GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bank Act — B-1.01 531
Publication of name 531 An authorized foreign bank shall set out its name and, where applicable, any other permitted name, as set out in the order made under subsection 524(1) or 528(1.1), in legible characters in all contracts, invoices, negotiable instruments and other documents evidencing rights and obligations with respect to other parties that are issued or made by or on behalf of the authorized foreign bank. 1991, c. 46, s. 531; 1996, c. 6, s. 10; 1997, c. 15, s. 87; 1999, c. 28, s. 35; 2007, c. 6, s. 78
Bank Act — B-1.01 532
Directing change of name 532 (1) If through inadvertence or otherwise an order made under subsection 524(1) or 528(1.1) provides for the use of a name that is prohibited by section 530, the Superintendent may, by order, direct the authorized foreign bank to change the name without delay and the authorized foreign bank shall comply with that direction. Revoking name (2) Where an authorized foreign bank does not comply with a direction under subsection (1) within sixty days after the service of the direction, the Superintendent may revoke the name and assign another name and, until changed in accordance with section 528, that other name is the name of the authorized foreign bank. 1991, c. 46, s. 532; 1996, c. 6, s. 11; 1999, c. 28, s. 35; 2007, c. 6, s. 79(E)
Bank Act — B-1.01 532.1 to 532.4
532.1 to 532.4 [Repealed, 1999, c. 28, s. 35]
Bank Act — B-1.01 533
Other name 533 (1) Subject to section 531 and subsection (2), an authorized foreign bank may carry on business in Canada under a name other than the name set out in the order made under subsection 524(1) or 528(1.1). Directions (2) Where an authorized foreign bank carries on business in Canada under a name other than the name set out in the order, the Superintendent may, by order, direct the authorized foreign bank not to use that other name if the Superintendent is of the opinion that the other name is a name referred to in any of paragraphs 530(1)(a) to (e). 1991, c. 46, s. 533; 1999, c. 28, s. 35; 2007, c. 6, s. 80
Bank Act — B-1.01 535
Principal office 535 (1) An authorized foreign bank shall at all times have a principal office in the province specified in the order made under subsection 524(1) or 528(1.1) with respect to it. Change of principal office (2) An authorized foreign bank may change the address of its principal office within the province specified in the order made under subsection 524(1) or 528(1.1) with respect to it. Notice of change of address (3) An authorized foreign bank shall send to the Superintendent, within fifteen days after any change of address of its principal office, a notice of the change of address. 1991, c. 46, s. 535; 1999, c. 28, s. 35; 2005, c. 54, s. 81; 2007, c. 6, s. 81
Bank Act — B-1.01 536
Principal officer 536 (1) An authorized foreign bank shall appoint an employee who is ordinarily resident in Canada to be its principal officer for the purposes of this Part. Power of attorney (2) The authorized foreign bank shall provide the principal officer with a power of attorney expressly authorizing the principal officer to receive all notices under the laws of Canada from the Minister or Superintendent and shall without delay submit a copy of the power of attorney to the Superintendent. Vacancy (3) Where a vacancy occurs in the position of principal officer, the authorized foreign bank shall, without delay, fill the vacancy and submit a copy of the new power of attorney to the Superintendent. 1991, c. 46, s. 536; 1996, c. 6, s. 13; 1999, c. 28, s. 35
Bank Act — B-1.01 537
Transfer of liabilities not permitted 537 (1) Subject to subsection (2), an authorized foreign bank shall not transfer all or substantially all of the liabilities in respect of its business in Canada. Exception (2) An authorized foreign bank may, with the approval of the Minister, transfer all or substantially all of the liabilities in respect of its business in Canada to another authorized foreign bank in respect of its business in Canada, to a bank or to a body corporate to which the Trust and Loan Companies Act applies. Application for approval (3) An approval may be given under subsection (2) only if (a) notice of the authorized foreign bank’s intention to apply for the approval has been published at least once a week for a period of four consecutive weeks in the Canada Gazette and in a newspaper in general circulation at or near the place where the principal office of the transferring authorized foreign bank is situated; and (b) the application for approval is supported by evidence satisfactory to the Minister that the requirement of paragraph (a) has been satisfied and that the entity to which the authorized foreign bank intends to make the transfer is an entity referred to in subsection (2). 1991, c. 46, s. 537; 1999, c. 28, s. 35
Bank Act — B-1.01 538
Main business 538 (1) Subject to this Act, an authorized foreign bank shall not carry on any business in Canada other than the business of banking and any business generally that appertains to the business of banking. Included activities (2) For greater certainty, the business of banking includes (a) providing any financial service; (b) acting as a financial agent; (c) providing investment counselling services and portfolio management services; and (d) issuing payment, credit or charge cards and, in cooperation with others including other financial institutions, operating a payment, credit or charge card plan. 1991, c. 46, s. 538; 1996, c. 6, s. 15; 1997, c. 15, s. 88; 1999, c. 28, s. 35; 2009, c. 2, s. 272(F)
Bank Act — B-1.01 539.1
Regulations apply 539.1 Regulations made for the purpose of any of sections 409 to 411 apply in respect of authorized foreign banks with any modifications that the circumstances require unless regulations made under subsection 539(3) provide otherwise. 2001, c. 9, s. 140
Bank Act — B-1.01 540
Restrictions 540 (1) Where subsection 524(2) applies, the authorized foreign bank shall not, in respect of its business in Canada, (a) except as permitted by subsection (4), engage in the business of accepting deposit liabilities, or otherwise borrow money; (b) subject to the regulations, act as an agent for any person in the taking of deposit liabilities; or (c) guarantee any securities or accept any bills of exchange or depository bills that are (i) issued by any person, and (ii) intended by the issuer or any party to be sold or traded. (2) [Repealed, 2018, c. 27, s. 323] (3) [Repealed, 2018, c. 27, s. 323] Authorized borrowing (4) For the purposes of paragraph (1)(a), an authorized foreign bank may (a) accept deposit liabilities or otherwise borrow money from (i) a financial institution other than a foreign bank, or (ii) a foreign bank described in any of subparagraphs 508(1)(a)(i) to (iii), by means of financial instruments that cannot be subsequently sold or traded; or (b) accept deposit liabilities or otherwise borrow money, from prescribed classes of entities referred to in subparagraph (a)(i) or (ii), by means of financial instruments that can be sold to or traded with those classes of entities, in accordance with regulations made pursuant to subsection (6). Non-application of paragraph (1)(c) (5) Paragraph (1)(c) does not apply in respect of (a) securities or bills of exchange that are sold to or traded with any entity referred to in subparagraph (4)(a)(i) or (ii) and that cannot be subsequently sold or traded; or (b) securities or bills of exchange that can be sold to or traded with prescribed classes of entities referred to in subparagraph (4)(a)(i) or (ii), in accordance with regulations made pursuant to subsection (6). Regulations (6) The Governor in Council may make regulations (a) prescribing the class, type or amount of deposit liabilities or borrowings referred to in paragraph (4)(b); (b) prescribing the class, type or amount of securities or bills of exchange referred to in paragraph (5)(b); (c) prescribing the classes of entities referred to in paragraph (4)(b) or (5)(b); (d) prescribing the terms and conditions respecting any sale or trade of financial instruments, securities or bills of exchange; (d.1) respecting circumstances in which and the conditions under which an authorized foreign bank that is subject to the restrictions and requirements referred to in subsection 524(2) may act as agent for any person in the taking of deposit liabilities; and (e) respecting such other matters or things as are necessary to carry out the purposes of this section. 1991, c. 46, s. 540; 1996, c. 6, s. 16; 1999, c. 28, s. 35; 2001, c. 9, s. 141; 2007, c. 6, s. 83; 2012, c. 5, s. 60 2018, c. 27, s. 323
Bank Act — B-1.01 541
Application of certain provisions 541 (1) The provisions of this Act that apply in respect of an authorized foreign bank apply in respect of an authorized foreign bank that is subject to the restrictions and requirements referred to in subsection 524(2), with any modifications that may be required to take into account those restrictions and requirements. Non-application of certain provisions (2) The following provisions do not apply in respect of an authorized foreign bank that is subject to the restrictions and requirements referred to in subsection 524(2): (a) sections 545 and 546; and (b) sections 627.68 to 627.72 and 627.85. 1991, c. 46, s. 541; 1996, c. 6, s. 16; 1999, c. 28, s. 35 2018, c. 27, s. 324
Bank Act — B-1.01 541.1
Guarantees and acceptances 541.1 An authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2) may, in respect of its business in Canada, guarantee any securities and accept any bills of exchange that are issued by any person and intended by the issuer or any party to be sold or traded. 1999, c. 28, s. 35
Bank Act — B-1.01 542
Payment clearing and settlement 542 Subject to section 22.1 of the Payment Clearing and Settlement Act , an authorized foreign bank may be a participant in a clearing and settlement system designated under subsection 4(1) of that Act. 1991, c. 46, s. 542; 1996, c. 6, s. 17; 1999, c. 28, s. 35; 2014, c. 39, s. 375
Bank Act — B-1.01 543
Networking 543 (1) Subject to sections 540, 546 and 549, an authorized foreign bank may, in Canada, (a) act as agent for any person in respect of the provision of any service that is provided by a financial institution, an entity in which a bank is permitted to acquire a substantial investment under section 468 or a Canadian entity acquired or held under section 522.08 and may enter into an arrangement with any person in respect of the provision of that service; or (b) refer any person to any such financial institution or entity. Regulations (2) The Governor in Council may make regulations respecting the disclosure of (a) the name of the principal for whom an authorized foreign bank is acting as agent pursuant to subsection (1); and (b) whether any commission is being earned by an authorized foreign bank when acting as agent pursuant to subsection (1). 1991, c. 46, s. 543; 1996, c. 6, s. 17; 1999, c. 28, s. 35; 2001, c. 9, s. 142; 2007, c. 6, s. 84
Bank Act — B-1.01 544
Restriction on fiduciary activities 544 No authorized foreign bank shall act in Canada as (a) an executor, administrator or official guardian or a guardian, tutor, curator, judicial adviser or committee of a mentally incompetent person; or (b) a trustee for a trust. 1991, c. 46, s. 544; 1996, c. 6, s. 17; 1999, c. 28, s. 35
Bank Act — B-1.01 545
Deposits that fall below $150,000 545 (1) An authorized foreign bank shall, in respect of its business in Canada, ensure that, on each day that is at least thirty days after the date of the order under subsection 534(1) made in respect of it, A/B ≤ 0.01 where A is the sum of all amounts each of which is the sum of all the deposits held by the authorized foreign bank at the end of a day in the preceding thirty days each of which deposits is less than $150,000 and payable in Canada; and B is the sum of all amounts each of which is the sum of all deposits held by the authorized foreign bank at the end of a day in those preceding thirty days and payable in Canada. Exchange rate (2) For the purpose of subsection (1), the rate of exchange that shall be applied on any day in determining the amount in Canadian dollars of a deposit in a currency of a country other than Canada shall be determined in accordance with any regulations that may be made. Meaning of deposit (3) For the purpose of subsection (1), deposit has the meaning that would be given to it by the schedule to the Canada Deposit Insurance Corporation Act for the purposes of deposit insurance if that schedule were read without reference to subsections 2(2), (5) and (6) of that schedule, but does not include prescribed deposits. (4) [Repealed, 2018, c. 27, s. 325] (5) [Repealed, 2018, c. 27, s. 325] Regulations (6) The Governor in Council may make regulations (a) respecting the determination of rates of exchange referred to in subsection (2); and (a.1) prescribing the deposits referred to in subsection (3) and the terms and conditions with respect to the acceptance of those deposits. (b) [Repealed, 2018, c. 27, s. 325] (c) [Repealed, 2018, c. 27, s. 325] 1991, c. 46, s. 545; 1996, c. 6, s. 17; 1999, c. 28, s. 35; 2007, c. 6, s. 85; 2012, c. 5, s. 61 2018, c. 27, s. 325
Bank Act — B-1.01 546
Deposits less than $150,000 546 (1) Subject to the regulations, an authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2) may not, in respect of its business in Canada, act as agent for any person in the taking of a deposit that is less than $150,000 and payable in Canada. Meaning of deposit (2) In this section, deposit has the meaning assigned to that term by subsection 545(3). Regulations (3) The Governor in Council may make regulations respecting the circumstances in which, and the conditions under which, an authorized foreign bank referred to in subsection (1) may act as agent for any person in the taking of a deposit that is less than $150,000 and payable in Canada. 1991, c. 46, s. 546; 1996, c. 6, s. 18; 1999, c. 28, s. 35; 2001, c. 9, s. 143
Bank Act — B-1.01 547
Shared premises 547 (1) Subject to the regulations, no authorized foreign bank shall carry on business in Canada on premises that are shared with those of a member institution, within the meaning of section 2 of the Canada Deposit Insurance Corporation Act , that is affiliated with the authorized foreign bank. Limitation (2) Subsection (1) only applies in respect of premises or any portion of premises on which both the authorized foreign bank and the member institution carry on business with the public and to which the public has access. Adjacent premises (3) Subject to the regulations, no authorized foreign bank shall carry on business in Canada on premises that are adjacent to a branch or office of a member institution, within the meaning of section 2 of the Canada Deposit Insurance Corporation Act , that is affiliated with the authorized foreign bank, unless the authorized foreign bank clearly indicates to its customers that its business and the premises on which it is carried on are separate and distinct from the business and premises of the affiliated member institution. Regulations (4) The Governor in Council may make regulations (a) respecting the circumstances in which, and the conditions under which, an authorized foreign bank may carry on business in Canada on premises that are shared with those of a member institution referred to in subsection (1); and (b) respecting the circumstances in which, and the conditions under which, an authorized foreign bank may carry on business in Canada on premises that are adjacent to a branch or office of a member institution referred to in subsection (3). 1991, c. 46, s. 547; 1996, c. 6, s. 19(E); 1999, c. 28, s. 35; 2001, c. 9, s. 144
Bank Act — B-1.01 548
Restriction on securities activities 548 An authorized foreign bank shall not deal in Canada in securities to the extent prohibited or restricted by any regulations that the Governor in Council may make for the purposes of this section. 1991, c. 46, s. 548; 1999, c. 28, s. 35
Bank Act — B-1.01 549
Restriction on insurance business 549 (1) An authorized foreign bank shall not undertake in Canada the business of insurance except to the extent permitted by this Act or the regulations. Restriction on acting as agent (2) An authorized foreign bank shall not act in Canada as agent for any person in the placing of insurance and shall not lease or provide space in any branch in Canada of the authorized foreign bank to any person engaged in the placing of insurance. Regulations (3) The Governor in Council may make regulations respecting the matters referred to in subsection (1) and regulations respecting relations between authorized foreign banks and (a) entities that undertake the business of insurance; or (b) insurance agents or insurance brokers. Saving (4) Nothing in this section precludes an authorized foreign bank from (a) requiring insurance to be placed by a borrower for the security of the authorized foreign bank; or (b) obtaining group insurance for its employees. Definition of business of insurance (5) In this section, business of insurance includes (a) the issuance of any annuity if the liability in respect of the annuity is contingent on the death of a person; and (b) the issuance of any debt obligation, any of whose terms and conditions are established on the basis of mortality considerations, under which the issuer is obliged to make periodic payments. 1991, c. 46, s. 549; 1999, c. 28, s. 35; 2012, c. 19, s. 207
Bank Act — B-1.01 550
Restriction on leasing 550 An authorized foreign bank shall not engage in Canada in any personal property leasing activity in which a financial leasing entity as defined in subsection 464(1) is not permitted to engage. 1991, c. 46, s. 550; 1999, c. 28, s. 35; 2001, c. 9, s. 145
Bank Act — B-1.01 551
Restriction on residential mortgages 551 (1) An authorized foreign bank shall not make a loan in Canada on the security of residential property in Canada for the purpose of purchasing, renovating or improving that property, or refinance a loan for that purpose, if the amount of the loan, together with the amount outstanding of any mortgage having an equal or prior claim against the property, would exceed 80 per cent of the value of the property at the time of the loan. Exception (2) Subsection (1) does not apply in respect of (a) a loan made or guaranteed under the National Housing Act or any other Act of Parliament by or under which a different limit on the value of property on the security of which the authorized foreign bank may make a loan is established; (b) a loan if repayment of the amount of the loan that exceeds the maximum amount set out in subsection (1) is guaranteed or insured by a government agency or a private insurer approved by the Superintendent; (c) the acquisition by the authorized foreign bank from an entity of securities issued or guaranteed by the entity that are secured on any residential property, whether in favour of a trustee or otherwise, or the making of a loan by the authorized foreign bank to the entity against the issue of those securities; or (d) a loan secured by a mortgage where (i) the mortgage is taken back by the authorized foreign bank on a property disposed of by it, including where the disposition is by way of a realization of a security interest, and (ii) the mortgage secures payment of an amount payable to the authorized foreign bank for the property. 1991, c. 46, s. 551; 1999, c. 28, s. 35; 2007, c. 6, s. 86
Bank Act — B-1.01 552
Restriction on charges to borrowers 552 (1) Subject to any regulations made under subsection (2), an authorized foreign bank that has obtained insurance or a guarantee against default on a loan made in Canada on the security of residential property shall not charge a borrower an amount for the insurance or guarantee that exceeds the actual cost to the authorized foreign bank of the insurance or guarantee. Regulations (2) The Governor in Council may make regulations (a) respecting the determination of the actual cost to an authorized foreign bank for the purposes of subsection (1); (b) respecting the circumstances in which an authorized foreign bank is exempt from the application of subsection (1); (c) respecting, in relation to insurance or a guarantee against default on a loan made by an authorized foreign bank in Canada on the security of residential property, (i) the arrangements into which the authorized foreign bank, its representatives and its employees may or may not enter, and (ii) the payments or benefits that the authorized foreign bank, its representatives and its employees may or may not accept from an insurer or the insurer’s affiliates; and (d) respecting any other matters necessary to carry out the purposes of subsection (1). (3) [Repealed, 2018, c. 27, s. 326] 1999, c. 28, s. 35; 2001, c. 9, s. 146; 2009, c. 2, s. 273; 2012, c. 5, s. 62(E) 2018, c. 27, s. 326
Bank Act — B-1.01 553
Restriction on receivers 553 An authorized foreign bank shall not, in respect of its business in Canada, grant to a person the right to appoint a receiver or a receiver and manager of the property or of the business of the authorized foreign bank. 1991, c. 46, s. 553; 1999, c. 28, s. 35
Bank Act — B-1.01 553.1
Restriction on partnerships 553.1 (1) Except with the approval of the Superintendent, an authorized foreign bank may not, in respect of its business in Canada, be a general partner in a limited partnership or a partner in a general partnership. Meaning of general partnership (2) For the purposes of subsection (1), general partnership means any partnership other than a limited partnership. 1999, c. 28, s. 35; 2001, c. 9, s. 147
Bank Act — B-1.01 554
Definition of non-WTO Member authorized foreign bank 554 (1) In this section, non-WTO Member authorized foreign bank means an authorized foreign bank that is not controlled by a WTO Member resident. Limitation on branches in Canada of non-WTO Member authorized foreign bank (2) No non-WTO Member authorized foreign bank shall have any branch in Canada, other than its principal office and one branch, without the approval of the Minister. 1991, c. 46, s. 554; 1999, c. 28, s. 35
Bank Act — B-1.01 555
Special security 555 Sections 425 to 436, as they exist from time to time, apply, with any modifications that the circumstances require, in respect of the carrying on of business in Canada by an authorized foreign bank as if a reference to “bank” in any of those provisions were a reference to “authorized foreign bank”. 1991, c. 46, s. 555; 1999, c. 28, s. 35