- (a) require any person in whose name a share of the company is held to submit a declaration setting out
- (i) the beneficial ownership of the share, and
- (ii) such other information as the directors deem relevant for the purposes of this Part;
- (a) the ownership or beneficial ownership of the share; and
- (b) such other related matters as are specified by the Superintendent.
- (a) the company shall comply with the direction; and
- (b) every person who is requested by the company to provide a declaration containing information referred to in subsection (1) or (2) shall comply with the request.
Marginal note: Reliance on information
405 A company and any person who is a director or an officer, employee or agent of the company may rely on any information contained in a declaration required by the directors pursuant to section 404 or on any information otherwise acquired in respect of any matter that might be the subject of such a declaration, and no action lies against the company or any such person for anything done or omitted to be done in good faith in reliance on any such information.
406 [Repealed, 1994, c. 47, s. 211]
Marginal note: Exemption regulations
407 The Governor in Council may, by regulation, exempt from any of the provisions of this Part any share transaction or any class of share transactions involving the transfer of shares on the death of the beneficial owner thereof, or any arrangement made in contemplation of the death of the beneficial owner, to one or more members of the beneficial owner’s family, or to one or more trustees on their behalf.
408 Nothing in, or done under the authority of, this Act affects the operation of the Competition Act .
PART VIII Business and Powers
General Business
Marginal note: Main business
- 409 (1) Subject to this Act, a company shall not engage in or carry on any business other than such business generally as appertains to the business of providing financial services.
- Marginal note: Idem (2) For greater certainty, a company may
- (a) subject to section 412, act as a trustee;
- (b) act as a financial agent, receiver, liquidator or sequestrator;
- (c) provide investment counselling services and portfolio management services; and
- (d) issue payment, credit or charge cards and, in cooperation with others including other financial institutions, operate a payment, credit or charge card plan.
- 1991, c. 45, s. 409
- 2009, c. 2, s. 289(F)
Marginal note: Additional activities
- 410 (1) In addition, a company may
- (a) act as an agent for vendors, purchasers, mortgagors, mortgagees, lessors or lessees of real property and provide consulting or appraisal services in respect of real property;
- (b) hold, manage and otherwise deal with real property;
- (c) outside Canada, or with the prior written approval of the Minister, in Canada, engage in any of the following activities, namely,
- (i) collecting, manipulating and transmitting
- (A) information that is primarily financial or economic in nature,
- (B) information that relates to the business of a permitted entity, as defined in subsection 449(1), or
- (C) any other information that the Minister may, by order, specify,
- (i) to provide information that is primarily financial or economic in nature,
- (ii) to provide information that relates to the business of a permitted entity, as defined in subsection 449(1), or
- (iii) for a prescribed purpose or in prescribed circumstances;
- (i) tickets, including lottery tickets, on a non-profit public service basis in connection with special, temporary and infrequent non-commercial celebrations or projects that are of local, municipal, provincial or national interest,
- (ii) urban transit tickets, and
- (iii) tickets in respect of a lottery sponsored by the federal government or a provincial or municipal government or an agency of any such government or governments;
- (a) respecting what a company may or may not do with respect to the carrying on of the activities referred to in paragraphs (1)(c), (c.1) and (d.1);
- (b) imposing terms and conditions in respect of the provision of the services referred to in paragraphs (1)(a) and 409(2)(c) and the carrying on of the activities referred to in paragraphs (1)(c), (c.1) and (d.1); and
- (c) respecting the circumstances in which companies may be exempted from the requirement to obtain the approval of the Minister before carrying on a particular activity referred to in paragraph (1)(c) or (c.1).
- 1991, c. 45, s. 410
- 1993, c. 34, s. 126(F)
- 1997, c. 15, s. 375
- 2001, c. 9, s. 530
- 2018, c. 12, s. 310
Marginal note: Networking
411 Subject to section 416, a company may
- (a) act as agent for any person in respect of the provision of any service that is provided by a financial institution, a permitted entity as defined in subsection 449(1) or a prescribed entity and may enter into an arrangement with any person in respect of the provision of that service; or
- (b) refer any person to any such financial institution or entity.
- 1991, c. 45, s. 411
- 2001, c. 9, s. 531
Marginal note: Restriction on fiduciary activities
412 No company, other than a company that is a trust company pursuant to subsection 57(2), shall act in Canada as
- (a) an executor, administrator or official guardian or a guardian, tutor, curator, judicial adviser or committee of a mentally incompetent person; or
- (b) a trustee for a trust.
Marginal note: Restriction on deposit taking
- 413 (1) A company shall not accept deposits in Canada unless
- (a) it is a member institution, as defined in section 2 of the Canada Deposit Insurance Corporation Act ;
- (b) it has been authorized under subsection 26.03(1) of that Act to accept deposits without being a member institution, as defined in section 2 of that Act; or
- (c) the order approving the commencement and carrying on of business in Canada by the company authorizes it to accept deposits solely in accordance with subsection (2).
A/B ≤ 0.01 where is the sum of all amounts each of which is the sum of all the deposits held by the company at the end of a day in the preceding 30 days each of which deposits is less than $150,000 and payable in Canada; and is the sum of all amounts each of which is the sum of all deposits held by the company at the end of a day in those preceding 30 days and payable in Canada.
- (a) prescribing the deposits referred to in subsection (4); and
- (b) prescribing terms and conditions with respect to the acceptance of those deposits.
- 1991, c. 45, s. 413
- 2007, c. 6, s. 358
- (i) collecting, manipulating and transmitting