Bill C-8
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Risk of
prejudice
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(4.1) In forming an opinion under
subsection (4), the Superintendent must
consider whether the interests of the
depositors, policyholders and creditors of any
federal financial institution affiliated with the
bank holding company would likely be
prejudiced if the person were to take office or
continue to hold office, as the case may be.
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Representa- tions may be made
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(5) The Superintendent must in writing
notify the person concerned and the bank
holding company of any action that the
Superintendent proposes to take under
subsection (4) and must afford them an
opportunity within 15 days after the date of the
notice, or within any longer period that the
Superintendent allows, to make
representations to the Superintendent in
relation to the matter.
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Prohibition
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(6) Where an order has been made under
subsection (4)
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Removal of
directors or
senior officers
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964. (1) The Superintendent may, by order,
remove a person from office as a director or
senior officer of a bank holding company if the
Superintendent is of the opinion that the
person is not suitable to hold that office
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Risk of
prejudice
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(2) In forming an opinion under subsection
(1), the Superintendent must consider whether
the interests of the depositors, policyholders
and creditors of any federal financial
institution affiliated with the bank holding
company have been or are likely to be
prejudiced by the person's holding office as a
director or senior officer.
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Representa- tions may be made
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(3) The Superintendent must in writing
notify the person concerned and the bank
holding company of any removal order that
the Superintendent proposes to make under
subsection (1) and must afford them an
opportunity within 15 days after the date of the
notice, or within any longer period that the
Superintendent allows, to make
representations to the Superintendent in
relation to the matter.
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Suspension
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(4) If the Superintendent is of the opinion
that the public interest may be prejudiced by
the director or senior officer continuing to
exercise the powers or carry out the duties and
functions of that office during the period for
making representations, the Superintendent
may make an order suspending the director or
senior officer. The suspension may not extend
beyond 10 days after the expiration of that
period.
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Notice of
order
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(5) The Superintendent shall, without delay,
notify the director or senior officer, as the case
may be, and the bank holding company of a
removal order or suspension order.
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Consequences
of removal
order
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(6) The director or senior officer, as the case
may be, ceases to hold that office as of the date
the removal order is made or any later date
specified in the order.
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Appeal
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(7) The director or senior officer, as the case
may be, or the bank holding company may,
within 30 days after the date of receipt of
notice of the removal order under subsection
(5), or within any longer period that the Court
allows, appeal the matter to the Federal Court.
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Powers of
Federal Court
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(8) The Federal Court, in the case of an
appeal, may dismiss the appeal or set aside the
removal order.
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Order not
stayed by
appeal
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(9) A removal order is not stayed by an
appeal.
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PART XVI |
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ADMINISTRATION |
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Notices and Other Documents |
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Notice to
directors and
shareholders
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965. A notice or document required by this
Act or the regulations or by the incorporating
instrument or by-laws of a bank or a bank
holding company to be sent to a shareholder or
director of the bank or bank holding company
may be sent by prepaid mail addressed to, or
may be delivered personally to,
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Presumption
from return
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966. A director named in the latest return
sent by a bank or a bank holding company to
the Superintendent under section 632 or 951 is
presumed for the purposes of this Act to be a
director of the bank or bank holding company
referred to in the return.
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Presumption
of receipt
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967. (1) A notice or document sent by mail
in accordance with section 965 to a
shareholder or director is deemed to be
received by the shareholder or director at the
time it would be delivered in the ordinary
course of mail unless there are reasonable
grounds for believing that the shareholder or
director did not receive the notice or
document at that time or at all.
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Undelivered
notices
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(2) If a bank or a bank holding company
sends a notice or document to a shareholder in
accordance with section 965 and the notice or
document is returned on three consecutive
occasions because the shareholder cannot be
found, the bank or bank holding company is
not required to send any further notices or
documents to the shareholder until informed
in writing of the shareholder's new address.
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Service on a
bank, bank
holding
company or
authorized
foreign bank
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968. A notice or document required by this
Act to be sent to or served on a bank, a bank
holding company or an authorized foreign
bank may be sent by registered mail to the
head office of the bank or bank holding
company, or to the principal office of the
authorized foreign bank, as the case may be,
and, if sent, is deemed to be received or served
at the time it would be delivered in the
ordinary course of mail unless there are
reasonable grounds for believing that the
bank, bank holding company or authorized
foreign bank did not receive it at that time or
at all.
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Certificate
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969. (1) A certificate issued on behalf of a
bank or a bank holding company stating any
fact that is set out in the incorporating
instrument, the by-laws, the minutes of the
meetings of the directors, a committee of
directors or the shareholders, or in a contract
to which the bank or bank holding company is
a party, may be signed by a director or an
officer of the bank or bank holding company.
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Proof of
certain cases
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(2) When introduced as evidence in any
civil, criminal or administrative action or
proceeding, the following are, in the absence
of evidence to the contrary, proof of the facts
so certified without proof of the signature or
official character of the person appearing to
have signed the certificate:
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Entry in
securities
register
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970. An entry in the securities register of, or
on a security certificate issued by, a bank or a
bank holding company is evidence that the
person in whose name the security is
registered is the owner of the securities
described in the register or in the certificate.
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Verification of
documents or
fact
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971. (1) The Superintendent may require
that a document or a fact stated in a document
that is required by or under this Act to be sent
to the Superintendent or to the Minister be
verified in accordance with subsection (2).
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Form of proof
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(2) A document or fact required by this Act
or by the Superintendent to be verified may be
verified by affidavit made under oath or by
statutory declaration under the Canada
Evidence Act before any commissioner for
oaths or for taking affidavits.
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Alternative
means of
publication
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972. (1) Anything that is required by a
provision of this Act to be published in the
Canada Gazette or to be published in any
other way may, instead of being published in
that way, be published in any manner that may
be prescribed for the purpose of that provision.
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Alternative
means of
publishing
summaries
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(2) Anything that is required by a provision
of this Act to be summarized in a publication
may instead be summarized and published in
any manner that may be prescribed for the
purpose of that provision.
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Publication
conditions
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(3) Any condition under a provision of this
Act that something be published in the
Canada Gazette or in any other way is
satisfied if that thing is published instead in
any manner that may be prescribed for the
purpose of that provision.
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Other
consequences
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(4) If a provision of this Act provides for
consequences to follow the publication of
something in the Canada Gazette or in any
other manner, the same consequences follow
the publication of that thing in any other
manner that may be prescribed for the purpose
of that provision.
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Approvals - Terms, Conditions and Undertakings |
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Definition of
``approval''
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973. (1) In this section, ``approval''
includes any consent, order, exemption,
extension or other permission granted by the
Minister or the Superintendent under this Act,
and includes the issuance of letters patent.
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Minister -
terms,
conditions
and
undertakings
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(2) In addition to any other action that may
be taken under this Act, the Minister may, in
granting an approval, impose such terms and
conditions or require such undertaking as the
Minister considers necessary, including any
terms, conditions or undertaking specified by
the Superintendent to maintain or improve the
safety and soundness of any financial
institution regulated under an Act of
Parliament and to which the approval relates
or that may be affected by it.
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Superintend- ent - terms, conditions and undertakings
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(3) In addition to any other action that may
be taken under this Act, the Superintendent
may, in granting an approval, impose such
terms and conditions or require such
undertaking as the Superintendent considers
necessary.
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Effect of
non-complian
ce on
approval
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(4) Unless otherwise expressly provided in
this Act, a failure to comply with a term or
condition or an undertaking imposed or
required under any provision of this Act does
not invalidate the approval to which the term,
condition or undertaking relates.
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Non-complian
ce
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(5) In addition to any other action that may
be taken under this Act, in the case of
non-compliance by a person with a term,
condition or undertaking imposed or required
under any provision of this Act, the Minister
or the Superintendent, as the case may be, may
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Representa- tions
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(6) Before taking any action under
subsection (5), the Minister or the
Superintendent, as the case may be, shall
afford the person concerned a reasonable
opportunity to make representations.
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Revocation,
suspension or
amendment
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(7) At the request of the person concerned,
the Minister or the Superintendent, as the case
may be, may revoke, suspend or amend any
terms or conditions imposed by him or her or
may revoke or suspend an undertaking given
to him or her or approve its amendment.
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Short-term Exemption Order |
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Short-term
exemption
order
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973.1 (1) Despite sections 378.1 and 378.2,
paragraph 522.32(2)(b), subsection
522.32(4), paragraphs 522.32(7)(c) and (d)
and sections 524.1, 524.2, 885 and 886, the
Minister may, by order, provide that any of
those provisions do not apply in respect of a
person specified in the order for a period of up
to twelve months, subject to any terms and
conditions that the Minister considers
appropriate.
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Restriction
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(2) If section 516 or 517 applies in respect
of a foreign bank or an entity associated with
a foreign bank, the Minister may only make an
order under subsection (1) to the extent that
the aggregate of the period that applied under
that section and the period specified in the
order under subsection (1) does not exceed
twelve months.
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Orders and Directives |
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Not statutory
instruments
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974. An instrument issued or made under
this Act and directed to a single bank, bank
holding company, authorized foreign bank or
person, other than an order referred to in
section 499, is not a statutory instrument for
the purposes of the Statutory Instruments Act.
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Form
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975. The Superintendent may, by order,
establish the form of any application to be
made to the Minister or the Superintendent
under this Act.
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Applications to Superintendent |
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Content of
applications
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976. (1) The following applications to the
Superintendent must contain the information,
material and evidence that the Superintendent
may require:
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Receipt
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(2) Without delay after receiving the
application, the Superintendent shall send a
receipt to the applicant certifying the date on
which it was received.
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Notice of
decision to
applicant
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(3) Subject to subsection (4), the
Superintendent shall, within a period of thirty
days after the receipt of the application, send
to the applicant
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Extension of
period
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(4) If the Superintendent is unable to
complete the consideration of the application
within the period referred to in subsection (3),
the Superintendent shall, within that period,
send a notice to the applicant informing the
applicant that the Superintendent has
extended the period for a further period set out
in the notice.
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Deemed
approval
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(5) If the applicant does not receive the
notice required by subsection (3) and, where
applicable, subsection (4), within the required
period, the Superintendent is deemed to have
approved the application and granted the
approval, consent, extension or exemption to
which the application relates, regardless of
whether the approval, consent, extension or
exemption is to be in writing or not.
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