Bank Act

Marginal note:Extended meaning of “insider”

• 271 (1) In subsections (2) and 272(1), “insider” means, with respect to a bank,

  • (a) the bank;

  • (b) an affiliate of the bank;

  • (c) a director or an officer of the bank;

  • (d) a person who beneficially owns more than 10 per cent of the shares of the bank or who exercises control or direction over more than 10 per cent of the votes attached to the shares of the bank;

  • (e) a person employed or retained by the bank; and

  • (f) a person who receives specific confidential information from a person described in this section, including a person described in this paragraph, and who has knowledge that the person giving the information is a person described in this section, including a person described in this paragraph.

• Marginal note:Deemed insider

  (2) For the purposes of subsection 272(1),

  • (a) if a body corporate becomes an insider of a bank or enters into a business combination with a bank, or

  • (b) if a bank becomes an insider of a body corporate,

  every director or officer of the body corporate is deemed to have been an insider of the bank for the previous six months or for such shorter period as the director or officer was a director or officer of the body corporate.