Government of Canada / Gouvernement du Canada
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Bank Act

Version of section 409 from 2003-01-01 to 2009-03-11:

Marginal note:Main business

  •  (1) Subject to this Act, a bank shall not engage in or carry on any business other than the business of banking and such business generally as appertains thereto.

  • Marginal note:Idem

    (2) For greater certainty, the business of banking includes

    • (a) providing any financial service;

    • (b) acting as a financial agent;

    • (c) providing investment counselling services and portfolio management services; and

    • (d) issuing payment, credit or charge cards and, in cooperation with others including other financial institutions, operating a payment, credit or charge card plan.

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