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I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 42
Disposition versions

Full text
42. (Repealed).
1966-67, c. 73, s. 40; 1983, c. 10, s. 28; 1988, c. 64, s. 552; 2000, c. 29, s. 722; 2002, c. 45, s. 192; 2004, c. 37, s. 90; 2009, c. 58, s. 22; 2018, c. 23, s. 380; 2021, c. 34, s. 119; 2024, c. 15, s. 118.
42. The frequency of an inspection of the internal affairs and the activities of an authorized deposit institution, other than a financial services cooperative, authorized insurer or authorized trust company, is at least once a year.
1966-67, c. 73, s. 40; 1983, c. 10, s. 28; 1988, c. 64, s. 552; 2000, c. 29, s. 722; 2002, c. 45, s. 192; 2004, c. 37, s. 90; 2009, c. 58, s. 22; 2018, c. 23, s. 380; 2021, c. 34, s. 119.
42. The Authority shall, at least once a year, on such conditions as it determines, inspect or cause to be inspected the affairs of every authorized deposit institution.
However, the inspection by the Authority of the affairs of a deposit institution pursuant to any Act applicable to the deposit institution shall stand in lieu of the inspection of the affairs of that deposit institution.
The expenses incurred for the inspection of the affairs of deposit institutions are determined by the Authority and are charged to the deposit institutions according as may be determined by regulation of the Authority.
Where the affairs of a deposit institution are inspected by the Authority pursuant to this Act as well as pursuant to another Act applicable to the deposit institution, this fact shall be taken into consideration by the Authority in determining the expenses incurred for the inspection of the affairs of the deposit institution.
1966-67, c. 73, s. 40; 1983, c. 10, s. 28; 1988, c. 64, s. 552; 2000, c. 29, s. 722; 2002, c. 45, s. 192; 2004, c. 37, s. 90; 2009, c. 58, s. 22; 2018, c. 23, s. 380.
42. The Authority shall, at least once a year, on such conditions as it determines, inspect or cause to be inspected the affairs of every registered institution.
However, the inspection by the Authority of the affairs of an institution pursuant to any Act applicable to the institution shall stand in lieu of the inspection of the affairs of that institution.
The expenses incurred for the inspection of the affairs of institutions are determined by the Authority and are charged to the institutions according as may be determined by regulation of the Authority.
Where the affairs of an institution are inspected by the Authority pursuant to this Act as well as pursuant to another Act applicable to the institution, this fact shall be taken into consideration by the Authority in determining the expenses incurred for the inspection of the affairs of the institution.
1966-67, c. 73, s. 40; 1983, c. 10, s. 28; 1988, c. 64, s. 552; 2000, c. 29, s. 722; 2002, c. 45, s. 192; 2004, c. 37, s. 90; 2009, c. 58, s. 22.
42. The Authority shall, at least once a year, on such conditions as it determines, examine or cause to be examined the affairs of every registered institution.
However, the examination by the Authority of the affairs of an institution pursuant to any Act applicable to the institution shall stand in lieu of the examination of the affairs of that institution.
The expenses incurred for the examination of the affairs of institutions are determined by the Authority and are charged to the institutions according as may be determined by regulation of the Authority.
Where the affairs of an institution are examined by the Authority pursuant to this Act as well as pursuant to another Act applicable to the institution, this fact shall be taken into consideration by the Authority in determining the expenses incurred for the examination of the affairs of the institution.
1966-67, c. 73, s. 40; 1983, c. 10, s. 28; 1988, c. 64, s. 552; 2000, c. 29, s. 722; 2002, c. 45, s. 192; 2004, c. 37, s. 90.
42. The Agency shall, at least once a year, on such conditions as it determines, examine or cause to be examined the affairs of every registered institution.
However, the examination by the Agency of the affairs of an institution pursuant to any Act applicable to the institution shall stand in lieu of the examination of the affairs of that institution.
The expenses incurred for the examination of the affairs of institutions are determined by the Agency and are charged to the institutions according as may be determined by regulation of the Agency.
Where the affairs of an institution are examined by the Agency pursuant to this Act as well as pursuant to another Act applicable to the institution, this fact shall be taken into consideration by the Agency in determining the expenses incurred for the examination of the affairs of the institution.
1966-67, c. 73, s. 40; 1983, c. 10, s. 28; 1988, c. 64, s. 552; 2000, c. 29, s. 722; 2002, c. 45, s. 192.
42. The Board shall, at least once a year, on such conditions as it determines, examine or cause to be examined the affairs of every registered institution.
However, the Inspector General of Financial Institutions shall, on behalf of the Board and at the times it determines, examine the affairs of every institution established pursuant to an Act of Québec. The Inspector General may, in place of an examination of the affairs of an institution governed by the Act respecting financial services cooperatives (chapter C-67.3), transmit to the Régie a report on inspections or examinations and investigations carried out in accordance with the said Act.
The expenses incurred for the examination of the affairs of institutions are determined by the Board and are charged to the institutions according as may be determined by regulation of the Board.
Where the Inspector General of Financial Institutions examines the affairs of an institution both on behalf of the Board and wholly or partly on his own account under another Act that applies to the institution, the Board shall take that fact into account in determining the cost incurred in the examination of that institution’s affairs.
1966-67, c. 73, s. 40; 1983, c. 10, s. 28; 1988, c. 64, s. 552; 2000, c. 29, s. 722.
42. The Board shall, at least once a year, on such conditions as it determines, examine or cause to be examined the affairs of every registered institution.
However, the Inspector General of Financial Institutions shall, on behalf of the Board and at the times it determines, examine the affairs of every institution established pursuant to an Act of Québec. The Inspector General may, in place of an examination of the affairs of an institution governed by the Savings and Credit Unions Act (chapter C-4.1), transmit to the Régie a report on inspections or examinations and investigations carried out in accordance with the said Act.
The expenses incurred for the examination of the affairs of institutions are determined by the Board and are charged to the institutions according as may be determined by regulation of the Board.
Where the Inspector General of Financial Institutions examines the affairs of an institution both on behalf of the Board and wholly or partly on his own account under another Act that applies to the institution, the Board shall take that fact into account in determining the cost incurred in the examination of that institution’s affairs.
1966-67, c. 73, s. 40; 1983, c. 10, s. 28; 1988, c. 64, s. 552.
42. The Board shall, at least once a year, on such conditions as it determines, examine or cause to be examined the affairs of every registered institution.
However, the Inspector General of Financial Institutions shall, on behalf of the Board and at the times it determines, examine the affairs of every institution established pursuant to an Act of Québec.
The expenses incurred for the examination of the affairs of institutions are determined by the Board and are charged to the institutions according as may be determined by regulation of the Board.
Where the Inspector General of Financial Institutions examines the affairs of an institution both on behalf of the Board and wholly or partly on his own account under another Act that applies to the institution, the Board shall take that fact into account in determining the cost incurred in the examination of that institution’s affairs.
1966-67, c. 73, s. 40; 1983, c. 10, s. 28.
42. The Board shall, at least once a year, on such conditions as it determines, examine or cause to be examined the affairs of every registered institution.
1966-67, c. 73, s. 40.
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