Bank Act

Marginal note:Definitions

• 464 (1) The following definitions apply in this Part.

  closed-end fund

  fonds d’investissement à capital fixe

  closed-end fund means an entity whose activities are limited to investing the funds of the entity so as to provide investment diversification and professional investment management to the holders of its securities, and whose securities are

  • (a) fixed in number and distributed to the public in an offering under a preliminary prospectus, prospectus, short-form prospectus or similar document in accordance with the laws of a province or a foreign jurisdiction;

  • (b) traded on an exchange or an over-the-counter market; and

  • (c) liquidated on a fixed future termination date, the proceeds of which are allocated to the holders of the securities on a proportional basis. (fonds d’investissement à capital fixe)

  factoring entity

  entité s’occupant d’affacturage

  factoring entity means a factoring entity as defined in the regulations. (entité s’occupant d’affacturage)

  finance entity

  entité s’occupant de financement

  finance entity means a finance entity as defined in the regulations. (entité s’occupant de financement)

  financial leasing entity

  entité s’occupant de crédit-bail

  financial leasing entity means an entity

  • (a) the activities of which are limited to the financial leasing of personal property and such related activities as are prescribed and whose activities conform to such restrictions and limitations thereon as are prescribed; and

  • (b) that, in conducting the activities referred to in paragraph (a) in Canada, does not

    • (i) direct its customers or potential customers to particular dealers in the leased property or the property to be leased,

    • (ii) enter into lease agreements with persons in respect of any motor vehicle having a gross vehicle weight, as that expression is defined by the regulations, of less than twenty-one tonnes, or

    • (iii) enter into lease agreements with natural persons in respect of personal household property, as that expression is defined by the regulations. (entité s’occupant de crédit-bail)

  loan

  prêt ou emprunt

  loan includes an acceptance, endorsement or other guarantee, a deposit, a financial lease, a conditional sales contract, a repurchase agreement and any other similar arrangement for obtaining funds or credit but does not include investments in securities. (prêt ou emprunt)

  motor vehicle

  véhicule à moteur

  motor vehicle means a motorized vehicle designed to be used primarily on a public highway for the transportation of persons or things, but does not include

  • (a) a fire-engine, bus, ambulance or utility truck; or

  • (b) any other special purpose motorized vehicle that contains significant special features that make it suitable for a specific purpose. (véhicule à moteur)

  mutual fund distribution entity

  courtier de fonds mutuels

  mutual fund distribution entity means an entity whose principal activity is acting as a selling agent of units, shares or other interests in a mutual fund and acting as a collecting agent in the collection of payments for any such interests if

  • (a) the proceeds of the sales of any such interests, less any sales commissions and service fees, are paid to the mutual fund; and

  • (b) the existence of a sales commission and service fee in respect of the sale of any such interest is disclosed to the purchaser of the interest before the purchase of the interest. (courtier de fonds mutuels)

  mutual fund entity

  entité s’occupant de fonds mutuels

  mutual fund entity means an entity

  • (a) whose activities are limited to the investing of the funds of the entity so as to provide investment diversification and professional investment management to the holders of its securities; and

  • (b) whose securities entitle their holders to receive, on demand, or within a specified period after demand, an amount computed by reference to the value of a proportionate interest in the whole or in a part of its net assets, including a separate fund or trust account of the entity. (entité s’occupant de fonds mutuels)

  participating share

  action participante

  participating share means a share of a body corporate that carries the right to participate in the earnings of the body corporate to an unlimited degree and to participate in a distribution of the remaining property of the body corporate on dissolution and includes a membership share. (action participante)

  permitted entity

  entité admissible

  permitted entity means an entity in which a bank is permitted to acquire a substantial investment under section 468. (entité admissible)

  prescribed subsidiary

  filiale réglementaire

  prescribed subsidiary means a subsidiary that is one of a prescribed class of subsidiaries. (filiale réglementaire)

  real property brokerage entity

  courtier immobilier

  real property brokerage entity means an entity that is primarily engaged in

  • (a) acting as an agent for vendors, purchasers, mortgagors, mortgagees, lessors or lessees of real property; and

  • (b) the provision of consulting or appraisal services in respect of real property. (courtier immobilier)

  specialized financing entity

  entité s’occupant de financement spécial

  specialized financing entity means a specialized financing entity as defined in the regulations. (entité s’occupant de financement spécial)

• Marginal note:Members of a bank’s group

  (2) For the purpose of this Part, a member of a bank’s group is any of the following:

  • (a) an entity referred to in any of paragraphs 468(1)(a) to (f) that controls the bank;

  • (b) a subsidiary of the bank or of an entity referred to in any of paragraphs 468(1)(a) to (f) that controls the bank;

  • (c) an entity in which the bank, or an entity referred to in any of paragraphs 468(1)(a) to (f) that controls the bank, has a substantial investment; or

  • (d) a prescribed entity in relation to the bank.

• Marginal note:Non-application of Part

  (3) This Part does not apply in respect of

  • (a) the holding of a security interest in real property, unless the security interest is prescribed under paragraph 479(a) to be an interest in real property; or

  • (b) the holding of a security interest in securities of an entity.