Continental Bank of Canada - Company Update.TORONTO--(BUSINESS WIRE)--May 16, 1996--CONTINENTAL BANK (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CTL See control key. 1. CTL - Checkout Test language. 2. CTL - Compiler Target Language. 3. CTL - Computational Tree Logic ) Continental Bank of Canada The Continental Bank of Canada was a chartered bank formed in Canada when IAC, a financing company, decided to expand the scope of operations in the 1980s. This small bank struggled for several years before being acquired by Lloyds Bank of the United Kingdom. announced today that it will seek the approval of its shareholders to cease to be a bank governed by the Bank Act and to be continued This article is about the Elton John box set. For the plot device commonly featuring the phrase "To be continued", see Cliffhanger. To Be Continued as a corporation under the Canada Business Corporations Act The Canada Business Corporations Act, also known as Bill C-44, is a Canadian act respecting Canadian business corporations. See also
CBCA Canadian Business Corporations Act CBCA Calgary Birth Control Association CBCA Charlotte Builders and Contractors Association CBCA Chilled Beam and Ceiling Association "). As a consequence of the proposed continuance, the Bank also proposes to seek the approval of shareholders to change its name to CBOC Continental Inc., to repeal the existing by-laws of the Bank and to enact a by-law of the continued corporation. The special meeting of shareholders has been scheduled for Thursday, June 27, 1996 at 11:00 a.m. at the offices of Tory Tory DesLauriers and Binnington, 27th floor boardroom, Aetna Tower, Toronto-Dominion Centre, Toronto, Ontario. The Bank ceased to carry on the business of banking in November 1986 when it sold its banking business to Lloyds Bank Canada. The Bank continues to exist because of an ongoing dispute with Revenue Canada. In March 1996, the Federal Court of Appeal heard an appeal by Revenue Canada of a lower court decision sustaining the Bank's position. The Federal Court of Appeal reserved its judgement and it is not known when a decision will be released. After final resolution of the tax appeal an additional period will be required before the Bank is wound up and final distributions are made to shareholders. The Bank is seeking to be continued as a corporation under the CBCA in order to free itself from the regulatory and tax burdens, applicable to banks, that are not appropriate in light of its current status and that deplete the funds otherwise available for distribution to shareholders. The Office of the Superintendent of Financial Institutions The Office of the Superintendent of Financial Institutions or OSFI is an independent agency of the Government of Canada reporting to the Minister of Finance created "to contribute to public confidence in the Canadian financial system". which regulates banks and Industry Canada, Corporations Directorate which administers the CBCA have indicated that they will not oppose the continuance of the Bank as a corporation under the CBCA. The continuance would theoretically enable the Bank to engage in new business activities. The board of directors does not intend that it will do so. Rather, the intention is to continue towards a winding-up and distribution of assets as soon as feasible. CONTACT: Continental Bank of Canada George Begic, 416/864-1019 |
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