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Bank Act

Version of section 402 from 2012-12-19 to 2020-10-05:


Marginal note:Disposition

  •  (1) If, with respect to any bank, a person contravenes section 372 or subsection 373(1), 374(1) or 375(1) or section 376.1 or 376.2, subsection 377(1) or section 377.1 or 377.2 or fails to comply with an undertaking referred to in subsection 390(2) or with any terms and conditions imposed under section 397, the Minister may, if the Minister considers it in the public interest to do so, by order, direct that person and any person controlled by that person to

    • (a) dispose of any number of shares of the bank beneficially owned by any of those persons that the Minister specifies in the order, within the time specified in the order and in the proportion, if any, as between the person and the persons controlled by that person that is specified in the order;

    • (b) dispose of any number of membership shares of the bank beneficially owned by any of those persons that the Minister specifies in the order, within the time specified in the order and in the proportion, if any, as between the person and the persons controlled by that person that is specified in the order; or

    • (c) take any other action that is necessary for any of those persons to cease controlling, within the meaning of paragraph 3(1)(a.1), the federal credit union.

  • Marginal note:Representations

    (2) No direction shall be made under subsection (1) unless the Minister has provided each person to whom the direction relates and the bank concerned with a reasonable opportunity to make representations in respect of the subject-matter of the direction.

  • Marginal note:Appeal

    (3) Any person with respect to whom a direction has been made under subsection (1) may, within thirty days after the date of the direction, appeal the matter in accordance with section 977.

  • (4) [Repealed, 2001, c. 9, s. 99]

  • 1991, c. 46, s. 402
  • 1999, c. 28, s. 21
  • 2001, c. 9, s. 99
  • 2010, c. 12, s. 2073
  • 2012, c. 31, s. 153(E)
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