Bank Act

Marginal note:Exception

160.1 Paragraph 160(g) does not apply to a person if

• (a) the person is employed in a department or agency of the Government of Canada that is not involved in the regulation or supervision of financial institutions;

• (b) the person’s duties do not involve financial institutions; and

• (c) the bank is controlled by a local cooperative credit society, as defined in section 2 of the Cooperative Credit Associations Act, in which the following persons, in aggregate, hold more than 50 per cent or, if a percentage has been prescribed for the purpose of this paragraph, the prescribed percentage, of the ownership interests in the local cooperative credit society, namely,

  • (i) employees of Her Majesty in right of Canada or of a province,

  • (ii) former employees of Her Majesty in right of Canada or of a province,

  • (iii) the spouse or common-law partner of a person referred to in subparagraph (i) or (ii), and

  • (iv) a child who is less than eighteen years of age of a person referred to in subparagraph (i) or (ii).