Bank Act (S.C. 1991, c. 46)

Marginal note:Written notice

• 627.993 (1) A member bank that closes a retail deposit-taking branch — or that ceases to open retail deposit accounts or to disburse cash to customers through a natural person at a retail deposit-taking branch — shall

  • (a) give a written notice to the Commissioner not later than

    • (i) four months before the date proposed for the closure of the branch or the cessation of the activity, if the branch is in an urban area or in a rural area where there is another retail deposit-taking branch within a travelling distance of 10 km from the branch, or

    • (ii) six months before the date proposed for the closure of the branch or the cessation of the activity, if the branch is in a rural area where there is no other retail deposit-taking branch within a travelling distance of 10 km from the branch;

  • (b) give a written notice to each customer of the branch and to the public not later than four months before the date proposed for the closure of the branch or the cessation of the activity, if the branch is in an urban area or in a rural area where there is another retail deposit-taking branch within a travelling distance of 10 km from the branch; and

  • (c) give a written notice to each customer of the branch, to the public and to the chairperson, mayor, warden, reeve or other similar chief officer of the municipal or local government body or authority for the area in which the branch is located not later than six months before the date proposed for the closure of the branch or the cessation of the activity, if the branch is in a rural area where there is no other retail deposit-taking branch within a travelling distance of 10 km from the branch.

• Marginal note:Notice to public

  (2) The member bank shall give the notice to the public by

  • (a) displaying it prominently at the branch; and

  • (b) if the notice is one that is required under paragraph (1)(c), publishing it in a newspaper in general circulation at or near the place where the branch is located.

• Marginal note:Content of notice

  (3) The notice shall include prescribed information.