411. (1) Subject to section 416, a bank may
(a) act as agent for any person in respect of the provision of any service that is provided by a financial institution, a permitted entity as defined in subsection 464(1) or a prescribed entity and may enter into an arrangement with any person in respect of the provision of that service; or
(b) refer any person to any such financial institution or entity.
(2) The Governor in Council may make regulations respecting the disclosure of
(a) the name of the principal for whom a bank is acting as agent pursuant to subsection (1); and
(b) whether any commission is being earned by a bank when acting as agent pursuant to subsection (1).
- 1991, c. 46, s. 411;
- 2001, c. 9, s. 101.
Marginal note:Restriction on fiduciary activities
412. No bank shall act in Canada as
(a) an executor, administrator or official guardian or a guardian, tutor, curator, judicial adviser or committee of a mentally incompetent person; or
(b) a trustee for a trust.
Marginal note:Restriction on deposit taking
413. (1) A bank shall not accept deposits in Canada unless
(a) it is a member institution, as defined in section 2 of the Canada Deposit Insurance Corporation Act;
(b) it has been authorized under subsection 26.03(1) of that Act to accept deposits without being a member institution, as defined in section 2 of that Act; or
(c) the order approving the commencement and carrying on of business by the bank authorizes it to accept deposits solely in accordance with subsection (3).
(2) [Repealed, 2001, c. 9, s. 102]
Marginal note:Deposits that fall below $150,000
(3) A bank referred to in paragraph (1)(b) or (c) shall ensure that, on each day that is at least 30 days after the bank receives the authorization referred to in that paragraph,
A/B ≤ 0.01
- is the sum of all amounts each of which is the sum of all the deposits held by the bank at the end of a day in the preceding 30 days each of which deposits is less than $150,000 and payable in Canada; and
- is the sum of all amounts each of which is the sum of all deposits held by the bank at the end of a day in those preceding 30 days and payable in Canada.
Marginal note:Exchange rate
(4) For the purpose of subsection (3), the rate of exchange that shall be applied on any day in determining the amount in Canadian dollars of a deposit in a currency of a country other than Canada shall be determined in accordance with rules prescribed under subsection 26.03(2) of the Canada Deposit Insurance Corporation Act.
Definition of “deposit”
(5) For the purpose of subsection (3), “deposit” has the meaning that would be given to it by the schedule to the Canada Deposit Insurance Corporation Act for the purposes of deposit insurance if that schedule were read without reference to subsections 2(2), (5) and (6) of that schedule, but does not include prescribed deposits.
(6) The Governor in Council may make regulations
(a) prescribing the deposits referred to in subsection (5); and
(b) prescribing terms and conditions with respect to the acceptance of those deposits.
- 1991, c. 46, s. 413;
- 1997, c. 15, s. 43;
- 1999, c. 28, s. 21.1;
- 2001, c. 9, s. 102;
- 2007, c. 6, s. 23.
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