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The legal foundation of the Canadian banking system consisted of a series of laws passed in 1870 and 1871. [ 1 ] Banking remained relatively decentralized until 1935, when the Bank of Canada was founded in response to the economic instability experienced during the Great Depression in Canada .
The Bank Act was originally passed in 1871. ... The Canadian banking industry includes 20 domestic banks, 24 foreign bank subsidiaries and 22 foreign bank ...
Under the new Bank Act passed in 1871, the chartered banks were limited to issuing notes in denominations of four dollars and over. [59] To avoid using the one- and two-dollar notes issued by the government, some banks took to issuing notes in odd denominations, such as six-dollar and seven-dollar notes. [67]
According to contemporaneous rumors, funds from La Banque du Peuple were used to finance the Lower Canada Rebellion in 1837. [6] At least one historian has suggested that the founding of the bank was designed to forestall rebellion, [7] and the means to peacefully advance the political and economic progress for French-Canadians. [8]
Enos Collins (5 September 1774 – 18 November 1871) was a merchant, shipowner, banker and privateer from Nova Scotia, Canada. He is the founder of the Halifax Banking Company, which eventually was merged with the Canadian Bank of Commerce in 1903. Upon his death, he was acclaimed as the richest man in Canada.
Between 1871 and 1944, Canadian chartered banks were authorized to issue bank notes for circulation in Canada. [1] In 1899, they were invested with the additional authority to issue bank notes for circulation in any British colony or possession. [ 2 ]
The Bank Act of 1871 limited the smallest denomination the chartered banks could issue to $4, increased to $5 in 1880. To facilitate purchases below $5 without using Dominion notes, some charted banks issued notes in unusually domesticated denominations, such as the $6 and $7 notes issued by the Molsons Bank in 1871. After Confederation ...
By 1886, 38 banks had been chartered. The pace of this financial activity was marked by the newly formed Government of Canada with the passing of the Bank Act in 1871. Insurance companies, including, Sun Life, 1865, Mutual Life, 1870, Confederation Life, 1871 and London Life, 1874, were also founded during these years.