Bank Act — B-1.01 507
ment by entity associated (5) For the purposes of this Part, an entity associated with a foreign bank is deemed to hold a substantial investment in a Canadian entity if (a) the entity and the foreign bank, or (b) the entity and one or more other entities associated with the foreign bank would, if they were one person, hold a substantial investment in the Canadian entity. Deemed control by foreign bank (6) For the purposes of this Part, a foreign bank is deemed to control a Canadian entity if (a) the foreign bank and one or more entities associated with the foreign bank, or (b) two or more entities associated with the foreign bank would, if they were one person, control the Canadian entity. Deemed control by entity associated (7) For the purposes of this Part, an entity associated with a foreign bank is deemed to control a Canadian entity if (a) the entity and the foreign bank, or (b) the entity and one or more other entities associated with the foreign bank would, if they were one person, control the Canadian entity. Person is a major owner (8) For the purposes of this Part, a person, other than a foreign bank or an entity associated with a foreign bank, (a) is a major owner of an unincorporated Canadian entity if the aggregate of any ownership interests, however designated, into which the unincorporated Canadian entity is divided that are beneficially owned by the person and that are beneficially owned by any entities controlled by the person is more than 35 per cent of all of the ownership interests into which the unincorporated Canadian entity is divided; and (b) is a major owner of a Canadian entity that is a body corporate if (i) the aggregate of the shares of any class of voting shares of the Canadian entity that are beneficially owned by the person and that are beneficially owned by any entities controlled by the person is more than 20 per cent of the outstanding shares of that class of voting shares of the Canadian entity, or (ii) the aggregate of the shares of any class of non-voting shares of the Canadian entity that are beneficially owned by the person and that are beneficially owned by any entities controlled by the person is more than 30 per cent of the outstanding shares of that class of non-voting shares of the Canadian entity. Foreign bank a major owner (9) For the purposes of this Part, a foreign bank (a) is a major owner of an unincorporated Canadian entity if the aggregate of any ownership interests, however designated, into which the unincorporated Canadian entity is divided that are beneficially owned by the foreign bank and that are beneficially owned by any entities associated with the foreign bank is more than 35 per cent of all of the ownership interests into which the unincorporated Canadian entity is divided; and (b) is a major owner of a Canadian entity that is a body corporate if (i) the aggregate of the shares of any class of voting shares of the Canadian entity that are beneficially owned by the foreign bank and that are beneficially owned by any entities associated with the foreign bank is more than 20 per cent of the outstanding shares of that class of voting shares of the Canadian entity, or (ii) the aggregate of the shares of any class of non-voting shares of the Canadian entity that are beneficially owned by the foreign bank and that are beneficially owned by any entities associated with the foreign bank is more than 30 per cent of the outstanding shares of that class of non-voting shares of the Canadian entity. Associated entity a major owner (10) For the purposes of this Part, an entity associated with a foreign bank (a) is a major owner of an unincorporated Canadian entity if the aggregate of any ownership interests, however designated, into which the unincorporated Canadian entity is divided that are beneficially owned by the entity associated with the foreign bank, that are beneficially owned by the foreign bank and that are beneficially owned by any other entities associated with the f