Marginal note:Holding of own shares
70 Except as provided in sections 71 to 74, or unless permitted by the regulations, a bank shall not
(a) hold shares of the bank or of any body corporate that controls the bank;
(b) hold any ownership interests of any unincorporated entity that controls the bank;
(c) permit any of its subsidiaries to hold any shares of the bank or of any body corporate that controls the bank;
(c.1) if the bank is a federal credit union, permit any of its subsidiaries to hold any membership shares of the federal credit union, other than the minimum number of membership shares required by the by-laws of the federal credit union to qualify for membership in it, if any; or
(d) permit any of its subsidiaries to hold any ownership interests of any unincorporated entity that controls the bank.
- 1991, c. 46, s. 70
- 2010, c. 12, s. 1936
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