Marginal note:Limitation on share holdings
375 (1) If a person is a major shareholder of a bank with equity of less than twelve billion dollars and the bank’s equity reaches twelve billion dollars or more, the person shall do all things necessary to ensure that the person is not a major shareholder of the bank on the day that is three years after the day the bank’s equity reached twelve billion dollars.
Marginal note:Exception — federal credit union
(1.1) Subsection (1) does not apply in respect of a person who is a major shareholder of a federal credit union.
Marginal note:Exception
(2) Subsection (1) does not apply if any of subsections 374(2) to (6) applies to the person in respect of the bank.
Marginal note:Extension
(3) If general market conditions so warrant and the Minister is satisfied that the person has used the person’s best efforts to be in compliance with subsection (1) on the required day, the Minister may specify a later day as the day from and after which the person must comply with that subsection.
- 1991, c. 46, s. 375
- 2001, c. 9, s. 98
- 2007, c. 6, s. 132
- 2010, c. 12, s. 2054
- 2012, c. 5, s. 14
- Date modified: