I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 29 Disposition versions

2024-05-09

29. The Authority is required to review an authorization on being notified of any of the following operations:

(1)  the amalgamation of the authorized deposit institution with another legal person;

(2)  a change as to the authorized deposit institution’s home regulator, in particular as a result of a continuance or another operation of the same nature;

(3)  an operation not referred to in subparagraph 1 or 2 where the authorized deposit institution changes its juridical form or transmits its patrimony or part of it due to its division;

(4)  a change of name of the authorized deposit institution; and

(5)  in the case of an authorized Québec deposit institution, where the following operations have a significant effect on it:

(a)  an acquisition of assets by the deposit institution or by a group of which it is the holder of control,

(b)  the transfer of any part of the deposit institution’s assets or of the assets of such a group, or

(c)  its becoming the holder of control of a group in accordance with subparagraph 1 of the first paragraph of section 1.5.

An authorized Québec deposit institution’s ceasing to be the holder of control of a group is deemed to be a transfer, by the group, of all its assets.

1966-67, c. 73, s. 29; 2018, c. 23, s. 353; 2024, c. 15, s. 81.

2019-06-13

29. The Authority is required to review an authorization on being notified of any of the following operations:

(1)  the amalgamation of the authorized deposit institution with another legal person;

(2)  a change as to the authorized deposit institution’s home regulator, in particular as a result of a continuance or another operation of the same nature;

(3)  an operation not referred to in subparagraph 1 or 2 where the authorized deposit institution changes its juridical form or transmits its patrimony or part of it due to its division;

(4)  a change of name of the authorized deposit institution; and

(5)  in the case of an authorized Québec deposit institution, its becoming the holder of control of a group or either of the following events having a significant effect on it:

(a)  an acquisition of assets by the deposit institution or by a group of which it is the holder of control, or

(b)  the transfer of any part of the deposit institution’s assets or of the assets of such a group.

An authorized Québec deposit institution’s ceasing to be the holder of control of a group is deemed to be a transfer, by the group, of all its assets.

1966-67, c. 73, s. 29; 2018, c. 23, s. 353.

1999-04-01

29. Every registered institution shall keep the books and accounts prescribed by the regulations.

1966-67, c. 73, s. 29.