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Trust and Loan Companies Act

Version of section 444.1 from 2003-01-01 to 2007-04-19:

Marginal note:Notice of branch closure

  •  (1) Subject to regulations made under subsection (5), a member company with a branch in Canada at which it, through a natural person, opens retail deposit accounts and disburses cash to customers, shall give notice in accordance with those regulations before closing that branch or having it cease to carry on either of those activities.

  • Marginal note:Pre-closure meeting

    (2) After notice is given but before the branch is closed or ceases to carry on the activities, the Commissioner may, in prescribed situations, require the company to convene and hold a meeting between representatives of the company, representatives of the Agency and interested parties in the vicinity of the branch in order to exchange views about the closing or cessation of activities.

  • Marginal note:Meeting details

    (3) The Commissioner may establish rules for convening a meeting referred to in subsection (2) and for its conduct.

  • Marginal note:Not statutory instruments

    (4) The Statutory Instruments Act does not apply in respect of rules established under subsection (3).

  • Marginal note:Regulations

    (5) The Governor in Council may make regulations prescribing

    • (a) the manner and time, which may vary according to circumstances specified in the regulation, in which notice shall be given under subsection (1), to whom it shall be given and the information to be included;

    • (b) circumstances in which a member company is not required to give notice under subsection (1), circumstances in which the Commissioner may exempt a member company from the requirement to give notice under that subsection, and circumstances in which the Commissioner may vary the manner and time in which notice is required to be given under any regulation made under paragraph (a); and

    • (c) circumstances in which a meeting may be convened under subsection (2).

  • 2001, c. 9, s. 548

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