GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bank Act — B-1.01 654
Expenses payable by bank 654 (1) If the Superintendent has taken control of a bank under subparagraph 648(1)(b)(iii) or paragraph 648(1.11)(d) and the control expires or is relinquished under section 650 or paragraph 652(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 and by authorized foreign banks under section 23 of the Office of the Superintendent of Financial Institutions Act , together with any interest in respect of the expenses at any rate that is specified by the Superintendent. Debt due to Her Majesty (2) Where any direction is made under subsection (1), the amount for which the bank is liable is a debt due to Her Majesty in right of Canada payable on demand and is recoverable in the Federal Court or any other court of competent jurisdiction. 1999, c. 28, s. 55 2023, c. 26, s. 566(E)
Bank Act — B-1.01 655
Priority of claim in liquidation 655 In the case of the winding-up of a bank, the expenses resulting from the taking of control of the bank under subsection 648(1) or (1.11) and assessed against and paid by other banks and by authorized foreign banks under section 23 of the Office of the Superintendent of Financial Institutions Act , and interest in respect of the expenses at any rate that is specified by the Superintendent, constitute a claim of His 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 or membership shares of the bank. 1999, c. 28, s. 56; 2010, c. 12, s. 2082 2023, c. 26, s. 567(E)
Bank Act — B-1.01 656
Application of assessment 656 Any amount recovered pursuant to section 654 or 655 shall be applied to reduce the total amount of expenses incurred for or in connection with the administration of this Act. 1999, c. 28, s. 57
Bank Act — B-1.01 657
Required information 657 A bank, authorized foreign bank or external complaints body must provide the Commissioner with the information at the times and in the form that he or she may require for the purposes of the administration of the Financial Consumer Agency of Canada Act and the consumer provisions. 1999, c. 28, s. 58; 2001, c. 9, s. 183; 2010, c. 25, s. 151
Bank Act — B-1.01 658
Confidential information 658 (1) Subject to subsection (2), information regarding the business or affairs of a bank, authorized foreign bank or external complaints body or regarding persons dealing with any of them that is obtained by the Commissioner or by any person acting under the Commissioner’s direction, in the course of the exercise or performance of powers, duties and functions referred to in subsection 5(1) of the Financial Consumer Agency of Canada Act , and any information prepared from that information, is confidential and shall be treated accordingly. Disclosure permitted (2) If the Commissioner is satisfied that the information will be treated as confidential by the agency, body or person to whom it is disclosed, subsection (1) does not prevent the Commissioner from disclosing it (a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision; (b) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision; (c) to the Canada Deposit Insurance Corporation, for purposes related to its operation; and (d) to the Deputy Minister of Finance or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance or to the Governor of the Bank of Canada or any officer of the Bank of Canada authorized in writing by the Governor of the Bank of Canada, for the purposes of policy analysis related to the regulation of financial institutions. 1999, c. 28, s. 59; 2001, c. 9, s. 183; 2010, c. 25, s. 152
Bank Act — B-1.01 659
Examination of banks 659 (1) The Commissioner, from time to time but at least once in each calendar year, shall make or cause to be made any examination and inquiry that the Commissioner considers necessary for the purposes of satisfying the Commissioner that the applicable consumer provisions are being complied with and, after the conclusion of each examination and inquiry, shall report on it to the Minister. Special audit (1.1) The Commissioner may direct that a special audit be made in accordance with any terms and conditions that he or she considers appropriate if, in the opinion of the Commissioner, it is required for the purposes of the administration of the Financial Consumer Agency of Canada Act and the consumer provisions, and may appoint for that purpose (a) with respect to a bank or an authorized foreign bank, a firm of accountants qualified under subsection 315(1); and (b) with respect to the external complaints body, a firm of accountants , as defined in section 313. Report to Commissioner (1.2) If a bank, an authorized foreign bank or the external complaints body is the subject of a special audit, it shall provide the Commissioner with the results of the audit. Expenses payable (1.3) The expenses incurred in respect of any special audit are payable by the bank, the authorized foreign bank or the external complaints body that is the subject of the audit. Access to records of bank (2) The Commissioner, or a person acting under the Commissioner’s direction, in carrying out his or her duties under this section (a) has a right of access to any records, including electronic records, of a bank, authorized foreign bank or external complaints body; and (b) may require the directors or officers of a bank, authorized foreign bank or external complaints body to provide information and explanations, to the extent that they are reasonably able to do so, in respect of any matter subject to examination, inquiry or audit under this section. 1999, c. 28, s. 59; 2001, c. 9, s. 183; 2010, c. 25, s. 153 2018, c. 27, s. 331 2023, c. 26, s. 134
Bank Act — B-1.01 660
Power of Commissioner on inquiry 660 The Commissioner, in carrying out his or her duties in relation to consumer provisions, has all the powers of a person appointed as a commissioner under Part II of the Inquiries Act for the purpose of obtaining evidence under oath, and may delegate those powers to any person acting under the Commissioner’s direction. 1999, c. 28, s. 60; 2001, c. 9, s. 183
Bank Act — B-1.01 661
Compliance agreement 661 The Commissioner may enter into an agreement, called a “compliance agreement”, with a bank, an authorized foreign bank or the external complaints body for the purposes of implementing any measure that is designed so as to further compliance by it with the consumer provisions. 1999, c. 28, s. 61; 2001, c. 9, s. 183; 2010, c. 25, s. 154 2023, c. 26, s. 135
Bank Act — B-1.01 661.1
Commissioner’s directions 661.1 (1) If, in the opinion of the Commissioner, a bank, authorized foreign bank or person, in conducting the business of the bank or authorized foreign bank, fails to comply, or there are reasonable grounds to believe that the bank, authorized foreign bank or person will fail to comply, with a compliance agreement, a consumer provision or this Part, the Commissioner may direct the bank, authorized foreign bank or person to comply with them and to perform any act that in the opinion of the Commissioner is necessary to do so. Directions — external complaints body (1.1) If, in the opinion of the Commissioner, the external complaints body fails, or there are reasonable grounds to believe that it will fail, to comply with a compliance agreement or any of paragraphs 627.49(b) to (m) or to discharge its functions and perform its activities in a manner that is consistent with the purpose set out in section 627.471, the Commissioner may direct the external complaints body to comply with them or to so discharge its functions and perform its activities and to perform any act that in the opinion of the Commissioner is necessary to do so. Opportunity for representations (2) Subject to subsection (3), no direction shall be issued under subsection (1) or (1.1) unless the bank, authorized foreign bank or person or the external complaints body is provided with a reasonable opportunity to make representations in respect of the matter. Temporary direction (3) If, in the opinion of the Commissioner, the length of time required for representations to be made under subsection (2) might be prejudicial to the public interest, the Commissioner may make a temporary direction with respect to the matters referred to in subsection (1) or (1.1) that has effect for a period of not more than 15 days. Continued effect (4) A temporary direction under subsection (3) continues to have effect after the end of the 15-day period referred to in that subsection if no representations are made to the Commissioner within that period or, if representations have been made, the Commissioner notifies the bank, authorized foreign bank, person or external complaints body that the Commissioner is not satisfied that there are sufficient grounds for revoking the direction. 2018, c. 27, s. 332 2023, c. 26, s. 136
Bank Act — B-1.01 661.2
Court enforcement 661.2 (1) If a bank, authorized foreign bank or person, in conducting the business of the bank or authorized foreign bank, contravenes or fails to comply with a compliance agreement or a direction made under subsection 661.1(1) or (3), contravenes this Act or omits to do any thing that is required to be done under this Act by or on the part of the bank, authorized foreign bank or person, the Commissioner may, in addition to any other action that may be taken under this Act, apply to a court for an order requiring the bank, authorized foreign bank or person to comply with the compliance agreement or the direction, cease the contravention or do any thing that is required to be done, and on the application the court may so order and make any other order it thinks fit. Court enforcement — external complaints body (1.1) If the external complaints body contravenes or fails to comply with a compliance agreement, any of paragraphs 627.49(b) to (m) or a direction made under subsection 661.1(1.1) or (3), the Commissioner may, in addition to any other action that may be taken under this Act, apply to a court for an order requiring the external complaints body to comply with the compliance agreement or the direction, cease the contravention or do any thing that is required to be done, and on the application the court may so order and make any other order it thinks fit. Appeal (2) An appeal from a decision of a court under subsection (1) or (1.1) lies in the same manner, and to the same court, as an appeal from any other order of the court. 2018, c. 27, s. 332 2023, c. 26, s. 137
Bank Act — B-1.01 662
Purpose 662 The purpose of this Part is to provide for the incorporation, formation and regulation of bank holding companies. 1999, c. 28, s. 61; 2001, c. 9, s. 183
Bank Act — B-1.01 663
Definitions 663 (1) The following definitions apply in this Part. complainant , in relation to a bank holding company or any matter concerning a bank holding company, means (a) a registered holder or beneficial owner, and a former registered holder or beneficial owner, of a security of a bank holding company or any of its affiliates; (b) a director or an officer, or a former director or officer, of a bank holding company or any of its affiliates; or (c) any other person who, in the discretion of a court, is a proper person to make an application under section 334, 338 or 989. ( plaignant ) subordinated indebtedness means an instrument evidencing an indebtedness of a bank holding company that by its terms provides that the indebtedness will, in the event of the insolvency or winding-up of the bank holding company, be subordinate in right of payment to all liabilities of the bank holding company except those that, by their terms, rank equally with or are subordinate to such indebtedness. ( titre secondaire ) Provisions in other Parts (2) A reference in a provision of this Part to a provision in any other Part is deemed to be a reference to that provision as it has been made applicable by this Part in respect of bank holding companies. References in other Parts (3) A reference in a provision of another Part to a provision that has been made applicable in respect of bank holding companies by this Part is to be read as including a reference to that provision as it has been made applicable in respect of bank holding companies. 1999, c. 28, s. 61; 2001, c. 9, s. 183
Bank Act — B-1.01 (a)
complainant , in relation to a bank holding company or any matter concerning a bank holding company, means (a) a registered holder or beneficial owner, and a former registered holder or beneficial owner, of a security of a bank holding company or any of its affiliates; (b) a director or an officer, or a former director or officer, of a bank holding company or any of its affiliates; or (c) any other person who, in the discretion of a court, is a proper person to make an application under section 334, 338 or 989. ( plaignant )
Bank Act — B-1.01
subordinated indebtedness means an instrument evidencing an indebtedness of a bank holding company that by its terms provides that the indebtedness will, in the event of the insolvency or winding-up of the bank holding company, be subordinate in right of payment to all liabilities of the bank holding company except those that, by their terms, rank equally with or are subordinate to such indebtedness. ( titre secondaire )
Bank Act — B-1.01 664
Corporate powers 664 (1) A bank holding company has the capacity of a natural person and, subject to this Act, the rights, powers and privileges of a natural person. Powers restricted (2) A bank holding company shall not carry on any business or exercise any power that it is restricted by this Act from carrying on or exercising, or exercise any of its powers in a manner contrary to this Act. Business in Canada (3) A bank holding company may carry on business throughout Canada. Powers outside Canada (4) Subject to this Act, a bank holding company has the capacity to carry on its business, conduct its affairs and exercise its powers in any jurisdiction outside Canada to the extent and in the manner that the laws of that jurisdiction permit. 1999, c. 28, s. 61; 2001, c. 9, s. 183
Bank Act — B-1.01 664.1
Policies and procedures — integrity or security 664.1 A bank holding company shall establish and adhere to policies and procedures to protect itself against threats to its integrity or security, including foreign interference. 2023, c. 26, s. 568
Bank Act — B-1.01 665
No invalidity 665 No act of a bank holding company, including any transfer of property to or by a bank holding company, is invalid by reason only that the act or transfer is contrary to the bank holding company’s incorporating instrument or this Act. 1999, c. 28, s. 62; 2001, c. 9, s. 183
Bank Act — B-1.01 666
By-law not necessary 666 It is not necessary for a bank holding company to pass a by-law in order to confer any particular power on the bank holding company or its directors. 1999, c. 28, s. 63; 2001, c. 9, s. 183
Bank Act — B-1.01 667
No personal liability 667 The shareholders of a bank holding company are not, as shareholders, liable for any liability, act or default of the bank holding company except as otherwise provided by this Act. 1999, c. 28, s. 63; 2001, c. 9, s. 183
Bank Act — B-1.01 668
No constructive notice 668 No person is affected by or is deemed to have notice or knowledge of the contents of a document concerning a bank holding company by reason only that the document has been filed with the Superintendent or the Minister or is available for inspection at an office of the bank holding company. 1999, c. 28, s. 64, c. 31, ss. 16(F), 250; 2001, c. 9, s. 183
Bank Act — B-1.01 669
Authority of directors, officers and representatives 669 (1) No bank holding company and no guarantor of an obligation of a bank holding company may assert against a person dealing with the bank holding company or against a person who has acquired rights from the bank holding company that (a) the bank holding company’s incorporating instrument or any by-laws of the bank holding company have not been complied with; (b) the persons named as directors of the bank holding company in the most recent return sent to the Superintendent under section 951 are not the directors of the bank holding company; (c) the place named in the incorporating instrument or by-laws of the bank holding company is not the place where the head office of the bank holding company is situated; (d) a person held out by the bank holding company as a director, officer or representative of the bank holding company has not been duly appointed or has no authority to exercise the powers and perform the duties that are customary in the business of the bank holding company or usual for a director, officer or representative; or (e) a document issued by any director, officer or representative of the bank holding company with actual or usual authority to issue the document is not valid or not genuine. Exception — knowledge (2) Subsection (1) does not apply in respect of a person who has or ought to have knowledge of a situation described in that subsection by virtue of their relationship to the bank holding company. 1999, c. 28, s. 65; 2001, c. 9, s. 183; 2005, c. 54, s. 83
Bank Act — B-1.01 670
Sunset provision 670 (1) Subject to subsections (2) and (4), bank holding companies shall not carry on business after June 30, 2033. Extension (2) The Governor in Council may, by order, extend by up to six months the time during which bank holding companies may continue to carry on business. No more than one order may be made under this subsection. Order not a regulation (3) The order is not a regulation for the purposes of the Statutory Instruments Act . However, it shall be published in Part II of the Canada Gazette . Exception — dissolution (4) If Parliament dissolves on the day set out in subsection (1) or on any day within the six-month period before that day or on any day within an extension ordered under subsection (2), bank holding companies may continue to carry on business until the end of the 180th day after the first day of the first session of the next Parliament. 1999, c. 28, s. 65; 2001, c. 9, s. 183; 2006, c. 4, s. 199.1; 2007, c. 6, s. 105; 2012, c. 5, s. 77; 2016, c. 7, s. 119; 2018, c. 12, s. 356 2021, c. 23, s. 155 2024, c. 17, s. 405 2026, c. 3, s. 249
Bank Act — B-1.01 671
Incorporation of bank holding company 671 On the application of one or more persons made in accordance with this Part, the Minister may, subject to this Division, issue letters patent incorporating a bank holding company. 1999, c. 28, s. 66; 2001, c. 9, s. 183
Bank Act — B-1.01 672
Restrictions on incorporation 672 Letters patent incorporating a bank holding company may not be issued if the application therefor is made by or on behalf of (a) Her Majesty in right of Canada or in right of a province, an agency of Her Majesty in either of those rights, or an entity controlled by Her Majesty in either of those rights; (b) the government of a foreign country or any political subdivision thereof; (c) an agency of the government of a foreign country or any political subdivision thereof; or (d) an entity, other than a foreign institution or any subsidiary of a foreign institution, that is controlled by the government of a foreign country or any political subdivision thereof. 1999, c. 28, s. 66; 2001, c. 9, s. 183
Bank Act — B-1.01 673
National treatment 673 If a proposed bank holding company would be a subsidiary of a foreign bank, within the meaning of any of paragraphs (a) to (f) of the definition foreign bank in section 2, letters patent to incorporate the bank holding company may not be issued unless the Minister is satisfied that, if the application is made by a non-WTO Member foreign bank, treatment as favourable for bank holding companies 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. 1999, c. 28, s. 67; 2001, c. 9, s. 183
Bank Act — B-1.01 674
Application for incorporation 674 An application for letters patent to incorporate a bank holding company setting out the names of the first directors of the bank holding company shall be filed with the Superintendent, together with such other information, material and evidence as the Superintendent may require. 1999, c. 28, s. 68; 2001, c. 9, s. 183
Bank Act — B-1.01 675
Matters for consideration 675 Before issuing letters patent to incorporate a bank holding company, the Minister shall take into account all matters that the Minister considers relevant to the application, including (a) the nature and sufficiency of the financial resources of the applicant or applicants as a source of continuing financial support for the bank that is proposed to be its subsidiary; (b) the soundness and feasibility of the plans of the applicant or applicants for the future conduct and development of the business of the bank that is proposed to be its subsidiary; (c) the business record and experience of the applicant or applicants; (d) the character and integrity of the applicant or applicants or, if the applicant or any of the applicants is a body corporate, its reputation for being operated in a manner that is consistent with the standards of good character and integrity; (e) whether the bank holding company will be operated responsibly by persons with the competence and experience suitable for involvement in the operation of a financial institution; (f) the impact of any integration of the businesses and operations of the applicant or applicants with those of the bank holding company and its affiliates on the conduct of those businesses and operations; and (g) the best interests of the financial system in Canada. 1999, c. 28, s. 69; 2000, c. 12, s. 6; 2001, c. 9, s. 183
Bank Act — B-1.01 676
Contents of letters patent 676 (1) There shall be set out in the letters patent incorporating a bank holding company (a) the name of the bank holding company; (b) the province in which the head office of the bank holding company is to be situated; and (c) the date that the bank holding company came, or is to come, into existence. Provisions in letters patent (2) The Minister may set out in the letters patent incorporating a bank holding company any provision not contrary to this Act that the Minister considers advisable in order to take into account the particular circumstances of the proposed bank holding company. Terms and conditions (3) The Minister may impose such terms and conditions in respect of the issuance of letters patent incorporating a bank holding company as the Minister considers necessary or appropriate. 1999, c. 28, s. 70; 2001, c. 9, s. 183; 2005, c. 54, s. 84