An Act to incorporate Continental Bank of Canada (S.C. 1976-77, c. 58)
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Act current to 2024-11-26
Sanctions (continued)
Marginal note:Failure to amalgamate
21 If the Bank does not amalgamate with IAC Limited within ten years after this Act comes into force, the Bank shall not thereafter carry on the business of banking.
Marginal note:Offences
22 A violation of any of the provisions of the Bank Act made applicable to IAC Limited by sections 12 to 14 of this Act constitutes an offence against the Bank Act and the person committing the offence is liable to the penalties prescribed in the Bank Act for contravention of such provisions.
Other Matters
Marginal note:No approval to commence business
23 If no approval permitting the Bank to commence business is obtained by the Bank from the Governor in Council within one year after the coming into force of this Act, then, in addition to the consequences set out in subsection 15(1) of the Bank Act, the provisions of this Act that affect or restrict IAC Limited, the subsidiaries of IAC Limited or the shares of IAC Limited shall cease to have effect, except that subparagraph 7(3)(a)(ii) and paragraphs 7(3)(b) and (c) shall remain in effect for purposes of giving effect to subsections 15(2) to (9) of the Bank Act.
Marginal note:Amendment to Schedule A of Bank Act
24 Schedule A of the Bank Act is amended by adding thereto the following:
| Name of Bank | Additional name under which Bank is authorized to carry on business | Authorized capital stock | Par value of shares | Head office of the Bank |
|---|---|---|---|---|
| Continental Bank of Canada | Banque Continentale du Canada | $100,000,000 | $10 | Toronto |
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