GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bank Act — B-1.01 2.4
Regulations — distributing bank or bank holding company 2.4 (1) The Governor in Council may make regulations respecting the determination of what constitutes a distributing bank or distributing bank holding company for the purposes of this Act. Exemption — bank or bank holding company (2) On the application of a bank or bank holding company, the Superintendent may determine that it is not or was not a distributing bank or distributing bank holding company, as the case may be, if the Superintendent is satisfied that the determination would not prejudice any security holder of that bank or bank holding company or any holder of a membership share of that bank. Exemption — class of banks or bank holding companies (3) The Superintendent may determine that members of a class of banks or bank holding companies are not or were not distributing banks or distributing bank holding companies, as the case may be, if the Superintendent is satisfied that the determination would not prejudice any security holder of a member of the class or any holder of a membership share of a bank that is a member of the class. 2005, c. 54, s. 2; 2010, c. 12, s. 1896
Bank Act — B-1.01 3
Control 3 (1) For the purposes of this Act, (a) a person controls a body corporate if securities of the body corporate to which are attached more than 50 per cent of the votes that may be cast to elect directors of the body corporate are beneficially owned by the person and the votes attached to those securities are sufficient, if exercised, to elect a majority of the directors of the body corporate; (a.1) a person controls a federal credit union if the person and all of the entities controlled by the person have the right to exercise more than 50 per cent of the votes that may be cast at an annual meeting or to elect the majority of the directors of the federal credit union; (b) a person controls an unincorporated entity, other than a limited partnership, if more than 50 per cent of the ownership interests, however designated, into which the entity is divided are beneficially owned by that person and the person is able to direct the business and affairs of the entity; (c) the general partner of a limited partnership controls the limited partnership; and (d) a person controls an entity if the person has any direct or indirect influence that, if exercised, would result in control in fact of the entity. Deemed control (2) A person who controls an entity is deemed to control any entity that is controlled, or deemed to be controlled, by the entity. Deemed control (3) A person is deemed to control, within the meaning of paragraph (1)(a) or (b), an entity if the aggregate of (a) any securities of the entity that are beneficially owned by that person, and (b) any securities of the entity that are beneficially owned by any entity controlled by that person is such that, if that person and all of the entities referred to in paragraph (b) that beneficially own securities of the entity were one person, that person would control the entity. Guidelines (4) The Minister may, for any purpose of any provision of this Act that refers to control within the meaning of paragraph (1)(d), make guidelines respecting what constitutes such control, including guidelines describing the policy objectives that the guidelines and the relevant provisions of the Act are intended to achieve and, if any such guidelines are made, the reference to paragraph (1)(d) in that provision shall be interpreted in accordance with the guidelines. Guidelines — federal credit union (5) The Minister may, for any purpose of any provision of this Act that refers to control within the meaning of paragraph (1)(d), make guidelines respecting what constitutes such control of a federal credit union, including guidelines describing the policy objectives that the guidelines and the relevant provisions of the Act are intended to achieve and, if any such guidelines are made, the reference to paragraph (1)(d) in that provision is to be interpreted in accordance with the guidelines. 1991, c. 46, s. 3; 2001, c. 9, s. 37; 2010, c. 12, s. 1897
Bank Act — B-1.01 4
Holding body corporate 4 A body corporate is the holding body corporate of any entity that is its subsidiary. 1991, c. 46, s. 4; 2001, c. 9, s. 38
Bank Act — B-1.01 5
Subsidiary 5 An entity is a subsidiary of another entity if it is controlled by the other entity. 1991, c. 46, s. 5; 2001, c. 9, s. 38
Bank Act — B-1.01 6
Affiliated entities 6 (1) One entity is affiliated with another entity if one of them is controlled by the other or both are controlled by the same person. Affiliated entities (2) Despite subsection (1), for the purposes of subsections 265(1) and 283(1), one entity is affiliated with another entity if one of them is controlled, determined without regard to paragraph 3(1)(d), by the other or both are controlled, determined without regard to paragraph 3(1)(d), by the same person. 1991, c. 46, s. 6; 2001, c. 9, s. 39
Bank Act — B-1.01 7
Shareholder 7 (1) For the purposes of this Act, a person is a shareholder of a body corporate when, according to the securities register of the body corporate, the person is the owner of one or more shares of the body corporate or is entitled to be entered in the securities register or like record of the body corporate as the owner of the share or shares. Holder of a share (2) A reference in this Act to the holding of a share by or in the name of any person is a reference to the fact that the person is registered or is entitled to be registered in the securities register or like record of the body corporate as the holder of that share.
Bank Act — B-1.01 7.1
Holder of membership share 7.1 (1) For the purposes of this Act, a person is a holder of a membership share of a federal credit union if the person is the owner of one or more membership shares according to the federal credit union’s members register or is entitled to be entered in that register, or like record of the federal credit union, as the owner of one or more membership shares. References to holding membership share (2) A reference in this Act to the holding of a membership share by or in the name of any person is a reference to the fact that the person is registered or is entitled to be registered in a federal credit union’s members register, or like record of the federal credit union, as the holder of that membership share. 2010, c. 12, s. 1898
Bank Act — B-1.01 8
Significant interest 8 (1) A person has a significant interest in a class of shares of a bank or a bank holding company if the aggregate of (a) any shares of that class beneficially owned by the person, and (b) any shares of that class beneficially owned by entities controlled by the person exceeds 10 per cent of all of the outstanding shares of that class of shares of the bank or bank holding company. Significant interest — membership shares (1.1) A person has a significant interest in the membership shares of a federal credit union if the aggregate of membership shares beneficially owned by the person and membership shares beneficially owned by entities controlled by the person exceeds 10 per cent of all of the outstanding membership shares. Increasing significant interest (2) A person who has a significant interest in a class of shares of a bank or bank holding company increases that significant interest in the class of shares if the person or any entity controlled by the person (a) acquires beneficial ownership of additional shares of that class, or (b) acquires control of any entity that beneficially owns shares of that class, in such number as to increase the percentage of shares of that class that are beneficially owned by the person and by any entities controlled by the person. Increasing significant interest — membership shares (3) A person who has a significant interest in the membership shares of a federal credit union increases that significant interest in the membership shares if the person or any entity controlled by the person acquires beneficial ownership of additional membership shares, or acquires control of any entity that beneficially owns membership shares, of the federal credit union in such number as to increase the percentage of membership shares that are beneficially owned by the person and by any entities controlled by the person. 1991, c. 46, s. 8; 2001, c. 9, s. 40; 2010, c. 12, s. 1899
Bank Act — B-1.01 9
Acting in concert 9 (1) For the purposes of Part VII and Division 7 of Part XV, if two or more persons have agreed, under any agreement, commitment or understanding, whether formal or informal, verbal or written, to act jointly or in concert in respect of (a) shares of a bank or of a bank holding company that they beneficially own, (b) shares or ownership interests that they beneficially own of any entity that beneficially owns shares of a bank or of a bank holding company, or (c) shares or ownership interests that they beneficially own of any entity that controls any entity that beneficially owns shares of a bank or bank holding company, those persons are deemed to be a single person who is acquiring beneficial ownership of the aggregate number of shares of the bank or bank holding company or shares or ownership interests of the entity that are beneficially owned by them. Acting in concert (2) Without limiting the generality of subsection (1), any agreement, commitment or understanding by or between two or more persons who beneficially own shares of a bank or bank holding company or shares or ownership interests of any entity referred to in paragraph (1)(b) or (c), (a) whereby any of them or their nominees may veto any proposal put before the board of directors of the bank or bank holding company, or (b) under which no proposal put before the board of directors of the bank or bank holding company may be approved except with the consent of any of them or their nominees, is deemed to be an agreement, commitment or understanding referred to in subsection (1). Exceptions (3) For the purposes of this section, persons shall be presumed not to have agreed to act jointly or in concert solely by reason of the fact that (a) one is the proxyholder of one or more of the others in respect of shares or ownership interests referred to in subsection (1); or (b) they vote the voting rights attached to shares or ownership interests referred to in subsection (1) in the same manner. Designation (4) Where in the opinion of the Superintendent it is reasonable to conclude that an agreement, commitment or understanding referred to in subsections (1) and (2) exists by or among two or more persons, the Superintendent may designate those persons as persons who have agreed to act jointly or in concert. Contravention (5) A person contravenes a provision of Part VII or Division 7 of Part XV if the person agrees to act jointly or in concert with one or more other persons in such a manner that a deemed single person contravenes the provision. 1991, c. 46, s. 9; 2001, c. 9, s. 41; 2007, c. 6, s. 2
Bank Act — B-1.01 9.1
Acting in concert — members’ rights to vote 9.1 (1) For the purposes of Part VII, if two or more members have agreed, under any agreement, commitment or understanding, whether formal or informal, verbal or written, to act jointly or in concert in respect of the exercise of any right to vote at a meeting of members, those members are deemed to be a single member. Exceptions (2) For the purposes of this section, members are presumed not to have agreed to act jointly or in concert solely by reason of the fact that (a) their membership voting rights are vested in the same delegate or delegates; or (b) they exercise their membership voting rights in the same manner. Designation (3) If in the opinion of the Superintendent it is reasonable to conclude that an agreement, commitment or understanding referred to in subsection (1) exists by or among two or more members, the Superintendent may designate those members as members who have agreed to act jointly or in concert. Contravention (4) A member contravenes a provision of Part VII if the member agrees to act jointly or in concert with one or more other members in such a manner that a deemed single member contravenes that provision. 2010, c. 12, s. 1900
Bank Act — B-1.01 9.2
Acting in concert — shareholders and members’ right to vote 9.2 (1) For the purposes of Part VII, if one or more members of a federal credit union and one or more shareholders of the federal credit union have agreed, under any agreement, commitment or understanding, whether formal or informal, verbal or written, to act jointly or in concert in respect of the exercise of their respective rights to vote, those persons are deemed to be a single person. Exceptions (2) For the purposes of this section, persons are presumed not to have agreed to act jointly or in concert solely by reason of the fact that (a) one or more of the members is the proxyholder of one or more of the shareholders; (b) one or more of the shareholders is a delegate of one or more of the members; or (c) they exercise their respective voting rights in the same manner. Designation (3) If in the opinion of the Superintendent it is reasonable to conclude that an agreement, commitment or understanding referred to in subsection (1) exists by or among one or more members and one or more shareholders, the Superintendent may designate those members and shareholders as persons who have agreed to act jointly or in concert. Contravention (4) A shareholder or a member contravenes a provision of Part VII if the shareholder or member agrees to act jointly or in concert with one or more other shareholders or members in such a manner that a deemed single person contravenes that provision. 2010, c. 12, s. 1900
Bank Act — B-1.01 10
 cent of all of the ownership interests into which the entity is divided. Increasing substantial investment in unincorporated entities (6) A person who has a substantial investment in an unincorporated entity increases that substantial investment when the person or any entity controlled by the person (a) acquires beneficial ownership of additional ownership interests in the unincorporated entity in such number as to increase the percentage of ownership interests in the unincorporated entity beneficially owned by the person and by any entities controlled by the person; or (b) acquires control of any entity that beneficially owns ownership interests in the unincorporated entity in such number as to increase the percentage of ownership interests beneficially owned by the person and by any entities controlled by the person. 1991, c. 46, s. 10; 2010, c. 12, s. 1901
Bank Act — B-1.01 11.1
WTO Member resident 11.1 (1) For the purposes of this Act, a WTO Member resident is (a) a natural person who is ordinarily resident in a country or territory that is a WTO Member, as defined in subsection 2(1) of the World Trade Organization Agreement Implementation Act , other than Canada; (b) a body corporate, association, partnership or other organization that is incorporated, formed or otherwise organized in a country or territory that is a WTO Member, as defined in subsection 2(1) of the World Trade Organization Agreement Implementation Act , other than Canada, and that is controlled (i) directly or indirectly, by one or more persons referred to in paragraph (a), or (ii) by a government of a WTO Member, whether federal, state or local, or an agency of one of those governments; (c) a trust established by one or more persons referred to in paragraph (a) or (b) or a trust in which one or more of those persons have more than 50 per cent of the beneficial interest; or (d) a body corporate, association, partnership or other organization that is controlled, directly or indirectly, by a trust referred to in paragraph (c). Interpretation (2) For the purposes of subsection (1), (a) a body corporate is controlled by one or more persons if (i) securities of the body corporate to which are attached more than 50 per cent of the votes that may be cast to elect directors of the body corporate are beneficially owned by the person or persons, and (ii) the votes attached to those securities are sufficient to elect a majority of the directors of the body corporate; (b) an association, partnership or other organization is controlled by one or more persons if (i) more than 50 per cent of the ownership interests, however designated, into which the association, partnership or other organization is divided are beneficially owned by the person or persons, and (ii) the person or persons are able to direct the business and affairs of the association, partnership or other organization; (c) a body corporate, association, partnership or other organization is controlled by one or more persons if the person or persons have, directly or indirectly, control in fact of the body corporate, association, partnership or other organization; and (d) a body corporate, association, partnership or other organization that controls another body corporate, association, partnership or other organization is deemed to control any body corporate, association, partnership or other organization that is controlled or deemed to be controlled by the other body corporate, association, partnership or other organization. 1993, c. 44, s. 23; 1999, c. 28, s. 3
Bank Act — B-1.01 12
Exemption from foreign bank status 12 (1) The Minister may, by order, and subject to such terms and conditions as the Minister considers appropriate, exempt for the purposes of any provision of this Act any entity from being a foreign bank that, but for that order, would be a foreign bank. Revocation of order (2) The Minister may, by further order, revoke or vary any order made under subsection (1), and any such revocation or variation shall come into force three months after the date the further order is made, unless the Minister and the entity to which the order relates agree that the revocation or variation should come into force at some other time agreed by them. Notice (3) Before filing an application for an order referred to in subsection (1), an applicant shall publish a notice of intention to make the application in the Canada Gazette . 1991, c. 46, s. 12; 2001, c. 9, s. 42.1
Bank Act — B-1.01 12.1
Cooperative basis 12.1 (1) For the purposes of this Act, a federal credit union is organized and carries on business on a cooperative basis if (a) a majority of its members are natural persons; (b) it provides financial services primarily to its members; (c) membership in the federal credit union is wholly or primarily open, in a non-discriminatory manner, to persons who can use the services of the federal credit union and who are willing and able to accept the responsibilities of membership; (d) each member has only one vote; (e) a delegate has only one vote even though the delegate is a member or represents more than one member; (f) dividends on any membership share are limited to the maximum percentage fixed in the federal credit union’s letters patent or by-laws; and (g) surplus funds arising from the federal credit union’s operations are used (i) to provide for the financial stability of the federal credit union, (ii) to develop its business, (iii) to provide or improve common services to members, (iv) to provide for reserves or dividends on membership shares and shares, (v) for community welfare or the propagation of cooperative enterprises, or (vi) as a distribution to its members as a patronage allocation. Restrictions (2) Paragraph (1)(c) is subject to any restrictions in the by-laws of the federal credit union on the classes of persons to which membership may be available, as long as the restrictions are consistent with applicable laws with respect to human rights. 2010, c. 12, s. 1902
Bank Act — B-1.01 12.2
Member who is shareholder 12.2 For greater certainty, a member of a federal credit union who is also a shareholder of the federal credit union may exercise the rights given to a shareholder by this Act for all shares held by the member. 2010, c. 12, s. 1902
Bank Act — B-1.01 13
Application of Act 13 This Act is the charter of and applies to each bank. 1991, c. 46, s. 13; 1999, c. 28, s. 4; 2001, c. 9, s. 43
Bank Act — B-1.01 14
Schedule I and Schedule II banks 14 (1) Subject to this Act, (a) there shall be set out in Schedule I (i) the name of every bank named in Schedules I and II as those Schedules read immediately before the day section 184 of the Financial Consumer Agency of Canada Act comes into force that was not a subsidiary of a foreign bank, (ii) the name of every bank incorporated or formed under this Act that is not a subsidiary of a foreign bank, and (iii) the province in which the head office of the bank is situated; and (b) there shall be set out in Schedule II (i) the name of every bank named in Schedule II as that Schedule read immediately before the day section 184 of the Financial Consumer Agency of Canada Act comes into force that was a subsidiary of a foreign bank, (ii) the name of every bank incorporated or formed under this Act that is a subsidiary of a foreign bank, and (iii) the province in which the head office of the bank is situated. Amending the schedules (2) Where (a) a bank is incorporated, (b) a body corporate is continued as a bank, (c) one or more bodies corporate are amalgamated as a bank, (d) the name of a bank is changed, (e) the head office of a bank is changed, (f) a bank becomes, or ceases to be, a subsidiary of a foreign bank, (g) a bank is dissolved, or (h) a bank is continued, or amalgamated and continued, as a body corporate to which another Act of Parliament applies, Schedules I and II shall be amended accordingly. Notice of amendments (3) If in any year either Schedule I or II is amended, the Superintendent shall, within sixty days after the end of the year, cause a notice to be published in the Canada Gazette showing Schedule I or II in its complete amended form as at the end of the year. 1991, c. 46, s. 14; 2001, c. 9, s. 43; 2005, c. 54, s. 4; 2007, c. 6, s. 3
Bank Act — B-1.01 14.1
Schedule III authorized foreign banks 14.1 (1) There shall be set out in Schedule III (a) the name of every authorized foreign bank and, where applicable, any other name under which it is permitted to carry on business in Canada; (b) the province in which the principal office of the authorized foreign bank is situated; and (c) whether the authorized foreign bank is subject to the restrictions and requirements referred to in subsection 524(2). Amending Schedule III (2) Schedule III shall be amended accordingly where (a) an order made under subsection 524(1) is revoked; (b) any of the information referred to in paragraph (1)(a) or (b) changes; or (c) the restrictions and requirements referred to in subsection 524(2) to which an authorized foreign bank is subject are added or removed. Notice of amendments (3) Where in any year Schedule III is amended, the Superintendent shall, within sixty days after the end of the year, cause a notice to be published in the Canada Gazette showing Schedule III in its complete amended form as at the end of the year. 1999, c. 28, s. 5; 2005, c. 54, s. 5
Bank Act — B-1.01 14.11
Schedule IV 14.11 For the purpose of implementing Canada’s international trade obligations, the Governor in Council may, by order, amend Schedule IV by adding or deleting the name of a trade agreement. 2020, c. 1, s. 159
Bank Act — B-1.01 14.12
Schedule V 14.12 The Governor in Council may, by order, amend Schedule V by adding, deleting or amending a reference to a version of National Instrument 51-102 or National Instrument 54-101. 2026, c. 3, s. 287
Bank Act — B-1.01 14.2
Exemption of foreign banks 14.2 The Governor in Council may make regulations exempting any class of foreign banks from the application of any provision of this Act. 2001, c. 9, s. 43.1