Resident Canadian (Banks) Regulations

SOR/92-282

Registration 14 May, 1992

BANK ACT

Resident Canadian (Banks) Regulations

P.C. 1992-1037 14 May, 1992

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to paragraph (b) of the definition "resident Canadian" in section 2 and section 559 of the Bank Act*, is pleased hereby to make the annexed Regulations prescribing classes of persons the members of which are resident Canadians, effective June 1, 1992.

* S.C. 1991, c. 46

REGULATIONS PRESCRIBING CLASSES OF PERSONS THE MEMBERS OF WHICH ARE RESIDENT CANADIANS

SHORT TITLE

1. These Regulations may be cited as the Resident Canadian (Banks) Regulations.

PRESCRIBED RESIDENT CANADIANS

2. For the purposes of paragraph (b) of the definition "resident Canadian" in section 2 of the Bank Act, members of the following classes of persons are resident Canadians:

(a) Canadian citizens not ordinarily resident in Canada whose principal reason for residing outside Canada is to act as a full-time employee of a body corporate

(i) of which more than 50 per cent of the voting shares are beneficially owned, or over which control or direction is exercised, by resident Canadians described in paragraph (a) or (c) of that definition,

(ii) a majority of the directors of which are resident Canadians described in paragraph (a) or (c) of that definition, or

(iii) that is a subsidiary of a body corporate described in subparagraph (i) or (ii);

(b) Canadian citizens not ordinarily resident in Canada who are full-time employees of an international association or organization of which Canada is a member; and

(c) Canadian citizens not ordinarily resident in Canada who were, on their sixtieth birthday, ordinarily resident in Canada and who have been residing outside Canada for less than 10 consecutive years.