Bank Act — B-1.01 534
Order approving commencement and carrying on of business in Canada 534 (1) On application by an authorized foreign bank, the Superintendent may make an order approving the commencement and carrying on of business in Canada by the authorized foreign bank. Prohibition (2) An authorized foreign bank may not commence to carry on business in Canada until it is authorized to do so by an order made under subsection (1). Conditions for order (3) The Superintendent may make the order only if the Superintendent is satisfied that the authorized foreign bank has (a) deposited in Canada unencumbered assets of a type approved by the Superintendent, the total value of which, determined in accordance with the accounting principles referred to in subsection 308(4), shall be (i) in the case of an authorized foreign bank that is subject to the restrictions and requirements referred to in subsection 524(2), one hundred thousand dollars, or (ii) in any other case, five million dollars or any greater amount that the Superintendent specifies; (b) submitted a power of attorney in accordance with subsection 536(2); and (c) complied with all other relevant requirements of this Act. Deposit agreement (4) The assets referred to in paragraph (3)(a) shall be kept with a Canadian financial institution approved by the Superintendent pursuant to a deposit agreement entered into with the prior approval of the Superintendent. Conditions of order (5) The order under subsection (1) may contain any conditions or limitations that the Superintendent considers appropriate that are consistent with this Act and that relate to the carrying on of the business in Canada of the authorized foreign bank. Variations (6) In respect of an order made under subsection (1), the Superintendent may at any time, by further order, (a) make the order subject to any conditions or limitations that the Superintendent considers appropriate that are consistent with this Act and that relate to the business in Canada of the authorized foreign bank, or (b) amend or revoke any authorization contained in the order or any condition or limitation to which the order is subject, but before making a further order the Superintendent shall provide the authorized foreign bank with an opportunity to make representations regarding that further order. Public notice (7) On the making of an order under subsection (1), the authorized foreign bank shall publish a notice of the making of the order in a newspaper in general circulation at or near the place where its principal office is to be situated. Notice in Canada Gazette (8) The Superintendent shall cause to be published in the Canada Gazette a notice of the making of an order under subsection (1). Time limit (9) The Superintendent shall not make an order under subsection (1) in respect of an authorized foreign bank more than one year after the day on which the order under subsection 524(1) in respect of the authorized foreign bank becomes effective. Cessation of existence (10) If an order under subsection (1) is not obtained within one year after the day on which the order under subsection 524(1) in respect of the authorized foreign bank becomes effective, the order made under subsection 524(1) is revoked. 1991, c. 46, s. 534; 1999, c. 28, s. 35; 2001, c. 9, s. 138