Bank Act (S.C. 1991, c. 46)

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

Marginal note:Deposits less than $150,000

  • 546. (1) Subject to the regulations, an authorized foreign bank that is not subject to the restrictions and requirements referred to in subsection 524(2) may not, in respect of its business in Canada, act as agent for any person in the taking of a deposit that is less than $150,000 and payable in Canada.

  • Meaning of “deposit”

    (2) In this section, “deposit” has the meaning assigned to that term by subsection 545(3).

  • Marginal note:Regulations

    (3) The Governor in Council may make regulations respecting the circumstances in which, and the conditions under which, an authorized foreign bank referred to in subsection (1) may act as agent for any person in the taking of a deposit that is less than $150,000 and payable in Canada.

  • 1991, c. 46, s. 546;
  • 1996, c. 6, s. 18;
  • 1999, c. 28, s. 35;
  • 2001, c. 9, s. 143.
Marginal note:Shared premises

  • 547. (1) Subject to the regulations, no authorized foreign bank 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 authorized foreign bank.

  • Marginal note:Limitation

    (2) Subsection (1) only applies in respect of premises or any portion of premises on which both the authorized foreign 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 authorized foreign bank 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 authorized foreign bank, unless the authorized foreign 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, an authorized foreign bank 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, an authorized foreign bank 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).

  • 1991, c. 46, s. 547;
  • 1996, c. 6, s. 19(E);
  • 1999, c. 28, s. 35;
  • 2001, c. 9, s. 144.