Bank Act

Marginal note:Designation of body corporate

• 627.51 (1) The Minister may, for the purpose of this section, designate a body corporate incorporated under the Canada Not-for-profit Corporations Act to be an external complaints body if the body corporate’s purpose is, in the Minister’s opinion, to deal with complaints referred to in paragraph 627.43(1)(a) that have not been resolved by its member institutions to the satisfaction of the persons who made the complaints.

• Marginal note:Effect of designation

  (2) If a body corporate is designated under subsection (1), no approval may be given under subsection 627.48(1) and any approval that has been given under that subsection is revoked, and any complaint pending before a body corporate approved under subsection 627.48(1) shall be taken up and continued by the body corporate designated under subsection (1).

• Marginal note:Obligation to be member

  (3) Every institution shall be a member of the body corporate that is designated under subsection (1).

• Marginal note:Directors

  (4) The Minister may, in accordance with the letters patent and by-laws of the designated body corporate, appoint the majority of its directors.

• Marginal note:Not an agent

  (5) A body corporate designated under subsection (1) is not an agent of Her Majesty.

• Marginal note:Designation to be published

  (6) A designation made under subsection (1) shall be published in the Canada Gazette.