Bank Act

Marginal note:Application to amalgamate

• 223 (1) On the joint application of two or more bodies corporate incorporated by or under an Act of Parliament, including banks that are not federal credit unions and bank holding companies, the Minister may issue letters patent amalgamating and continuing the applicants as one bank, other than a federal credit union.

• Marginal note:Application to amalgamate — federal credit unions

  (1.1) On the joint application of two or more federal credit unions, the Minister may issue letters patent amalgamating and continuing the applicants as one federal credit union.

• Marginal note:Federal credit union and local cooperative credit society

  (1.2) On the joint application of one or more federal credit unions and one or more local cooperative credit societies that have applied under subsection 33(3) to be continued as federal credit unions, the Minister may issue letters patent amalgamating and continuing the applicants as one federal credit union.

• Marginal note:Local cooperative credit societies

  (1.3) On the joint application of two or more local cooperative credit societies that have applied under subsection 33(4) to be continued as federal credit unions, the Minister may issue letters patent amalgamating and continuing the applicants as one federal credit union.

• Marginal note:Restriction

  (2) Despite subsection (1), if one of the applicants is a bank named in Schedule I as that Schedule read immediately before the day section 184 of the Financial Consumer Agency of Canada Act comes into force, other than a bank in respect of which the Minister has specified that subsection 378(1) no longer applies, the Minister shall not issue letters patent referred to in subsection (1) unless

  • (a) the amalgamated bank would be a widely held bank; or

  • (b) the amalgamated bank would be controlled by a widely held bank holding company that, at the time the application was made, controlled

    • (i) the applicant, or

    • (ii) any other applicant that is a bank named in Schedule I as that Schedule read immediately before the day section 184 of the Financial Consumer Agency of Canada Act comes into force, other than a bank in respect of which the Minister has specified that subsection 378(1) no longer applies.

• Marginal note:Restriction

  (3) Despite subsection (1), if the amalgamated bank would be a bank with equity of twelve billion dollars or more, the Minister shall not issue letters patent referred to in that subsection unless the amalgamated bank is

  • (a) widely held;

  • (b) controlled, within the meaning of paragraphs 3(1)(a) and (d), by a widely held bank, or by a widely held bank holding company, that controlled one of the applicants at the time the application was made; or

  • (c) controlled, within the meaning of paragraph 3(1)(d), by a widely held insurance holding company, or by an eligible Canadian financial institution, as defined in subsection 370(1), other than a bank, or by an eligible foreign institution, as defined in subsection 370(1), that controlled one of the applicants at the time the application was made.