Canada Bank Act
Encyclopedia
The Bank Act 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 Bank Act was originally passed in 1871. The terms of the Act provide that it is renewed decennially to ensure that legislators will periodically update the Act in order to keep pace with developments in the financial system.
The Canadian banking industry includes 20 domestic banks, 24 foreign bank subsidiaries and 22 foreign bank branches operating in Canada.
Act of Parliament
An Act of Parliament is a statute enacted as primary legislation by a national or sub-national parliament. In the Republic of Ireland the term Act of the Oireachtas is used, and in the United States the term Act of Congress is used.In Commonwealth countries, the term is used both in a narrow...
of the Government
Government
Government refers to the legislators, administrators, and arbitrators in the administrative bureaucracy who control a state at a given time, and to the system of government by which they are organized...
of Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
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 Bank Act was originally passed in 1871. The terms of the Act provide that it is renewed decennially to ensure that legislators will periodically update the Act in order to keep pace with developments in the financial system.
The Canadian banking industry includes 20 domestic banks, 24 foreign bank subsidiaries and 22 foreign bank branches operating in Canada.
See also
- Banking in CanadaBanking in CanadaBanking in Canada is widely considered the most efficient and safest banking system in the world, ranking as the world's soundest banking system for the past three years according to reports by the World Economic Forum. Released at October 2010, Global Finance magazine put Royal Bank of Canada at...
- List of banks in Canada
- List of Acts of Parliament of Canada
External links
- Canadian Department of Justice - Bank Act
- Bank Act at The Canadian EncyclopediaThe Canadian EncyclopediaThe Canadian Encyclopedia is a source of information on Canada. It is available online, at no cost. The Canadian Encyclopedia is available in both English and French and includes some 14,000 articles in each language on a wide variety of subjects including history, popular culture, events, people,...