GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bank Act — B-1.01 961
Court enforcement 961 (1) If a bank holding company is contravening or has failed to comply with a prudential agreement entered into under section 959 or a direction of the Superintendent issued to the bank holding company under section 960 or is contravening this Act or has omitted to do any thing under this Act that it is required to do, the Superintendent may, in addition to any other action that may be taken under this Act, apply to a court for an order requiring the bank holding company to comply with the prudential agreement or the direction, cease the contravention or do any thing that is required to be done, and on such 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) lies in the same manner, and to the same court, as an appeal from any other order of the court. 2001, c. 9, s. 183 2023, c. 26, s. 573(F)
Bank Act — B-1.01 962
Meaning of senior officer 962 In sections 963 and 964, senior officer means the chief executive officer, secretary, treasurer or controller of a bank holding company or any other officer reporting directly to the bank holding company’s board of directors or chief executive officer. 2001, c. 9, s. 183
Bank Act — B-1.01 964
Removal of directors or senior officers 964 (1) The Superintendent may, by order, remove a person from office as a director or senior officer of a bank holding company 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 960, (iii) an order made under subsection 949(3), or (iv) a prudential agreement entered into under section 959 or an undertaking given by the bank holding company to the Superintendent. Risk of prejudice (2) In forming an opinion under subsection (1), the Superintendent must consider whether the interests of the depositors, policyholders and creditors of any federal financial institution affiliated with the bank holding company have been or are likely to be prejudiced by the person’s holding office as a director or senior officer. Representations may be made (3) The Superintendent must in writing notify the person concerned and the bank holding company 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 may be prejudiced by the director or senior 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 director or senior 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 director or senior officer, as the case may be, and the bank holding company of a removal order or suspension order. Consequences of removal order (6) The director or senior officer, as the case may be, 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 director or senior officer, as the case may be, or the bank holding company 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. 183
Bank Act — B-1.01 964.1
Execution of documents 964.1 Any by-law, notice, resolution, requisition, statement or other document required or permitted to be executed or signed by more than one person for the purposes of this Act may be executed or signed in several documents of like form, each of which is executed or signed by one or more of the persons. The documents if duly executed or signed by all persons required or permitted to sign them are deemed to constitute one document for the purposes of this Act. 2005, c. 54, s. 132
Bank Act — B-1.01 965
Notice to directors, shareholders and members 965 A notice or document required by this Act or the regulations or by the incorporating instrument or by-laws of a bank or a bank holding company to be sent to a shareholder, member or director of the bank, or to a shareholder or director of the bank holding company, may be sent by prepaid mail addressed to, or may be delivered personally to, (a) the shareholder at the shareholder’s latest address as shown in the records of the bank or bank holding company, or its transfer agent; (b) the director at the director’s latest address as shown in the records of the bank or bank holding company, or in the latest return made under section 632 or 951; and (c) the member at the member’s latest address as shown in the records of the bank. 2001, c. 9, s. 183; 2010, c. 12, s. 2085
Bank Act — B-1.01 966
Presumption from return 966 A director named in the latest return sent by a bank or a bank holding company to the Superintendent under section 632 or 951 is presumed for the purposes of this Act to be a director of the bank or bank holding company referred to in the return. 2001, c. 9, s. 183
Bank Act — B-1.01 967
Presumption of receipt 967 (1) A notice or document sent by mail in accordance with section 965 to a shareholder, member or director is deemed to be received by that person at the time it would be delivered in the ordinary course of mail unless there are reasonable grounds for believing that that person did not receive the notice or document at that time or at all. Undelivered notices (2) If a bank or bank holding company sends a notice or document to a shareholder or member in accordance with section 965 and it is returned on two consecutive occasions because the shareholder or member cannot be found, the bank or bank holding company is not required to send any further notices or documents to the shareholder or member until it is informed in writing of their new address. 2001, c. 9, s. 183; 2005, c. 54, s. 133; 2010, c. 12, s. 2086
Bank Act — B-1.01 968
Service on a bank, bank holding company or authorized foreign bank 968 A notice or document required by this Act to be sent to or served on a bank, a bank holding company or an authorized foreign bank may be sent by registered mail to the head office of the bank or bank holding company, or to the principal office of the authorized foreign bank, as the case may be, and, if sent, is deemed to be received or served at the time it would be delivered in the ordinary course of mail unless there are reasonable grounds for believing that the bank, bank holding company or authorized foreign bank did not receive it at that time or at all. 2001, c. 9, s. 183
Bank Act — B-1.01 969
Certificate 969 (1) A certificate issued on behalf of a bank or a bank holding company stating any fact that is set out in the incorporating instrument, the by-laws, the minutes of the meetings of the directors, a committee of directors or the shareholders or members, or in a contract to which the bank or bank holding company is a party, may be signed by a director or an officer of the bank or bank holding company. Proof of certain cases (2) When introduced as evidence in any civil, criminal or administrative action or proceeding, the following are, in the absence of evidence to the contrary, proof of the facts so certified without proof of the signature or official character of the person appearing to have signed the certificate: (a) a fact stated in a certificate referred to in subsection (1); (b) a certified extract from a securities register of a bank or a bank holding company; (b.1) a certified extract from the members register of a federal credit union; or (c) a certified copy of, or an extract from, minutes of a meeting of shareholders, directors or a committee of directors of a bank or a bank holding company or of a meeting of members of a federal credit union. 2001, c. 9, s. 183; 2010, c. 12, s. 2087
Bank Act — B-1.01 970
Entry in securities register 970 (1) An entry in the securities register of, or on a security certificate issued by, a bank or a bank holding company is evidence that the person in whose name the security is registered is the owner of the securities described in the register or in the certificate. Entry in members register (2) An entry in the members register of a federal credit union is evidence that the person in whose name the membership share is registered is the owner of the membership share in the register. 2001, c. 9, s. 183; 2005, c. 54, s. 134(F); 2010, c. 12, s. 2088
Bank Act — B-1.01 971
Verification of documents or fact 971 (1) The Superintendent may require that a document or a fact stated in a document that is required by or under this Act to be sent to the Superintendent or to the Minister be verified in accordance with subsection (2). Form of proof (2) A document or fact required by this Act or by the Superintendent to be verified may be verified by affidavit made under oath or by statutory declaration under the Canada Evidence Act before any commissioner for oaths or for taking affidavits. 2001, c. 9, s. 183
Bank Act — B-1.01 972
Alternative means of publication 972 (1) Anything that is required by a provision of this Act to be published in the Canada Gazette or to be published in any other way may, instead of being published in that way, be published in any manner that may be prescribed for the purpose of that provision. Alternative means of publishing summaries (2) Anything that is required by a provision of this Act to be summarized in a publication may instead be summarized and published in any manner that may be prescribed for the purpose of that provision. Publication conditions (3) Any condition under a provision of this Act that something be published in the Canada Gazette or in any other way is satisfied if that thing is published instead in any manner that may be prescribed for the purpose of that provision. Other consequences (4) If a provision of this Act provides for consequences to follow the publication of something in the Canada Gazette or in any other manner, the same consequences follow the publication of that thing in any other manner that may be prescribed for the purpose of that provision. 2001, c. 9, s. 183
Bank Act — B-1.01 973
Definition of approval 973 In sections 973.01 to 973.06, approval includes any consent, designation, order, exemption, extension or other permission granted by the Minister or the Superintendent under this Act, and includes the issuance of letters patent. 2001, c. 9, s. 183; 2007, c. 6, s. 125
Bank Act — B-1.01 973.01
Matters to take into account — Minister 973.01 (1) In addition to any matters or conditions provided for in this Act that are relevant to the granting of an approval, the Minister may, in considering whether to grant the approval, take into account all matters that he or she considers relevant in the circumstances, including (a) national security; (b) Canada’s international relations and its international legal obligations; and (c) if the approval relates to a federal credit union, whether the approval will affect its ability to be organized and carry on business on a cooperative basis in accordance with section 12.1. Matters to take into account — Superintendent (2) In addition to any matters or conditions provided for in this Act that are relevant to the granting of an approval and to any prudential considerations that the Superintendent considers relevant in the circumstances, the Superintendent may, in considering whether to grant the approval, take into account (a) national security; (b) Canada’s international relations and its international legal obligations; and (c) if the approval relates to a federal credit union, whether the approval will affect its ability to be organized and carry on business on a cooperative basis in accordance with section 12.1. 2007, c. 6, s. 125; 2010, c. 12, s. 2089
Bank Act — B-1.01 973.02
Minister — terms, conditions and undertakings 973.02 (1) In addition to any other action that may be taken under this Act, the Minister may, in granting an approval, impose any terms and conditions or require any undertaking that the Minister considers appropriate, including any terms, conditions or undertakings specified by the Superintendent to maintain or improve the safety and soundness of any financial institution that is regulated under an Act of Parliament and to which the approval relates, or that might be affected by it, or to ensure that such a financial institution has adequate policies and procedures to protect itself against threats to its integrity or security and adheres to those policies and procedures. Commissioner — supervision of terms, conditions and undertakings (1.1) If the Minister specifies that the Commissioner is to supervise a bank to determine if it is complying with any terms and conditions that are imposed, or undertakings that are required, by the Minister for the protection of the bank’s customers, the Commissioner may take the same measures that the Commissioner could take if the terms and conditions or undertaking were a consumer provision. Superintendent — terms, conditions and undertakings (2) In addition to any other action that may be taken under this Act, the Superintendent may, in granting an approval, impose any terms and conditions or require any undertaking that the Superintendent considers appropriate. 2007, c. 6, s. 125; 2010, c. 12, s. 1858 2023, c. 26, s. 574 2026, c. 3, s. 316
Bank Act — B-1.01 973.03
Revocation, suspension or amendment of approval — Minister 973.03 (1) The Minister may revoke, suspend or amend any approval granted by the Minister if he or she considers it appropriate to do so. In deciding whether to take any of those actions, the Minister may take into account all matters that he or she considers relevant in the circumstances, including (a) national security; and (b) Canada’s international relations and its international legal obligations. Revocation, suspension or amendment of approval — Superintendent (2) The Superintendent may revoke, suspend or amend any approval granted by the Superintendent if he or she considers it appropriate to do so. In deciding whether to take any of those actions, the Superintendent may take into account any prudential considerations that he or she considers relevant in the circumstances and (a) national security; and (b) Canada’s international relations and its international legal obligations. Representations (3) Before taking any action under subsection (1) or (2), the Minister or the Superintendent, as the case may be, shall give the person concerned a reasonable opportunity to make representations. Temporary amendment or suspension (4) If, in the Minister’s opinion, the length of time required for representations to be made under subsection (3) might be prejudicial to the public interest, the Minister may temporarily suspend or amend any approval granted by the Minister. Cessation of effect (5) A temporary suspension or amendment of an approval ceases to have effect on the earlier of (a) the expiry of 30 days after the day on which it takes effect or of a shorter period that is specified by the Minister, and (b) if the approval is revoked, suspended or amended under subsection (1), the day on which the revocation, suspension or amendment takes effect. 2007, c. 6, s. 125 2023, c. 26, s. 575
Bank Act — B-1.01 973.031
Confidential undertaking 973.031 (1) If, in the Minister’s opinion, the disclosure of information about an undertaking required under subsection 973.02(1) or 973.03(1) or (4), or information that could reveal the existence of the undertaking, could pose a threat to the integrity or security of the financial institution to which the undertaking relates or could be injurious to national security, the Minister may specify that the information is confidential and shall be treated accordingly. Prohibition (2) Despite anything in this Act but subject to subsection (3), it is prohibited to disclose any confidential information referred to in subsection (1) except in accordance with any terms or conditions that the Minister may specify in the undertaking. Notice — Committee and Review Agency (3) If the Minister specifies under subsection (1) that information referred to in that subsection is confidential for reasons related to national security, the Minister shall, within 30 days after the day on which the undertaking in question is required, 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 . 2023, c. 26, s. 576
Bank Act — B-1.01 973.04
Effect of non-compliance on approval 973.04 (1) Unless otherwise expressly provided in this Act, a failure to comply with a term, condition or undertaking imposed or required under any provision of this Act does not invalidate the approval to which the term, condition or undertaking relates. Non-compliance (2) In addition to any other action that may be taken under this Act, in the case of non-compliance by a person with a term, condition or undertaking imposed or required under any provision of this Act, the Minister or the Superintendent, as the case may be, may (a) revoke, suspend or amend the approval to which the term, condition or undertaking relates; or (b) apply to a court for an order directing the person to comply with the term, condition or undertaking, and on such an application the court may make the order and any other order that it thinks fit. Representations (3) Before taking any action under subsection (2), the Minister or the Superintendent, as the case may be, shall give the person concerned a reasonable opportunity to make representations. Revocation, suspension or amendment (4) At the request of the person concerned, the Minister or the Superintendent, as the case may be, may revoke, suspend or amend any terms or conditions imposed by him or her and may revoke or suspend an undertaking given to him or her or approve its amendment. 2007, c. 6, s. 125
Bank Act — B-1.01 973.05
Multiple approval — other approvals 973.05 The Minister or the Superintendent may grant more than one approval, other than letters patent, in a single instrument if he or she considers it appropriate to do so, and if the Minister or Superintendent does so, he or she may specify different effective dates for each of the approvals. 2007, c. 6, s. 125
Bank Act — B-1.01 973.06
Exemption in relation to notices of intention 973.06 The Superintendent may, on application, exempt an applicant or applicants from the provisions of this Act respecting the publication of a notice of intention in respect of applications for approvals and impose any terms and conditions respecting the publication of the notice of intention that he or she considers appropriate. 2007, c. 6, s. 125
Bank Act — B-1.01 973.07
Calculations — generally accepted accounting principles 973.07 (1) If, as a result of a change to the accounting principles referred to in subsections 308(4) and 840(4) — whether the change is made before or after this section comes into force — the Superintendent considers, given any prudential considerations that he or she considers relevant, that any amount, calculation or valuation under this Act or the regulations is not appropriate, the Superintendent may specify the amount that is to be used or the calculation or valuation that is to be performed instead. Canada Gazette (2) The Superintendent shall cause a notice of the specification to be published in the Canada Gazette within 60 days after the day on which the specification has effect. Five-year limit (3) The specification ceases to have effect on the day indicated in the notice, which may be no later than five years after the day on which the specification is made. 2012, c. 5, s. 102
Bank Act — B-1.01 973.1
Short-term exemption order 973.1 (1) Despite sections 378.1 and 378.2, paragraph 522.32(2)(b), subsection 522.32(4), paragraphs 522.32(7)(c) and (d) and sections 524.1, 524.2, 885 and 886, the Minister may, by order, provide that any of those provisions do not apply in respect of a person specified in the order for a period of up to twelve months, subject to any terms and conditions that the Minister considers appropriate. Restriction (2) If section 516 or 517 applies in respect of a foreign bank or an entity associated with a foreign bank, the Minister may only make an order under subsection (1) to the extent that the aggregate of the period that applied under that section and the period specified in the order under subsection (1) does not exceed twelve months. 2001, c. 9, s. 183
Bank Act — B-1.01 973.2
ealing with, the shares. Registration of shares (8) Shares acquired under subsection (6) by the Minister or an agent or agency of Her Majesty in right of Canada are to be registered in the name of the Minister, agent or agency, as the case may be, in the bank’s securities register or members register, as the case may be, if they are capable of being registered in it, and they are to be held by the Minister, agent or agency, as the case may be, on behalf of or in trust for Her Majesty. Disposition by Minister (9) The Minister may, at any time, sell or otherwise dispose of shares acquired under subsection (6). The Surplus Crown Assets Act and section 61 of the Financial Administration Act do not apply to the sale or disposition. Disposition by agent or agency (10) An agent or agency of Her Majesty in right of Canada — at the request of the Minister, which may be made at any time — shall sell or otherwise dispose of shares acquired under subsection (6). The Surplus Crown Assets Act and section 61 of the Financial Administration Act do not apply to the sale or disposition. Consideration by Minister (11) If the Minister or an agent or agency of Her Majesty in right of Canada is holding shares of a bank on behalf of or in trust for Her Majesty on the day that is two years after the day on which the shares were acquired, the Minister shall consider whether holding the shares continues to promote the stability of the financial system in Canada. Mandatory disposition (12) If the Minister, under subsection (11), considers that holding shares acquired under subsection (6) no longer continues to promote the stability of the financial system in Canada, the Minister — or, at the request of the Minister, the agent or agency of Her Majesty in right of Canada — shall take the measures that the Minister considers practicable in the circumstances to sell or otherwise dispose of the shares. The Surplus Crown Assets Act and section 61 of the Financial Administration Act do not apply to the sale or disposition. Not a Crown corporation (13) Even if the acquisition of a bank’s shares under subsection (6) would otherwise cause the bank to be a Crown corporation, as defined in subsection 83(1) of the Financial Administration Act , the bank is not a Crown corporation for the purposes of that Act. Statutory Instruments Act (14) The Statutory Instruments Act does not apply to an order made under this section. Definition of shares (15) For the purposes of this section, shares includes membership shares and any conversion or exchange privilege, option or right to acquire shares. Bank holding company (16) For the purposes of this section, a reference to a “bank” includes a reference to a “bank holding company”, and the references to “section 646.1” in paragraphs (5)(a) and (b) are to be read, in relation to a bank holding company, as references to “section 962”. 2009, c. 2, s. 275; 2010, c. 12, s. 2090; 2016, c. 7, s. 175