GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Closely Held


Synonyms:few shareholders, handful of investors, ownership
Filed Under: financial-banking
Tags: banking
 

Definition of closely held

closely held
1. Schedule II banks may be closely held meaning that one party or owner can hold more than 10% of the outstanding shares. Schedule I banks are prohibited from this type of ownership.

Related Terms and Acronyms:

  • housing-equity partnership   An arrangement in which one buyer lives in a home and the other has an ownership stake as an investment. The partners split the capital gain after the property is sold.
  • joint venture   A partnership between two or more parties for the purpose of purchasing, owning, and/or developing real estate for a specific purpose and duration.
  • proprietor   The owner of a business or property.
  • schedule i banks   A designation in the Bank Act that refers to Canadian-owned banks that are widely held, i.e., ones in which no one owner holds more than 10% of shares.
  • schedule ii banks   A designation in the Bank Act that refers to foreign-owned banks and closely held Canadian banks, i.e., banks in which an owner may hold more than 10% of outstanding stock.
  • schedule iii banks   Foreign banks not incorporated under the bank act that are allowed to conduct business in Canada.
  • venture capital (VC)   Financial capital given to startup companies.

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