I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 46.3 Disposition versions

2019-06-13

46.3. Anyone who

(1)  contravenes an order, or

(2)  carries on deposit institution activities although the authorization required under this Act has been refused or revoked, or carries on deposit institution activities beyond what this Act authorizes if the authorization is suspended,

commits an offence and is liable, in the case of a natural person, to a fine of $5,000 to $100,000 or, despite article 231 of the Code of Penal Procedure (chapter C-25.1), to a maximum term of imprisonment of 18 months, or to both the fine and imprisonment, and, in any other case, to a fine of $30,000 to $2,000,000.

An authorized deposit institution that, in contravention of section 28.2, decides to dissolve or liquidates or winds up voluntarily commits an offence and is liable to the fine prescribed in the first paragraph.

A director of such a deposit institution who gives his or her assent to the dissolution or liquidation or winding-up in contravention of section 28.2 commits an offence and is liable to the fine and imprisonment prescribed in the first paragraph; the same shall apply to a liquidator who agrees to proceed with such a liquidation or winding-up.

2018, c. 23, s. 385.