Marginal note:Acquisition of significant interest
373 (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 or membership share of a bank or purchase or otherwise acquire control of any entity that holds any share or membership share of a bank if
(a) the acquisition would cause the person to have a significant interest in any class of shares or in membership shares of the bank, as the case may be; or
(b) where the person has a significant interest in a class of shares or in membership shares of the bank, the acquisition would increase the significant interest of the person in that class or in the membership shares, as the case may be.
Marginal note:Amalgamation, etc., constitutes acquisition
(2) If the entity that would result from an amalgamation, a merger or a reorganization would have a significant interest in a class of shares or in membership shares of a bank, the entity is deemed to be acquiring a significant interest in that class of shares or in membership shares, as the case may be, through an acquisition for which the approval of the Minister is required under subsection (1).
- 1991, c. 46, s. 373
- 1994, c. 47, s. 17
- 1997, c. 15, s. 37(E)
- 2001, c. 9, s. 98
- 2007, c. 6, s. 19
- 2010, c. 12, s. 2051
- Date modified: