Government of Canada / Gouvernement du Canada
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Bank Act

Version of section 342 from 2012-12-19 to 2024-04-01:

Marginal note:No property and no liabilities

  •  (1) A bank that has no property and no liabilities may apply to the Minister for letters patent dissolving the bank if it is authorized by

    • (a) in the case of a bank that is not a federal credit union, a special resolution of the shareholders or, if there are no shareholders, by a resolution of all the directors; or

    • (b) in the case of a federal credit union, a special resolution of the members and a separate special resolution of the shareholders, if any.

  • Marginal note:Dissolution by letters patent

    (2) Where the Minister has received an application under subsection (1) and is satisfied that all the circumstances so warrant, the Minister may issue letters patent dissolving the bank.

  • Marginal note:Effect of letters patent

    (3) A bank in respect of which letters patent are issued under subsection (2) ceases to exist on the day stated in the letters patent.

  • 1991, c. 46, s. 342
  • 2010, c. 12, s. 2036

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