section 462 reads as follows:
	462. A company with more than twenty-five million dollars of regulatory capital may
	Clause 144: New.
	Arctic Waters Pollution Prevention Act
	Clause 145: Subsection 23(3) reads as follows:
	(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.
	Bankruptcy and Insolvency Act
	Clause 146: (1) The relevant portion of the definition ``bank'' in subsection 2(1) reads as follows:
	``bank'' means
	(a) every bank to which the Bank Act applies,
	(2) The definition ``corporation'' in subsection 2(1) reads as follows:
	``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;
	Clause 147: Section 212 reads as follows:
	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.
	Bills of Exchange Act
	Clause 148: The definition ``bank'' in section 2 reads as follows:
	``bank'' means an incorporated bank or savings bank carrying on business in Canada;
	Canada Evidence Act
	Clause 149: The definition ``financial institution'' in subsection 29(9) reads as follows:
	``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;
	Clause 150: The definition ``corporation'' in subsection 31(1) reads as follows:
	``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;
	Canadian Environmental Protection Act
	Clause 151: (1) The relevant portion of the definition ``federal works or undertakings'' in section 52 reads as follows:
	``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,
	. . .
	(g) a bank,
	Canadian Wheat Board Act
	Clause 152: The relevant portion of the definition ``bank'' in subsection 2(1) reads as follows:
	``bank'' means
	(a) a bank,
	Competition Act
	Clause 153: Subsection 49(3) reads as follows:
	(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.
	Companies' Creditors Arrangement Act
	Clause 154: The definition ``company'' in section 2 reads as follows:
	``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;
	Criminal Code
	Clause 155: The relevant portion of the definition ``valuable security'' in section 2 reads as follows:
	``valuable security'' includes
	(a) an order, exchequer acquittance or other security that entitles or evidences the title of any person
	. . .
	(ii) to a deposit in a savings bank or other bank,
	Clause 156: The relevant portion of subsection 206(8) reads as follows:
	(8) This section does not apply to
	. . .
	(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
	Canada Elections Act
	Clause 157: The relevant portion of subsection 216(1) reads as follows:
	216. (1) Every official agent shall maintain, under his own name, in
	(a) any bank,
	. . .
	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).
	Excise Tax Act
	Clause 158: New.
	Clause 159: New.
	Clause 160: The relevant portion of subsection 278(3) reads as follows:
	(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
	(a) a bank;
	Farm Debt Mediation Act
	Clause 161: The relevant portion of the definition ``secured creditor'' in section 2 reads as follows:
	``secured creditor'' means
	. . .
	(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.
	Farm Improvement and Marketing Cooperatives Loans Act
	Clause 162: The relevant portion of the definition ``lender'' in section 2 reads as follows:
	``lender'' means
	(a) a bank,
	Farm Improvement Loans Act
	Clause 163: The relevant portion of the definition ``lender'' in subsection 2(1) reads as follows:
	``lender'' means
	(a) a bank,
	Clause 164: New.
	Fisheries Improvement Loans Act
	Clause 165: The relevant portion of the definition ``lender'' in section 2 reads as follows:
	``lender'' means
	(a) a bank,
	Clause 166: New.
	International Development Research Centre Act
	Clause 167: Subsection 20(1) reads as follows:
	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''.
	Interpretation Act
	Clause 168: The definition ``bank'' in subsection 35(1) reads as follows:
	``bank'' means a bank to which the Bank Act applies;
	Canada Labour Code
	Clause 169: The relevant portion of the definition ``federal work, undertaking or business'' in section 2 reads as follows:
	``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,
	. . .
	(g) a bank,
	National Housing Act
	Clause 170: The relevant portion of the definition ``lender'' in section 2 reads as follows:
	``lender'' means
	. . .
	(b) a bank;
	Northwest Territories Act
	Clause 171: Subsection 24(2) reads as follows:
	(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.
	Pension Benefits Standards Act, 1985
	Clause 172: The relevant portion of subsection 4(4) reads as follows:
	(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,
	. . .
	(g) any bank;
	Proceeds of Crime (money laundering) Act
	Clause 173: The relevant portion of section 3 reads as follows:
	3. This Act applies to
	(a) a bank to which the Bank Act applies;
	Canada Shipping Act
	Clause 174: (1) Subsection 191(2) reads as follows:
	(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.
	(2) The definition ``savings bank'' in subsection 191(4) reads as follows:
	``savings bank'' means a Government Savings Bank or a bank or savings bank in Canada.
	(3) New.
	Clause 175: Section 192 reads as follows:
	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.
	(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.
	Clause 176: Subsection 193(1) reads as follows:
	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.
	Canada Student Loans Act
	Clause 177: The relevant portion of the definition ``lender'' in subsection 2(1) reads as follows:
	``lender'' means
	(a) a bank,
	Yukon Act
	Clause 178: Subsection 24(2) reads as follows:
	(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.