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← Historical versions

Versions of s. 517(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 bankbank, maintainsto awhich branchthis orPart engagesapplies inand orimmediately carries on business in Canada thatbefore it maintainedbecame or engaged in or carried on before the foreign bank becamesuch a foreign bank or such an entity it held control of, or a substantial investment in, a Canadian entity and that branchcontrol or businesssubstantial investment is not permitted by or under this Part, the entityit may continue to maintainhold thatcontrol branchof, or engagea insubstantial orinvestment carryin, onthe thatCanadian businessentity for a period of six months fromafter the timeday theon foreignwhich bankit 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 held control of, or a substantial investment in, a Canadian entity and that control or substantial investment is not permitted by or under this Part, it may continue to hold control of, or a substantial investment in, the Canadian entity 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 an entity associated with 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 the foreign bank became a foreign bank and that branch or business is not permitted by or under this Part, the entity may continue to maintain that branch or engage in or carry on that business for a period of six months from the time the foreign bank became a foreign bank or for any other shorter period that may be specified or approved by the Minister.