Canadian Transit Meeting; Bank Notices

Summary#

• This page lists three short notices published in the Canada Gazette on April 11, 2020 about company meetings and bank business.
• It announces an annual shareholders’ meeting for The Canadian Transit Company, a voluntary liquidation start for J.P. Morgan Canada, and an intended regulatory application by Wells Fargo Bank, National Association concerning its Canadian rail subsidiary.

What it does#

• The Canadian Transit Company gives notice of its annual shareholders’ meeting to be held at the offices of The Detroit International Bridge Company, 12225 Stephens Road, Warren, Michigan, on May 1, 2020 at 3 p.m.. The meeting will include the election of directors and any other shareholder business.
• J.P. Morgan Canada announces that, with approval given under the Bank Act, it has been granted letters patent of dissolution and has begun voluntary liquidation, effective August 27, 2001.
• Wells Fargo Bank, National Association says it will apply to the Minister of Finance for an order under the Bank Act to exempt it and certain affiliates from being treated as foreign banks for the limited purpose of controlling or substantially investing in Wells Fargo Rail Canada ULC. This is an intended application, not a decision.

Who's affected#

• Shareholders of The Canadian Transit Company (they are the ones invited to the May 1, 2020 meeting).
• Parties with ties to J.P. Morgan Canada, such as creditors, stakeholders, or anyone tracking that bank’s status — the notice says the bank has begun voluntary liquidation but gives no further details about customers or account holders.
• Wells Fargo Rail Canada ULC, Wells Fargo Bank, National Association, and any of its affiliates involved in the planned application to the Minister of Finance. It is unclear from the notice who beyond these entities would be directly affected.

Why it matters#

• The annual meeting is routine but matters to shareholders because it affects who will run The Canadian Transit Company and any shareholder decisions made at the meeting.
• The J.P. Morgan Canada notice signals that the entity was approved for dissolution and has been in voluntary liquidation since August 27, 2001; that could matter to people tracking the bank’s legal status or outstanding claims, though the notice gives no details about customer accounts or creditor outcomes.
• The Wells Fargo Bank application could change how Canadian rules treat control or investment in Wells Fargo Rail Canada ULC. If approved, it would alter the regulatory status relevant to that specific control or investment, which could matter to investors and regulators.