DCHP-2

chartered bank DCHP-2 (July 2016)

• n. — Finance, Administration

  a banking institution in Canada, chartered by Parliament and functioning under the provisions of the Bank Act.

  The first chartered bank in Canada, The Bank of Montreal, was established in 1817 and was chartered by the Province of Lower Canada in 1822 (see Canadian Encyclopedia reference, s.v. "Bank Architecture"). Currently, banks are chartered by the Canadian federal government and operate by the regulations of the Bank Act (see Canadian Encyclopedia reference, s.v. "Bank Act"). The Canadian banking system categorizes banks in three categories: Schedule I (domestic banks), Schedule II (foreign bank subsidiaries), and Schedule III (foreign bank branches) (see CBA reference). As Chart 1 shows, the term is used predominantly in the US. All other claims and Canadianism types do not apply as well.
  See also Gage-1, s.v. "chartered bank", which is described as "in Canada", COD-2, s.v. "chartered bank", which is marked "in Canada", ITP Nelson, s.v. "chartered bank".

  • 1822  A bank was set up in 1818; but money has since become more and more scarce. A chartered bank may now be established, the royal assent having been given to an Act of Parliament for the purpose; but even this will be of small avail till the greater matters of the law are attended to. 
  • 1849  The capital stock of the chartered banks, and their personal estate are also exempted, so long as the tax on their issues is charged. 
  • 1859  It has been asserted by the promoters of the Bill that, in accordance with that Act, it was necessary that all subscribers of stock should have paid a deposit of ten per cent into some chartered Bank before they were entitled to vote. 
  • 1893  He is also a private banker and has by careful attention, built up a splendid connection and the people enjoy nearly all the advantageous [sic!] of a chartered bank in the midst. 
  • 1910  Each tender must be accompanied by an accepted check on a chartered bank, payable to the order of the Honorable the Minister of Public Works, equal to ten per cent. (10 p.c.) of the amount of the tender, which will be forfeited if the person tendering decline to enter into a contract when called upon to do so, or fail to complete the work contracted for. 
  • 1930  Each tender must be accompanied by an accepted cheque on a chartered bank, payable to the order of the Minister of Public Works, equal to 10 per cent, of the amount of the tender. 
  • 1945  The Department reserves the right to demand from any successful tenderer, before awarding the order a security deposit in the form of a certified cheque on a chartered bank in Canada, made payable to the order of the Honourable the Minister of Public Works equal to 10 percent of the amount of the tender or Bearer Bonds of the Dominion of Canada or of the Canadian National Railway Company and its constituent companies unconditionally guaranteed as to principle and interest by the Dominion of Canada or the aforementioned bonds and a certified cheque, if required to make up an odd amount. 
  • 1955  Another chartered bank, Imperial, issued rights to shareholders in the ratio of three new to seven old at $32 per share which will add substantially to the bank's capital. 
  • 1965  The Bank of Canada reported in its weekly statistical summary last night that total currency in circulation and chartered bank deposits, including those of the Government of Canada, amounted to $19,935,000,000 on Dec. 8. [...] The chartered banks are required to hold 8 per cent of their Canadian dollar deposit liabilities in cash and in deposits with the central bank. 
  • 1978  Canada has 10 chartered banks with combined assets of $100 billion.
  • 1989  Cascade's indebtedness to its principal lender, an unnamed Canadian chartered bank, has been retired, the company said in Friday's statement. 
  • 1999  The teller who set up the trust account for my family at the credit union couldn't have been kinder. She also suggested I open an account at a chartered bank, for those non-B.C., residents who wished to help the family. 
  • 2008  In his first meeting with the Commons finance committee since taking over as governor in February, Carney asked the MPs to support legislation that would widen his powers to expand the assets the central bank can accept in order to lend chartered banks money in times of financial stress. 
  • 2013  Former Four Seasons Hotel Inc. chief executive Kathleen Taylor is set to become the first woman to chair the board of a major chartered bank - Royal Bank of Canada - in January.