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Bank Act (S.C. 1991, c. 46)

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Act current to 2019-08-15 and last amended on 2019-06-21. Previous Versions

PART XVIISanctions (continued)

Marginal note:Superintendent’s directions

  •  (1) If, in the opinion of the Superintendent, a person is acting in a manner that is prohibited by section 983, the Superintendent may direct the person to

    • (a) cease or refrain from acting in that manner; and

    • (b) perform the acts that in the opinion of the Superintendent are necessary to remedy the situation.

  • Marginal note:Opportunity for representations

    (2) Subject to subsection (3), no direction is to be issued to a person under subsection (1) unless the person is provided with a reasonable opportunity to make representations in respect of the matter.

  • Marginal note:Temporary direction

    (3) If, in the opinion of the Superintendent, the length of time required for representations to be made might be prejudicial to the public interest, the Superintendent may make a temporary direction with respect to the matters referred to in paragraphs (1)(a) and (b) having effect for a period of not more than 15 days.

  • Marginal note:Continued effect

    (4) A temporary direction under subsection (3) continues to have effect after the expiration of the 15-day period referred to in that subsection if no representations are made within that period or, if representations have been made, the Superintendent notifies the person that the Superintendent is not satisfied that there are sufficient grounds for revoking the direction.

  • 2018, c. 12, s. 353

Marginal note:Court enforcement

  •  (1) If a person contravenes a direction made under subsection 989.2(1) or (3), the Superintendent may, in addition to any other action that may be taken under this Act or the Office of the Superintendent of Financial Institutions Act, apply to a court for an order requiring the person to comply with the direction, and on such application the court may so order and make any other order it thinks fit.

  • Marginal note:Appeal

    (2) An appeal from an order of a court under subsection (1) lies in the same manner, and to the same court, as an appeal from any other order of the court.

  • 2018, c. 12, s. 353

Marginal note:Appeal of final order

  •  (1) An appeal lies to the court of appeal of a province from any final order made by a court of that province under this Act.

  • Marginal note:Appeal with leave

    (2) An appeal lies to the court of appeal of a province from any order, other than a final order made by a court of that province, only with leave of the court of appeal in accordance with the rules applicable to that court.

  • 2001, c. 9, s. 183
  • 2005, c. 54, s. 137

Marginal note:Recovery and application of fines

 All fines payable under this Act are recoverable and enforceable, with costs, at the suit of Her Majesty in right of Canada, instituted by the Attorney General of Canada, and, when recovered, belong to Her Majesty in right of Canada.

  • 2001, c. 9, s. 183

PART XVIIIDocuments in Electronic or Other Form

Marginal note:Definitions

 The following definitions apply in this Part.

electronic document

electronic document means, except in section 1001, any form of representation of information or concepts that is fixed in any medium in or by electronic, optical or other similar means and that can be read or perceived by a person or by any means. (document électronique)

information system

information system means a system used to generate, send, receive, store or otherwise process an electronic document. (système de traitement de l’information)

  • 2005, c. 54, s. 138

Marginal note:Application

 This Part other than sections 1004 and 1005 does not apply in respect of any notice, document or other information that under this Act or the regulations is sent to or issued by the Minister, the Superintendent, the Commissioner or the Bank of Canada or any prescribed notice, document or information.

  • 2005, c. 54, s. 138

Marginal note:Use not mandatory

 Nothing in this Act or the regulations requires a person to create or provide an electronic document.

  • 2005, c. 54, s. 138

Marginal note:Consent and other requirements

  •  (1) Despite anything in this Part, a requirement under this Act or the regulations to provide a notice, document or other information is not satisfied by providing an electronic document unless

    • (a) the addressee consents and designates an information system for the receipt of the electronic document;

    • (b) the electronic document is, unless otherwise prescribed, provided to the designated information system; and

    • (c) the prescribed requirements are complied with.

  • Marginal note:Consent and notice in electronic form

    (1.1) Despite subsection (1), the requirements referred to in paragraph (1)(c) may provide that the consent referred to in paragraph (1)(a) and any notice related to that consent may be provided in electronic form.

  • Marginal note:Regulations — revocation of consent

    (2) The Governor in Council may make regulations respecting the revocation of the consent referred to in paragraph (1)(a).

  • 2005, c. 54, s. 138
  • 2018, c. 27, s. 153

Marginal note:Creation or provision of information

 A requirement under this Act or the regulations to create or provide a notice, document or other information is satisfied by creating or providing an electronic document if

  • (a) the incorporating instrument or by-laws of the bank, bank holding company or authorized foreign bank, as the case may be, do not provide otherwise; and

  • (b) the prescribed requirements are complied with.

  • 2005, c. 54, s. 138

Marginal note:Creation of information in writing

 A requirement under this Act or the regulations to create a notice, document or other information in writing is satisfied by creating an electronic document if in addition to the conditions set out in section 996

  • (a) the information in the electronic document is accessible so as to be usable for subsequent reference; and

  • (b) the prescribed requirements are complied with.

  • 2005, c. 54, s. 138

Marginal note:Provision of information in writing

 A requirement under this Act or the regulations to provide a notice, document or other information in writing is satisfied by providing an electronic document if in addition to the conditions set out in section 996

  • (a) the information in the electronic document is accessible by the addressee and capable of being retained by them so as to be usable for subsequent reference; and

  • (b) the prescribed requirements are complied with.

  • 2005, c. 54, s. 138

Marginal note:Multiple copies

 A requirement under this Act or the regulations to provide two or more copies of a document at the same time to one addressee is satisfied by providing one copy of the electronic document.

  • 2005, c. 54, s. 138

Marginal note:Registered mail

 A requirement under this Act or the regulations to provide a document by registered mail is not satisfied by providing an electronic document except in the prescribed circumstances.

  • 2005, c. 54, s. 138

Marginal note:Statutory declarations and affidavits

  •  (1) A statutory declaration or affidavit required under this Act or the regulations may be created or provided in an electronic document if

    • (a) the person who makes the statutory declaration or affidavit signs it with their secure electronic signature;

    • (b) the authorized person before whom the statutory declaration or affidavit is made signs it with their secure electronic signature; and

    • (c) the requirements of sections 994 to 1000 are complied with.

  • Marginal note:Definitions

    (2) For the purposes of this section, electronic document and secure electronic signature have the same meaning as in subsection 31(1) of the Personal Information Protection and Electronic Documents Act.

  • Marginal note:References to “electronic document”

    (3) For the purpose of complying with paragraph (1)(c), references to “electronic document” in sections 994 to 1000 are to be read as references to “electronic document within the meaning of subsection 31(1) of the Personal Information Protection and Electronic Documents Act”.

  • 2005, c. 54, s. 138
 
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