Marginal note:Definition of “financial institution”

• 24.1 (1) In this section, “financial institution” has the same meaning as in section 3 of the Office of the Superintendent of Financial Institutions Act.

• Marginal note:Information requirement

  (2) A financial institution shall provide the Bank with such information as the Bank may require, at such times and in such form as the Bank may require.

• Marginal note:Limitation

  (3) A financial institution shall not be required under subsection (2) to provide the Bank with information about the accounts or affairs of any particular person.

Marginal note:Sole right of note issue

• 25. (1) The Bank has the sole right to issue notes and those notes shall be a first charge on the assets of the Bank.

• Marginal note:Arrangements for issue

  (2) It is the duty of the Bank to make adequate arrangements for the issue of its notes in Canada and to supply those notes as required for circulation in Canada.

• Marginal note:Denominations

  (3) Notes of the Bank shall be in such denominations and shall be printed and signed or otherwise executed as the Governor in Council by regulation determines.

• Marginal note:Form and material

  (4) The form and material of the notes of the Bank shall be subject to approval by the Minister, but each note shall be printed in both the English and French languages.

• Marginal note:Notes previously printed

  (5) Notwithstanding anything contained in this section, each note of the Bank printed before June 23, 1936, whether issued before, on or after that date, is a valid and binding obligation of the Bank.

• Marginal note:Distinction

  (6) Notes of the Bank are neither promissory notes nor bills of exchange within the meaning of the Bills of Exchange Act.

Marginal note:Liability for notes

• 26. (1) The Bank is responsible for the redemption of notes payable to bearer on demand that were issued and outstanding on March 11, 1935 and immediately prior to that day constituted a direct liability of Canada, and such notes are and continue to be legal tender.

• Marginal note:Idem

  (2) The Bank is responsible for the redemption of notes of the Canadian banks listed in Schedule R of the Bank Act, chapter B-1 of the Revised Statutes of Canada, 1970, that were issued prior to January 1, 1950 and intended for circulation in Canada.