Office of the Superintendent of Financial Institutions Act (R.S.C., 1985, c. 18 (3rd Supp.))

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Act current to 2012-05-02 and last amended on 2011-12-31. Previous Versions

23.2 (1) Every assessment and interim assessment made under section 23 or 23.1 is final and conclusive and binding on the person against whom it is made.
Marginal note:Recovery
(2) Every assessment and interim assessment made under section 23 or 23.1 constitutes a debt due to Her Majesty and is immediately payable and may be recovered as a debt in any court of competent jurisdiction.
Marginal note:Interest
(3) Interest may be charged on the unpaid amount of an assessment or interim assessment under section 23 or 23.1 at a rate equal to the rate prescribed under the Income Tax Act for amounts payable by the Minister of National Revenue as refunds of overpayments of tax under that Act in effect from time to time plus two per cent.

23.3 [Repealed, 2001, c. 9, s. 477]

ADMINISTRATIVE MONETARY PENALTIES

24. (1) The following definitions apply in this section and in sections 25 to 37.2.
“entity”
« entité »
“entity” means an entity as defined in section 2 of the Bank Act.
“financial institutions Act”
« loi sur les institutions financières »
“financial institutions Act” means the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act, the Pension Benefits Standards Act, 1985 and the Trust and Loan Companies Act.
“penalty”
« pénalité »
“penalty” means an administrative monetary penalty.
“person”
Version anglaise seulement
“person” means a natural person or an entity.
Marginal note:Non-application
(2) This section and sections 25 to 37 do not apply in respect of consumer provisions as defined in section 2 of the Financial Consumer Agency of Canada Act.