GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bank Act — B-1.01 617.1
Application 617.1 (1) This section applies only in respect of an authorized foreign bank (a) that has been notified by the Superintendent that this section applies to it where the authorized foreign bank is subject to measures designed to protect the interests of its depositors and creditors in respect of its business in Canada, which measures (i) have been specified by the Superintendent by way of conditions or limitations in respect of the order approving the commencement and carrying on of business in Canada by the authorized foreign bank, or (ii) are contained in a prudential agreement entered into under section 614.1 or an undertaking given by the authorized foreign bank to the Superintendent; or (b) that is the subject of a direction made under section 615 or an order made under section 617. Information to be provided (2) An authorized foreign bank shall provide the Superintendent with the name of any person who has been selected by the authorized foreign bank for appointment as principal officer, together with such other information about the background, business record and experience of the person as the Superintendent may require. When information to be provided (3) The information required by subsection (2) shall be provided to the Superintendent at least 30 days prior to the date of the appointment or within any shorter period that the Superintendent may allow. Disqualification (4) If the Superintendent is of the opinion that, on the basis of the competence, business record, experience, conduct or character of a person, he or she is not suitable to hold the position of principal officer, the Superintendent may, by order, disqualify the person from being appointed to that office. Risk of prejudice (5) In forming an opinion under subsection (4), the Superintendent must consider whether the interests of the depositors and creditors of the authorized foreign bank in respect of its business in Canada would likely be prejudiced if the person were to take office. Representations may be made (6) The Superintendent must in writing notify the person concerned and the authorized foreign bank of an order that the Superintendent proposes to make under subsection (4) and must afford them an opportunity within 15 days after the date of the notice, or within any longer period that the Superintendent allows, to make representations to the Superintendent in relation to the matter. Prohibition (7) If an order is made under subsection (4) disqualifying a person from being appointed as principal officer, the person shall not be, and the authorized foreign bank shall not permit the person to be, appointed to that position. 2001, c. 9, s. 169
Bank Act — B-1.01 617.2
Removal 617.2 (1) The Superintendent may, by order, remove a person from office as the principal officer of an authorized foreign bank if the Superintendent is of the opinion that the person is not suitable to hold that office (a) on the basis of the competence, business record, experience, conduct or character of the person; or (b) because the person has contravened or, by action or negligence, has contributed to the contravention of (i) this Act or the regulations made under it, (ii) a direction made under section 615, (iii) an order made under section 617, (iv) a condition or limitation in respect of the order approving the commencement and carrying on of business in Canada by the authorized foreign bank, or (v) a prudential agreement entered into under section 614.1 or an undertaking given by the authorized foreign bank to the Superintendent. Risk of prejudice (2) In forming an opinion under subsection (1), the Superintendent must consider whether the interests of the depositors and creditors of the authorized foreign bank in respect of its business in Canada have been or are likely to be prejudiced by the person’s holding office as principal officer. Representations may be made (3) The Superintendent must in writing notify the principal officer and the authorized foreign bank of any removal order that the Superintendent proposes to make under subsection (1) and must afford them an opportunity within 15 days after the date of the notice, or within any longer period that the Superintendent allows, to make representations to the Superintendent in relation to the matter. Suspension (4) If the Superintendent is of the opinion that the public interest is likely to be prejudiced by the principal officer continuing to exercise the powers or carry out the duties and functions of that office during the period for making representations, the Superintendent may make an order suspending the principal officer. The suspension may not extend beyond 10 days after the expiration of that period. Notice of order (5) The Superintendent shall, without delay, notify the principal officer and the authorized foreign bank of a removal order or suspension order. Consequences of removal order (6) The principal officer ceases to hold that office as of the date the removal order is made or any later date specified in the order. Appeal (7) The principal officer or the authorized foreign bank may, within 30 days after the date of receipt of notice of the removal order under subsection (5), or within any longer period that the Court allows, appeal the matter to the Federal Court. Powers of Federal Court (8) The Federal Court, in the case of an appeal, may dismiss the appeal or set aside the removal order. Order not stayed by appeal (9) A removal order is not stayed by an appeal. 2001, c. 9, s. 169
Bank Act — B-1.01 618
Meaning of assets 618 For the purposes of sections 619 to 627, assets , in relation to an authorized foreign bank, means (a) any asset in respect of its business in Canada, including the assets referred to in subsection 582(1) and section 617 and the assets under its administration; and (b) any other asset in Canada of the authorized foreign bank. 1999, c. 28, s. 35
Bank Act — B-1.01 619
ntendent shall notify the authorized foreign bank that control has been taken at the direction of the Minister. Notice — more than 16 days (3.2) If the Minister is considering whether to exercise the powers under paragraph (2.1)(b) or (c), the Superintendent shall notify the authorized foreign bank of the action that is being considered and of its right to make written representations to the Minister within the time specified in the notice, not exceeding 10 days after it receives the notice. Notice — Committee and Review Agency (3.3) Within 30 days after exercising any of the powers under subsection (2.1), the Minister shall notify (a) the Committee , as defined in section 2 of the National Security and Intelligence Committee of Parliamentarians Act ; and (b) the Review Agency , as defined in section 2 of the National Security and Intelligence Review Agency Act . Objectives of Superintendent (4) If the Superintendent has control under subsection (1) or (2.1) of the assets of an authorized foreign bank referred to in that subsection, the Superintendent may do all things necessary or expedient to protect the rights and interests of the depositors and creditors of the authorized foreign bank in respect of its business in Canada. Powers of Superintendent (5) If the Superintendent has control under subsection (1) or (2.1) of the assets of an authorized foreign bank referred to in that subsection, (a) neither the authorized foreign bank nor any person acting on its behalf shall deal in any way with any of the assets without the prior approval of the Superintendent or a representative designated by the Superintendent; and (b) no person acting on behalf of the authorized foreign bank shall have access to any cash or securities held in Canada by the authorized foreign bank without the prior approval of the Superintendent or a representative designated by the Superintendent. Persons to assist (6) If the Superintendent takes control of the assets of an authorized foreign bank under subparagraph (1)(b)(i) or (ii) or paragraph (2.1)(b) or (c), the Superintendent may appoint one or more persons to assist in the control of the assets. 1999, c. 28, s. 35; 2001, c. 9, s. 170; 2007, c. 6, s. 101 2023, c. 26, s. 548
Bank Act — B-1.01 620
Expiration of control 620 (1) Control by the Superintendent under subsection 619(1) of the assets of an authorized foreign bank expires on the day on which a notice by the Superintendent is sent to the principal officer of the authorized foreign bank stating that the Superintendent is of the opinion that the circumstances leading to the taking of control of the assets by the Superintendent have been substantially rectified and that the authorized foreign bank can resume control of its assets. Expiration of control — Minister’s direction (2) Control by the Superintendent under subsection 619(2.1) of the assets of an authorized foreign bank expires on the day on which a notice by the Superintendent is sent to the principal officer of the authorized foreign bank stating that the Minister is of the opinion, on the recommendation of the Superintendent, that corrective measures have been taken in response to the reasons related to national security and that the authorized foreign bank can resume control of its assets. 1999, c. 28, s. 35 2023, c. 26, s. 549
Bank Act — B-1.01 621
Superintendent may request winding-up 621 The Superintendent may, at any time before the receipt of a request under section 622 to relinquish control of the assets of an authorized foreign 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 authorized foreign bank, if the assets of the authorized foreign bank are under the control of the Superintendent under subparagraph 619(1)(b)(i) or (ii) or paragraph 619(2.1)(b) or (c). 1999, c. 28, s. 35 2023, c. 26, s. 550
Bank Act — B-1.01 622
Requirement to relinquish control 622 If no action has been taken by the Superintendent under section 621 and, after 30 days following the taking of control by the Superintendent under subsection 619(1) or (2.1) of the assets of an authorized foreign bank, the Superintendent receives from the principal officer of the authorized foreign bank a notice in writing requesting the Superintendent to relinquish control, the Superintendent shall, not later than 12 days after receipt of the notice, (a) comply with the request; or (b) 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 authorized foreign bank. 1999, c. 28, s. 35 2023, c. 26, s. 551(E)
Bank Act — B-1.01 623
Advisory committee 623 The Superintendent may appoint a committee of not more than six members to advise the Superintendent in respect of the assets and all other matters pertinent to the duties and responsibilities of the Superintendent in exercising control of the assets. The committee shall be appointed from among the banks and authorized foreign 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 the assets of the authorized foreign bank under subsection 619(1) or (2.1). 1999, c. 28, s. 35 2023, c. 26, s. 552
Bank Act — B-1.01 624
Expenses payable by authorized foreign bank 624 (1) If control of the assets of an authorized foreign bank has been taken under subparagraph 619(1)(b)(i) or (ii) or paragraph 619(2.1)(b) or (c) and the control expires or is relinquished under section 620 or paragraph 622(a), the Superintendent may direct that the authorized foreign bank be liable for repayment of all or part of the expenses resulting from the taking of control of the assets and assessed against and paid by other authorized foreign banks and by 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 authorized foreign 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. 35 2023, c. 26, s. 553(E)
Bank Act — B-1.01 625
Priority of claim in liquidation 625 In the case of the winding-up of the business in Canada of an authorized foreign bank, the expenses resulting from the taking of control of the assets of the authorized foreign bank under subsection 619(1) or (2.1) and assessed against and paid by other authorized foreign banks and by 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 authorized foreign bank that ranks after any claim referred to in paragraph 627(1)(d). 1999, c. 28, s. 35 2023, c. 26, s. 554(E)
Bank Act — B-1.01 626
Application of assessment 626 Any amount recovered under section 624 or 625 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. 35
Bank Act — B-1.01 627
Order of priority for payment of claims 627 (1) Subject to sections 72 and 94 of the Winding-up and Restructuring Act , where a winding-up order under that Act is made in respect of an authorized foreign bank, (a) the payment of any amount due to Her Majesty in right of Canada, in trust or otherwise, in respect of the business in Canada of the authorized foreign bank is a first charge on the assets of the authorized foreign bank; (b) the payment of any amount due to Her Majesty in right of a province, in trust or otherwise, in respect of the business in Canada of the authorized foreign bank is a second charge on the assets of the authorized foreign bank; (c) the payment of the deposit liabilities of the authorized foreign bank and all other liabilities of the authorized foreign bank in respect of its business in Canada, except the liabilities referred to in paragraph (d) and section 625, is a third charge on the assets of the authorized foreign bank; and (d) the payment of any fines and penalties for which the authorized foreign bank is liable in respect of its business in Canada is a last charge on the assets of the authorized foreign bank. Priority not affected (2) Nothing in subsection (1) prejudices or affects the priority of any holder of any security interest in any property of an authorized foreign bank. Priorities (3) Priorities within each of paragraphs (1)(a) to (d) shall be determined in accordance with the laws governing priorities and, where applicable, by the terms of the liabilities referred to in those paragraphs. 1999, c. 28, s. 35; 2001, c. 9, s. 171
Bank Act — B-1.01 627.01
eference to an index or reference point, including (i) the market price of a security, commodity, investment fund or other financial instrument, and (ii) the exchange rate between any two currencies; and (b) provides that the principal amount that the institution is obligated to repay at or before the note’s maturity is equal to or greater than the total paid by the person for the note. A principal-protected note does not include a financial instrument that specifies that the interest or return on the instrument is determined solely on the basis of a fixed rate of interest or return or a variable rate of interest or return that is calculated on the basis of the institution’s prime lending rate or an interest rate benchmark. ( billet à capital protégé ) promotional product means a prepaid payment product that is purchased by an entity and distributed as part of a promotional, loyalty or award program. ( produit promotionnel ) registered product means a registered education savings plan, a registered retirement savings plan, a registered retirement income fund, a registered disability savings plan or any other plan, arrangement or fund to which Division G of Part I of the Income Tax Act applies that is provided by an institution to a natural person. ( produit enregistré ) residential mortgage means a loan made in Canada on the security of residential property that has four or fewer residential units. ( hypothèque résidentielle ) retail deposit account means a personal deposit account that is opened with a deposit of less than $150,000 or of less than any greater prescribed amount. ( compte de dépôt de détail ) retail deposit-taking branch means a branch or office in Canada of a financial institution at which the financial institution, through a natural person, opens retail deposit accounts and disburses cash to customers. ( succursale de dépôt de détail ) rural area means an area located in Canada outside an urban area. ( zone rurale ) undue pressure means any pressure, imposed in the form of a practice or communication or otherwise, that could be reasonably considered to be excessive or persistent in the circumstances. ( pressions indues ) urban area , on a particular day, means a population centre , as defined in the census dictionary published by Statistics Canada for the purpose of the most recent general census whose results have been published before that day, that has a minimum population of 10,000 natural persons on the basis of that census. ( zone urbaine ) Business purposes (2) For greater certainty, a reference to “business purposes” in a provision of this Part is a reference to the business purposes of the natural person referred to in the provision. 2018, c. 27, s. 329 2024, c. 17, s. 228
Bank Act — B-1.01
business day does not include a Saturday or a holiday. ( jour ouvrable )
Bank Act — B-1.01
charge includes interest and, for greater certainty, a fee. ( frais )
Bank Act — B-1.01 (a)
complaint means dissatisfaction, whether justified or not, expressed to an institution with respect to (a) a product or service in Canada that is offered, sold or provided by the institution; or (b) the manner in which a product or service in Canada is offered, sold or provided by the institution. ( plainte )
Bank Act — B-1.01
credit agreement includes an agreement for a line of credit, a credit card or any other kind of loan that is repayable in Canada. ( convention de crédit )
Bank Act — B-1.01 (a)
deposit-type instrument means a product that is issued in Canada by an institution, that is related to a deposit and that specifies a fixed investment period and either (a) a fixed rate of interest; or (b) a variable rate of interest that is calculated on the basis of the institution’s prime lending rate or an interest rate benchmark. ( instrument de type dépôt )
Bank Act — B-1.01
eligible enterprise means a business with authorized credit of less than $1,000,000, fewer than 500 employees and annual revenues of less than $50,000,000. ( entreprise admissible )
Bank Act — B-1.01
institution means a bank or an authorized foreign bank. ( institution )
Bank Act — B-1.01
interest , in relation to an agreement for a deposit-type instrument, a principal-protected note or a prescribed product, includes any return payable by an institution under the agreement. ( intérêt )
Bank Act — B-1.01
interest rate benchmark means a rate that is determined from time to time by reference to an assessment of one or more underlying interests, is made available to the public, either free of charge or on payment, and is used for reference for determining the interest payable, or other sums that are due, under loan agreements or other financial contracts or instruments. ( taux d’intérêt de référence )
Bank Act — B-1.01
maintenance charge means a charge in relation to a prepaid payment product that is imposed after the product has been purchased, other than a charge associated with the use of the product or of any service related to it. ( frais de tenue de compte )
Bank Act — B-1.01
member bank means a bank that is a member institution as defined in section 2 of the Canada Deposit Insurance Corporation Act . ( banque membre )
Bank Act — B-1.01
optional product or service means a product or service that is provided in Canada by an institution, an affiliate that the institution controls or an agent or representative of the institution or affiliate, for an additional charge, as a supplement to another product or service that is offered or provided by the institution. ( produit ou service optionnel )
Bank Act — B-1.01
personal authentication information means a personal identification number or any other password or information that a borrower creates or adopts to be used to authenticate their identity in relation to a credit card or credit card account. ( authentifiant personnel )
Bank Act — B-1.01
personal deposit account means a deposit account in the name of one or more natural persons that is kept by that person or those persons other than for business purposes. ( compte de dépôt personnel )
Bank Act — B-1.01
point of service means a physical location to which the public has access and at which an institution carries on business with the public through natural persons in Canada. ( point de service )
Bank Act — B-1.01
prepaid payment product means a physical or electronic product that is issued in Canada by an institution, that is or can be loaded with funds and that can be used to make withdrawals or purchase goods or services. ( produit de paiement prépayé )
Bank Act — B-1.01 (a)
principal-protected note means a financial instrument that is issued in Canada by an institution to a person and that (a) provides for one or more payments to be made by the institution that are determined, in whole or in part, by reference to an index or reference point, including (i) the market price of a security, commodity, investment fund or other financial instrument, and (ii) the exchange rate between any two currencies; and (b) provides that the principal amount that the institution is obligated to repay at or before the note’s maturity is equal to or greater than the total paid by the person for the note. A principal-protected note does not include a financial instrument that specifies that the interest or return on the instrument is determined solely on the basis of a fixed rate of interest or return or a variable rate of interest or return that is calculated on the basis of the institution’s prime lending rate or an interest rate benchmark. ( billet à capital protégé )
Bank Act — B-1.01
promotional product means a prepaid payment product that is purchased by an entity and distributed as part of a promotional, loyalty or award program. ( produit promotionnel )
Bank Act — B-1.01
registered product means a registered education savings plan, a registered retirement savings plan, a registered retirement income fund, a registered disability savings plan or any other plan, arrangement or fund to which Division G of Part I of the Income Tax Act applies that is provided by an institution to a natural person. ( produit enregistré )
Bank Act — B-1.01
residential mortgage means a loan made in Canada on the security of residential property that has four or fewer residential units. ( hypothèque résidentielle )
Bank Act — B-1.01
retail deposit account means a personal deposit account that is opened with a deposit of less than $150,000 or of less than any greater prescribed amount. ( compte de dépôt de détail )
Bank Act — B-1.01
retail deposit-taking branch means a branch or office in Canada of a financial institution at which the financial institution, through a natural person, opens retail deposit accounts and disburses cash to customers. ( succursale de dépôt de détail )
Bank Act — B-1.01
rural area means an area located in Canada outside an urban area. ( zone rurale )
Bank Act — B-1.01
undue pressure means any pressure, imposed in the form of a practice or communication or otherwise, that could be reasonably considered to be excessive or persistent in the circumstances. ( pressions indues )