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Can you summarize R.S.C. , 1985, c. B-2?
Consolidated Acts > Bank of Canada Act
Short Summary
The Bank of Canada Act establishes the Bank of Canada as Canada’s central bank. It outlines the powers and responsibilities of the Bank, including the regulation of credit and currency, control of the external value of the national monetary unit, and promotion of economic and financial welfare. The Act defines key terms such as authorized foreign bank, Bank, bank, Board, Deputy Governor, director, Governor, Minister, and notes. It also covers the constitution of the Bank, management of the Bank by the Board of Directors, appointment and qualifications of the Governor and Deputy Governor, establishment of branches and agencies, and the Bank’s powers and business activities. The Act further addresses the Bank’s role as fiscal agent of the Canadian Government, note issue and removal, reserve funds, audit requirements, and reporting obligations.
Whom does it apply to?
The Bank of Canada Act applies to the Bank of Canada, its officers, employees, and directors.
What does it govern?
The Bank of Canada Act governs the establishment, management, and operations of the Bank of Canada, Canada's central bank.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Canada