An Act to amend the Bank Act (bank mergers)

This bill was last introduced in the 38th Parliament, 1st Session, which ended in November 2005.

Sponsor

Pat Martin  NDP

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

Status

Not active, as of Oct. 29, 2004
(This bill did not become law.)

Elsewhere

All sorts of information on this bill is available at LEGISinfo, provided by the Library of Parliament. You can also read the full text of the bill.

Bank ActRoutine Proceedings

October 29th, 2004 / 12:10 p.m.
See context

NDP

Pat Martin NDP Winnipeg Centre, MB

moved for leave to introduce Bill C-249, an act to amend the Bank Act (bank mergers).

Mr. Speaker, the bill is put forward today due to what we believe is a pending interest of our five charter banks to conduct mergers. If the bill were enacted, it would prevent the merger of banks with each other or with other federally incorporated bodies to create one bank unless the superintendent of financial institutionsadvises 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 become insolvent. In the latter case, the merger would have to be approved by a resolution of the Senate and the House of Commons.

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