Shared Premises Regulations (Banks)

SOR/2002-339

Registration 24 September, 2002

BANK ACT

Shared Premises Regulations (Banks)

P.C. 2002-1563 24 September, 2002

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to paragraph 413.3(4)(a)^a of the Bank Act^b, hereby makes the annexed Shared Premises Regulations (Banks).

^a S.C. 2001, c. 9, s. 104^b S.C. 1991, c. 46

SHARED PREMISES REGULATIONS (BANKS)

Definition of "member institution"

1. (1) In this section, "member institution" has the same meaning as in section 2 of the Canada Deposit Insurance Corporation Act.

Shared premises

(2) A bank to which paragraph 413(1)(b) of the Bank Act applies may carry on business in Canada on premises that are shared with those of a member institution that is affiliated with the bank if, on those premises, whenever a request is made in person to open a deposit account with the bank, the bank opens the account at a work space that is separate and distinct from every work space at which the member institution carries on business.

Coming into force

2. These Regulations come into force on the day on which they are registered.