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The Bank of Canada Act (French: Loi sur la Banque du Canada) is a statute that sets out the governance structure and powers of the Bank of Canada, which was created in 1934 as Canada's central bank. [1] Prior to 1934, Canada had no central bank and fragmented control of the banking system. The Canadian Bankers Association, founded in 1891, held ...
The Bank of Canada (BoC; French: Banque du Canada) is a Crown corporation and Canada's central bank. [4] Chartered in 1934 under the Bank of Canada Act, it is responsible for formulating Canada's monetary policy, [5] and for the promotion of a safe and sound financial system within Canada. [6]
National Parks Act, 1930; Natural Resources Acts, 1930; Unemployment and Farm Relief Act, 1931; Bank of Canada Act, 1934; Public Works Construction Act, 1934; Succession to the Throne Act, 1937
Bill introduced to create Bank of Canada with initial capital of $5 million and "appropriate limitations" on loans [9] Newfoundland goes under rule by commission "until the credit of the country has been restored" [10] P.E.I. premier says Island's farming and fishing are "at low ebb," with fishermen "in dire straits" [11]
1934 telegram by Bennett concerning relief camps. By 1933, unemployment was at 27 percent and over 1.5 million Canadians were dependent on direct relief. In 1934, Bennett's government passed the Public Works Construction Act. This launched a federal building program worth $40 million and aimed at generating employment opportunities.
In 2010, the Parliament of Canada passed amendments to the Act to allow federal credit unions to exist as a new class of financial institution. Credit unions differ from banks in that they are member-owned, democratically controlled and governed by co-operative principles.
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The bank opened branches in Montréal, Sherbrooke and St-Jérôme. [3] Like the other Canadian chartered banks, it issued its own paper money. [4] In 1934, the Bank of Canada was established as Canada's central bank through the Bank of Canada Act, and the commercial banks lost the right to issue their own currency.