Bank Act (S.C. 1991, c. 46)

Marginal note:Regulations and guidelines

419.1 The Governor in Council may make regulations and the Superintendent may make guidelines respecting the creation by a bank of security interests in its property to secure obligations of the bank and the acquisition by the bank of beneficial interests in property that is subject to security interests.

Marginal note:Exception

419.2 Sections 419 and 419.1 do not apply in respect of a security interest created by a bank to secure an obligation of the bank to the Bank of Canada or the Canada Deposit Insurance Corporation.

Marginal note:Restriction on receivers

420. A bank shall not grant to a person the right to appoint a receiver or a receiver and manager of the property or business of the bank.

Marginal note:Restriction on partnerships

• 421. (1) Except with the approval of the Superintendent, a bank may not be a general partner in a limited partnership or a partner in a general partnership.

• Meaning of “general partnership”

  (2) For the purposes of subsection (1), “general partnership” means any partnership other than a limited partnership.

• 422. (1) [Repealed, 2001, c. 9, s. 109]

• (2) [Repealed, 1993, c. 44, s. 27]

Definition of “non-WTO Member bank subsidiary”

422.1 In section 422.2, “non-WTO Member bank subsidiary” means a bank that is a subsidiary of a foreign bank and that is not controlled by a WTO Member resident.

Marginal note:Limitation on branches in Canada of non-WTO Member bank subsidiaries

422.2 No non-WTO Member bank subsidiary shall have any branch in Canada, other than its head office and one branch, without the approval of the Minister.

422.3 to 424. [Repealed, 1994, c. 47, s. 25]

Marginal note:Definitions

• 425. (1) For the purposes of sections 426 to 436,

  “agricultural equipment”

  « installations agricoles » ou « matériel agricole immobilier »

  “agricultural equipment” means implements, apparatus, appliances and machinery of any kind usually affixed to real property, for use on a farm, but does not include a farm electric system;

  “agricultural implements”

  « instruments agricoles » ou « matériel agricole mobilier »

  “agricultural implements” means tools, implements, apparatus, appliances and machines of any kind not usually affixed to real property, for use on or in connection with a farm, and vehicles for use in the business of farming and, without restricting the generality of the foregoing, includes plows, harrows, drills, seeders, cultivators, mowing machines, reapers, binders, threshing machines, combines, leaf tobacco tying machines, tractors, movable granaries, trucks for carrying products of agriculture, equipment for bee-keeping, cream separators, churns, washing machines, spraying apparatus, portable irrigation apparatus, incubators, milking machines, refrigerators and heating and cooking appliances for farming operations or use in the farm home of a kind not usually affixed to real property;

  “aquacultural electric system”

  « installation électrique aquicole »

  “aquacultural electric system” means all machinery, apparatus and appliances for the generation or distribution of electricity in an aquaculture operation, whether or not affixed to real property;

  “aquacultural equipment”

  « installations aquicoles » ou « matériel aquicole immobilier »

  “aquacultural equipment” means implements, apparatus, appliances and machinery of any kind usually affixed to real property for use in an aquaculture operation, but does not include an aquacultural electric system;

  “aquacultural implements”

  « instruments aquicoles » ou « matériel aquicole mobilier »

  “aquacultural implements” means tools, implements, apparatus, appliances and machines of any kind not usually affixed to real property, for use in an aquaculture operation, and includes net pen systems, vehicles and boats for use in aquaculture;

  “aquacultural stock growing or produced in the aquaculture operation”

  « stock en croissance ou produits de l’exploitation aquicole »

  “aquacultural stock growing or produced in the aquaculture operation” means all products of the aquaculture operation;

  “aquaculture”

  « aquiculture »

  “aquaculture” means the cultivation of aquatic plants and animals;

  “aquaculture operation”

  « exploitation aquicole »

  “aquaculture operation” means any premises or site where aquaculture is carried out;

  “aquaculturist”

  « aquiculteur »

  “aquaculturist” includes the owner, occupier, landlord and tenant of an aquaculture operation;

  “aquatic broodstock”

  « stock géniteur aquicole »

  “aquatic broodstock” means any aquatic plants and animals used to produce aquatic seedstock;

  “aquatic plants and animals”

  « organismes animaux et végétaux aquatiques »

  “aquatic plants and animals” means plants and animals that, at most stages of their development or life cycles, live in an aquatic environment;

  “aquatic seedstock”

  « stock aquicole de départ »

  “aquatic seedstock” means aquatic plants and animals that at any stage of their development are purchased or collected by an aquaculturist for cultivation;

  “bill of lading”

  « connaissement »

  “bill of lading” includes all receipts for goods, wares and merchandise accompanied by an undertaking

  • (a) to move the goods, wares and merchandise from the place where they were received to some other place, by any means whatever, or

  • (b) to deliver to a place other than the place where the goods, wares and merchandise were received a like quantity of goods, wares and merchandise of the same or a similar grade or kind;

  “crops growing or produced on the farm”

  « récoltes sur pied ou produites à la ferme »

  “crops growing or produced on the farm” means all products of the farm;

  “farm”

  « ferme »

  “farm” means land in Canada used for the purpose of farming, which term includes livestock raising, dairying, bee-keeping, fruit growing, the growing of trees and all tillage of the soil;

  “farm electric system”

  « installation électrique de ferme »

  “farm electric system” means all machinery, apparatus and appliances for the generation or distribution of electricity on a farm whether or not affixed to real property;

  “farmer”

  « agriculteur »

  “farmer” includes the owner, occupier, landlord and tenant of a farm;

  “fish”

  « poisson »

  “fish” includes shellfish, crustaceans and marine animals;

  “fisherman”

  « pêcheur »

  “fisherman” means a person whose business consists in whole or in part of fishing;

  “fishing”

  « pêche »

  “fishing” means fishing for or catching fish by any method;

  “fishing equipment and supplies”

  « engins et fournitures de pêche »

  “fishing equipment and supplies” means equipment, apparatus, appliances and supplies for use in the operation of a fishing vessel and not forming part thereof, or for use in fishing, and, without restricting the generality of the foregoing, includes detachable engines and machinery, lines, hooks, trawls, nets, anchors, traps, bait, salt, fuel and stores;

  “fishing vessel”

  « bateau de pêche »

  “fishing vessel” means any ship or boat or any other description of vessel for use in fishing and equipment, apparatus and appliances for use in the operation thereof and forming part thereof, or any share or part interest therein;

  “forest”

  « forêt »

  “forest” means land in Canada covered with timber stands or that, formerly so covered, is not put to any use inconsistent with forestry, and includes a sugar bush;

  “forestry”

  « sylviculture »

  “forestry” means the conservation, cultivation, improvement, harvesting and rational utilization of timber stands and the resources contained therein and obtainable therefrom, and includes the operation of a sugar bush;

  “forestry equipment”

  « matériel sylvicole immobilier »

  “forestry equipment” means implements, apparatus, appliances and machinery of any kind usually affixed to real property, for use in a forest;

  “forestry implements”

  « matériel sylvicole mobilier »

  “forestry implements” means tools, implements, apparatus, appliances and machines of any kind not usually affixed to real property, for use in forestry, and includes vehicles for use in forestry;

  “forestry producer”

  « sylviculteur »

  “forestry producer” means a person whose business consists in whole or in part of forestry and includes a producer of maple products;

  “goods, wares and merchandise”

  « effets, denrées ou marchandises »

  “goods, wares and merchandise” includes products of agriculture, products of aquaculture, products of the forest, products of the quarry and mine, products of the sea, lakes and rivers, and all other articles of commerce;

  “grain”

  « grain »

  “grain” includes wheat, oats, barley, rye, corn, buckwheat, flax, beans and all kinds of seeds;

  “hydrocarbons”

  « hydrocarbures »

  “hydrocarbons” means solid, liquid and gaseous hydrocarbons and any natural gas whether consisting of a single element or of two or more elements in chemical combination or uncombined and, without restricting the generality of the foregoing, includes oil-bearing shale, tar sands, crude oil, petroleum, helium and hydrogen sulphide;

  “livestock”

  « bétail »

  “livestock” includes

  • (a) horses and other equines,

  • (b) cattle, sheep, goats and other ruminants, and

  • (c) swine, poultry, bees and fur-bearing animals;

  “manufacturer”

  « fabricant »

  “manufacturer” means any person who manufactures or produces by hand, art, process or mechanical means any goods, wares and merchandise and, without restricting the generality of the foregoing, includes a manufacturer of logs, timber or lumber, maltster, distiller, brewer, refiner and producer of petroleum, tanner, curer, packer, canner, bottler and a person who packs, freezes or dehydrates any goods, wares and merchandise;

  “minerals”

  « substances minérales »

  “minerals” includes base and precious metals, coal, salt and every other substance that is an article of commerce obtained from the earth by any method of extraction, but does not include hydrocarbons or any animal or vegetable substance other than coal;

  “products of agriculture”

  « produits agricoles »

  “products of agriculture” includes

  • (a) grain, hay, roots, vegetables, fruits, other crops and all other direct products of the soil, and

  • (b) honey, livestock (whether alive or dead), dairy products, eggs and all other indirect products of the soil;

  “products of aquaculture”

  « produits aquicoles »

  “products of aquaculture” includes all cultivated aquatic plants and animals;

  “products of the forest”

  « produits de la forêt »

  “products of the forest” includes

  • (a) logs, pulpwood, piling, spars, railway ties, poles, pit props and all other timber,

  • (b) boards, laths, shingles, deals, staves and all other lumber, bark, wood chips and sawdust and Christmas trees,

  • (c) skins and furs of wild animals, and

  • (d) maple products;

  “products of the quarry and mine”

  « produits des carrières et des mines »

  “products of the quarry and mine” includes stone, clay, sand, gravel, metals, ores, coal, salt, precious stones, metalliferous and non-metallic minerals and hydrocarbons, whether obtained by excavation, drilling or otherwise;

  “products of the sea, lakes and rivers”

  « produits aquatiques »

  “products of the sea, lakes and rivers” includes fish of all kinds, marine and freshwater organic and inorganic life and any substances extracted or derived from any water, but does not include products of aquaculture;

  “unperfected”

  « non parfaite »

  “unperfected”, in relation to a security interest, means that the security interest has not been registered in a public register maintained under the law under which the security interest is created, or has not been perfected or published by any other means recognized by that law, where the registration or other means of perfection or publication would have made the security interest effective against third parties or would have determined priorities in rank in respect of rights in, on or in respect of the property that is subject to the security interest;

  “warehouse receipt”

  « récépissé d’entrepôt »

  “warehouse receipt” includes

  • (a) any receipt given by any person for goods, wares and merchandise in the person’s actual, visible and continued possession as bailee thereof in good faith and not as the owner thereof,

  • (b) receipts given by any person who is the owner or keeper of a harbour, cove, pond, wharf, yard, warehouse, shed, storehouse or other place for the storage of goods, wares and merchandise, for goods, wares and merchandise delivered to the person as bailee, and actually in the place or in one or more of the places owned or kept by the person, whether or not that person is engaged in other business,

  • (c) receipts given by any person in charge of logs or timber in transit from timber limits or other lands to the place of destination of the logs or timber,

  • (d) Lake Shippers’ Clearance Association receipts and transfer certificates, British Columbia Grain Shippers’ Clearance Association receipts and transfer certificates, and all documents recognized by the Canada Grain Act as elevator receipts, and

  • (e) receipts given by any person for any hydrocarbons received by the person as bailee, whether the person’s obligation to restore requires delivery of the same hydrocarbons or may be satisfied by delivery of a like quantity of hydrocarbons of the same or a similar grade or kind.

• Marginal note:Interpretation — products and by-products

  (2) For the purposes of sections 426 to 436, each thing included in the following terms as defined in subsection (1), namely,

  • (a) “aquacultural stock growing or produced in the aquaculture operation”,

  • (b) “crops growing or produced on the farm”,

  • (c) “livestock”,

  • (d) “products of agriculture”,

  • (e) “products of aquaculture”,

  • (f) “products of the forest”,

  • (g) “products of the quarry and mine”, and

  • (h) “products of the sea, lakes and rivers”,

  comprises that thing in any form or state and any part thereof and any product or by-product thereof or derived therefrom.