GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bank Act — B-1.01 413
Restriction on deposit taking 413 (1) A bank shall not accept deposits in Canada unless (a) it is a member institution, as defined in section 2 of the Canada Deposit Insurance Corporation Act ; (b) it has been authorized under subsection 26.03(1) of that Act to accept deposits without being a member institution, as defined in section 2 of that Act; or (c) the order approving the commencement and carrying on of business by the bank authorizes it to accept deposits solely in accordance with subsection (3). (2) [Repealed, 2001, c. 9, s. 102] Deposits that fall below $150,000 (3) A bank referred to in paragraph (1)(b) or (c) shall ensure that, on each day that is at least 30 days after the bank receives the authorization referred to in that paragraph, A/B ≤ 0.01 where A is the sum of all amounts each of which is the sum of all the deposits held by the bank at the end of a day in the preceding 30 days each of which deposits is less than $150,000 and payable in Canada; and B is the sum of all amounts each of which is the sum of all deposits held by the bank at the end of a day in those preceding 30 days and payable in Canada. Exchange rate (4) For the purpose of subsection (3), the rate of exchange that shall be applied on any day in determining the amount in Canadian dollars of a deposit in a currency of a country other than Canada shall be determined in accordance with rules prescribed under subsection 26.03(2) of the Canada Deposit Insurance Corporation Act . Definition of deposit (5) For the purpose of subsection (3), deposit has the meaning that would be given to it by the schedule to the Canada Deposit Insurance Corporation Act for the purposes of deposit insurance if that schedule were read without reference to subsections 2(2), (5) and (6) of that schedule, but does not include prescribed deposits. Regulations (6) The Governor in Council may make regulations (a) prescribing the deposits referred to in subsection (5); and (b) prescribing terms and conditions with respect to the acceptance of those deposits. 1991, c. 46, s. 413; 1997, c. 15, s. 43; 1999, c. 28, s. 21.1; 2001, c. 9, s. 102; 2007, c. 6, s. 23
Bank Act — B-1.01 413.2
Deposits less than $150,000 413.2 (1) Subject to the regulations, a bank referred to in paragraph 413(1)(b) or (c) 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. Meaning of deposit (2) In this section, deposit has the meaning assigned to that term by subsection 413(5). Regulations (3) The Governor in Council may make regulations respecting the circumstances in which, and the conditions under which, a 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. 2001, c. 9, s. 104; 2007, c. 6, s. 25
Bank Act — B-1.01 413.3
Shared premises 413.3 (1) Subject to the regulations, no bank referred to in paragraph 413(1)(b) or (c) 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 bank. Limitation (2) Subsection (1) only applies in respect of premises or any portion of premises on which both the bank and the member institution carry on business with the public and to which the public has access. Adjacent premises (3) Subject to the regulations, no bank referred to in paragraph 413(1)(b) or (c) 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 bank, unless the 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. Regulations (4) The Governor in Council may make regulations (a) respecting the circumstances in which, and the conditions under which, a bank referred to in paragraph 413(1)(b) or (c) may carry on business in Canada on premises that are shared with those of a member institution referred to in subsection (1); and (b) respecting the circumstances in which, and the conditions under which, a bank referred to in paragraph 413(1)(b) or (c) may carry on business in Canada on premises that are adjacent to a branch or office of a member institution referred to in subsection (3). 2001, c. 9, s. 104; 2007, c. 6, s. 26
Bank Act — B-1.01 414
Restriction on guarantees 414 (1) A bank shall not guarantee on behalf of any person the payment or repayment of any sum of money unless (a) the sum of money is a fixed sum of money with or without interest thereon; and (b) the person on whose behalf the bank has undertaken to guarantee the payment or repayment has an unqualified obligation to reimburse the bank for the full amount of the payment or repayment to be guaranteed. Exception (2) Paragraph (1)(a) does not apply where the person on whose behalf the bank has undertaken to guarantee the payment or repayment is a subsidiary of the bank. Regulations (3) The Governor in Council may make regulations imposing terms and conditions in respect of guarantees permitted by this section. 1991, c. 46, s. 414; 1997, c. 15, s. 44; 2001, c. 9, s. 105
Bank Act — B-1.01 415
Restriction on securities activities 415 A bank shall not deal in Canada in securities to the extent prohibited or restricted by such regulations as the Governor in Council may make for the purposes of this section.
Bank Act — B-1.01 415.1
Prohibition 415.1 (1) It is prohibited for a bank to issue a debt obligation in relation to which the amounts of principal and interest owing are guaranteed to be paid from loans or other assets held by an entity that is created and organized for the principal purpose of holding those loans or other assets and with the intention of legally isolating those loans or other assets from the bank, unless (a) the debt obligation is a covered bond as defined in section 21.5 of the National Housing Act ; (b) the bank is a registered issuer as defined in section 21.5 of that Act other than one whose right to issue covered bonds has been suspended; and (c) the debt obligation is issued under a registered program as defined in section 21.5 of that Act. Exception (2) The Governor in Council may make regulations exempting any type of debt obligation from the application of subsection (1). 2012, c. 19, s. 362
Bank Act — B-1.01 415.2
Derivatives and eligible financial contracts — regulations 415.2 (1) The Governor in Council may make regulations respecting a bank’s activities in relation to derivatives and eligible financial contracts. Definition of derivative (2) In this section, derivative means an option, swap, futures contract, forward contract or other financial or commodity contract or instrument whose market price, value, delivery obligations, payment obligations or settlement obligations are derived from, referenced to or based on an underlying interest, including a price, rate, index, value, variable, event, probability or thing. Definition of eligible financial contract (3) In this section, eligible financial contract has the same meaning as in subsection 39.15(9) of the Canada Deposit Insurance Corporation Act . 2014, c. 20, s. 210; 2016, c. 7, s. 157
Bank Act — B-1.01 415.3
Benchmarks  — regulations 415.3 (1) The Governor in Council may make regulations respecting a bank’s activities in relation to benchmarks. Definition of benchmark (2) In this section, benchmark means a price, estimate, rate, index or value that is (a) determined from time to time by reference to an assessment of one or more underlying interests; (b) made available to the public, either free of charge or on payment; and (c) used for reference for any purpose, including (i) determining the interest payable, or other sums that are due, under loan agreements or other financial contracts or instruments, (ii) determining the value of financial instruments or the price at which they may be bought or sold, and (iii) measuring the performance of financial instruments. 2014, c. 20, s. 210
Bank Act — B-1.01 416
Restriction on insurance business 416 (1) A bank shall not undertake the business of insurance except to the extent permitted by this Act or the regulations. Restriction on acting as agent (2) A bank shall not act in Canada as agent for any person in the placing of insurance and shall not lease or provide space in any branch in Canada of the bank to any person engaged in the placing of insurance. Regulations (3) The Governor in Council may make regulations respecting the matters referred to in subsection (1) and regulations respecting relations between banks and (a) entities that undertake the business of insurance; or (b) insurance agents or insurance brokers. Saving (4) Nothing in this section precludes a bank from (a) requiring insurance to be placed by a borrower for the security of the bank; or (b) obtaining group insurance for its employees or the employees of any bodies corporate in which it has a substantial investment pursuant to section 468. (5) [Repealed, 1997, c. 15, s. 45] Definition of business of insurance (6) In this section, business of insurance includes (a) the issuance of any annuity if the liability in respect of the annuity is contingent on the death of a person; and (b) the issuance of any debt obligation, any of whose terms and conditions are established on the basis of mortality considerations, under which the issuer is obliged to make periodic payments. 1991, c. 46, s. 416; 1997, c. 15, s. 45; 2012, c. 19, s. 206
Bank Act — B-1.01 417
Restriction on leasing 417 A 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. 1991, c. 46, s. 417; 2001, c. 9, s. 106
Bank Act — B-1.01 417.1
Federal credit union 417.1 (1) Despite section 417, if, on the day before the day on which a local cooperative credit society is continued as a federal credit union under this Act, the local cooperative credit society or its subsidiary is engaging in any of the following activities, the federal credit union may, with the Minister’s approval, engage in that activity: (a) the leasing of motor vehicles in Canada for the purpose of extending credit to a customer or financing a customer’s acquisition of a motor vehicle; (b) providing temporary possession of motor vehicles to customers in Canada for a purpose other than to finance a customer’s acquisition of a motor vehicle. Amalgamation (2) Despite section 417, if, on the day before the day on which it amalgamates with another federal credit union under this Act, a federal credit union or its subsidiary is engaging in an activity referred to in paragraph (1)(a) or (b), the federal credit union resulting from that amalgamation may, with the Minister’s approval, engage in that activity. Past continuation (3) A federal credit union may, with the Minister’s approval, engage in an activity referred to in paragraph (1)(a) or (b) if (a) the federal credit union was continued from a local cooperative credit society before the day on which this subsection comes into force; and (b) the local cooperative credit society, or its subsidiary, was engaging in the activity on the day before it was continued. Conditions (4) The Minister may, in granting an approval under this section, impose any terms and conditions, including limits on where the activity may be engaged in and what types of motor vehicles and how many of those vehicles may be leased, or require any undertaking that the Minister considers appropriate. 2026, c. 3, s. 348
Bank Act — B-1.01 418
Restriction on residential mortgages 418 (1) A bank shall not make a loan in Canada on the security of residential property in Canada for the purpose of purchasing, renovating or improving that property, or refinance such a loan, if the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, would exceed 80 per cent of the value of the property at the time of the loan. Exception (2) Subsection (1) does not apply in respect of (a) a loan made or guaranteed under the National Housing Act or any other Act of Parliament by or pursuant to which a different limit on the value of property on the security of which the bank may make a loan is established; (b) a loan if repayment of the amount of the loan that exceeds the maximum amount set out in subsection (1) is guaranteed or insured by a government agency or a private insurer approved by the Superintendent; (c) the acquisition by the bank from an entity of securities issued or guaranteed by the entity that are secured on any residential property, whether in favour of a trustee or otherwise, or the making of a loan by the bank to the entity against the issue of such securities; or (d) a loan secured by a mortgage where (i) the mortgage is taken back by the bank on a property disposed of by the bank, including where the disposition is by way of a realization of a security interest, and (ii) the mortgage secures payment of an amount payable to the bank for the property. 1991, c. 46, s. 418; 1997, c. 15, s. 46; 2007, c. 6, s. 27
Bank Act — B-1.01 418.1
Restriction on charges to borrowers 418.1 (1) Subject to any regulations made under subsection (2), a bank that has obtained insurance or a guarantee against default on a loan made in Canada on the security of residential property shall not charge a borrower an amount for the insurance or guarantee that exceeds the actual cost to the bank of the insurance or guarantee. Regulations (2) The Governor in Council may make regulations (a) respecting the determination of the actual cost to a bank for the purposes of subsection (1); (b) respecting the circumstances in which a bank is exempt from the application of subsection (1); (c) respecting, in relation to insurance or a guarantee against default on a loan made by a bank in Canada on the security of residential property, (i) the arrangements into which the bank and any affiliates that it controls, and the representatives and the employees of each, may or may not enter, and (ii) the payments or benefits that the bank and any affiliates that it controls, and the representatives and the employees of each, may or may not accept from an insurer or the insurer’s affiliates; and (d) respecting any other matters necessary to carry out the purposes of subsection (1). (3) [Repealed, 2018, c. 27, s. 320] 2009, c. 2, s. 270; 2012, c. 5, s. 35(E) 2018, c. 27, s. 320
Bank Act — B-1.01 419
Policies re security interests 419 (1) The directors of a bank shall establish and the bank shall adhere to policies regarding the creation of security interests in property of the bank to secure obligations of the bank and the acquisition by the bank of beneficial interests in property that is subject to security interests. Order to amend policies (2) The Superintendent may, by order, direct a bank to amend its policies as specified in the order. Compliance (3) A bank shall comply with an order made under subsection (2) within the time specified in the order. 1991, c. 46, s. 419; 2001, c. 9, s. 107
Bank Act — B-1.01 419.1
Regulations and guidelines 419.1 The Governor in Council may make regulations and the Superintendent may make guidelines respecting the creation by a bank of security interests in its property to secure obligations of the bank and the acquisition by the bank of beneficial interests in property that is subject to security interests. 2001, c. 9, s. 107
Bank Act — B-1.01 419.2
Exception 419.2 Sections 419 and 419.1 do not apply in respect of a security interest created by a bank to secure an obligation of the bank to the Bank of Canada or the Canada Deposit Insurance Corporation. 2001, c. 9, s. 107
Bank Act — B-1.01 420
Restriction on receivers 420 A bank shall not grant to a person the right to appoint a receiver or a receiver and manager of the property or business of the bank.
Bank Act — B-1.01 421
Restriction on partnerships 421 (1) Except with the approval of the Superintendent, a bank may not be a general partner in a limited partnership or a partner in a general partnership. Meaning of general partnership (2) For the purposes of subsection (1), general partnership means any partnership other than a limited partnership. 1991, c. 46, s. 421; 2001, c. 9, s. 108
Bank Act — B-1.01 422
422 (1) [Repealed, 2001, c. 9, s. 109] (2) [Repealed, 1993, c. 44, s. 27]
Bank Act — B-1.01 422.1
Definition of non-WTO Member bank subsidiary 422.1 In section 422.2, non-WTO Member bank subsidiary means a bank that is a subsidiary of a foreign bank and that is not controlled by a WTO Member resident. 1993, c. 44, s. 28; 1994, c. 47, s. 24; 1999, c. 28, s. 22; 2001, c. 9, s. 110
Bank Act — B-1.01 422.2
Limitation on branches in Canada of non-WTO Member bank subsidiaries 422.2 No non-WTO Member bank subsidiary shall have any branch in Canada, other than its head office and one branch, without the approval of the Minister. 1993, c. 44, s. 28; 1999, c. 28, s. 22
Bank Act — B-1.01 422.3 to 424
422.3 to 424 [Repealed, 1994, c. 47, s. 25]
Bank Act — B-1.01
agricultural equipment means implements, apparatus, appliances and machinery of any kind usually affixed to real property, for use on a farm, but does not include a farm electric system; ( installations agricoles ou matériel agricole immobilier )
Bank Act — B-1.01
agricultural implements means tools, implements, apparatus, appliances and machines of any kind not usually affixed to real property, for use on or in connection with a farm, and vehicles for use in the business of farming and, without restricting the generality of the foregoing, includes plows, harrows, drills, seeders, cultivators, mowing machines, reapers, binders, threshing machines, combines, leaf tobacco tying machines, tractors, movable granaries, trucks for carrying products of agriculture, equipment for bee-keeping, cream separators, churns, washing machines, spraying apparatus, portable irrigation apparatus, incubators, milking machines, refrigerators and heating and cooking appliances for farming operations or use in the farm home of a kind not usually affixed to real property; ( instruments agricoles ou matériel agricole mobilier )
Bank Act — B-1.01
aquacultural electric system means all machinery, apparatus and appliances for the generation or distribution of electricity in an aquaculture operation, whether or not affixed to real property; ( installation électrique aquicole )
Bank Act — B-1.01
aquacultural equipment means implements, apparatus, appliances and machinery of any kind usually affixed to real property for use in an aquaculture operation, but does not include an aquacultural electric system; ( installations aquicoles ou matériel aquicole immobilier )
Bank Act — B-1.01
aquacultural implements means tools, implements, apparatus, appliances and machines of any kind not usually affixed to real property, for use in an aquaculture operation, and includes net pen systems, vehicles and boats for use in aquaculture; ( instruments aquicoles ou matériel aquicole mobilier )
Bank Act — B-1.01
aquacultural stock growing or produced in the aquaculture operation means all products of the aquaculture operation; ( stock en croissance ou produits de l’exploitation aquicole )
Bank Act — B-1.01
aquaculture means the cultivation of aquatic plants and animals; ( aquiculture )
Bank Act — B-1.01
aquaculture operation means any premises or site where aquaculture is carried out; ( exploitation aquicole )
Bank Act — B-1.01
aquaculturist includes the owner, occupier, landlord and tenant of an aquaculture operation; ( aquiculteur )
Bank Act — B-1.01
aquatic broodstock means any aquatic plants and animals used to produce aquatic seedstock; ( stock géniteur aquicole )
Bank Act — B-1.01
aquatic plants and animals means plants and animals that, at most stages of their development or life cycles, live in an aquatic environment; ( organismes animaux et végétaux aquatiques )
Bank Act — B-1.01
aquatic seedstock means aquatic plants and animals that at any stage of their development are purchased or collected by an aquaculturist for cultivation; ( stock aquicole de départ )
Bank Act — B-1.01 (a)
bill of lading includes all receipts for goods, wares and merchandise accompanied by an undertaking (a) to move the goods, wares and merchandise from the place where they were received to some other place, by any means whatever, or (b) to deliver to a place other than the place where the goods, wares and merchandise were received a like quantity of goods, wares and merchandise of the same or a similar grade or kind; ( connaissement )
Bank Act — B-1.01
crops growing or produced on the farm means all products of the farm; ( récoltes sur pied ou produites à la ferme )
Bank Act — B-1.01
farm means land in Canada used for the purpose of farming, which term includes livestock raising, dairying, bee-keeping, fruit growing, the growing of trees and all tillage of the soil; ( ferme )
Bank Act — B-1.01
farm electric system means all machinery, apparatus and appliances for the generation or distribution of electricity on a farm whether or not affixed to real property; ( installation électrique de ferme )
Bank Act — B-1.01
farmer includes the owner, occupier, landlord and tenant of a farm; ( agriculteur )
Bank Act — B-1.01
fish includes shellfish, crustaceans and marine animals; ( poisson )
Bank Act — B-1.01
fisherman means a person whose business consists in whole or in part of fishing; ( pêcheur )
Bank Act — B-1.01
fishing means fishing for or catching fish by any method; ( pêche )
Bank Act — B-1.01
fishing equipment and supplies means equipment, apparatus, appliances and supplies for use in the operation of a fishing vessel and not forming part thereof, or for use in fishing, and, without restricting the generality of the foregoing, includes detachable engines and machinery, lines, hooks, trawls, nets, anchors, traps, bait, salt, fuel and stores; ( engins et fournitures de pêche )
Bank Act — B-1.01
fishing vessel means any ship or boat or any other description of vessel for use in fishing and equipment, apparatus and appliances for use in the operation thereof and forming part thereof, or any share or part interest therein; ( bateau de pêche )
Bank Act — B-1.01
forest means land in Canada covered with timber stands or that, formerly so covered, is not put to any use inconsistent with forestry, and includes a sugar bush; ( forêt )
Bank Act — B-1.01
forestry means the conservation, cultivation, improvement, harvesting and rational utilization of timber stands and the resources contained therein and obtainable therefrom, and includes the operation of a sugar bush; ( sylviculture )
Bank Act — B-1.01
forestry equipment means implements, apparatus, appliances and machinery of any kind usually affixed to real property, for use in a forest; ( matériel sylvicole immobilier )
Bank Act — B-1.01
forestry implements means tools, implements, apparatus, appliances and machines of any kind not usually affixed to real property, for use in forestry, and includes vehicles for use in forestry; ( matériel sylvicole mobilier )
Bank Act — B-1.01
forestry producer means a person whose business consists in whole or in part of forestry and includes a producer of maple products; ( sylviculteur )
Bank Act — B-1.01
goods, wares and merchandise includes products of agriculture, products of aquaculture, products of the forest, products of the quarry and mine, products of the sea, lakes and rivers, and all other articles of commerce; ( effets, denrées ou marchandises )
Bank Act — B-1.01
grain includes wheat, oats, barley, rye, corn, buckwheat, flax, beans and all kinds of seeds; ( grain )
Bank Act — B-1.01
hydrocarbons means solid, liquid and gaseous hydrocarbons and any natural gas whether consisting of a single element or of two or more elements in chemical combination or uncombined and, without restricting the generality of the foregoing, includes oil-bearing shale, tar sands, crude oil, petroleum, helium and hydrogen sulphide; ( hydrocarbures )