Government of Canada / Gouvernement du Canada
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Bank Act

Version of section 78 from 2003-01-01 to 2012-12-18:

Marginal note:Addition to stated capital account

 On a conversion of any debt obligation of a bank into shares of a class or series of shares, the bank shall

  • (a) deduct from the liabilities of the bank the nominal value of the debt obligation being converted; and

  • (b) record the result obtained under paragraph (a) and any additional consideration received for the conversion in the stated capital account maintained or to be maintained for the class or series of shares into which the debt obligation has been converted.

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