The Domestic and International Framework of Canadian Banking Law

• Author: M.H. Ogilvie
• Profession: Professor of Law, Carleton University
• Pages: 24-36

CHAP TER 2

THE DOMESTIC AND

INTERNATIONAL

FR AME WOR K OF

CA NADIAN BANKING LAW

A. INTRODUCTION

Since 1867, Parliament has exercised its juri sdiction over banking pur-

suant to section 91(15) of the Constitution Act, 1867, primarily through

successive Bank Acts d ating from the f‌irst temporary Act passed dur ing

the session of 1867–68 to the current Act, which h as been in force since

1991, with numerous subsequent amendments.1 The importance of the

Bank Act cannot be overstated. It is t he charter of, and applies to, every

bank, domestic or foreign, operating in Canada, and it ref‌lects cur rent

government policy about the f‌inancial institutions sector generally and

about the economy. The present Act is the outcome of a quarter-century

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 enti re federally regulated f‌in ancial inst itutions

sector operates, together with a web of provincial legislation relating

1The successive Bank Acts are as foll ows: 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.

2Bank Act, S.C. 1991, c. 46 as am.; Trust and Loan Companies Act, S .C. 1991, c. 45

as am.; Insurance Companies Act, S.C. 1991, c. 47 as am.; and Cooperative Credit

Associations Act, S.C. 1991, c. 48 as am.

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