Collection search - Office of the Inspector General of Banks [textual record]

Record information – Brief
1
Office of the Inspector General of Banks [textual record]

Hierarchical level:

Series

Date:

1870-1991.

Reference:

R200-268-7-E, RG19

Type of material:

Textual material

Found in:

Archives / Collections and Fonds

Item ID number:

140323

Context of this record:

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Department of Finance fonds

Office of the Inspector General of Banks
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Record information – Details
Series includes:

2 lower level description(s)
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Date(s):

1870-1991.

Bilingual equivalent:

Click here

Place of creation:

Canada

Extent:

6.8 m of textual records.

Language of material:

English
Accession:

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Vancouver Regional Office, Audit and Liquidation of Commonwealth Trust [textual record]

Bureau du Surintendant des institutions financières, Inspecteur général des banques [document textuel]

Superintendent of Financial Institutions - Examination of General Practices [textual record]

Superintendent of Financial Institutions - Examination of General Practices [textual record]
Scope and content:

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Series consists of registry files of both the central registry and those kept within the office as reference files. The records were all created by the Office of the Inspector General of Banks during daily operations.

Additional name(s):

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Canada. Office of the Inspector General of Banks

Biography/Administrative history:

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Canada. Office of the Inspector General of Banks : The Inspector General is a permanent civil servant, responsible to the Minister of Finance. His responsibility is to ensure that the ten chartered banks of Canada and the two savings banks in the province of Quebec are operating in accordance with the provisions of the Bank Act, or the Quebec Savings Bank Act. The Bank Act specifies the transactions in which chartered banks may legally engage, and embodies regulations designed to ensure the proper conduct of the banks' affairs. The Inspector General has free access to the accounts of the banks, and makes his findings known in periodic reports to the Minister of Finance.

Bank returns, such as had been required by the legislation of 1856, were soon found to provide insufficient protection for the public and it became clear that some form of inspection or audit was necessary. For many years the shareholders' audit, made by independent auditors, was considered to afford the additional pro- tection required.

However, the weakness of such an arrangement became evident with the failure of the Home Bank in 1923 and a form of government inspection was put in force. A new officer of the Department of Finance was appointed and given the title of Inspector General of Banks (14-15 Geo. V, Cap. 7). He was to inspect the head offices and main branches of all the banks in Canada at irregular intervals and report thereon to the Minister of Finance. In addition a copy of all reports made by the auditors to the general manager and the directors of a bank was to be transmitted to the Minister of Finance. In 1987 the Office of the Superintendent of the Financial Institutions was created through the fusion of the Department of Insurance and the Office of the Inspector General of Banks. RG40 General Inventory

Additional information:

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Source of title:

Title is based on the contents of the series.

Custodial history:

This series originally had been linked erroneously to the Department of Insurance fonds. Researchers can find it in the printed inventory under old reference number RG40-B. The error has since been corrected: the series is now linked to the Department of Finance fonds.

Accruals:

Further accruals are expected.

Source:

Government

Related control no.:

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122-000304-2
122-000728-5
1994-95/304 VFRC
1994-95/728 GAD
1996-01663-6
1996-01664-4
1996-97/664 GAD
1996-97/665 GAD
68/034
R200
RG19

Former archival reference no.:

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RG19
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Textual records

[Consultation32 Restricted by law]

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Date modified:: 2024-05-10