Canada Bank Act

Canada Bank Act

The Bank Act (1991, c. 46) is an Act of the Government of Canada respecting banks and banking.

The Act groups banks in three schedules. Schedule I banks are banks allowed to accept deposits that are not a subsidiary of a foreign bank, Schedule II banks are banks allowed to accept deposits that are a subsidiary of a foreign bank with branches in Canada, and Schedule III banks are foreign banks with certain restrictions that can do banking business in Canada.

The Canadian banking industry includes 20 domestic banks, 24 foreign bank subsidiaries and 22 foreign bank branches operating in Canada. cite web|url=http://www.cba.ca/en/section.asp?fl=2&sl=204&tl=&docid=|title=Banks in Canada|work=Canadian Bankers Association]

References

ee also

* Banking in Canada
* List of banks in Canada
* List of Acts of Parliament of Canada

External links

* [http://lois.justice.gc.ca/en/B-1.01/index.html Canadian Department of Justice - Bank Act]
* [http://www.thecanadianencyclopedia.com/index.cfm?PgNm=TCE&Params=A1ARTA0000495 Bank Act] at The Canadian Encyclopedia


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