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Investment Limits (Bank Holding Companies) Regulations (SOR/2001-392)

Regulations are current to 2024-05-28

Interests of a Bank Holding Company in Real Property (continued)

Other Interests

Marginal note:Other interests

  •  (1) The following are interests of a bank holding company in real property:

    • (a) a guarantee given by the bank holding company, or by a designated entity controlled by the bank holding company, to an entity other than the bank holding company or designated entity for the purpose of completing the development of real property that is beneficially owned by

      • (i) the bank holding company,

      • (ii) a designated entity controlled by the bank holding company, or

      • (iii) a related real property entity of the bank holding company; and

    • (b) an agreement made by the bank holding company, or by a designated entity controlled by the bank holding company, to support a third party’s cost of operating or financing real property that is beneficially owned by

      • (i) the bank holding company,

      • (ii) a designated entity controlled by the bank holding company, or

      • (iii) a related real property entity of the bank holding company.

  • Marginal note:Value of those interests

    (2) The value of the interests of a bank holding company in real property is

    • (a) in respect of a guarantee referred to in paragraph (1)(a), the estimated cost of completing the development of the real property; and

    • (b) in respect of an agreement referred to in paragraph (1)(b), the amount of any funds advanced by the bank holding company, or by a designated entity controlled by the bank holding company, under the agreement.

Coming into Force

Marginal note:Coming into force

Footnote * These Regulations come into force on the day on which sections 929 and 941 of the Bank Act, as enacted by section 183 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, come into force.

 

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