I-13.2.2 - Deposit Institutions and Deposit Protection Act

Full text
28.7. An authorized deposit institution must ensure that any group in respect of which the deposit institution is the holder of control complies with the prohibitions imposed on the deposit institution by this Act.
A prohibition imposed on such an institution applies to the groups in respect of which it is the holder of control not only when each of them is acting alone, but also when the acts or omissions of all or some of them would have contravened that prohibition had they been done or made by only one of them.
This section does not prohibit a group in respect of which an authorized deposit institution is the holder of control from carrying on activities the group is permitted to carry on by the Act governing it even though the deposit institution is not permitted to carry on those activities, provided the group is a financial institution.
2018, c. 232018, c. 23, s. 353.