Bank Act

Marginal note:Designation of body corporate

• 627.48 (1) The Minister may, on the recommendation of the Commissioner, designate a body corporate incorporated under the Canada Not-for-profit Corporations Act or under a provincial statute equivalent to that Act to be the external complaints body 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 or that have not been dealt with within the prescribed period referred to in that paragraph.

• Marginal note:Matters for consideration

  (2) Before designating a body corporate, the Minister shall take into account all matters that the Minister considers relevant, including whether the body corporate has

  • (a) the reputation required under paragraph 627.49(a); and

  • (b) policies and procedures and terms of reference that would enable it to discharge its functions and perform its activities in a manner that is consistent with the purpose set out in section 627.471 and to comply with paragraphs 627.49(b) to (m).

• Marginal note:Obligation to be member

  (3) Every institution shall be a member of the external complaints body.

• Marginal note:Not an agent

  (4) The external complaints body is not an agent of His Majesty.

• Marginal note:Designation to be published

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