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Bank Act (S.C. 1991, c. 46)

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Act current to 2019-07-01 and last amended on 2018-03-26. Previous Versions

Marginal note:Verification of documents or fact

  •  (1) The Superintendent may require that a document or a fact stated in a document that is required by or under this Act to be sent to the Superintendent or to the Minister be verified in accordance with subsection (2).

  • Marginal note:Form of proof

    (2) A document or fact required by this Act or by the Superintendent to be verified may be verified by affidavit made under oath or by statutory declaration under the Canada Evidence Act before any commissioner for oaths or for taking affidavits.

  • 2001, c. 9, s. 183

Marginal note:Alternative means of publication

  •  (1) Anything that is required by a provision of this Act to be published in the Canada Gazette or to be published in any other way may, instead of being published in that way, be published in any manner that may be prescribed for the purpose of that provision.

  • Marginal note:Alternative means of publishing summaries

    (2) Anything that is required by a provision of this Act to be summarized in a publication may instead be summarized and published in any manner that may be prescribed for the purpose of that provision.

  • Marginal note:Publication conditions

    (3) Any condition under a provision of this Act that something be published in the Canada Gazette or in any other way is satisfied if that thing is published instead in any manner that may be prescribed for the purpose of that provision.

  • Marginal note:Other consequences

    (4) If a provision of this Act provides for consequences to follow the publication of something in the Canada Gazette or in any other manner, the same consequences follow the publication of that thing in any other manner that may be prescribed for the purpose of that provision.

  • 2001, c. 9, s. 183

Approvals

Definition of approval

 In sections 973.01 to 973.06, approval includes any consent, designation, order, exemption, extension or other permission granted by the Minister or the Superintendent under this Act, and includes the issuance of letters patent.

  • 2001, c. 9, s. 183
  • 2007, c. 6, s. 125

Marginal note:Matters to take into account — Minister

  •  (1) In addition to any matters or conditions provided for in this Act that are relevant to the granting of an approval, the Minister may, in considering whether to grant the approval, take into account all matters that he or she considers relevant in the circumstances, including

    • (a) national security;

    • (b) Canada’s international relations and its international legal obligations; and

    • (c) if the approval relates to a federal credit union, whether the approval will affect its ability to be organized and carry on business on a cooperative basis in accordance with section 12.1.

  • Marginal note:Matters to take into account — Superintendent

    (2) In addition to any matters or conditions provided for in this Act that are relevant to the granting of an approval and to any prudential considerations that the Superintendent considers relevant in the circumstances, the Superintendent may, in considering whether to grant the approval, take into account

    • (a) national security;

    • (b) Canada’s international relations and its international legal obligations; and

    • (c) if the approval relates to a federal credit union, whether the approval will affect its ability to be organized and carry on business on a cooperative basis in accordance with section 12.1.

  • 2007, c. 6, s. 125
  • 2010, c. 12, s. 2089

Marginal note:Minister — terms, conditions and undertakings

  •  (1) In addition to any other action that may be taken under this Act, the Minister may, in granting an approval, impose any terms and conditions or require any undertaking that the Minister considers appropriate, including any terms, conditions or undertakings specified by the Superintendent to maintain or improve the safety and soundness of any financial institution regulated under an Act of Parliament to which the approval relates or that might be affected by it.

  • Marginal note:Commissioner — supervision of terms, conditions and undertakings

    (1.1) If the Minister specifies that the Commissioner is to supervise a bank to determine if it is complying with any terms and conditions that are imposed, or undertakings that are required, by the Minister for the protection of the bank’s customers, the Commissioner may take the same measures that the Commissioner could take if the terms and conditions or undertaking were a consumer provision.

  • Marginal note:Superintendent — terms, conditions and undertakings

    (2) In addition to any other action that may be taken under this Act, the Superintendent may, in granting an approval, impose any terms and conditions or require any undertaking that the Superintendent considers appropriate.

  • 2007, c. 6, s. 125
  • 2010, c. 12, s. 1858

Marginal note:Revocation, suspension or amendment of approval — Minister

  •  (1) The Minister may revoke, suspend or amend any approval granted by the Minister if he or she considers it appropriate to do so. In deciding whether to take any of those actions, the Minister may take into account all matters that he or she considers relevant in the circumstances, including

    • (a) national security; and

    • (b) Canada’s international relations and its international legal obligations.

  • Marginal note:Revocation, suspension or amendment of approval — Superintendent

    (2) The Superintendent may revoke, suspend or amend any approval granted by the Superintendent if he or she considers it appropriate to do so. In deciding whether to take any of those actions, the Superintendent may take into account any prudential considerations that he or she considers relevant in the circumstances and

    • (a) national security; and

    • (b) Canada’s international relations and its international legal obligations.

  • Marginal note:Representations

    (3) Before taking any action under this section, the Minister or the Superintendent, as the case may be, shall give the person concerned a reasonable opportunity to make representations.

  • 2007, c. 6, s. 125

Marginal note:Effect of non-compliance on approval

  •  (1) Unless otherwise expressly provided in this Act, a failure to comply with a term, condition or undertaking imposed or required under any provision of this Act does not invalidate the approval to which the term, condition or undertaking relates.

  • Marginal note:Non-compliance

    (2) In addition to any other action that may be taken under this Act, in the 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 the 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 an application the court may make the order and any other order that it thinks fit.

  • Marginal note:Representations

    (3) Before taking any action under subsection (2), the Minister or the Superintendent, as the case may be, shall give the person concerned a reasonable opportunity to make representations.

  • Marginal note:Revocation, suspension or amendment

    (4) 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 and may revoke or suspend an undertaking given to him or her or approve its amendment.

  • 2007, c. 6, s. 125
 
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