I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 45.3 Disposition versions

2019-06-13

45.3. No one may, if not covered by the second paragraph, hold themselves out as a deposit institution or use a name that includes those words. Similarly, no one may, if not covered by the third paragraph, hold themselves out as a savings company or use a name that includes those words.

The following may hold themselves out as a deposit institution or use a name that includes those words:

(1)  an authorized deposit institution;

(2)  a bank within the meaning of the Bank Act (S.C. 1991, c. 46); and

(3)  a legal person constituted under the laws of a jurisdiction other than Québec that is authorized under those laws to carry on deposit institution activities and that exercises rights and performs obligations in Québec without such exercise and performance constituting deposit institution activities.

The following may hold themselves out as a savings company or use a name that includes those words:

(1)  a corporation regulated by Title III of the Trust Companies and Savings Companies Act (chapter S-29.02) that only applies for or obtains the Authority’s authorization to carry on deposit institution activities;

(2)  an authorized deposit institution that is a legal person referred to in subparagraph 6 of the first paragraph of section 24; and

(3)  a legal person referred to in subparagraph 3 of the second paragraph.

2018, c. 23, s. 385.