In 1817, the Montreal Bank became Canada’s first bank.
The bank’s Articles of Association agreed to by its founders are in many ways its Magna Carta. There were 25 articles in all, setting out the rules, regulations and conditions of the banking business, the capital stock of the bank, the number of directors, director eligibility, and other conditions “for the good management of the affairs of the said Association or Company.”
The signatories to these original Articles of Association could scarcely have imagined how their actions in 1817 would influence the entire course of the Canadian financial system.
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