I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 28 Disposition versions

2019-06-13

28. The Authority shall grant its authorization to an applicant that meets the following conditions:

(1)  the applicant has provided the information and documents required under this Act and has paid the fees and charges payable; and

(2)  in the Authority’s opinion,

(a)  the applicant has shown that it is able to comply with the applicable provisions of this Act,

(b)  there are no serious reasons to believe that a holder of a significant interest in the applicant’s decisions is likely to interfere with the applicant’s adherence to sound commercial practices or sound and prudent management practices, and

(c)  the applicant’s name is not misleading.

1966-67, c. 73, s. 28; 1987, c. 95, s. 370; 2009, c. 58, s. 6; 2018, c. 23, s. 353.

2009-12-04

28. A permit may be issued only to a financial services cooperative, an insurer, a trust company, a savings company or any other institution qualified under the regulations.

1966-67, c. 73, s. 28; 1987, c. 95, s. 370; 2009, c. 58, s. 6.

1999-04-01

28. A permit may be issued only to a savings and credit union, a trust company, a savings company or any other institution qualified under the regulations.

1966-67, c. 73, s. 28; 1987, c. 95, s. 370.

1977-12-31

28. A permit may be issued only to a savings and credit union or a trust company, or any other institution qualified under the regulations.

1966-67, c. 73, s. 28.