GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bank Act — B-1.01 376
Obligation of widely held bank 376 (1) If a widely held bank with equity of twelve billion dollars or more controls another bank and a person becomes a major shareholder of the other bank or of any entity that also controls the other bank, the widely held bank must do all things necessary to ensure that, on the day that is one year after the person became a major shareholder of the other bank or entity that controls the other bank, (a) the widely held bank no longer controls the other bank; or (b) the other bank or the entity that controls the other bank does not have any major shareholder other than the widely held bank or any entity that the widely held bank controls. Exception — federal credit union (1.1) Subsection (1) does not apply in respect of a federal credit union that controls a bank. Exception (2) Subsection (1) does not apply in respect of a bank with equity of less than two hundred and fifty million dollars or any other amount that is prescribed. Extension (3) If general market conditions so warrant and the Minister is satisfied that the widely held bank has used its best efforts to be in compliance with subsection (1) on the required day, the Minister may specify a later day as the day from and after which it must comply with that subsection. 1991, c. 46, s. 376; 2001, c. 9, s. 98; 2007, c. 6, s. 132; 2010, c. 12, s. 2055; 2012, c. 5, s. 15
Bank Act — B-1.01 376.01
Obligation of widely held bank 376.01 (1) Despite subsection 376(1), if a widely held bank with equity of twelve billion dollars or more controls a bank (in this subsection referred to as the “other bank”) in respect of which that subsection does not apply by reason of subsection 376(2) and the equity of the other bank reaches two hundred and fifty million dollars or more or any other amount that is prescribed and on the day the equity of the other bank reaches two hundred and fifty million dollars or more, or the prescribed amount, as the case may be, a person is a major shareholder of the other bank or of any entity that also controls the other bank, the widely held bank must do all things necessary to ensure that, on the day that is three years after that day, (a) the widely held bank no longer controls the other bank; or (b) the other bank or the entity that controls the other bank does not have any major shareholder other than the widely held bank or any entity that the widely held bank controls. Exception — federal credit union (1.1) Subsection (1) does not apply in respect of a federal credit union that controls a bank. Extension (2) If general market conditions so warrant and the Minister is satisfied that the widely held bank has used its best efforts to be in compliance with subsection (1) on the required day, the Minister may specify a later day as the day from and after which it must comply with that subsection. 2001, c. 9, s. 98; 2007, c. 6, s. 132; 2010, c. 12, s. 2056; 2012, c. 5, s. 16
Bank Act — B-1.01 376.1
Prohibition against significant interest 376.1 (1) No person who has a significant interest in any class of shares of a widely held bank with equity of twelve billion dollars or more may have a significant interest in any class of shares of a subsidiary of the widely held bank that is a bank or a bank holding company. Exception — federal credit union (2) Subsection (1) does not apply in respect of a person who has a significant interest in any class of shares of a federal credit union. 1991, c. 46, s. 578; 1997, c. 15, s. 39; 1999, c. 28, s. 19; 2001, c. 9, s. 98; 2007, c. 6, s. 132; 2010, c. 12, s. 2057; 2012, c. 5, s. 17
Bank Act — B-1.01 376.2
Prohibition against significant interest 376.2 (1) No person who has a significant interest in any class of shares of a bank may have a significant interest in any class of shares of any widely held bank with equity of twelve billion dollars or more, or of any widely held bank holding company with equity of twelve billion dollars or more, that controls the bank. Exception — federal credit union (2) Subsection (1) does not apply in respect of a person who has a significant interest in any class of shares of a federal credit union. 2001, c. 9, s. 98; 2007, c. 6, s. 132; 2010, c. 12, s. 2058; 2012, c. 5, s. 18
Bank Act — B-1.01 377
Prohibition against control 377 (1) No person shall control, within the meaning of paragraph 3(1)(d), 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 controls a federal credit union. Exception (2) Subsection (1) does not apply if any of subsections 374(2) to (6) applies to the person in respect of the bank. 1991, c. 46, s. 377; 2001, c. 9, s. 98; 2007, c. 6, s. 132; 2010, c. 12, s. 2059; 2012, c. 5, s. 19
Bank Act — B-1.01 377.1
Restriction on control 377.1 (1) No person shall, without the approval of the Minister, acquire control, within the meaning of paragraph 3(1)(d), of a bank with equity of less than twelve billion dollars. Exception — federal credit union (1.1) Subsection (1) does not apply in respect of a person who acquires control of a federal credit union. Amalgamation, etc., constitutes acquisition (2) If the entity that would result from an amalgamation, a merger or a reorganization would control, within the meaning of paragraph 3(1)(d), a bank with equity of less than twelve billion dollars, the entity is deemed to be acquiring control, within the meaning of that paragraph, of the bank through an acquisition for which the approval of the Minister is required under subsection (1). 2001, c. 9, s. 98; 2007, c. 6, s. 20; 2010, c. 12, s. 2060; 2012, c. 5, s. 20
Bank Act — B-1.01 377.2
Prohibition against control — federal credit union 377.2 (1) No person shall, without the approval of the Minister, control, within the meaning of paragraph 3(1)(a.1) or (d), a federal credit union. Approval (2) The Minister may grant the approval only if (a) the control is in relation to a federal credit union that is being incorporated or a body corporate that is being continued as a federal credit union; and (b) the applicant for the approval has given an undertaking under subsection 973.02(1) to cease to control the federal credit union on a date specified by the Minister. 2010, c. 12, s. 2061
Bank Act — B-1.01 378
Former Schedule I banks with equity of less than five billion dollars 378 (1) A bank that was named in Schedule I as that Schedule read immediately before October 24, 2001 and that had equity of less than five billion dollars on that day is deemed, for the purposes of sections 138, 156.09, 374, 376, 376.01, 376.1, 376.2, 377, 380 and 382, subsection 383(2), section 385 and subsection 396(2), to be a bank with equity of twelve billion dollars or more. Application — amalgamation (2) If a bank to which subsection (1) applies is an applicant for letters patent of amalgamation and the letters patent are issued in respect of the application, the amalgamated bank is deemed to be a bank to which that subsection applies. Non-application of subsection (1) (3) Subsection (1) ceases to apply to a bank with equity of less than twelve billion dollars if the Minister specifies that it no longer applies to the bank. 1991, c. 46, s. 378; 2001, c. 9, s. 98; 2007, c. 6, s. 20; 2012, c. 5, s. 21
Bank Act — B-1.01 378.1
Prohibition 378.1 No person may control or be a major shareholder of a bank if the person or an entity affiliated with the person (a) has control of or has a substantial investment in an entity that engages in Canada in any personal property leasing activity that a financial leasing entity as defined in subsection 464(1) is prohibited from engaging in; or (b) engages in Canada in any personal property leasing activity that a financial leasing entity as defined in subsection 464(1) is prohibited from engaging in. 1994, c. 47, s. 18; 2001, c. 9, s. 98
Bank Act — B-1.01 378.2
Prohibition 378.2 No person who controls a bank or who is a major shareholder of a bank, and no entity affiliated with that person, may (a) control or have a substantial investment in an entity that engages in Canada in any personal property leasing activity that a financial leasing entity as defined in subsection 464(1) is prohibited from engaging in; or (b) engage in Canada in any personal property leasing activity that a financial leasing entity as defined in subsection 464(1) is prohibited from engaging in. 2001, c. 9, s. 98
Bank Act — B-1.01 379
Constraint on registration 379 A bank must not, unless the acquisition of the share or membership share has been approved by the Minister, record in its securities register or members register, as the case may be, a transfer or issue of any share or membership share of the bank to any person or to any entity controlled by a person if (a) the transfer or issue of the share or membership share would cause the person to have a significant interest in any class of shares or in membership shares of the bank; or (b) the person has a significant interest in a class of shares or in membership shares of the bank and the transfer or issue of the share or membership share would increase the significant interest of the person in that class of shares or in membership shares. 1991, c. 46, s. 379; 1997, c. 15, s. 40; 2001, c. 9, s. 98; 2010, c. 12, s. 2062
Bank Act — B-1.01 380
Exemption 380 (1) On application by a bank, other than a bank with equity of twelve billion dollars or more, the Superintendent may exempt any class of non-voting shares of the bank the aggregate book value of which is not more than 30 per cent of the aggregate book value of all the outstanding shares of the bank from the application of sections 373 and 379. Exception — federal credit union (2) Subsection (1) does not apply in respect of a federal credit union. 1991, c. 46, s. 380; 2001, c. 9, s. 98; 2007, c. 6, s. 132; 2010, c. 12, s. 2062; 2012, c. 5, ss. 22, 223
Bank Act — B-1.01 380.1
Exemption — federal credit unions 380.1 On application by a federal credit union, the Superintendent may exempt any class of shares of the federal credit union the aggregate book value of which is not more than 30 per cent of the aggregate book value of all the outstanding shares and membership shares of the federal credit union from the application of sections 373 and 379. 2010, c. 12, s. 2062
Bank Act — B-1.01 381
Exception — small holdings 381 Despite section 379, if, as a result of a transfer or issue of shares of a class of shares, or of membership shares, of a bank to a person, other than an eligible agent, the total number of shares of that class registered in the securities register of the bank, or the total number of membership shares registered in the members register of the bank, as the case may be, in the name of that person would not exceed 5,000 and would not exceed 0.1% of the outstanding shares of that class or of the outstanding membership shares, as the case may be, the bank is entitled to assume that no person is acquiring or increasing a significant interest in that class of shares or in membership shares of the bank as a result of that issue or transfer of shares or membership shares. 1991, c. 46, s. 381; 2001, c. 9, s. 98; 2010, c. 12, s. 2062; 2012, c. 31, ss. 110, 154
Bank Act — B-1.01 382
 person do not exceed 50 per cent of the voting rights attached to all of the outstanding voting shares of the bank, cause the voting rights attached to that aggregate to exceed 50 per cent of the voting rights attached to all of the outstanding voting shares of the bank; (c) result in the acquisition of a significant interest in a class of shares of the bank by an entity controlled by the person and the acquisition of that investment is not exempted by the regulations; or (d) result in an increase in a significant interest in a class of shares of the bank by an entity controlled by the person by a percentage that is greater than the percentage referred to in subsection (2) or (3), whichever applies, and the increase is not exempted by the regulations. Regulations (5) The Governor in Council may make regulations (a) exempting from the application of paragraph (4)(c) the acquisition of a significant interest in a class of shares of the bank by an entity controlled by the person; and (b) exempting from the application of paragraph (4)(d) an increase in a significant interest in a class of shares of the bank by an entity controlled by the person by a percentage that is greater than the percentage referred to in subsection (2) or (3), whichever applies. 1991, c. 46, s. 382; 2001, c. 9, s. 98; 2007, c. 6, s. 132; 2010, c. 12, s. 2063; 2012, c. 5, s. 23, c. 31, s. 111
Bank Act — B-1.01 382.1
a) result in the acquisition of control of the federal credit union by the person referred to in that subsection; (b) result in the acquisition of a significant interest in a class of shares, or in membership shares, of the federal credit union by an entity controlled by the person and the acquisition of that investment is not exempted by the regulations; or (c) result in an increase in a significant interest in a class of shares, or in membership shares, of the federal credit union by an entity controlled by the person by a percentage that is greater than the percentage referred to in subsection (2) or (3), whichever applies, and the increase is not exempted by the regulations. Regulations (5) The Governor in Council may make regulations (a) exempting from the application of paragraph (4)(b) the acquisition of a significant interest in a class of shares, or in membership shares, of the federal credit union by an entity controlled by the person; and (b) exempting from the application of paragraph (4)(c) an increase in a significant interest in a class of shares, or in membership shares, of the federal credit union by an entity controlled by the person by a percentage that is greater than the percentage referred to in subsection (2) or (3), whichever applies. 2010, c. 12, s. 2064
Bank Act — B-1.01 383
When approval not required 383 (1) Despite sections 373 and 379, the approval of the Minister is not required if (a) the Superintendent has, by order, directed the bank to increase its capital and shares or membership shares of the bank are issued and acquired in accordance with the terms and conditions, if any, that may be specified in the order; or (b) a person, other than an eligible agent, who controls, within the meaning of paragraph 3(1)(a), the bank acquires additional shares of the bank. Exception (2) Paragraph (1)(a) does not apply in respect of a bank with equity of twelve billion dollars or more. 1991, c. 46, s. 383; 2001, c. 9, s. 98; 2007, c. 6, s. 132; 2010, c. 12, s. 2065; 2012, c. 5, s. 24, c. 31, s. 112
Bank Act — B-1.01 384
Pre-approval 384 For the purposes of sections 373 and 379, the Minister may approve (a) the purchase or other acquisition of any number or percentage of shares or membership shares of a bank that may be required in a particular transaction or series of transactions; or (b) the purchase or other acquisition of up to a specified number or percentage of shares or membership shares of a bank within a specified period. 1991, c. 46, s. 384; 2001, c. 9, s. 98; 2010, c. 12, s. 2066
Bank Act — B-1.01 385
Public holding requirement 385 (1) Every bank with equity of four billion dollars or more but less than twelve billion dollars shall, from and after the day determined under this section in respect of that bank, have, and continue to have, voting shares that carry at least 35 per cent of the voting rights attached to all of the outstanding voting shares of the bank and that are (a) shares of one or more classes of shares that are listed and posted for trading on a recognized stock exchange in Canada; and (b) shares none of which is beneficially owned by a person who is a major shareholder of the bank in respect of the voting shares of the bank or by any entity that is controlled by a person who is a major shareholder of the bank in respect of such shares. Exception — federal credit union (1.1) Subsection (1) does not apply in respect of a federal credit union. Determination of day (2) The day referred to in subsection (1) is (a) if the bank had equity of four billion dollars or more but less than twelve billion dollars on the day the bank came into existence, the day that is three years after that day; and (b) in any other case, the day that is three years after the day of the first annual meeting of the shareholders of the bank held after the equity of the bank first reaches four billion dollars. Extension (3) If general market conditions so warrant and the Minister is satisfied that a bank has used its best efforts to be in compliance with this section on the day determined under subsection (2), the Minister may specify a later day as the day from and after which the bank must comply with subsection (1). 1991, c. 46, s. 385; 2001, c. 9, s. 98; 2007, c. 6, ss. 132, 133; 2010, c. 12, s. 2067; 2012, c. 5, s. 25 2026, c. 3, s. 295
Bank Act — B-1.01 385.1
Public holding requirement 385.1 If a bank to which section 385 applies becomes a bank with equity of twelve billion dollars or more, that section continues to apply to the bank until no person is a major shareholder of the bank, other than a person to whom subsections 374(2) to (6) apply. 2001, c. 9, s. 98; 2007, c. 6, s. 132; 2012, c. 5, s. 26
Bank Act — B-1.01 386
Limit on assets 386 (1) Unless an exemption order with respect to the bank is granted under section 388, if a bank fails to comply with section 385 in any month, the Minister may, by order, require the bank not to have, until it complies with that section, average total assets in any three month period ending on the last day of a subsequent month exceeding the bank’s average total assets in the three month period ending on the last day of the month immediately before the month specified in the order. Average total assets (2) For the purposes of subsection (1), the average total assets of a bank in a three month period is to be computed by adding the total assets of the bank as calculated for the month end of each of the three months in the period and by dividing the sum by three. Definition of total assets (3) For the purposes of subsections (1) and (2), total assets , in respect of a bank, has the meaning given that expression by the regulations. 1991, c. 46, s. 386; 2001, c. 9, s. 98
Bank Act — B-1.01 387
Increase of capital 387 If the Superintendent has, by order, directed a bank with equity of four billion dollars or more but less than twelve billion dollars to increase its capital and shares of the bank are issued and acquired in accordance with any terms and conditions that may be specified in the order, section 385 does not apply in respect of the bank until the time that the Superintendent may, by order, specify. 1991, c. 46, s. 387; 2001, c. 9, s. 98; 2007, c. 6, ss. 132, 133; 2012, c. 5, s. 27 2026, c. 3, s. 295
Bank Act — B-1.01 388
Exemption by order of the Minister 388 (1) On application by a bank, the Minister may, if the Minister considers it appropriate to do so, by order exempt the bank from the requirements of section 385, subject to any terms and conditions that the Minister considers appropriate. Compliance with section 385 (2) If an exemption order granted under this section in respect of a bank expires, the bank shall comply with section 385 as of the day the exemption order expires. Limit on assets (3) If a bank fails to comply with section 385 on the day referred to in subsection (2), the bank shall not, until it complies with that section, have average total assets in any three month period ending on the last day of a subsequent month exceeding the bank’s average total assets in the three month period ending on the last day of the month immediately before the day referred to in subsection (2) or any later day that the Minister may, by order, specify. Application of ss. 386(2) and (3) (4) Subsections 386(2) and (3) apply for the purposes of subsection (3). 1991, c. 46, s. 388; 1997, c. 15, s. 41; 2001, c. 9, s. 98
Bank Act — B-1.01 389
Exception 389 (1) If a bank fails to comply with section 385 as the result of any of the following, section 386 does not apply in respect of the bank until the expiration of six months after the day it failed to comply with section 385: (a) a distribution to the public of voting shares of the bank; (b) a redemption or purchase of voting shares of the bank; (c) the exercise of any option to acquire voting shares of the bank; or (d) the conversion of any convertible securities into voting shares of the bank. Shares acquiring voting rights (2) If, as the result of an event that has occurred and is continuing, shares of a bank acquire voting rights in such number as to cause the bank to no longer be in compliance with section 385, section 386 does not apply in respect of that bank until the expiration of six months after the day the bank ceased to be in compliance with section 385 or any later day that the Minister may, by order, specify. 1991, c. 46, s. 389; 2001, c. 9, s. 98
Bank Act — B-1.01 390
Acquisition of control permitted 390 (1) Subject to subsection (2) and sections 379 and 391, section 385 does not apply in respect of a bank if a person acquires control of the bank through the purchase or other acquisition of all or any number of the shares of the bank by the person or by any entity controlled by the person. Undertaking required (2) Subsection (1) applies only if the person referred to in that subsection provides the Minister with an undertaking satisfactory to the Minister to do all things necessary so that, within three years after the acquisition, or any other period that the Minister may specify, the bank has voting shares that carry at least 35 per cent of the voting rights attached to all of the outstanding voting shares of the bank and that are (a) shares of one or more classes of shares that are listed and posted for trading on a recognized stock exchange in Canada; and (b) shares none of which is beneficially owned by a person who is a major shareholder of the bank in respect of the voting shares of the bank or by any entity that is controlled by a person who is a major shareholder of the bank in respect of such shares. 1991, c. 46, s. 390; 1999, c. 28, s. 20; 2001, c. 9, s. 98
Bank Act — B-1.01 391
Application of section 385 391 At the expiration of the period for compliance with an undertaking referred to in subsection 390(2), section 385 shall apply in respect of the bank to which the undertaking relates. 1991, c. 46, s. 391; 2001, c. 9, s. 98