Bill C-394 (Historical)

An Act to amend the Bank Act (bank mergers)

This bill was last introduced in the 37th Parliament, 3rd Session, which ended in May 2004.

This bill was previously introduced in the 37th Parliament, 2nd Session.

Sponsor

Lorne Nystrom  NDP

Introduced as a private member’s bill. (These don’t often become law.)

Status

Not active, as of Feb. 13, 2003
(This bill did not become law.)

Elsewhere

All sorts of information on this bill is available at LEGISinfo, an excellent resource from the Library of Parliament. You can also read the full text of the bill.

Bank ActRoutine Proceedings

February 13th, 2003 / 10:30 a.m.
See context

NDP

Lorne Nystrom NDP Regina—Qu'Appelle, SK

moved for leave to introduce Bill C-394, an act to amend the Bank Act (bank mergers).

Mr. Speaker, the purpose of the bill before the House todayis to prevent the merger of banks with each other or federally incorporated bodies to create one bank unless the Superintendent of Financial Institutions advises the Minister of Finance that the merger is necessary to prevent an insolvency or informs the minister that none of the applicants wishing to merge are about to be insolvent. In such a case, the merger would have to be approved by a resolution of the Senate and the House of Commons. Today mergers are approved by the Minister of Finance.

This is a bill to democratize the process where if it happens, it happens by a vote of the House of Commons.

(Motions deemed adopted, bill read the first time and printed)