Bank Act (S.C. 1991, c. 46)

Marginal note:Contents of order

• 527. (1) An order made under subsection 524(1) shall set out

  • (a) the name of the authorized foreign bank and, where applicable, the name under which it is permitted to carry on business in Canada;

  • (b) the province in which the principal office of the authorized foreign bank is to be situated;

  • (c) whether the authorized foreign bank is subject to any restrictions and requirements referred to in subsection 524(2); and

  • (d) the date on which the order becomes effective.

• Marginal note:Provisions of order

  (2) The Minister may set out in the order any provision not contrary to this Act that the Minister considers advisable in order to take into account the particular circumstances of the proposed authorized foreign bank with respect to the carrying on of business in Canada.

• Marginal note:Terms and conditions

  (3) The Minister may impose any terms and conditions in respect of the order that the Minister considers appropriate.

• Marginal note:Notice of order

  (4) The Superintendent shall cause to be published in the Canada Gazette a notice of the making of the order.

Marginal note:Amended order

• 528. (1) On application by an authorized foreign bank, the Minister may, by further order,

  • (a) [Repealed, 2007, c. 6, s. 75]

  • (b) add any provision referred to in subsection 527(2) or any term or condition referred to in subsection 527(3) or change or remove any of those provisions, terms or conditions that are included in the order made under subsection 524(1) or in any other order made under this section; or

  • (c) add or remove the restrictions and requirements referred to in subsection 524(2).

• Marginal note:Change of name

  (1.1) On application by an authorized foreign bank, the Superintendent may, by order, change the name under which it is permitted to carry on business in Canada or the province in which its principal office is situated as that name or province is set out in the order made under subsection 524(1) or in any other order made under this section.

• Marginal note:Notice of intention

  (2) Before making an application under subsection (1), the authorized foreign bank must publish a notice of intention to make the application at least once a week for a period of four consecutive weeks in the Canada Gazette and in a newspaper of general circulation at or near the place where its principal office is situated.