GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bank Act — B-1.01 359
Right to distribution of money 359 (1) If in the course of the liquidation of a bank that is not a federal credit union the shareholders resolve, or the liquidator proposes, to exchange all or substantially all of the remaining property of the bank for securities of another entity that are to be distributed to the shareholders or to the incorporators — or to distribute all or part of the remaining property of the bank to the shareholders or to the incorporators in kind — a shareholder or incorporator may apply to the court for an order requiring the distribution of the remaining property of the bank to be in money. Right to distribution of money — federal credit union (2) If in the course of the liquidation of a federal credit union the members resolve, or the liquidator proposes, to exchange all or substantially all of the remaining property of the federal credit union for securities of another entity that are to be distributed to the members or to members and shareholders — or to distribute all or part of the remaining property of the federal credit union to the members or to members and shareholders in kind — a member or shareholder may apply to the court for an order requiring the distribution of the remaining property of the federal credit union to be in money. Powers of court (3) On an application under subsection (1) or (2) , the court may order (a) all of the remaining property of the bank to be converted into and distributed in money; or (b) the claim of any person applying under this section to be satisfied by a distribution in money. Order by court (4) If an order is made by a court under paragraph (3)(b), the court (a) must fix a fair value on the share of the property of the bank attributable to the person; (b) may in its discretion appoint one or more appraisers to assist the court in fixing a fair value in accordance with paragraph (a); and (c) must render a final order against the bank in favour of the person for the amount of the share of the bank’s property attributable to the person. 1991, c. 46, s. 359; 2010, c. 12, s. 2045
Bank Act — B-1.01 360
Dissolution by letters patent 360 (1) On an application made pursuant to an order under paragraph 358(1)(a), the Minister may issue letters patent dissolving the bank. Bank dissolved (2) A bank in respect of which letters patent are issued under subsection (1) is dissolved and ceases to exist on the date of the issuance of the letters patent.
Bank Act — B-1.01 361
Definition of shareholder , member and incorporator 361 In sections 363 and 364, shareholder , member and incorporator include the heirs and personal representatives of a shareholder, member or incorporator, respectively. 1991, c. 46, s. 361; 2010, c. 12, s. 2046
Bank Act — B-1.01 362
Continuation of actions 362 (1) Notwithstanding the dissolution of a bank under this Part, (a) a civil, criminal or administrative action or proceeding commenced by or against the bank before its dissolution may be continued as if the bank had not been dissolved; (b) a civil, criminal or administrative action or proceeding may be brought against the bank within two years after its dissolution as if the bank had not been dissolved; and (c) any property that would have been available to satisfy any judgment or order if the bank had not been dissolved remains available for that purpose. Service on bank (2) Service of a document on a bank after its dissolution may be effected by serving the document on a person shown as a director in the incorporating instrument of the bank or, if applicable, in the latest return sent to the Superintendent under section 632. 1991, c. 46, s. 362; 1999, c. 28, s. 17
Bank Act — B-1.01 363
Limitations on liability 363 (1) Despite the dissolution of a bank, a shareholder, member or incorporator to whom any of its property has been distributed is liable to any person claiming under subsection 362(1) to the extent of the amount received by that shareholder, member or incorporator on the distribution. Limitation (2) An action to enforce liability under subsection (1) may not be commenced except within two years after the date of the dissolution of the bank. Action against class (3) A court may order an action referred to in subsections (1) and (2) to be brought against the persons who were shareholders, members or incorporators as a class, subject to any conditions that the court thinks fit. Reference (4) If the plaintiff establishes a claim in an action under subsection (3), the court may refer the proceedings to a referee or other officer of the court who may (a) add as a party to the proceedings each person found by the plaintiff to have been a shareholder, member or incorporator; (b) determine, subject to subsection (1), the amount that each person who was a shareholder, member or incorporator must contribute towards satisfaction of the plaintiff’s claim; and (c) direct payment of the amounts so determined. 1991, c. 46, s. 363; 2010, c. 12, s. 2047
Bank Act — B-1.01 364
Persons who cannot be found 364 If a creditor, shareholder, member or incorporator to whom property is to be distributed on the dissolution of a bank cannot be found, the portion of the property to be distributed to that creditor, shareholder, member or incorporator is to be converted into money and paid in accordance with section 366. 1991, c. 46, s. 364; 2010, c. 12, s. 2048
Bank Act — B-1.01 365
Vesting in Crown 365 Subject to subsection 362(1) and sections 366 and 367, property of a bank that has not been disposed of at the date of the dissolution of the bank vests in Her Majesty in right of Canada.
Bank Act — B-1.01 366
Unclaimed money on winding-up 366 (1) Despite the Winding-up and Restructuring Act , if the business of a bank is being wound up, the liquidator or the bank must pay to the Minister on demand and in any event before the final winding-up of that business any amount that is payable by the liquidator or the bank to a creditor, shareholder, member or incorporator of the bank to whom payment of that amount has not, for any reason, been made. Records (2) If a liquidator or a bank makes a payment to the Minister under subsection (1) with respect to a creditor, shareholder, member or incorporator, the liquidator or bank must concurrently forward to the Minister all documents, records and registers in the possession of the liquidator or bank that relate to the entitlement of the creditor, shareholder, member or incorporator. Payment to Bank of Canada (3) The Minister shall pay to the Bank of Canada all amounts paid to the Minister under subsection (1) and shall provide the Bank of Canada with any document, record or register received by the Minister under subsection (2). Liquidator and bank discharged (4) Payment by a liquidator or a bank to the Minister under subsection (1) discharges the liquidator and the bank in respect of which the payment is made from all liability for the amount so paid, and payment by the Minister to the Bank of Canada under subsection (3) discharges the Minister from all liability for the amount so paid. 1991, c. 46, s. 366; 1996, c. 6, s. 167; 2010, c. 12, s. 2049
Bank Act — B-1.01 367
Liability of Bank of Canada 367 (1) Subject to section 22 of the Bank of Canada Act , where payment has been made to the Bank of Canada of an amount under subsection 366(3), the Bank of Canada, if payment is demanded by a person who, but for subsection 366(4), would be entitled to receive payment of that amount from the liquidator, the bank or the Minister, is liable to pay to that person at its head office an amount equal to the amount so paid to it, with interest thereon for the period, not exceeding ten years, from the day on which the payment was received by the Bank of Canada until the date of payment to the person, at such rate and computed in such manner as the Minister determines. Enforcing liability (2) The liability of the Bank of Canada under subsection (1) may be enforced by action against the Bank of Canada in the court in the province in which the debt or instrument was payable.
Bank Act — B-1.01 368
Custody of records after dissolution 368 A person who has been granted custody of the documents, records and registers of a dissolved bank shall keep them available for production for six years following the date of the dissolution of the bank or until the expiration of such shorter period as may be ordered by the court when it orders the dissolution.
Bank Act — B-1.01 369
Insolvency 369 (1) In the case of the insolvency of a bank, (a) the payment of any amount due to Her Majesty in right of Canada, in trust or otherwise, except indebtedness evidenced by subordinated indebtedness, shall be a first charge on the assets of the bank; (b) the payment of any amount due to Her Majesty in right of a province, in trust or otherwise, except indebtedness evidenced by subordinated indebtedness, shall be a second charge on the assets of the bank; (c) the payment of the deposit liabilities of the bank and all other liabilities of the bank, except the liabilities referred to in paragraphs (d) and (e), shall be a third charge on the assets of the bank; (d) subordinated indebtedness of the bank and all other liabilities that by their terms rank equally with or subordinate to such subordinated indebtedness shall be a fourth charge on the assets of the bank; and (e) the payment of any fines and penalties for which the bank is liable shall be a last charge on the assets of the 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 a bank. Priorities (3) Priorities within each of paragraphs (1)(a) to (e) shall be determined in accordance with the laws governing priorities and, where applicable, by the terms of the indebtedness and liabilities referred to therein. 1991, c. 46, s. 369; 2001, c. 9, s. 95
Bank Act — B-1.01 (a)
agent means (a) in relation to Her Majesty in right of Canada or of a province, any agent of Her Majesty in either of those rights and includes a municipal or public body empowered to perform a function of government in Canada or any entity empowered to perform a function or duty on behalf of Her Majesty in either of those rights, but does not include (i) an official or entity performing a function or duty in connection with the administration or management of the estate or property of a natural person, (ii) an official or entity performing a function or duty in connection with the administration, management or investment of a fund established to provide compensation, hospitalization, medical care, annuities, pensions or similar benefits to natural persons, or moneys derived from such a fund, or (iii) the trustee of any trust for the administration of a fund to which Her Majesty in either of those rights contributes and of which an official or entity that is an agent of Her Majesty in either of those rights is a trustee, and (b) in relation to the government of a foreign country or any political subdivision thereof, a person empowered to perform a function or duty on behalf of the government of the foreign country or political subdivision, other than a function or duty in connection with the administration or management of the estate or property of a natural person; ( mandataire )
Bank Act — B-1.01 (a)
eligible agent means an agent or agency of Her Majesty in right of Canada or of a province or an agent or agency of a government of a foreign country or any political subdivision of a foreign country (a) whose mandate is publicly available; (b) that controls the assets of an investment fund in a manner intended to maximize long-term risk-adjusted returns and that fund is (i) one to which, as the case may be, Her Majesty in right of Canada or of a province or the government of a foreign country or political subdivision contributes, or (ii) established to provide compensation, hospitalization, medical care, annuities, pensions or similar benefits to natural persons; and (c) whose decisions with respect to the assets of the fund referred to in paragraph (b) are not influenced in any significant way by, as the case may be, Her Majesty in right of Canada or of the province or the government of the foreign country or the political subdivision; ( mandataire admissible )
Bank Act — B-1.01
eligible Canadian financial institution means a Canadian financial institution that is a body corporate and that is widely held; ( institution financière canadienne admissible )
Bank Act — B-1.01
eligible financial institution means an eligible Canadian financial institution or an eligible foreign institution; ( institution financière admissible )
Bank Act — B-1.01 (a)
eligible foreign institution means (a) a foreign bank that, in the opinion of the Minister, after consultation with the Superintendent, is regulated as or like a bank, according to the jurisdiction under whose laws it was incorporated or in any jurisdiction in which it carries on business, or (b) a foreign institution that, in the opinion of the Minister, (i) is, with respect to its provision of financial services, regulated in the jurisdiction under whose laws it was incorporated or in any jurisdiction in which it carries on business, and (ii) is widely held; ( institution étrangère admissible )
Bank Act — B-1.01 (a)
foreign institution means an entity that is (a) engaged in the trust, loan or insurance business, the business of a cooperative credit society or the business of dealing in securities, and (b) incorporated or formed otherwise than by or under an Act of Parliament or the legislature of a province. ( institution étrangère )
Bank Act — B-1.01 371
Associates 371 (1) For the purpose of determining ownership of a bank, if two persons who each beneficially own shares or membership shares of a bank are associated with each other, those persons are deemed to be a single person who beneficially owns the aggregate number of shares and membership shares of the bank beneficially owned by them. Associates (2) For the purposes of subsection (1), a person who beneficially owns shares or membership shares of a bank is associated with another person who beneficially owns shares or membership shares of the bank if (a) one person is Her Majesty in right of Canada and the other person is Her Majesty in right of a province or one person is Her Majesty in right of a province and the other person is Her Majesty in right of another province; (b) each person is an agent of Her Majesty in right of Canada or in right of a province; (c) each person is an official, a trustee or an entity referred to in subparagraphs (a)(ii) and (iii) of the definition agent in subsection 370(1); (d) each person is an entity owned or controlled by Her Majesty in right of Canada or in right of a province that is not an agent of Her Majesty and is not empowered to perform a function or duty on behalf of Her Majesty; (e) both persons are trustees of any trusts for the administration of funds to which Her Majesty in right of Canada contributes and of which no official or entity that is an agent of Her Majesty in such right is a trustee; (f) both persons are trustees of any trusts for the administration of funds to which Her Majesty in right of a particular province contributes and of which no official or entity that is an agent of Her Majesty in right of that province is a trustee; (g) one person is a local cooperative credit society and the other person is a central cooperative credit society of which the first person is a member; (h) both persons are local cooperative credit societies that are members of the same central cooperative credit society; (i) one person is a central cooperative credit society, the other person is a federation of cooperative credit societies of which the first is a member, and both persons are incorporated or organized by or pursuant to legislation enacted by the same legislative body; (j) both persons are central cooperative credit societies that are members of the same federation of cooperative credit societies, and both persons and the federation of cooperative credit societies are incorporated or organized by or pursuant to legislation enacted by the same legislative body; or (k) both persons are associated within the meaning of paragraphs (a) to (j) with the same person. 1991, c. 46, s. 371; 2001, c. 9, s. 97; 2010, c. 12, s. 2050
Bank Act — B-1.01 371.1
Associates 371.1 (1) Despite section 371, for the purpose of determining ownership of a bank by an eligible agent, where two persons, at least one of whom is an eligible agent, are associated with each other, those persons are deemed to be a single eligible agent who beneficially owns the aggregate number of shares of the bank beneficially owned by them. Associates (2) For the purposes of subsection (1), a person is associated with another person if (a) each person is an agent or agency of Her Majesty in right of Canada; (b) each person is an agent or agency of Her Majesty in right of the same province; (c) each person is an agent or agency of a government of the same foreign country or a political subdivision of the same foreign country; (d) one person is Her Majesty in right of Canada and the other person is an agent or agency of Her Majesty in that right; (e) one person is Her Majesty in right of a province and the other person is an agent or agency of Her Majesty in right of that province; or (f) one person is a government of a foreign country or any political subdivision of a foreign country and the other person is its agent or agency. 2012, c. 19, s. 332
Bank Act — B-1.01 372
Significant interest 372 Except as permitted by this Part, no person shall have a significant interest in any class of shares, or in membership shares, of a bank. 1991, c. 46, s. 372; 2001, c. 9, s. 98; 2010, c. 12, s. 2051
Bank Act — B-1.01 373
Acquisition of significant interest 373 (1) Subject to this Part, no person, or entity controlled by a person, shall, without the approval of the Minister, purchase or otherwise acquire any share or membership share of a bank or purchase or otherwise acquire control of any entity that holds any share or membership share of a bank if (a) the acquisition would cause the person to have a significant interest in any class of shares or in membership shares of the bank, as the case may be; or (b) where the person has a significant interest in a class of shares or in membership shares of the bank, the acquisition would increase the significant interest of the person in that class or in the membership shares, as the case may be. Amalgamation, etc., constitutes acquisition (2) If the entity that would result from an amalgamation, a merger or a reorganization would have a significant interest in a class of shares or in membership shares of a bank, the entity is deemed to be acquiring a significant interest in that class of shares or in membership shares, as the case may be, through an acquisition for which the approval of the Minister is required under subsection (1). 1991, c. 46, s. 373; 1994, c. 47, s. 17; 1997, c. 15, s. 37(E); 2001, c. 9, s. 98; 2007, c. 6, s. 19; 2010, c. 12, s. 2051
Bank Act — B-1.01 374.1
Exception 374.1 (1) Despite section 374, if a bank with equity of twelve billion dollars or more was formed as the result of an amalgamation, a person who is a major shareholder of the bank on the effective date of the letters patent of amalgamation shall do all things necessary to ensure that the person is no longer a major shareholder of the bank on the day that is one year after that day or on the day that is after any shorter period specified by the Minister. Exception — federal credit union (1.1) Subsection (1) does not apply in respect of a person who is a major shareholder of a federal credit union. Exception — widely held banks and bank holding companies (2) Subsection (1) does not apply to a widely held bank or a widely held bank holding company that controlled, within the meaning of paragraphs 3(1)(a) and (d), one of the applicants for the letters patent of amalgamation and that has controlled, within the meaning of those paragraphs, the amalgamated bank since the effective date of those letters patent. Exception — insurance holding companies and certain institutions (3) Subsection (1) does not apply to any of the following that controlled, within the meaning of paragraph 3(1)(d), one of the applicants for the letters patent of amalgamation if it has controlled, within the meaning of that paragraph, the amalgamated bank since the effective date of those letters patent: (a) a widely held insurance holding company; (b) an eligible Canadian financial institution, other than a bank; or (c) an eligible foreign institution. Exception — other entities (4) Subsection (1) does not apply to an entity that controls, within the meaning of paragraphs 3(1)(a) and (d), the amalgamated bank if the entity is controlled, within the meaning of those paragraphs, by a widely held bank or widely held bank holding company to which subsection (2) applies that controls the amalgamated bank. Exception — other entities (5) Subsection (1) does not apply to an entity that controls, within the meaning of paragraph 3(1)(d), the amalgamated bank if the entity is controlled, within the meaning of that paragraph, by any of the following: (a) a widely held insurance holding company to which subsection (3) applies that controls the amalgamated bank; (b) an eligible Canadian financial institution to which subsection (3) applies, other than a bank, that controls the amalgamated bank; or (c) an eligible foreign institution to which subsection (3) applies that controls the amalgamated bank. Extension (6) If general market conditions so warrant and the Minister is satisfied that the person has used the person’s 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 the person must comply with that subsection. 2001, c. 9, s. 98; 2007, c. 6, s. 132; 2010, c. 12, s. 2053; 2012, c. 5, s. 13
Bank Act — B-1.01 375
Limitation on share holdings 375 (1) If a person is a major shareholder of a bank with equity of less than twelve billion dollars and the bank’s equity reaches twelve billion dollars or more, the person shall do all things necessary to ensure that the person is not a major shareholder of the bank on the day that is three years after the day the bank’s equity reached twelve billion dollars. Exception — federal credit union (1.1) Subsection (1) does not apply in respect of a person who is a major shareholder of 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. Extension (3) If general market conditions so warrant and the Minister is satisfied that the person has used the person’s 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 the person must comply with that subsection. 1991, c. 46, s. 375; 2001, c. 9, s. 98; 2007, c. 6, s. 132; 2010, c. 12, s. 2054; 2012, c. 5, s. 14