Under the Bank Act, approval from the Minister of Finance is required to acquire a 'significant interest' in a bank. What is the threshold for a significant interest?

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Section 8 defines a significant interest as owning more than 10% of any class of shares, triggering the requirement for Ministerial approval under Section 373.

Under the Bank Act, approval from the Minister of Finance is required to acquire a 'significant interest' in a bank. What is the threshold for a significant interest?

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