Notices: BNY capital, CNS reinsurance, Equitable Bank

Summary#

This Canada Gazette Part I notice collects three short, unrelated company notices.

• BNY Trust Company of Canada says it will ask the regulator to reduce the stated capital of its common shares by up to $26.5 million.
• Canadian Northern Shield Insurance Company says it will apply for permission to transfer most of its policy liabilities to Intact Insurance and is offering policyholders a chance to inspect the proposed agreement for 30 days.
• Equitable Bank says it moved its Alberta address for service of enforcement notices.

What it does#

• BNY Trust Company of Canada

  • Says a sole‑shareholder special resolution passed on September 12, 2024 authorizes reducing the company’s stated capital for common shares by up to $26.5 million.
  • The company will apply to the Superintendent of Financial Institutions under the Trust and Loan Companies Act (Canada) for approval.
  • The company’s CFO will decide how much of the $26.5 million limit will actually be reduced.
  • The notice makes clear publication does not mean the regulator has approved the reduction.

• Canadian Northern Shield Insurance Company

  • Will apply to the Minister of Finance (Canada) on or after November 12, 2024 for approval to be reinsured, on an assumption basis, by Intact Insurance for substantially all of its policy liabilities (an “assumption reinsurance agreement”).
  • A copy of the proposed agreement is available for inspection at the insurer’s head office for 30 days after this notice. Policyholders can request a copy in writing.

• Equitable Bank

  • Says, under the Support Orders and Support Provisions (Banks and Authorized Foreign Banks) Regulations and the Bank Act (Canada), the office designated to receive enforcement notices in Alberta has moved to a new address (notice dated October 5, 2024).

Who's affected#

• BNY Trust Company of Canada — mainly the company’s sole shareholder, who would receive any distribution from a capital reduction. Regulators and creditors might also watch the move, but the notice does not spell out broader impacts.
• Canadian Northern Shield Insurance Company policyholders — people who hold insurance policies with Canadian Northern Shield Insurance Company can inspect the proposed agreement and may be affected if the transfer of liabilities is approved and carried out by Intact Insurance.
• Equitable Bank customers, lawyers, courts, and government enforcement offices in Alberta — anyone who must serve enforcement or support notices on Equitable Bank in Alberta should use the bank’s new designated office address.

Why it matters#

• A capital reduction at BNY Trust Company of Canada means the company could return money to its shareholder. That can change a company’s capital structure, which sometimes affects creditor protection or investor signals — but approval is still needed.
• If the Canadian Northern Shield Insurance Company transfer is approved, management of the affected policies (who handles claims and payments) could move to Intact Insurance. Policyholders have a limited window (30 days) to see the proposed agreement and ask questions.
• The Equitable Bank address change matters for anyone who serves legal or enforcement paperwork in Alberta. Using the old address could delay or invalidate service, so affected parties will need to update their records.