The Domestic and International Framework of Canadian Banking Law
Author | M.H. Ogilvie |
Profession | Chancellor's Professor and Professor of Law, Carleton University |
Pages | 24-37 |
24
CHAPTER 2
THE DOMESTIC AND
INTERNATIONAL
FRAMEWORK OF
CANADIAN BANKING LAW
A. INTRODUCTION
Since 1867, Parliament has exercised its jurisdiction over banking pur-
suant to section 91(15) of the Constitution Act, 1867, primarily through
successive Bank Actsdati ng from the first temporary Act passed duri ng
the session of 1867–68 to the current Act, which ha s been in force since
1991, with numerous subsequent amendments.1 The importance of the
Bank Act cannot be overstated. It is the charter of, and applies to, every
bank, domestic or foreign, operating in Canada, and it reflects current
government policy about the financial institutions sector generally and
about the economy. The present Act is the outcome of three decades
of intensive public policy debate in Canada about the financial institu-
tions sector and is one of four major pieces of legislation introduced in
1991,2 under which the entire federally regulated financial institution
sector operates, together with a web of provincial legislation relating
to insurance companies, trust and loan companies, stock brokerages,
1 The successive Bank Act s are as follows: S.C. 1867–8, c. 11; S.C. 1869, c. 49; S.C.
1870, c. 11; S.C. 1871, c. 5; R.S.C. 1886, c. 120; S.C. 1890, c. 31; R.S.C. 1906,
c. 29; S.C. 1913, c. 9; S.C. 1923, c. 32; R.S.C. 1927, c. 12; S.C. 1934, c. 24; S.C.
1944–45, c. 30; R. S.C.1952, c. 12; S.C. 1953–54, c. 48; S.C. 1966–67, c. 87; S.C.
1980–81–82 –83, c. 40; S.C. 1991, c. 46 as am.
2 Bank Act, S.C. 1991, c. 46 as am.; Trust and Loan Compani es Act, S.C. 1991, c. 45
as am.; Insurance Companie s Act, S.C. 1991, c. 47 as am.; and Cooperative Credit
Associations Act, S.C. 1991, c. 48 as am.
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