Bank Act — B-1.01 983
nancial institution that (i) was controlled by a bank that was a subsidiary of a foreign bank before June 15, 1997 but that has ceased to be so controlled, (ii) is controlled by a foreign bank that, before June 15, 1997, controlled the subsidiary, and (iii) used, before June 15, 1997, the word “bank”, “banker” or “banking” to identify itself; or (k) in the identification of a bank holding company. Permitted use (4.1) No person commits an offence under any of subsections (2.01) to (2.04) if the activity referred to in that subsection is done (a) in relation to a prescribed use; (b) under prescribed circumstances; or (c) in accordance with a prescribed approval and any terms and conditions that the Minister may impose. Permitted use (4.2) Subject to the regulations, no person commits an offence under subsection (2.1) or (2.11) if they meet the requirements set out in subsection (4.3) and they are (a) a body corporate to which the Trust and Loan Companies Act applies; (b) a trust or loan corporation incorporated or formed by or under an Act of the legislature of a province; (c) a central cooperative credit society; (d) a local cooperative credit society; (e) a federation of cooperative credit societies; (f) the corporation known as “ATB Financial” and referred to in section 2 of the ATB Financial Act , chapter A-45.2 of the Revised Statutes of Alberta 2000, or a successor of that corporation; or (g) a prescribed entity. Requirements (4.3) For the purposes of subsection (4.2), the requirements are the following: (a) subject to the regulations, the entity discloses (i) the type of entity it is, as described in any of paragraphs (4.2)(a) to (g) or in the regulations, (ii) the jurisdiction under whose laws the entity is primarily regulated, (iii) whether it participates in a deposit insurance system in Canada, and if so, the name of that system, and (iv) any other prescribed information; and (b) the entity complies with any prescribed requirements or conditions. Permitted use (5) No subsidiary of a bank commits an offence by reason only that it uses the name of the bank of which it is a subsidiary in its corporate name or a name under which it carries on business or by reason only that it uses any identifying mark or domain name of that bank in carrying on its business. Permitted use (5.1) No person commits an offence under subsections (2) to (2.1) if the activity referred to in that subsection is in relation to a business that is not engaged in financial activities, unless the business is carried out by a prescribed entity. Permitted use (5.2) No bank commits an offence under subsection (2.2) or (2.3) if it is affiliated with the bank or the foreign bank. Permitted use (5.3) Subject to the regulations, no entity affiliated with a bank commits an offence by reason only that the entity uses the name of the bank in the entity’s corporate name or in a name under which the entity carries on business or by reason only that it uses any identifying mark of the bank in carrying on its business, if the entity does not use any of the words “bank”, “banker” or “banking” or the phrase “federal credit union” in its corporate name, in a name under which it carries on business or in any of its identifying marks. Permitted use (6) No financial institution that was controlled by a bank on June 25, 1999 and that had a name that included the word “bank”, “banker” or “banking” on that day commits an offence by reason only that it uses that word in its corporate name or in a name under which it carries on business if the financial institution is a subsidiary of a bank holding company that controls the bank. (6.1) [Repealed, 2007, c. 6, s. 129] Permitted use (7) No subsidiary of a bank holding company commits an offence by reason only that it uses the name of the bank holding company in the subsidiary’s corporate name or in a name under which it carries on business, or by reason only that it uses any identifying mark of the bank holding company in carryin