Trust and Loan Companies Act

Marginal note:Revocation, suspension or amendment of approval — Minister

• 527.5 (1) The Minister may revoke, suspend or amend any approval granted by the Minister if he or she considers it appropriate to do so. In deciding whether to take any of those actions, the Minister may take into account all matters that he or she considers relevant in the circumstances, including

  • (a) national security; and

  • (b) Canada’s international relations and its international legal obligations.

• Marginal note:Revocation, suspension or amendment of approval — Superintendent

  (2) The Superintendent may revoke, suspend or amend any approval granted by the Superintendent if he or she considers it appropriate to do so. In deciding whether to take any of those actions, the Superintendent may take into account any prudential considerations that he or she considers relevant in the circumstances and

  • (a) national security; and

  • (b) Canada’s international relations and its international legal obligations.

• Marginal note:Representations

  (3) Before taking any action under this section, the Minister or the Superintendent, as the case may be, shall give the person concerned a reasonable opportunity to make representations.