Bank Act

Marginal note:Contents of letters patent

• 28 (1) There shall be set out in the letters patent incorporating a bank

  • (a) the name of the bank;

  • (a.1) in the case of a bank that is to be a federal credit union, a statement that it is a federal credit union;

  • (b) the province in which the head office of the bank is to be situated; and

  • (c) the date that the bank came, or is to come, into existence.

• Marginal note:Provisions in letters patent

  (2) The Minister may set out in the letters patent incorporating a bank any provision not contrary to this Act that the Minister considers advisable in order to take into account the particular circumstances of the proposed bank.

• Marginal note:Terms and conditions

  (3) The Minister may impose such terms and conditions in respect of the issuance of letters patent incorporating a bank as the Minister considers necessary or appropriate.