An Act to amend certain Acts in relation to financial institutions (S.C. 2005, c. 54)
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Assented to 2005-11-25
An Act to amend certain Acts in relation to financial institutions
S.C. 2005, c. 54
Assented to 2005-11-25
An Act to amend certain Acts in relation to financial institutions
SUMMARY
This enactment amends certain Acts governing federal financial institutions. It makes changes to the corporate governance framework of banks, bank holding companies, insurance companies, insurance holding companies, trust and loan companies and cooperative credit associations to bring the Acts governing those institutions up to the standards adopted in 2001 for business corporations in the Canada Business Corporations Act that are appropriate for financial institutions and adapted to the financial institutions context, and updates certain governance standards that are unique to financial institutions.
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
Marginal note:1991, c. 46
BANK ACT
1. (1) The definitions “form of proxy” and “proxy” in section 2 of the Bank Act are replaced by the following:
“form of proxy”
« formulaire de procuration »
“form of proxy” means a form of proxy as defined in the regulations;
“proxy”
« procuration »
“proxy” means a proxy as defined in the regulations;
(2) Section 2 of the Act is amended by adding the following in alphabetical order:
“going-private transaction”
« transaction de fermeture »
“going-private transaction” means a going-private transaction as defined in the regulations;
“minor”
« mineur »
“minor” has the same meaning as in the applicable provincial law and in the absence of any such law has the same meaning as the word “child” in the United Nations Convention on the Rights of the Child adopted in the United Nations General Assembly on November 20, 1989;
“squeeze-out transaction”
« transaction d’éviction »
“squeeze-out transaction” means a transaction by a bank that is not a distributing bank, or a bank holding company that is not a distributing bank holding company, that requires an amendment to a by-law referred to in subsection 217(1) and that would directly or indirectly result in the interest of a holder of shares of a class of shares being terminated without their consent and without substituting an interest of equivalent value in shares that are issued by the following persons and have rights and privileges equal to or greater than those of the shares of the affected class:
(a) in the case of a bank, the bank, and
(b) in the case of a bank holding company, the bank holding company;
(3) Section 2 of the French version of the Act is amended by adding the following in alphabetical order:
« banque n’ayant pas fait appel au public »
Marginal note:French version only
banque n’ayant pas fait appel au public S’entend d’une banque autre qu’une banque ayant fait appel au public.
« société de portefeuille bancaire n’ayant pas fait appel au public »
Marginal note:French version only
société de portefeuille bancaire n’ayant pas fait appel au public S’entend d’une société de portefeuille bancaire autre qu’une société de portefeuille bancaire ayant fait appel au public.
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