Marginal note:Conditions for order
52 (1) The Superintendent shall not make an order approving the commencement and carrying on of business by a bank until it has been shown to the satisfaction of the Superintendent that
(a) the meeting of shareholders of the bank referred to in subsection 46(1) has been duly held;
(b) the bank has paid-in capital of at least five million dollars or any greater amount that is specified by the Minister under subsection 46(1);
(c) the expenses of incorporation and organization to be borne by the bank are reasonable; and
(d) all other relevant requirements of this Act have been complied with.
Marginal note:Time limit
(2) The Superintendent shall not make an order approving the commencement and carrying on of business by a bank more than one year after the day on which the bank comes into existence.
- 1991, c. 46, s. 52
- 2001, c. 9, s. 56
- Date modified: