Government of Canada / Gouvernement du Canada
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Bank Act

Version of section 393 from 2003-01-01 to 2007-04-19:

Marginal note:Loss of control — banks and bank holding companies

  •  (1) Despite sections 374 and 377, a widely held bank or a widely held bank holding company may be a major shareholder of a bank with equity of five billion dollars or more and cease to control, within the meaning of paragraphs 3(1)(a) and (d), the bank if it has entered into an agreement with the Minister to do all things necessary to ensure that it is not a major shareholder of the bank on the expiration of the day specified in the agreement.

  • Marginal note:Extension

    (2) If general market conditions so warrant and the Minister is satisfied that the bank or the bank holding company has used its best efforts to be in compliance with subsection (1) on the required day, the Minister may specify a later day as the day from and after which it must comply with that subsection.

  • 1991, c. 46, s. 393
  • 2001, c. 9, s. 98

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