Notice of Branch Closure (Trust and Loan Companies) Regulations (SOR/2002-106)

Circumstances in Which the Commissioner Shall Require a Member Company to Convene and Hold a Meeting

Marginal note:Circumstances in which Commissioner shall require meeting

9 For the purposes of subsection 444.1(2) of the Act, the following circumstances are prescribed as circumstances in which the Commissioner shall require a member company to convene and hold a meeting referred to in that subsection:

• (a) the member company has not consulted the community in the area affected by the closure of the branch or the cessation of the activity well enough to ascertain the views of interested persons in the community with regard to the closure of the branch, the cessation of the activity, alternate service delivery by the member company or measures to help the branch’s customers adjust to the closure or cessation;

• (b) an individual or a community representative from the area affected by the closure of the branch or the cessation of the activity submits to the Commissioner a written request for the meeting; and

• (c) the request is not frivolous or vexatious.

Coming into Force

Marginal note:Coming into force

10 These Regulations come into force on the day on which they are registered.