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Bank Act

Version of section 52 from 2003-01-01 to 2012-12-18:


Marginal note:Conditions for order

  •  (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

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