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Bank Act

Version of section 373 from 2003-01-01 to 2007-04-19:


Marginal note:Acquisition of significant interest

  •  (1) Subject to this Part, no person, or entity controlled by a person, shall, without the approval of the Minister, purchase or otherwise acquire any share of a bank or purchase or otherwise acquire control of any entity that holds any share of a bank if

    • (a) the acquisition would cause the person to have a significant interest in any class of shares of the bank; or

    • (b) where the person has a significant interest in a class of shares of the bank, the acquisition would increase the significant interest of the person in that class of shares.

  • Marginal note:Amalgamation, etc., constitutes acquisition

    (2) If, as a result of an amalgamation, merger or reorganization, the entity that results would have a significant interest in a class of shares of a bank, that entity is deemed to be acquiring a significant interest in that class of shares of the bank through an acquisition for which the approval of the Minister is required.

  • 1991, c. 46, s. 373
  • 1994, c. 47, s. 17
  • 1997, c. 15, s. 37(E)
  • 2001, c. 9, s. 98

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