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Bank Act

Version of section 70 from 2012-12-19 to 2024-03-06:


Marginal note:Holding of own shares

 Except as provided in sections 71 to 74, or unless permitted by the regulations, a bank shall not

  • (a) hold shares of the bank or of any body corporate that controls the bank;

  • (b) hold any ownership interests of any unincorporated entity that controls the bank;

  • (c) permit any of its subsidiaries to hold any shares of the bank or of any body corporate that controls the bank;

  • (c.1) if the bank is a federal credit union, permit any of its subsidiaries to hold any membership shares of the federal credit union, other than the minimum number of membership shares required by the by-laws of the federal credit union to qualify for membership in it, if any; or

  • (d) permit any of its subsidiaries to hold any ownership interests of any unincorporated entity that controls the bank.

  • 1991, c. 46, s. 70
  • 2010, c. 12, s. 1936

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