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← Historical versions

Versions of s. 517(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 or an entity associated with a foreign bank holdswas permitted by section 516 or 517, as that section read immediately before the day on which this subsection came into force, to hold control ofof, or holds a substantial investment inin, a Canadian entity and it did so before the foreign bank became a foreign bank and that holding is not permitted by or under this Part, the entityit may continue to hold control of, or athe substantial investment in, the Canadian entity for athe period ofduring sixwhich monthsit fromcould thehave timedone theso foreign bank became a foreign bank 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 hold control of, or a substantial investment in, a Canadian entity and that holding is not permitted by or under this Part, it may continue to hold control of, or the substantial investment in, the Canadian entity for the period during which it could have done so under that section.

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

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