567. The Act is amended by adding the following after section 527.1:
Approvals: Terms, Conditions and Undertakings
Definition of “approval”
527.2 (1) In this section, “approval” includes any consent, order, exemption, extension or other permission granted by the Minister or the Superintendent under this Act, and includes the issuance of letters patent.
Marginal note:Minister — terms, conditions and undertakings
(2) In addition to any other action that may be taken under this Act, the Minister may, in granting an approval, impose such terms and conditions or require such undertaking as the Minister considers necessary, including any terms, conditions or undertaking specified by the Superintendent to maintain or improve the safety and soundness of any financial institution regulated under an Act of Parliament and to which the approval relates or that may be affected by it.
Marginal note:Superintendent — terms, conditions and undertakings
(3) In addition to any other action that may be taken under this Act, the Superintendent may, in granting an approval, impose such terms and conditions or require such undertaking as the Superintendent considers necessary.
Marginal note:Effect of non-compliance on approval
(4) Unless otherwise expressly provided in this Act, a failure to comply with a term or condition or an undertaking imposed or required under any provision of this Act does not invalidate the approval to which the term, condition or undertaking relates.
(5) In addition to any other action that may be taken under this Act, in case of non-compliance by a person with a term, condition or undertaking imposed or required under any provision of this Act, the Minister or Superintendent, as the case may be, may
(a) revoke, suspend or amend the approval to which the term, condition or undertaking relates; or
(b) apply to a court for an order directing the person to comply with the term, condition or undertaking, and on such application the court may so order and make any other order it thinks fit.
(6) Before taking any action under subsection (5), the Minister or the Superintendent, as the case may be, shall afford the person concerned a reasonable opportunity to make representations.
Marginal note:Revocation, suspension or amendment
(7) At the request of the person concerned, the Minister or the Superintendent, as the case may be, may revoke, suspend or amend any terms or conditions imposed by him or her or may revoke or suspend an undertaking given to him or her or approve its amendment.
568. The Act is amended by adding the following after section 529:
Applications to Superintendent
Marginal note:Content of applications
529.1 (1) The following applications to the Superintendent must contain the information, material and evidence that the Superintendent may require:
(a) applications for approval under subsection 68(1), 75(2), 78(4), 82(5), 83(1), 174(1), 222(3), 421(1), 453(6) or (10), 456(1) or (2) or 470(1), subparagraph 475(2)(b)(vi), section 478 or subsection 482(3) or (4) or 483.3(1);
(b) applications for consent under subsection 74(1);
(c) applications for exemptions under subsection 160.05(3) or 250(1); and
(d) applications for extensions of time under subsection 456(3) or (5), 457(4) or 458(4).
(2) Without delay after receiving the application, the Superintendent shall send a receipt to the applicant certifying the date on which it was received.
Marginal note:Notice of decision to applicant
(3) Subject to subsection (4), the Superintendent shall, within a period of thirty days after the receipt of the application, send to the applicant
(a) a notice approving the application, subject to any terms and conditions that the Superintendent considers appropriate; or
(b) if the Superintendent is not satisfied that it should be approved, a notice to that effect.
Marginal note:Extension of period
(4) If the Superintendent is unable to complete the consideration of the application within the period referred to in subsection (3), the Superintendent shall, within that period, send a notice to the applicant informing the applicant that the Superintendent has extended the period for a further period set out in the notice.
Marginal note:Deemed approval
(5) If the applicant does not receive the notice required by subsection (3) and, where applicable, subsection (4), within the required period, the Superintendent is deemed to have approved the application and granted the approval, consent, extension or exemption to which the application relates, regardless of whether the approval, consent, extension or exemption is to be in writing or not.
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