I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 32.7 Disposition versions

2019-06-13

32.7. The Authority shall grant an application for revocation only if the authorized deposit institution shows that

(1)  it no longer owes deposits of money received in carrying on deposit institution activities;

(2)  it can continue to owe such deposits, without soliciting or receiving new ones, until their maturity date, in compliance with the provisions of this Act; or

(3)  the arrangements made to have an authorized financial institution or a bank succeed the applicant are adequate and ensure the protection of depositors, and that it has sent the latter the notice of application required under the second paragraph of section 32.6.

2018, c. 23, s. 356.