AI-assisted research summary: This regulation sets out classes of Canadian citizens who count as resident Canadians for a specific Bank Act definition.
Regulations Prescribing Classes of Persons the Members of Which are Resident Canadians His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to paragraph (b) of the definition resident Canadian in section 2 and section 559 of the Bank Act*, is pleased hereby to make the annexed Regulations prescribing classes of persons the members of which are resident Canadians, effective June 1, 1992. S.C. 1991, c. 46 These Regulations may be cited as the Resident Canadian (Banks) Regulations. For the purposes of paragraph (b) of the definition resident Canadian in section 2 of the Bank Act, members of the following classes of persons are resident Canadians: Canadian citizens not ordinarily resident in Canada whose principal reason for residing outside Canada is to act as a full-time employee of a body corporate of which more than 50 per cent of the voting shares are beneficially owned, or over which control or direction is exercised, by resident Canadians described in paragraph (a) or (c) of that definition, a majority of the directors of which are resident Canadians described in paragraph (a) or (c) of that definition, or that is a subsidiary of a body corporate described in subparagraph (i) or (ii); Canadian citizens not ordinarily resident in Canada who are full-time employees of an international association or organization of which Canada is a member; and Canadian citizens not ordinarily resident in Canada who were, on their sixtieth birthday, ordinarily resident in Canada and who have been residing outside Canada for less than 10 consecutive years.