Bank of the People Montreal in 1840. Until 1835, every bank in Upper Canada required a legislated charter which established it as a legal person able to sue, and be sued at law. Only two Banks had been chartered: the Bank of Upper Canada and the Commercial Bank of the Midland District. Both banks were controlled by the "Family Compact" who used their control of the currency supply and credit to control trade and ultimately, the farmers. They had a "licensed monopoly" to print paper money, which reduced competition. In 1835, Dr Charles Duncombe, a Reform politician in the Legislative Assembly, was part of
China and the World Bank China and the World Bank China did not become involved with the World Bank group until 1980. Since its entry into the World Bank, China has made significant contributions to the World Bank while also loaning from the bank to finances various projects within its territory. As a rising major power, China struggles to obtain appropriate voting power within the World Bank. Because of this, China and other BRICs nations formed its own development bank called the New Development Bank in 2014. The People's Republic of China (PRC) did not join the IMF and the World Bank until April 1980.