Bank Act — B-1.01 973.2
Order 973.2 (1) On the recommendation of the Minister, the Governor in Council may, by order, (a) provide that any provision of this Act or the regulations shall not apply to a bank, to Her Majesty in right of Canada or an agent or agency of Her Majesty or to any other person otherwise subject to the provision; and (b) provide that any provision of this Act or the regulations applies to a bank, to Her Majesty in right of Canada or Her Majesty’s agent or agency or to any other person subject to the provision only in the manner and to the extent provided for in the order, and adapt the provision for the purposes of that application. Minister’s recommendation (2) The Minister may make a recommendation under subsection (1) only if the Minister (a) is of the opinion that the order would relate to (i) the acquisition, holding, sale or other disposition of, or other dealing with, shares of a bank by, or the transfer or issue of shares of a bank to, Her Majesty in right of Canada or Her Majesty’s agent or agency, or (ii) the management of the business and affairs or the regulation and supervision of a bank during the time that Her Majesty or Her Majesty’s agent or agency is acquiring, holding, selling or otherwise disposing of, or otherwise dealing with, shares of the bank, or during the time that shares of the bank are transferred or issued to Her Majesty or Her Majesty’s agent or agency; and (b) is of the opinion — after considering measures other than an order under that subsection and after consulting with the Superintendent, the Governor of the Bank of Canada and the Chief Executive Officer of the Canada Deposit Insurance Corporation — that the order will promote the stability of the financial system in Canada. Terms and conditions (3) On the recommendation of the Minister, the Governor in Council may, by order, impose any terms and conditions relating to the acquisition of shares of a bank by, or transfer or issue of shares of a bank to, Her Majesty in right of Canada or Her Majesty’s agent or agency. Repeal of order under subsection (1) (4) The Minister may recommend the repeal of an order made under subsection (1) without regard to subsection (2). Terms, conditions and undertakings (5) From the time that Her Majesty in right of Canada or an agent or agency of Her Majesty acquires shares of a bank to the time that the shares are sold or otherwise disposed of, the Minister may, by order, impose any terms and conditions on — or require any undertaking from — the bank that the Minister considers appropriate, including any terms and conditions or undertakings relating to (a) the remuneration of the bank’s senior officers, as defined in section 646.1, and directors; (b) the appointment or removal of the bank’s senior officers, as defined in section 646.1, and directors; (c) the payment of dividends by the bank; and (d) the bank’s lending policies and practices. Acquisition (6) Despite Part X of the Financial Administration Act , the Minister or an agent or agency of Her Majesty in right of Canada may, on any terms and conditions imposed under subsection (3), acquire and hold shares of a bank on behalf of or in trust for Her Majesty if, as a result of an order under subsection (1), the bank may record in its securities register or members register, as the case may be, the transfer or issue of shares to Her Majesty or an agent or agency of Her Majesty. Payment out of C.R.F. (7) On the requisition of the Minister, there may be paid out of the Consolidated Revenue Fund the amount that the Minister or an agent or agency of Her Majesty in right of Canada is required to pay for the acquisition of shares under subsection (6) and any costs and expenses incurred in connection with the acquisition, holding, sale or other disposition of, or other dealing with, the shares. Registration of shares (8) Shares acquired under subsection (6) by the Minister or an agent or agency of Her Majesty in right of Canada are to be registered in the name of the