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I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 32.2
Disposition versions

Full text
32.2. The Authority may not revoke the authorization of an authorized deposit institution that applies for its revocation and that, at the time of the application, owes deposits of money received in carrying on deposit institution activities, unless the deposit institution
(1)  will continue to owe those deposits; or
(2)  has made the necessary arrangements to have at least one other authorized financial institution or a bank succeed it and owe those deposits as of the date on which it plans to cease to owe them.
2018, c. 23, s. 356.
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