The Supreme Court of Canada, in answering reference questions posed by the federal government, unanimously ruled that such disallowance was valid.

As a result, the federal government posed reference questions to the Supreme Court as to whether it was intra vires the provincial legislature to pass any of those measures.

In their concurring opinion for the majority, Duff CJ and Davis J argued that press freedom was too important to be left entirely to the provinces.

The sequence of events after the disallowance of the three Acts is so significant that I can find no escape from the conclusion that, instead of being a taxing enactment, Bill 1 is merely a part of a legislative plan to prevent the operation within the province of those banking institutions which have been called into existence and given the necessary powers to conduct their business by the only proper authority, the Parliament of Canada.

The SCC ruling is notable because three judges supported the Implied Bill of Rights, a theory in Canadian constitutional law.