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Can you summarize S.C. 1976-77, c. 58?
Consolidated Acts > An Act to incorporate Continental Bank of Canada
Short Summary
This legal document incorporates Continental Bank of Canada as a corporation and outlines its incorporation and organization. It also establishes the relationship between the Bank and IAC Limited, addresses restrictions on lending, and provides for the amalgamation of the Bank with IAC Limited. The document further covers the application of the Bank Act to IAC Limited, the issue of shares by IAC Limited, and certain investments. It also sets out the permitted activities and restrictions for IAC Limited pending amalgamation. Overall, the document governs the establishment, operations, and relationship of Continental Bank of Canada and IAC Limited.
Whom does it apply to?
This document applies to Continental Bank of Canada, IAC Limited, and their respective shareholders, directors, and officers.
What does it govern?
This legal document incorporates Continental Bank of Canada as a corporation under the name Continental Bank of Canada in English and Banque Continentale du Canada in French. It outlines the incorporation and organization of the bank, including the provisional directors and their qualifications, authorized capital stock, interpretation of terms, head office location, and the application of the Bank Act to the Bank. It also covers the relationship between the Bank and IAC Limited, restrictions on lending, amalgamation with IAC Limited, and the continuing status of the Bank after amalgamation. Additionally, it addresses the application of the Bank Act to IAC Limited, the issue of shares by IAC Limited, certain investments, and the business activities of IAC Limited pending amalgamation.
What are exemptions?
The provisional directors of the Bank are exempt from giving public notice of the opening of stock books or meetings of subscribers. Certain exceptions to the Bank Act are provided during the transitional period before amalgamation, including the ability for IAC Limited to subscribe for shares of the Bank and exercise voting rights, eligibility requirements for Bank directors, and limitations on loans and advances.
What are the Penalties?
No penalties are mentioned in this document.
Jurisdiction
Canada