Bank Act

Marginal note:Former Schedule I banks with equity of less than five billion dollars

• 378 (1) A bank that was named in Schedule I as that Schedule read immediately before October 24, 2001 and that had equity of less than five billion dollars on that day is deemed, for the purposes of sections 138, 156.09, 374, 376, 376.01, 376.1, 376.2, 377, 380 and 382, subsection 383(2), section 385 and subsection 396(2), to be a bank with equity of eight billion dollars or more.

• Marginal note:Application — amalgamation

  (2) If a bank to which subsection (1) applies is an applicant for letters patent of amalgamation and the letters patent are issued in respect of the application, the amalgamated bank is deemed to be a bank to which that subsection applies.

• Marginal note:Non-application of subsection (1)

  (3) Subsection (1) ceases to apply to a bank with equity of less than eight billion dollars if the Minister specifies that it no longer applies to the bank.