GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bank Act — B-1.01 438
ent, the Bank of Canada is liable to pay, at its agency in the province in which the deposit or instrument was payable, an amount equal to the amount so paid to it together with interest, if interest was payable under the terms of the deposit or instrument, (a) for a 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 claimant; and (b) at such rate and computed in such manner as the Minister determines. Enforcing liability (4) The liability of the Bank of Canada under subsection (3) may be enforced by action against the Bank of Canada in the court in the province in which the deposit or instrument was payable. Application of subsection (1) (5) Subsection (1) applies only in respect of (a) deposits made, and cheques, drafts and bills of exchange issued, certified or accepted, in the ten year period immediately preceding the day on which this section comes into force; and (b) deposits made, and cheques, drafts and bills of exchange issued, certified or accepted, on or after the day on which this section comes into force. 1991, c. 46, s. 438; 1999, c. 28, s. 23; 2007, c. 6, s. 29 2021, c. 23, s. 145
Bank Act — B-1.01 439
Notice of unpaid amount 439 (1) A bank shall send, by mail and by electronic means, to each person to whom a deposit referred to in paragraph 438(1)(a) is payable, or to each person to whom or at whose request an instrument referred to in paragraph 438(1)(b) was issued, certified or accepted, at their recorded address and electronic address in so far as they are known to the bank, a notice stating that the deposit or instrument remains unpaid. When notice to be sent (2) The notice must be sent during the month of January next following the end of the first two-year period, during the month of January next following the end of the first five-year period and also during the month of January next following the end of the first nine-year period (a) in the case of a deposit made for a fixed period, after the fixed period has terminated; (b) in the case of any other deposit, in respect of which no transaction has taken place and no statement of account has been requested or acknowledged by the creditor; and (c) in the case of a cheque, draft or bill of exchange, in respect of which the instrument has remained unpaid. Notification of transfer to the Bank of Canada (3) The notice to be sent during the month of January next following the end of the first nine-year period determined under paragraphs (2)(a) to (c), as the case may be, must also (a) [Repealed before coming into force, 2008, c. 20, s. 3] (b) include the mailing address and websites where information can be obtained on how to claim the unpaid deposit or instrument. 1991, c. 46, s. 439; 2007, c. 6, s. 30 2008, c. 20, s. 3 2021, c. 23, s. 146
Bank Act — B-1.01 460
Transmission in case of death 460 (1) Where the transmission of a debt owing by a bank by reason of a deposit, of property held by a bank as security or for safe-keeping or of rights with respect to a safety deposit box and property deposited therein takes place because of the death of a person, the delivery to the bank of (a) an affidavit or declaration in writing in form satisfactory to the bank signed by or on behalf of a person claiming by virtue of the transmission stating the nature and effect of the transmission, and (b) one of the following documents, namely, (i) when the claim is based on a will or other testamentary instrument or on a grant of probate thereof or on such a grant and letters testamentary or other document of like import or on a grant of letters of administration or other document of like import, purporting to be issued by any court or authority in Canada or elsewhere, an authenticated copy or certificate thereof under the seal of the court or authority without proof of the authenticity of the seal or other proof, or (ii) when the claim is based on a notarial will, an authenticated copy thereof, is sufficient justification and authority for giving effect to the transmission in accordance with the claim. Idem (2) Nothing in subsection (1) shall be construed to prevent a bank from refusing to give effect to a transmission until there has been delivered to the bank such documentary or other evidence of or in connection with the transmission as it may deem requisite. 1991, c. 46, s. 460; 1999, c. 28, s. 25(E)
Bank Act — B-1.01 461
Branch of account with respect to deposits 461 (1) For the purposes of this Act, the branch of account with respect to a deposit account is (a) the branch the address or name of which appears on the specimen signature card or other signing authority signed by a depositor with respect to the deposit account or that is designated by agreement between the bank and the depositor at the time of opening of the deposit account; or (b) if no branch has been identified or agreed on as provided in paragraph (a), the branch that is designated as the branch of account with respect thereto by the bank by notice in writing to the depositor. Where debt payable (2) The amount of any debt owing by a bank by reason of a deposit in a deposit account in the bank is payable to the person entitled thereto only at the branch of account and the person entitled thereto is not entitled to demand payment or to be paid at any other branch of the bank. Idem (3) Notwithstanding subsection (2), a bank may permit either occasionally or as a regular practice, the person to whom the bank is indebted by reason of a deposit in a deposit account in the bank to withdraw moneys owing by reason of that deposit at a branch of the bank other than the branch of account or to draw cheques or other orders for the payment of such moneys at a branch other than the branch of account. Situs of indebtedness (4) The indebtedness of a bank by reason of a deposit in a deposit account in the bank shall be deemed for all purposes to be situated at the place where the branch of account is situated.
Bank Act — B-1.01 462
upport order means an order or judgment or interim order or judgment for family financial support. ( ordonnance alimentaire ) support provision means a provision of an agreement relating to the payment of maintenance or family financial support. ( disposition alimentaire ) 1991, c. 46, s. 462; 2001, c. 9, s. 126; 2005, c. 19, s. 57
Bank Act — B-1.01
designated office means a place designated in accordance with regulations made for the purpose of subsection (3). ( bureau désigné )
Bank Act — B-1.01
enforcement notice , in respect of a support order or support provision, means a garnishee summons or other instrument issued under the laws of a province for the enforcement of the support order or support provision. ( avis d’exécution )
Bank Act — B-1.01
support order means an order or judgment or interim order or judgment for family financial support. ( ordonnance alimentaire )
Bank Act — B-1.01
support provision means a provision of an agreement relating to the payment of maintenance or family financial support. ( disposition alimentaire )
Bank Act — B-1.01 463
Deemed loan 463 For the purposes of sections 425 to 436, where a bank accepts a bill of exchange drawn on it and not payable on demand or pays or makes money available for the payment of such a bill of exchange, or issues a guarantee, or otherwise makes a promise to effect a payment, the bank is deemed to lend money or make an advance.
Bank Act — B-1.01 464
 de fonds mutuels ) participating share means a share of a body corporate that carries the right to participate in the earnings of the body corporate to an unlimited degree and to participate in a distribution of the remaining property of the body corporate on dissolution and includes a membership share. ( action participante ) permitted entity means an entity in which a bank is permitted to acquire a substantial investment under section 468. ( entité admissible ) prescribed subsidiary means a subsidiary that is one of a prescribed class of subsidiaries. ( filiale réglementaire ) real property brokerage entity means an entity that is primarily engaged in (a) acting as an agent for vendors, purchasers, mortgagors, mortgagees, lessors or lessees of real property; and (b) the provision of consulting or appraisal services in respect of real property. ( courtier immobilier ) specialized financing entity means a specialized financing entity as defined in the regulations. ( entité s’occupant de financement spécial ) Members of a bank’s group (2) For the purpose of this Part, a member of a bank’s group is any of the following: (a) an entity referred to in any of paragraphs 468(1)(a) to (f) that controls the bank; (b) a subsidiary of the bank or of an entity referred to in any of paragraphs 468(1)(a) to (f) that controls the bank; (c) an entity in which the bank, or an entity referred to in any of paragraphs 468(1)(a) to (f) that controls the bank, has a substantial investment; or (d) a prescribed entity in relation to the bank. Non-application of Part (3) This Part does not apply in respect of (a) the holding of a security interest in real property, unless the security interest is prescribed under paragraph 479(a) to be an interest in real property; or (b) the holding of a security interest in securities of an entity. 1991, c. 46, ss. 464, 603; 1993, c. 34, s. 9(F); 1997, c. 15, s. 56; 2001, c. 9, s. 127; 2007, c. 6, s. 38; 2010, c. 12, s. 2077; 2018, c. 27, s. 138
Bank Act — B-1.01
business growth fund means Canadian Business Growth Fund (GP) Inc., a corporation incorporated under the Canada Business Corporations Act . ( fonds de croissance des entreprises )
Bank Act — B-1.01 (a)
closed-end fund means an entity whose activities are limited to investing the funds of the entity so as to provide investment diversification and professional investment management to the holders of its securities, and whose securities are (a) fixed in number and distributed to the public in an offering under a preliminary prospectus, prospectus, short-form prospectus or similar document in accordance with the laws of a province or a foreign jurisdiction; (b) traded on an exchange or an over-the-counter market; and (c) liquidated on a fixed future termination date, the proceeds of which are allocated to the holders of the securities on a proportional basis. ( fonds d’investissement à capital fixe )
Bank Act — B-1.01
factoring entity means a factoring entity as defined in the regulations. ( entité s’occupant d’affacturage )
Bank Act — B-1.01
finance entity means a finance entity as defined in the regulations. ( entité s’occupant de financement )
Bank Act — B-1.01 (a)
financial leasing entity means an entity (a) the activities of which are limited to the financial leasing of personal property and such related activities as are prescribed and whose activities conform to such restrictions and limitations thereon as are prescribed; and (b) that, in conducting the activities referred to in paragraph (a) in Canada, does not (i) direct its customers or potential customers to particular dealers in the leased property or the property to be leased, (ii) enter into lease agreements with persons in respect of any motor vehicle having a gross vehicle weight, as that expression is defined by the regulations, of less than twenty-one tonnes, or (iii) enter into lease agreements with natural persons in respect of personal household property, as that expression is defined by the regulations. ( entité s’occupant de crédit-bail )
Bank Act — B-1.01
loan includes an acceptance, endorsement or other guarantee, a deposit, a financial lease, a conditional sales contract, a repurchase agreement and any other similar arrangement for obtaining funds or credit but does not include investments in securities. ( prêt ou emprunt )
Bank Act — B-1.01 (a)
motor vehicle means a motorized vehicle designed to be used primarily on a public highway for the transportation of persons or things, but does not include (a) a fire-engine, bus, ambulance or utility truck; or (b) any other special purpose motorized vehicle that contains significant special features that make it suitable for a specific purpose. ( véhicule à moteur )
Bank Act — B-1.01 (a)
mutual fund distribution entity means an entity whose principal activity is acting as a selling agent of units, shares or other interests in a mutual fund and acting as a collecting agent in the collection of payments for any such interests if (a) the proceeds of the sales of any such interests, less any sales commissions and service fees, are paid to the mutual fund; and (b) the existence of a sales commission and service fee in respect of the sale of any such interest is disclosed to the purchaser of the interest before the purchase of the interest. ( courtier de fonds mutuels )
Bank Act — B-1.01 (a)
mutual fund entity means an entity (a) whose activities are limited to the investing of the funds of the entity so as to provide investment diversification and professional investment management to the holders of its securities; and (b) whose securities entitle their holders to receive, on demand, or within a specified period after demand, an amount computed by reference to the value of a proportionate interest in the whole or in a part of its net assets, including a separate fund or trust account of the entity. ( entité s’occupant de fonds mutuels )
Bank Act — B-1.01
participating share means a share of a body corporate that carries the right to participate in the earnings of the body corporate to an unlimited degree and to participate in a distribution of the remaining property of the body corporate on dissolution and includes a membership share. ( action participante )
Bank Act — B-1.01
permitted entity means an entity in which a bank is permitted to acquire a substantial investment under section 468. ( entité admissible )
Bank Act — B-1.01
prescribed subsidiary means a subsidiary that is one of a prescribed class of subsidiaries. ( filiale réglementaire )
Bank Act — B-1.01 (a)
real property brokerage entity means an entity that is primarily engaged in (a) acting as an agent for vendors, purchasers, mortgagors, mortgagees, lessors or lessees of real property; and (b) the provision of consulting or appraisal services in respect of real property. ( courtier immobilier )
Bank Act — B-1.01
specialized financing entity means a specialized financing entity as defined in the regulations. ( entité s’occupant de financement spécial )
Bank Act — B-1.01 465
Investment standards 465 The directors of a bank shall establish and the bank shall adhere to investment and lending policies, standards and procedures that a reasonable and prudent person would apply in respect of a portfolio of investments and loans to avoid undue risk of loss and obtain a reasonable return. 1991, c. 46, s. 465; 2001, c. 9, s. 127
Bank Act — B-1.01 465.1
Limit — business growth fund 465.1 (1) The aggregate value of all ownership interests in the business growth fund and the entities that the business growth fund controls that a bank and its subsidiaries hold must not exceed $200,000,000. Application (2) For the purposes of subsection (1), the value of an ownership interest is determined by the amount paid for it at the time of its issuance. 2018, c. 27, s. 139
Bank Act — B-1.01 466
s determined by the amount paid for them at the time each was first acquired by any of those entities; and (b) the outstanding principal of all loans held by the business growth fund or the entities that the business growth fund controls. Exception: uncontrolled event (5) A bank is deemed not to contravene subsection (1) if the bank acquires control of, or acquires or increases a substantial investment in, an entity solely as the result of an event not within the control of the bank. Non-application of subsection (2) (5.1) No bank shall, under subsection (2), acquire control of, or acquire or increase a substantial investment in, an entity referred to in paragraph 468(1)(j). Holding (5.2) If a bank holds a substantial investment in an entity referred to in paragraph 468(1)(j) that it acquired or increased under subsection (2) before the coming into force of subsection (5.1), the bank may continue to hold that substantial investment. Application of other provision (6) Despite having acquired control of, or a substantial investment in, an entity under a particular provision of this Part, a bank may continue to control the entity or hold the substantial investment in the entity as though it had made the acquisition under another provision of this Part so long as the conditions set out in that other provision are met. Timing of deemed acquisition (7) If a bank decides to exercise its right under subsection (6), the bank is deemed to be acquiring the control or the substantial investment under the other provision. 1991, c. 46, s. 466; 1997, c. 15, s. 57; 2001, c. 9, s. 127; 2007, c. 6, s. 39; 2013, c. 40, s. 168; 2018, c. 27, s. 140
Bank Act — B-1.01 467
Regulations re limits 467 The Governor in Council may make regulations (a) respecting the determination of the amount or value of loans, investments and interests for the purposes of this Part; (b) respecting the loans and investments, and the maximum aggregate amount of all loans and investments, that may be made or acquired by a bank and its prescribed subsidiaries to or in a person and any persons connected with that person; (c) specifying the classes of persons who are connected with any person for the purposes of paragraph (b); and (d) concerning specialized financing for the purposes of subsection 466(4). 1991, c. 46, s. 467; 2001, c. 9, s. 127
Bank Act — B-1.01 468
t or of the legislature of a province, if the laws or customary business practices of the country under the laws of which the entity was incorporated or formed do not permit the bank to control the entity. Giving up control prohibited (9) A bank that controls, within the meaning of paragraphs 3(1)(a) and (d), an entity referred to in paragraph (1)(a) or (b) may not give up control, within the meaning of paragraph 3(1)(a) or (d), of the entity while continuing to control, within the meaning of the other paragraph, the entity. Prohibition on giving up control in fact (10) A bank that, under paragraph (4)(b), (c) or (d), controls an entity may not, without the prior written approval of the Minister, give up control, within the meaning of paragraph 3(1)(d), of the entity while it continues to control the entity. Giving up control (11) A bank that, under subsection (4), controls an entity may, with the prior written approval of the Superintendent, give up control of the entity while keeping a substantial investment in the entity if (a) the bank is permitted to do so by regulations made under paragraph 474(c); or (b) the entity meets the conditions referred to in subparagraph (4)(d)(iii). Subsections do not apply (12) If a bank controls, within the meaning of paragraph 3(1)(a), (b) or (c), an entity, subsections (5) and (6) do not apply in respect of any subsequent increases by the bank of its substantial investment in the entity so long as the bank continues to control the entity. 1991, c. 46, s. 468; 1997, c. 15, s. 58; 1999, c. 28, s. 26; 2001, c. 9, s. 127; 2007, c. 6, ss. 40, 134(F); 2012, c. 5, s. 53; 2018, c. 27, s. 131 2026, c. 3, s. 295 2026, c. 3, s. 349
Bank Act — B-1.01 469
Approval for indirect investments 469 (1) If a bank obtains the approval of the Minister under subsection 468(5) to acquire control of, or to acquire or increase a substantial investment in, an entity and, through that acquisition or increase, the bank indirectly acquires control of, or acquires or increases a substantial investment in, another entity that would require the approval of the Minister under subsection 468(5) or the Superintendent under subsection 468(6) and that indirect acquisition or increase is disclosed to the Minister in writing before the approval is obtained, the bank is deemed to have obtained the approval of the Minister or the Superintendent for that indirect acquisition or increase. Approval for indirect investments (2) If a bank obtains the approval of the Superintendent under subsection 468(6) to acquire control of, or to acquire or increase a substantial investment in, an entity and, through that acquisition or increase the bank indirectly acquires control of, or acquires or increases a substantial investment in, another entity that would require the approval of the Superintendent under that subsection and that indirect acquisition or increase is disclosed to the Superintendent in writing before the approval is obtained, the bank is deemed to have obtained the approval of the Superintendent for that indirect acquisition or increase. 1991, c. 46, s. 469; 2001, c. 9, s. 127
Bank Act — B-1.01 470
Undertakings 470 (1) If a bank controls a permitted entity, other than an entity referred to in any of paragraphs 468(1)(a) to (f), the bank shall provide the Superintendent with any undertakings that the Superintendent may require regarding (a) the activities of the entity; and (b) access to information about the entity. Undertakings (2) If a bank acquires control of an entity referred to in any of paragraphs 468(1)(g) to (j), the bank shall provide the Superintendent with any undertakings concerning the entity that the Superintendent may require. Agreements with other jurisdictions (3) The Superintendent may enter into an agreement with the appropriate official or public body responsible for the supervision of an entity referred to in any of paragraphs 468(1)(g) to (j) in each province or in any other jurisdiction concerning any matters referred to in paragraphs (1)(a) and (b) or any other matter the Superintendent considers appropriate. Access to records (4) Despite any other provision of this Part, a bank shall not control a permitted entity, other than an entity referred to in any of paragraphs 468(1)(a) to (f), unless, in the course of the acquisition of control or within a reasonable time after the control is acquired, the bank obtains from the permitted entity an undertaking to provide the Superintendent with reasonable access to the records of the permitted entity. 1991, c. 46, s. 470; 2001, c. 9, s. 127