Versions of s. 428(5)

B-1.01 — Bank Act · 3 versions · View current text

Historical text comes from the Justice Laws point-in-time corpus and is unofficial — not the official version.

2012-05-24 to present available View Source

If security has been given to a bank under paragraph 427(1)(o) on a fishing vessel that is recorded or registered under the Canada Shipping Act, 2001, the rights and powers of the bank do not have priority over any rights that are subsequently acquired in the vessel and are recorded or registered under that Act unless a copy of the document giving the security, certified by an officer of the bank to be a true copy, has been recorded or registered under that Act in respect of the vessel before the recording or registration under that Act of those rights.

Full text

If security has been given to a bank under paragraph 427(1)(o) on a fishing vessel that is recorded or registered under the Canada Shipping Act, 2001, the rights and powers of the bank do not have priority over any rights that are subsequently acquired in the vessel and are recorded or registered under that Act unless a copy of the document giving the security, certified by an officer of the bank to be a true copy, has been recorded or registered under that Act in respect of the vessel before the recording or registration under that Act of those rights.
2007-07-01 to 2012-05-24 View Source

~~Where~~If security has been given to a bank under paragraph 427(1)(o) on a fishing vessel that is recorded or registered under the Canada Shipping ~~Act~~Act, ~~or registered under the Maritime Code, chapter 41 of the Statutes of Canada, 1977-78,~~2001, the rights and powers of the bank do not have priority over any rights that are subsequently acquired in the vessel and are recorded or registered under that Act ~~or Code~~ unless a copy of the document giving the security, certified by an officer of the bank to be a true copy, has been recorded or registered under that Act ~~or Code~~ in respect of the vessel before the recording or registration ~~thereunder~~under that Act of those rights.

Full text

If security has been given to a bank under paragraph 427(1)(o) on a fishing vessel that is recorded or registered under the Canada Shipping Act, 2001, the rights and powers of the bank do not have priority over any rights that are subsequently acquired in the vessel and are recorded or registered under that Act unless a copy of the document giving the security, certified by an officer of the bank to be a true copy, has been recorded or registered under that Act in respect of the vessel before the recording or registration under that Act of those rights.
2003-01-01 to 2007-07-01 View Source

Where security has been given to a bank under paragraph 427(1)(o) on a fishing vessel that is recorded or registered under the Canada Shipping Act or registered under the Maritime Code, chapter 41 of the Statutes of Canada, 1977-78, the rights and powers of the bank do not have priority over any rights that are subsequently acquired in the vessel and are recorded or registered under that Act or Code unless a copy of the document giving the security, certified by an officer of the bank to be a true copy, has been recorded or registered under that Act or Code in respect of the vessel before the recording or registration thereunder of those rights.