bank act canada
Bank Act. The Bank Act is the law passed by Parliament to regulate Canada's chartered banks. The Act has 3 main goals: protecting depositors' funds; insuring the maintenance of cash reserves (see Monetary Policy); and promoting the efficiency of the financial system through competition. Bank Act.
Bank of Canada Act. Bank of Canada Act, 3 July 1934, created the Bank of Canada 1935 in response to the 1933 Royal Commission on Banking and Currency. The Bank of Canada was at first privately owned, but was nationalized by 1938. Bank of Canada Act, 3 July 1934, created the Bank of Canada 1935 in response to the 1933 Royal Commission on Banking and Currency.