I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 45.6 Disposition versions

2019-06-13

45.6. A monetary administrative penalty of $5,000 may be imposed on an authorized deposit institution

(1)  that holds contributed capital securities issued by a legal person or partnership, participations in a trust or a share in a co-ownership acquired in contravention of the limits prescribed by section 28.31 without such holdings being authorized by section 28.32;

(2)  more than half of whose board of directors, in contravention of section 28.42, is not composed of persons other than its employees or employees of a group of which it is the holder of control;

(3)  for which no auditor, in contravention of section 28.59, has been charged with the functions provided for in that section or for which an auditor has been charged with those functions but does not have the qualifications required under section 28.60; or

(4)  that, in contravention of any of sections 30.2 to 30.6, fails to notify the Authority of any of the operations described in section 29, sends the Authority an incomplete notice of intention or fails to comply with the time limit prescribed by section 30.1 for filing the notice of intention although it is not exempted from filing such a notice under the latter section.

2018, c. 23, s. 385.