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Bulletin information:

Issue Date: November 29, 1995
Legislation: The Land Titles and The Registry Act

Bulletin content:

The Business Development Bank of Canada Act, S.C. 1995, Chapter 28 which received Royal Assent on July 13, 1995, continued the Federal Business Development Bank (the F.B.D.B.) under the name Business Development Bank of Canada.

Following procedures is to be followed where land or an interest in land (Charge/mortgage) is registered in the name of the Federal Business Development Bank.

Land Titles Act

An Application under Section 75 of the Act to amend the register to change the name of the registered owner need only recite that:

“by The Business Development Bank of Canada Act, S.C. 1995, Chapter 28 the Federal Business Development Bank was continued under the name of Business Development Bank of Canada”.

Where a registered charge in the name of Federal Business Development Bank is being discharged the above recital should be set out in Box 7 of Form 3 and there need not be a separate application to amend the register.

Registry Act

Where a registered mortgage in the name of Federal Business Development Bank is discharged by the Business Development Bank of Canada the mortgage entry is to be ruled out where the discharge contains the aforementioned recital.

Original signed by:

Ian Veitch, Director of Land Registration
Peter Wechselmann, Acting Director of Titles