Hyperlawhypertext legal database Bank Act

← Historical versions

Versions of s. 245(1)

B-1.01 — Bank Act · 4 versions · View current text

Historical text comes from the Justice Laws point-in-time corpus and is unofficial — not the official version.

  1. 2012-12-19 to present available View Source
    If the Superintendent is of the opinion that it is incompatible with the fulfilment of the Superintendent’s responsibilities under this Act for a bank to maintain, in another country, copies of records referred to in section 238 or of its central securities register or members register or for a bank to process, in another country, information or data relating to the preparation and maintenance of those records or of its central securities register or members register — or if the Superintendent is advised by the Minister that, in the opinion of the Minister, it is not in the national interest for a bank to do any of those activities in another country — the Superintendent shallmust direct the bank to not maintain those copies, or to not process the information or data, as the case may be, in that other country or to maintain those copies or to process the information or data only in Canada.
    Full text

    If the Superintendent is of the opinion that it is incompatible with the fulfilment of the Superintendent’s responsibilities under this Act for a bank to maintain, in another country, copies of records referred to in section 238 or of its central securities register or members register or for a bank to process, in another country, information or data relating to the preparation and maintenance of those records or of its central securities register or members register — or if the Superintendent is advised by the Minister that, in the opinion of the Minister, it is not in the national interest for a bank to do any of those activities in another country — the Superintendent must direct the bank to not maintain those copies, or to not process the information or data, as the case may be, in that other country or to maintain those copies or to process the information or data only in Canada.

  2. 2007-04-20 to 2012-12-19 View Source
    SubjectIf tothe subsectionSuperintendent (3),is of the opinion that it is incompatible with the fulfilment of the Superintendent’s responsibilities under this Act for a bank shallto maintain and processmaintain, in Canadaanother anycountry, information or data relating to the preparation or maintenancecopies of the records referred to in section 238 or of its central securities register unlessor for a bank to process, in another country, information or data relating to the preparation and maintenance of those records or of its central securities register — or if the Superintendent has,is subjectadvised by the Minister that, in the opinion of the Minister, it is not in the national interest for a bank to do any termsof andthose conditionsactivities thatin another country — the Superintendent considersshall appropriate, exempteddirect the bank fromto not maintain those copies, or to not process the applicationinformation ofor thisdata, section.as the case may be, in that other country or to maintain those copies or to process the information or data only in Canada.
    Full text

    If the Superintendent is of the opinion that it is incompatible with the fulfilment of the Superintendent’s responsibilities under this Act for a bank to maintain, in another country, copies of records referred to in section 238 or of its central securities register or for a bank to process, in another country, information or data relating to the preparation and maintenance of those records or of its central securities register — or if the Superintendent is advised by the Minister that, in the opinion of the Minister, it is not in the national interest for a bank to do any of those activities in another country — the Superintendent shall direct the bank to not maintain those copies, or to not process the information or data, as the case may be, in that other country or to maintain those copies or to process the information or data only in Canada.

  3. 2006-04-27 to 2007-04-20 View Source
    Subject to subsection (3), a bank shall maintain and process in Canada any information or data relating to the preparation andor maintenance of the records referred to in section 238 or of its central securities register unless the Superintendent has, subject to any terms and conditions that the Superintendent considers appropriate, exempted the bank from the application of this section.
    Full text

    Subject to subsection (3), a bank shall maintain and process in Canada any information or data relating to the preparation or maintenance of the records referred to in section 238 or of its central securities register unless the Superintendent has, subject to any terms and conditions that the Superintendent considers appropriate, exempted the bank from the application of this section.

  4. 2003-01-01 to 2006-04-27 View Source

    Subject to subsection (3), a bank shall maintain and process in Canada any information or data relating to the preparation and maintenance of the records referred to in section 238 unless the Superintendent has, subject to any terms and conditions that the Superintendent considers appropriate, exempted the bank from the application of this section.