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← Historical versions

Versions of s. 516(2)

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 a foreign bank holds control of or holds a substantial investment in a Canadianan entity andassociated it did so before becomingwith a foreign bank andwas permitted by section 516 or 517, as that holdingsection read immediately before the day on which this subsection came into force, to maintain a branch or engage in or carry on business in Canada that is not permitted by or under this Part, the foreign bankit may continue to holdmaintain controlthat of,branch or aengage substantialin investmentor in,carry on that business for the Canadian entity for a period ofduring six months from the timewhich it becamecould ahave foreigndone bankso or for any other shorter periodunder that may be specified or approved by the Minister.section.
    Full text

    If a foreign bank or an entity associated with a foreign bank was permitted by section 516 or 517, as that section read immediately before the day on which this subsection came into force, to maintain a branch or engage in or carry 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 the period during which it could have done so under that section.

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

    If a foreign bank holds control of or holds a substantial investment in a Canadian entity and it did so before becoming a foreign bank and that holding is not permitted by or under this Part, the foreign bank may continue to hold control of, or a substantial investment in, the Canadian entity 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.