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ARTICLE · 30 SEPTEMBER 2013

A Banker Asked Us: Renewing Bank Act Security

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The bank received security under Section 427 of the Bank Act from one of our corporate borrowers, and the bank wishes to renew the registration.

CanadaFinance and Banking
Richard Dusome
Richard Dusome
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Q.

The bank received security under Section 427 of the Bank Act1 ("Bank Act Security") from one of our corporate borrowers, and the bank wishes to renew the registration. Do we have to file a new notice of intention and get a new set of Bank Act Security documents executed by the borrower in order to complete the renewal?

A.

A renewal (or an extension of the registration period) of a Bank Act Security registration is not done by filing a new notice of intention to give security (a "Notice of Intention") every three years.2 Rather, the Regulations under the Bank Act3 set out the annual procedure to be followed to extend or continue the registration period of any existing Notice of Intention.

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