GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bank Act — B-1.01 899
Acquisition of control permitted 899 (1) Subject to subsection (2) and sections 887 and 900, section 893 does not apply in respect of a bank holding company if a person acquires control of the bank holding company through the purchase or other acquisition of all or any number of the shares of the bank holding company by the person or by any entity controlled by the person. Undertaking required (2) Subsection (1) applies only if the person referred to in that subsection provides the Minister with an undertaking satisfactory to the Minister to do all things necessary so that, within three years after the acquisition, or any other period that the Minister may specify, the bank holding company has voting shares that carry at least 35 per cent of the voting rights attached to all of the outstanding voting shares of the bank holding company and that are (a) shares of one or more classes of shares that are listed and posted for trading on a recognized stock exchange in Canada; and (b) shares none of which is beneficially owned by a person who is a major shareholder of the bank holding company in respect of the voting shares of the bank holding company or by any entity that is controlled by a person who is a major shareholder of the bank holding company in respect such shares. 2001, c. 9, s. 183
Bank Act — B-1.01 900
Application of section 893 900 At the expiration of the period for compliance with an undertaking referred to in subsection 899(2), section 893 shall apply in respect of the bank holding company to which the undertaking relates. 2001, c. 9, s. 183
Bank Act — B-1.01 901
Restriction on voting rights 901 (1) If, with respect to any bank holding company, a particular person contravenes section 874, subsection 875(1), 876(1) or 878(1), section 880 or 881 or subsection 882(1) or section 883 or fails to comply with an undertaking referred to in subsection 899(2) or with any term or condition imposed under section 907, no person, and no entity controlled by the particular person, shall, in person or by proxy, exercise any voting rights (a) that are attached to shares of the bank holding company beneficially owned by the particular person or any entity controlled by the particular person; or (b) that are subject to an agreement entered into by the particular person, or any entity controlled by the particular person, pertaining to the exercise of the voting rights. Subsection (1) ceases to apply (2) Subsection (1) shall cease to apply in respect of a person when, as the case may be, (a) the shares to which the contravention relates have been disposed of; (b) the person ceases to control the bank holding company within the meaning of paragraph 3(1)(d); (c) if the person failed to comply with an undertaking referred to in subsection 899(2), the bank holding company complies with section 893; or (d) if the person failed to comply with a term or condition imposed under section 907, the person complies with the term or condition. Saving (3) Despite subsection (1), if a person contravenes subsection 876(1) by reason only that, as a result of an event that has occurred and is continuing and is not within the control of the person, shares of the bank holding company beneficially owned by the person or by any entity controlled by the person acquire voting rights in such number so as to cause the person to be a major shareholder of the bank holding company, the Minister may, after consideration of the circumstances, permit the person and any entity controlled by the person to exercise voting rights, in person or by proxy, in respect of any class of voting shares of the bank holding company beneficially owned by them that do not in aggregate exceed 20 per cent of the voting rights attached to that class of voting shares. 2001, c. 9, s. 183
Bank Act — B-1.01 902
Loss of control — bank and bank holding company 902 (1) Despite sections 876 and 882, a widely held bank or a widely held bank holding company may be a major shareholder of a bank holding company with equity of twelve billion dollars or more and cease to control, within the meaning of paragraphs 3(1)(a) and (d), the bank holding company if it has entered into an agreement with the Minister to do all things necessary to ensure that it is not a major shareholder of the bank holding company on the expiration of the day specified in the agreement. Extension (2) If general market conditions so warrant and the Minister is satisfied that the bank or the bank holding company has used its 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 it must comply with that subsection. 2001, c. 9, s. 183; 2007, c. 6, s. 132; 2012, c. 5, s. 95
Bank Act — B-1.01 903
Loss of control — other entities 903 (1) Despite sections 876 and 882, an eligible foreign institution, an eligible Canadian financial institution, other than a bank, or a widely held insurance holding company may be a major shareholder of a bank holding company with equity of twelve billion dollars or more and cease to control, within the meaning of paragraph 3(1)(d), the bank holding company if it has entered into an agreement with the Minister to do all things necessary to ensure that it is not a major shareholder of the bank holding company on the expiration of the day specified in the agreement. Extension (2) If general market conditions so warrant and the Minister is satisfied that the institution or insurance holding company has used its 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 it must comply with that subsection. 2001, c. 9, s. 183; 2007, c. 6, s. 132; 2012, c. 5, s. 96
Bank Act — B-1.01 904
Change in status 904 (1) If a body corporate that is an eligible financial institution other than a bank controls, within the meaning of paragraph 3(1)(d), a bank holding company with equity of twelve billion dollars or more and the body corporate subsequently ceases to be an eligible financial institution, the body corporate must do all things necessary to ensure that, on the day that is one year after the day it ceased to be an eligible financial institution, (a) it does not control, within the meaning of paragraph 3(1)(d), the bank holding company; and (b) it is not a major shareholder of the bank holding company. Extension (2) If general market conditions so warrant and the Minister is satisfied that the body corporate has used its 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 it must comply with that subsection. 2001, c. 9, s. 183; 2007, c. 6, s. 132; 2012, c. 5, s. 97
Bank Act — B-1.01 905
Application for approval 905 (1) An application for an approval of the Minister required under this Division must be filed with the Superintendent and contain the information, material and evidence that the Superintendent may require. Applicant (2) If, with respect to any particular transaction, this Division applies to more than one person, any one of those persons may make the application to the Minister for approval on behalf of all of those persons. 2001, c. 9, s. 183
Bank Act — B-1.01 906
Matters for consideration 906 (1) Subject to subsection (2), if an application for an approval under section 875 is made, the Minister, in determining whether or not to approve the transaction, shall take into account all matters that the Minister considers relevant to the application, including (a) the nature and sufficiency of the financial resources of the applicant or applicants as a source of continuing financial support of any bank that is a subsidiary of the bank holding company; (b) the soundness and feasibility of the plans of the applicant or applicants for the future conduct and development of the business of any bank that is a subsidiary of the bank holding company; (c) the business record and experience of the applicant or applicants; (d) the character and integrity of the applicant or applicants or, if the applicant or any of the applicants is a body corporate, its reputation for being operated in a manner that is consistent with the standards of good character and integrity; (e) whether the bank holding company will be operated responsibly by persons with the competence and experience suitable for involvement in the operation of a financial institution; (f) the impact of any integration of the businesses and operations of the applicant or applicants with those of the bank holding company and its affiliates on the conduct of those businesses and operations; and (g) the best interests of the financial system in Canada. Exception (2) Except for an application by an eligible agent for an approval under section 875, and subject to subsection 882(1), the Minister shall take into account only paragraph (1)(d) if the application is in respect of a transaction that would result in the applicant or applicants holding (a) more than 10 per cent but no more than 20 per cent of any class of the outstanding voting shares of a widely held bank holding company with equity of twelve billion dollars or more; or (b) more than 10 per cent but no more than 30 per cent of any class of the outstanding non-voting shares of such a bank holding company. Favourable treatment (3) The Minister shall not approve a transaction that would cause a bank holding company to become a subsidiary of a foreign bank within the meaning of any of paragraphs (a) to (f) of the definition foreign bank in section 2 that is a non-WTO Member foreign bank, unless the Minister is satisfied that treatment as favourable for bank holding companies to which this Act applies exists or will be provided in the jurisdiction in which the foreign bank principally carries on business, either directly or through a subsidiary. 2001, c. 9, s. 183; 2007, c. 6, s. 132; 2012, c. 5, s. 98, c. 31, s. 123
Bank Act — B-1.01 907
Terms and conditions 907 The Minister may impose any terms and conditions in respect of an approval given under this Division that the Minister considers necessary to ensure compliance with any provision of this Act. 2001, c. 9, s. 183
Bank Act — B-1.01 908
Certifying receipt of application 908 (1) If, in the opinion of the Superintendent, an application filed under this Division contains all the required information, the Superintendent shall without delay refer the application to the Minister and send a receipt to the applicant certifying the date on which the completed application was received by the Superintendent. Incomplete application (2) If, in the opinion of the Superintendent, an application filed under this Division is incomplete, the Superintendent shall send a notice to the applicant specifying the information required by the Superintendent to complete the application. 2001, c. 9, s. 183; 2007, c. 6, s. 120(F)
Bank Act — B-1.01 909
Notice of decision 909 (1) Subject to subsections (2) and (3) and 910(1), the Minister shall, within a period of thirty days after the certified date referred to in subsection 908(1), send to the applicant (a) a notice approving the transaction to which the application relates; or (b) if the Minister is not satisfied that the transaction to which the application relates should be approved, a notice to that effect, advising the applicant of the right to make representations to the Minister in respect of the matter. Notice of decision (2) Subject to subsections (4) and 910(2), the notice referred to in paragraph (1)(a) or (b) shall be sent by the Minister within a period of 45 days after the certified date referred to in subsection 908(1) in the following cases: (a) the application involves the acquisition of control of a bank holding company; (b) the application is made by an eligible agent or an entity controlled by an eligible agent; or (c) an application is made for the approval referred to in subsection 913(3). Extension of period for notice (3) If the Minister is unable to complete the consideration of an application within the period referred to in subsection (1), the Minister shall, (a) within that period, send a notice to that effect to the applicant; and (b) within a further period of thirty days after the date of the sending of the notice referred to in paragraph (a) or within any other further period that may be agreed on by the applicant and the Minister, send a notice referred to in paragraph (1)(a) or (b) to the applicant. Further extensions (4) If the Minister considers it appropriate to do so, the Minister may extend the period referred to in subsection (2) for one or more periods of forty-five days. 2001, c. 9, s. 183; 2012, c. 31, s. 124
Bank Act — B-1.01 910
Reasonable opportunity to make representations 910 (1) If, after receipt of the notice referred to in paragraph 909(1)(b), the applicant advises the Minister that the applicant wishes to make representations, the Minister must provide the applicant with a reasonable opportunity within a period of thirty days after the date of the notice, or within any further period that may be agreed on by the applicant and the Minister, to make representations in respect of the matter. Reasonable opportunity to make representations (2) If, after receipt of the notice sent in accordance with subsection 909(2) that the Minister is not satisfied that the transaction to which the application relates should be approved, the applicant advises the Minister that the applicant wishes to make representations, the Minister must provide the applicant with a reasonable opportunity within a period of 45 days after the date of the notice, or within any further period that may be agreed on by the applicant and the Minister, to make representations in respect of the matter. 2001, c. 9, s. 183; 2012, c. 31, s. 125(E)
Bank Act — B-1.01 911
Notice of decision 911 (1) Within a period of thirty days after the expiration of the period for making representations referred to in subsection 910(1), the Minister shall, in the light of any such representations and having regard to the matters to be taken into account, send a notice to the applicant indicating whether or not the Minister approves the transaction to which the application relates. Notice of decision (2) Within a period of forty-five days after the expiration of the period for making representations referred to in subsection 910(2), the Minister shall, in the light of any such representations and having regard to the matters to be taken into account, send a notice to the applicant indicating whether or not the Minister approves the transaction to which the application relates. 2001, c. 9, s. 183
Bank Act — B-1.01 912
Deemed approval 912 If the Minister does not send a notice under subsection 909(1) or (3) or 911(1) within the period provided for in those subsections, the Minister is deemed to have approved the transaction to which the application relates. 2001, c. 9, s. 183
Bank Act — B-1.01 914
Suspension of voting rights held by governments 914 (1) Despite section 737, no person shall, in person or by proxy, exercise any voting rights attached to any share of a bank holding company that is beneficially owned by (a) Her Majesty in right of Canada or of a province or any agency of Her Majesty in either of those rights; or (b) the government of a foreign country or any political subdivision thereof, or any agency thereof. Exception (2) Subsection (1) does not apply to a foreign bank, or to a foreign institution, that is controlled by the government of a foreign country or any political subdivision of a foreign country, or by any agent or agency of a foreign government, if the share referred to in subsection (1) is beneficially owned by the foreign bank or foreign institution or by an entity controlled by the foreign bank or foreign institution. Exception — eligible agent (3) Subsection (1) does not apply in respect of the exercise of voting rights attached to any share referred to in subsection 913(3). Consequence of suspension of approval (4) If an approval referred to in subsection 913(3) is suspended, the eligible agent shall not exercise, in person or by proxy, any voting rights attached to any share of the bank holding company that is beneficially owned by the eligible agent. 2001, c. 9, s. 183; 2012, c. 5, s. 100, c. 19, s. 338, c. 31, s. 127
Bank Act — B-1.01 915
Disposition of shareholdings 915 (1) If, with respect to any bank holding company, a person contravenes section 874 or subsection 875(1), 876(1) or 878(1) or section 880 or 881 or subsection 882(1) or section 883 or fails to comply with an undertaking referred to in subsection 899(2) or with any terms and conditions imposed under section 907, the Minister may, if the Minister deems it in the public interest to do so, by order, direct that person and any person controlled by that person to dispose of any number of shares of the bank holding company beneficially owned by any of those persons that the Minister specifies in the order, within the time specified in the order and in the proportion, if any, as between the person and the persons controlled by that person that is specified in the order. Representations (2) No direction shall be made under subsection (1) unless the Minister has provided each person to whom the direction relates and the bank holding company concerned with a reasonable opportunity to make representations in respect of the subject-matter of the direction. 2001, c. 9, s. 183
Bank Act — B-1.01 916
Appeal 916 Any person with respect to whom a direction has been made under subsection 915(1) may, within thirty days after the date of the direction, appeal the matter in accordance with section 977. 2001, c. 9, s. 183; 2012, c. 31, s. 128(F)
Bank Act — B-1.01 917
Application to court 917 (1) If a person fails to comply with a direction made under subsection 913(7) or 915(1), an application on behalf of the Minister may be made to a court for an order to enforce the direction. Court order (2) A court may, on an application under subsection (1), make such order as the circumstances require to give effect to the terms of the direction and may, without limiting the generality of the foregoing, require the bank holding company concerned to sell the shares that are the subject-matter of the direction. Appeal (3) An appeal from an order of a court under this section lies in the same manner as, and to the same court to which, an appeal may be taken from any other order of the court. 2001, c. 9, s. 183; 2012, c. 31, s. 129
Bank Act — B-1.01 918
Interest of securities underwriter 918 This Division does not apply to a securities underwriter in respect of shares of a body corporate or ownership interests in an unincorporated entity that are acquired by the underwriter in the course of a distribution to the public of those shares or ownership interests and that are held by the underwriter for a period of not more than six months. 2001, c. 9, s. 183
Bank Act — B-1.01 919
Arrangements to effect compliance 919 (1) The directors of a bank holding company may make such arrangements as they deem necessary to carry out the intent of this Division and, in particular, but without limiting the generality of the foregoing, may (a) require any person in whose name a share of the bank holding company is held to submit a declaration setting out (i) the beneficial ownership of the share, and (ii) such other information as the directors deem relevant for the purposes of this Division; (b) require any person who wishes to have a transfer of a share registered in the name of, or to have a share issued to, that person to submit a declaration referred to in paragraph (a) as though the person were the holder of that share; and (c) determine the circumstances in which a declaration referred to in paragraph (a) is to be required, the form of the declaration and the times at which it is to be submitted. Order of Superintendent (2) The Superintendent may, by order, direct a bank holding company to obtain from any person in whose name a share of the bank holding company is held a declaration setting out the name of every entity controlled by that person and containing information concerning (a) the ownership or beneficial ownership of the share; and (b) such other related matters as are specified by the Superintendent. Compliance required (3) As soon as possible after receipt by a bank holding company of a direction under subsection (2), (a) the bank holding company shall comply with the direction; and (b) every person who is requested by the bank holding company to provide a declaration containing information referred to in subsection (1) or (2) shall comply with the request. Outstanding declaration: effect (4) Where, pursuant to this section, a declaration is required to be submitted by a shareholder or other person in respect of the issue or transfer of any share, a bank holding company may refuse to issue the share or register the transfer unless the required declaration is submitted. 2001, c. 9, s. 183
Bank Act — B-1.01 920
Reliance on information 920 A bank holding company and any person who is a director or an officer, employee or agent of the bank holding company may rely on any information contained in a declaration required by the directors pursuant to section 919 or on any information otherwise acquired in respect of any matter that might be the subject of such a declaration, and no action lies against the bank holding company or any such person for anything done or omitted to be done in good faith in reliance on any such information. 2001, c. 9, s. 183
Bank Act — B-1.01 921
Competition Act 921 Nothing in, or done under the authority of, this Act affects the operation of the Competition Act . 2001, c. 9, s. 183
Bank Act — B-1.01 922
Main business 922 (1) Subject to this Part, a bank holding company shall not engage in or carry on any business other than (a) acquiring, holding and administering investments that are permitted by this Part; (b) providing management, advisory, financing, accounting, information processing and other prescribed services to entities in which it has a substantial investment; and (c) any other prescribed business. Regulations (2) The Governor in Council may make regulations prescribing businesses or services for the purposes of subsection (1). 2001, c. 9, s. 183
Bank Act — B-1.01 923
Restriction on guarantees 923 (1) A bank holding company shall not guarantee on behalf of any person the payment or repayment of any sum of money. Exception (2) Subsection (1) does not apply if (a) the person on whose behalf the bank holding company has undertaken to guarantee the payment or repayment is a subsidiary of the bank holding company; and (b) the subsidiary has an unqualified obligation to reimburse the bank holding company for the full amount of the payment or repayment to be guaranteed. Regulations (3) The Governor in Council may make regulations imposing terms and conditions in respect of guarantees permitted by this section. 2001, c. 9, s. 183
Bank Act — B-1.01 924
Restriction on partnerships 924 (1) Except with the approval of the Superintendent, a bank holding company shall not 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. 2001, c. 9, s. 183