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Bank Act

Version of section 381 from 2003-01-01 to 2012-12-13:

Marginal note:Exception for small holdings

 Despite section 379, if, as a result of a transfer or issue of shares of a class of shares of a bank to a person, the total number of shares of that class registered in the securities register of the bank in the name of that person would not exceed five thousand and would not exceed 0.1 per cent of the outstanding shares of that class, the bank is entitled to assume that no person is acquiring or increasing a significant interest in that class of shares of the bank as a result of that issue or transfer of shares.

  • 1991, c. 46, s. 381
  • 2001, c. 9, s. 98

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