Investment Limits (Banks) Regulations (SOR/2001-393)

Other Interests

Marginal note:Other interests

• 12 (1) The following are interests of a bank in real property:

  • (a) a guarantee given by the bank, or by a designated entity controlled by the bank, to an entity other than the bank or designated entity for the purpose of completing the development of real property that is beneficially owned by

    • (i) the bank,

    • (ii) a designated entity controlled by the bank, or

    • (iii) a related real property entity of the bank; and

  • (b) an agreement made by the bank, or by a designated entity controlled by the bank, to support a third party’s cost of operating or financing real property that is beneficially owned by

    • (i) the bank,

    • (ii) a designated entity controlled by the bank, or

    • (iii) a related real property entity of the bank.

• Marginal note:Value of those interests

  (2) The value of the interests of a bank in real property is

  • (a) in respect of a guarantee referred to in paragraph (1)(a), the estimated cost of completing the development of the real property; and

  • (b) in respect of an agreement referred to in paragraph (1)(b), the amount of any funds advanced by the bank, or by a designated entity controlled by the bank, under the agreement.

Repeals

Marginal note:Repeal

13 [Repeal]

Marginal note:Repeal

14 [Repeal]

Coming into Force

Marginal note:Coming into force

Footnote ^*15 These Regulations come into force on the day on which sections 467 and 479 of the Bank Act, as enacted by section 127 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, come into force.

• Return to footnote ^*[Note: Regulations in force October 24, 2001, see SI/2001-102.]