Which of the following are true statements?
A) Schedule I banks have more powers than Schedule II banks.
B) A Schedule II bank may enter the Canadian banking industry only as a Schedule II bank.
C) A Schedule II bank may have a significant shareholder (more than 10 percent) for up to 10 years after chartering.
D) A foreign bank may enter the Canadian banking industry only as a Schedule III bank.

Question

Quizplus · Accepted Answer

A Schedule II bank may have a significant shareholder for up to 10 years after chartering, which is a provision that allows foreign banks to establish a presence in Canada with some ownership flexibility.

Which of the Following Are True Statements