Bank Act (S.C. 1991, c. 46)

Act current to 2014-04-02 and last amended on 2014-03-29. Previous Versions

Principal Office and Principal Officer

Marginal note:Principal office
  •  (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.

  • Marginal note: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.

  • Marginal note: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.
Marginal note:Principal officer
  •  (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.

  • Marginal note: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.

  • Marginal note: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.

Transfer of Liabilities

Marginal note:Transfer of liabilities not permitted
  •  (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.

  • Marginal note: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.

  • Marginal note: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.