Bank Act (S.C. 1991, c. 46)

Act current to 2013-05-20 and last amended on 2013-03-13. Previous Versions

Marginal note:Shared premises

  • 413.3 (1) Subject to the regulations, no bank referred to in paragraph 413(1)(b) or (c) shall carry on business in Canada on premises that are shared with those of a member institution, within the meaning of section 2 of the Canada Deposit Insurance Corporation Act, that is affiliated with the bank.

  • Marginal note:Limitation

    (2) Subsection (1) only applies in respect of premises or any portion of premises on which both the bank and the member institution carry on business with the public and to which the public has access.

  • Marginal note:Adjacent premises

    (3) Subject to the regulations, no bank referred to in paragraph 413(1)(b) or (c) shall carry on business in Canada on premises that are adjacent to a branch or office of a member institution, within the meaning of section 2 of the Canada Deposit Insurance Corporation Act, that is affiliated with the bank, unless the bank clearly indicates to its customers that its business and the premises on which it is carried on are separate and distinct from the business and premises of the affiliated member institution.

  • Marginal note:Regulations

    (4) The Governor in Council may make regulations

    • (a) respecting the circumstances in which, and the conditions under which, a bank referred to in paragraph 413(1)(b) or (c) may carry on business in Canada on premises that are shared with those of a member institution referred to in subsection (1); and

    • (b) respecting the circumstances in which, and the conditions under which, a bank referred to in paragraph 413(1)(b) or (c) may carry on business in Canada on premises that are adjacent to a branch or office of a member institution referred to in subsection (3).

  • 2001, c. 9, s. 104;
  • 2007, c. 6, s. 26.
Previous Version
Marginal note:Restriction on guarantees

  • 414. (1) A bank shall not guarantee on behalf of any person the payment or repayment of any sum of money unless

    • (a) the sum of money is a fixed sum of money with or without interest thereon; and

    • (b) the person on whose behalf the bank has undertaken to guarantee the payment or repayment has an unqualified obligation to reimburse the bank for the full amount of the payment or repayment to be guaranteed.

  • Marginal note:Exception

    (2) Paragraph (1)(a) does not apply where the person on whose behalf the bank has undertaken to guarantee the payment or repayment is a subsidiary of the bank.

  • Marginal note:Regulations

    (3) The Governor in Council may make regulations imposing terms and conditions in respect of guarantees permitted by this section.

  • 1991, c. 46, s. 414;
  • 1997, c. 15, s. 44;
  • 2001, c. 9, s. 105.