BNY Trust capital reduction; Equitable Bank office move

Summary#

• BNY Trust Company of Canada says it will apply for permission to lower the stated capital of its common shares by up to $26.5 million, following a shareholder resolution passed on September 12, 2024; the company published the notice on September 21, 2024, and publication does not mean approval has been granted.
• Equitable Bank gave notice that the office designated to receive enforcement notices in Alberta has moved to 909 11th Avenue SW, Suite 1300, Calgary, Alberta T2R 0E7 (notice dated October 5, 2024).

What it does#

• For BNY Trust Company of Canada:
  • Announces an intention to apply to the Superintendent of Financial Institutions (Canada) for approval to reduce the stated capital account for its common shares by up to $26.5 million.
  • States the reduction would be paid out to the company’s sole shareholder.
  • Notes the company’s officers will decide the exact amount (up to the $26.5 million limit) and will file the application under the Trust and Loan Companies Act (Canada).
  • Clarifies that publishing the notice is not proof that approval will be given.
• For Equitable Bank:
  • Updates the designated address for the service of enforcement notices in Alberta to 909 11th Avenue SW, Suite 1300, Calgary, Alberta T2R 0E7.
  • This change is made under the Support Orders and Support Provisions (Banks and Authorized Foreign Banks) Regulations, under the Bank Act (Canada).

Who's affected#

• BNY Trust Company of Canada’s sole shareholder — they are named as the recipient of any distribution from the stated capital reduction. The notice does not name the shareholder.
• The Superintendent of Financial Institutions (Canada) will consider the application and is the decision-maker.
• For Equitable Bank’s change: anyone who needs to serve enforcement or support-related legal notices to the bank in Alberta — for example, support enforcement agencies, lawyers, courts, or other parties involved in collection or enforcement actions.

Why it matters#

• A reduction in stated capital of up to $26.5 million means that money could be moved from the company to its sole shareholder if the regulator approves. That can change the company’s reported capital position and matters to regulators, shareholders, and possibly creditors.
• The bank address change matters for legal and enforcement procedures. Using the old address could delay or invalidate attempts to serve notices, so agencies and legal representatives should update their records.