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This enactment amends the Bank Act to authorize the use of the words “bank”, “banker” and “banking” by credit unions and caisses populaires that are provincially regulated.
Available on the House of Commons website at the following address:
1991, c. 46
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
1 Subsection 983(2.1) of the Bank Act is replaced by the following:
Unauthorized use of word “bank”, “banker” or “banking”
(2.1) Subject to the regulations and subsections (4) to (5.1), (6) and (12), every person, other than a bank or a credit union or caisse populaire incorporated or organized by or under an Act of the legislature of a province, who uses the word “bank”, “banker” or “banking” to indicate or describe a business in Canada or any part of a business in Canada, without being authorized to do so by this Act or any other Act of Parliament, is guilty of an offence.
Published under authority of the Speaker of the House of Commons