Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada

Search

Bank Act

Version of section 52 from 2012-12-19 to 2020-06-28:


Marginal note:Conditions for order

  •  (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
Date modified: