Bank Act (S.C. 1991, c. 46)

Marginal note:Application procedure

• 525 (1) An application for an order under subsection 524(1) shall be filed with the Superintendent, together with any other information, material and evidence that the Superintendent may require.

• Marginal note:Publishing notice of intent

  (2) Before filing an application, a foreign bank applicant shall, at least once a week for a period of four consecutive weeks, publish, in a form satisfactory to the Superintendent, a notice of intention to make the application in the Canada Gazette and in a newspaper in general circulation at or near the place where its principal office is to be situated.

• Marginal note:Objections

  (3) A person who objects to the proposed order may, within thirty days after the date of the last publication under subsection (2), submit the objection in writing to the Superintendent.

• Marginal note:Minister to be informed

  (4) On receipt of an objection, the Superintendent shall inform the Minister of it.

• Marginal note:Inquiry into objection and report

  (5) On receipt of an objection, and if the application for the order has been received, the Superintendent shall, if satisfied that it is necessary and in the public interest to do so, hold or cause to be held a public inquiry into the objection as it relates to the application and, on completion of the inquiry, the Superintendent shall report the findings of the inquiry to the Minister.

• Marginal note:Report to be made available

  (6) Within thirty days after receiving the report, the Minister shall make it available to the public.

• Marginal note:Rules governing proceedings

  (7) Subject to the approval of the Governor in Council, the Superintendent may make rules governing the proceedings at public inquiries held under this section.