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← Historical versions

Versions of s. 516(1)

B-1.01 — Bank Act · 2 versions · View current text

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

  1. 2008-05-19 to present available View Source
    If an entity becomes a foreign bank, or an entity associated with a foreign bank, to which this Part applies and immediately before it became such a foreign bank maintainsor such an entity it maintained a branch or engages in or carries on business in Canada that it maintained or engaged in or carried on beforebusiness becomingin a foreign bank andCanada that branch or business is not permitted by or under this Part, the foreign bankit may continue to maintain that branch or engage in or carry on that business for a period of six months fromafter the timeday on which it became such a foreign bank or such an entity, or for any other shorter period that may be specified or approved by the Minister.
    Full text

    If an entity becomes a foreign bank, or an entity associated with a foreign bank, to which this Part applies and immediately before it became such a foreign bank or such an entity it maintained a branch or engaged in or carried on business in Canada that is not permitted by or under this Part, it may continue to maintain that branch or engage in or carry on that business for a period of six months after the day on which it became such a foreign bank or such an entity, or for any other shorter period that may be specified or approved by the Minister.

  2. 2003-01-01 to 2008-05-19 View Source

    If a foreign bank maintains a branch or engages in or carries on business in Canada that it maintained or engaged in or carried on before becoming a foreign bank and that branch or business is not permitted by or under this Part, the foreign bank may continue to maintain that branch or engage in or carry on that business for a period of six months from the time it became a foreign bank or for any other shorter period that may be specified or approved by the Minister.