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The Act contains a "sunset" clause providing that it and the bank charters provided by it will expire unless the statutory review is conducted every five years. In 2016 the Federal Government proposed a two-year extension [3] to the review deadline. The most recent statutory review of the Act took place in 2019 with the next review scheduled ...
Law preventing Japanese vote found valid; overridden by the Canadian Citizenship Act 1946: Bank of Montreal v Stuart [1910] UKPC 53: Undue influence: Attorney-General for Ontario v Attorney-General of Canada (Reference Appeal) (Ontario, Canada) [1912] A.C. 571 Royal Bank of Canada v. The King [1913] A.C. 283 Canada v. Alberta [3]
Unemployment and Farm Relief Act, 1931; Bank of Canada Act, 1934; Public Works Construction Act, 1934; Succession to the Throne Act, 1937; National Housing Act, 1938; National Resources Mobilization Act, 1940; Family Allowance Act, 1945; Canadian Citizenship Act, 1946; Canadian Overseas Telecommunication Corporation Act, 1948
The Court of Queen's Bench ruled that the Bank Act had priority by virtue of the Bank having perfected its security interest. As the judge (T.C. Zarzeczny J.) noted, [52] In the present case the issue of perfection by registration and therefore notice to all of the security interest claimed by the Credit Union is central to the determination of this priority dispute.
Canada's federal government has sole jurisdiction for banks according to the Canadian Constitution, specifically Section 91(15) of The Constitution Act, 1867 (30 & 31 Victoria, c.3 (UK)), formerly known as the British North America Act, 1867. [19]
The Canadian banking system is regulated in part by the Office of the Superintendent of Financial Institutions who can, in an extreme case, close a financial institution. Alongside Canada's mortgage rules, the risk of bank failures similar to the US are slim, but not impossible. [3]
First Nations Bank of Canada (FNBC) (French: La Banque des Premières Nations du Canada) is the first Canadian chartered bank to be independently controlled by Indigenous shareholders. [1] FNBC is a Schedule 1 Federally Regulated Bank in accordance with the Bank Act [ 2 ] and received its charter on 19 November 1996.
The Supreme Court reaffirmed the appeal court. The Insurance Act and its associated regulations apply to the banks' promotion of insurance. The fact that Parliament allows a bank to enter into a provincially regulated line of business such as insurance cannot, by federal statute, unilaterally broaden the scope of an exclusive federal legislative power granted by the Constitution Act, 1867.