Marginal note:Conditions for order
52 (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), or, in the case of a federal credit union, the meeting of members referred to in subsection 47.02(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) or 47.02(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
- 2010, c. 12, s. 1926
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