Government of Canada / Gouvernement du Canada
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Bank Act

Version of section 878 from 2007-04-20 to 2012-05-23:

Marginal note:Limitation on share holdings

  •  (1) If a person is a major shareholder of a bank holding company with equity of less than eight billion dollars and the bank holding company’s equity reaches eight billion dollars or more, the person shall do all things necessary to ensure that the person is not a major shareholder of the bank holding company on the day that is three years after the day the bank holding company’s equity reached eight billion dollars.

  • Marginal note:Exception

    (2) Subsection (1) does not apply if any of subsections 876(2) to (6) applies to the person in respect of the bank holding company.

  • Marginal note:Extension

    (3) If general market conditions so warrant and the Minister is satisfied that the person has used the person’s 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 the person must comply with that subsection.

  • 2001, c. 9, s. 183
  • 2007, c. 6, s. 132
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