Bank Act — B-1.01 374
Limitations on share holdings 374 (1) No person may be a major shareholder of a bank with equity of twelve billion dollars or more. Exception — federal credit union (1.1) Subsection (1) does not apply in respect of a person who is a major shareholder of a federal credit union. Exception — widely held bank (2) Subsection (1) does not apply to a widely held bank that controls, within the meaning of paragraphs 3(1)(a) and (d), the bank with equity of twelve billion dollars or more if it controlled, within the meaning of those paragraphs, the bank on the day the bank’s equity reached twelve billion dollars and it has controlled, within the meaning of those paragraphs, the bank since that day. Exception — widely held bank holding company (3) Subsection (1) does not apply to a widely held bank holding company that controls, within the meaning of paragraphs 3(1)(a) and (d), the bank with equity of twelve billion dollars or more if (a) the bank holding company controlled, within the meaning of those paragraphs, the bank on the day the bank’s equity reached twelve billion dollars and it has controlled, within the meaning of those paragraphs, the bank since that day; (b) the bank holding company acquired control, within the meaning of those paragraphs, of the bank under section 677 or 678 and the bank holding company has continued to control, within the meaning of those paragraphs, the bank since the day the bank holding company acquired control; or (c) the bank was a subsidiary of another bank that was continued under section 684 as the bank holding company and the bank holding company has continued to control, within the meaning of those paragraphs, the bank since the day it came into existence as a bank holding company. Exception — insurance holding companies and certain institutions (4) Subsection (1) does not apply to any of the following that controls, within the meaning of paragraph 3(1)(d), the bank with equity of twelve billion dollars or more if it controlled, within the meaning of that paragraph, the bank on the day the bank’s equity reached twelve billion dollars and it has controlled, within the meaning of that paragraph, the bank since that day: (a) a widely held insurance holding company; (b) an eligible Canadian financial institution, other than a bank; or (c) an eligible foreign institution. Exception — other entities (5) Subsection (1) does not apply to an entity that controls, within the meaning of paragraphs 3(1)(a) and (d), the bank with equity of twelve billion dollars or more if the entity is controlled, within the meaning of those paragraphs, by a widely held bank to which subsection (2) applies, or a widely held bank holding company to which subsection (3) applies, that controls the bank. Exception — other entities (6) Subsection (1) does not apply to an entity that controls, within the meaning of paragraph 3(1)(d), the bank with equity of twelve billion dollars or more if the entity is controlled, within the meaning of that paragraph, by (a) a widely held insurance holding company to which subsection (4) applies that controls the bank; (b) an eligible Canadian financial institution to which subsection (4) applies, other than a bank, that controls the bank; or (c) an eligible foreign institution to which subsection (4) applies that controls the bank. 1991, c. 46, s. 374, c. 48, s. 494; 2001, c. 9, s. 98; 2007, c. 6, s. 132; 2010, c. 12, s. 2052; 2012, c. 5, s. 12