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Comments of Canadian Imperial Bank of Commerce on S7-15-03 (1072 words) |
 | In general, Canadian banking law prohibits loans by a bank to a director or senior officer unless (i) the loan is on market terms and conditions and (ii) the aggregate amount of all such loans does not exceed statutory limits. |
| Canadian banking law also permits a bank to make a loan to a senior officer that is not on market terms and conditions, but only if the loan is approved by the bank's conduct review committee and does not exceed statutory limits. |
| Therefore, despite the comprehensive framework established Canadian law restricting loans by banks to related parties, neither CIBC nor any other Canadian bank would qualify under the Proposed Rule because of the exception under Canadian banking law for non-market loans to senior officers that are approved by the conduct review committee of the bank. |
| CIBC - The Canadian Bank of Commerce (877 words) |
| The Gore Bank, one of the earliest banks in Upper Canada, was founded by a group of well-known Hamiltonians in 1836. |
| The Bank of British Columbia was established in 1862 by a group of British businessmen, attracted by gold discoveries in the colony. |
| The Bank of Hamilton was established in 1872 by local businessmen under the leadership of Donald McInnes. |
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