Management and Organizational Studies 2275A/B Chapter Notes - Chapter 25: Electronic Funds Transfer, Cheque, United Nations Commission On International Trade Law
19 Oct 2017
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Document Summary
Business and banking the relationship a business has with its bank including nancial services and duties involved. Institutions were prohibited from conducting business beyond that sector. 1987- canadian legislation allowed banks to participate in other sectors in branches or through subsidiary rms. Subsequent legislation further blurred distinctions between di erent types of nancial institutions. Banks o er international banking services- letters of credit, cross-border transfers, accts in di erent currencies, etc. Governed by voluntary rules treated by international bodies. Ex. bank for international settlements, international chamber of commerce, etc. Banks under federal jurisdiction regulated though bank act. Purpose of act is to ensure stability and liquidity if banks to identify and regulate the types of business they are permitted to conduct. Terms and conditions of relationship between bank and customers found in agreements made by bank and customers. In uenced by banking practice and common law rules. Contract law is a course of guidance in interpreting and enforcing rights/obligations.
