Bank Act (S.C. 1991, c. 46)

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

Marginal note:No invalidity

665. No act of a bank holding company, including any transfer of property to or by a bank holding company, is invalid by reason only that the act or transfer is contrary to the bank holding company’s incorporating instrument or this Act.

  • 1999, c. 28, s. 62;
  • 2001, c. 9, s. 183.
Marginal note:By-law not necessary

666. It is not necessary for a bank holding company to pass a by-law in order to confer any particular power on the bank holding company or its directors.

  • 1999, c. 28, s. 63;
  • 2001, c. 9, s. 183.
Marginal note:No personal liability

667. The shareholders of a bank holding company are not, as shareholders, liable for any liability, act or default of the bank holding company except as otherwise provided by this Act.

  • 1999, c. 28, s. 63;
  • 2001, c. 9, s. 183.
Marginal note:No constructive notice

668. No person is affected by or is deemed to have notice or knowledge of the contents of a document concerning a bank holding company by reason only that the document has been filed with the Superintendent or the Minister or is available for inspection at an office of the bank holding company.

  • 1999, c. 28, s. 64, c. 31, ss. 16(F), 250;
  • 2001, c. 9, s. 183.
Marginal note:Authority of directors, officers and representatives

  • 669. (1) No bank holding company and no guarantor of an obligation of a bank holding company may assert against a person dealing with the bank holding company or against a person who has acquired rights from the bank holding company that

    • (a) the bank holding company’s incorporating instrument or any by-laws of the bank holding company have not been complied with;

    • (b) the persons named as directors of the bank holding company in the most recent return sent to the Superintendent under section 951 are not the directors of the bank holding company;

    • (c) the place named in the incorporating instrument or by-laws of the bank holding company is not the place where the head office of the bank holding company is situated;

    • (d) a person held out by the bank holding company as a director, officer or representative of the bank holding company has not been duly appointed or has no authority to exercise the powers and perform the duties that are customary in the business of the bank holding company or usual for a director, officer or representative; or

    • (e) a document issued by any director, officer or representative of the bank holding company with actual or usual authority to issue the document is not valid or not genuine.

  • Marginal note:Exception — knowledge

    (2) Subsection (1) does not apply in respect of a person who has or ought to have knowledge of a situation described in that subsection by virtue of their relationship to the bank holding company.

  • 1999, c. 28, s. 65;
  • 2001, c. 9, s. 183;
  • 2005, c. 54, s. 83.
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