I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 31 Disposition versions

2019-06-13

31. The Authority may, if it considers that it is in the public interest, revoke or suspend the authorization it has granted to an authorized deposit institution if,

(1)  in its opinion,

(a)  the deposit institution is failing to comply or is about to fail to comply with its obligations under an Act administered by the Authority,

(b)  the deposit institution has failed, without valid reasons, to repay a deposit of money at maturity or to pay interest on a deposit when due, or

(c)  there are serious reasons to believe that the holder of control of the deposit institution or of another significant interest in the deposit institution’s decisions is likely to interfere with the deposit institution’s adherence to sound commercial practices or sound and prudent management practices;

(2)  the deposit institution has not carried on deposit institution activities in Québec for at least three years;

(3)  the Authority is informed by a competent authority that the deposit institution has failed to comply with an Act that is not administered by the Authority and is of the opinion that the failure is contrary to sound and prudent management practices; or

(4)  the deposit institution fails to adopt or implement a compliance program or to provide the Authority with any report the latter requires on the implementation of such a program.

1966-67, c. 73, s. 31; 1983, c. 10, s. 10; 2002, c. 45, s. 198; 2004, c. 37, s. 90; 2018, c. 23, s. 353.

2004-12-17

31. The Authority may suspend or cancel the permit of an institution which

(a)  has committed an offence or which, in the opinion of the Authority, is in contravention of this Act, any Act of Québec, of another province or of the Parliament of Canada governing its activities, or of any regulation, by-law or rule made under any such Act;

(b)  subject to the regulations, no longer, in the opinion of the Authority, fulfils the conditions required for obtaining a permit;

(c)  is insolvent or, in the opinion of the Authority, is about to become so;

(d)  does not, in the opinion of the Authority, follow sound commercial and financial practices;

(e)  is, in the opinion of the Authority, in an unsatisfactory financial position which cannot be improved;

(f)  has failed to repay a deposit of money at maturity or to pay interest on a deposit when due;

(g)  no longer receives deposits of money from the public.

1966-67, c. 73, s. 31; 1983, c. 10, s. 10; 2002, c. 45, s. 198; 2004, c. 37, s. 90.

2004-02-01

31. The Agency may suspend or cancel the permit of an institution which

(a)  has committed an offence or which, in the opinion of the Agency, is in contravention of this Act, any Act of Québec, of another province or of the Parliament of Canada governing its activities, or of any regulation, by-law or rule made under any such Act;

(b)  subject to the regulations, no longer, in the opinion of the Agency, fulfils the conditions required for obtaining a permit;

(c)  is insolvent or, in the opinion of the Agency, is about to become so;

(d)  does not, in the opinion of the Agency, follow sound commercial and financial practices;

(e)  is, in the opinion of the Agency, in an unsatisfactory financial position which cannot be improved;

(f)  has failed to repay a deposit of money at maturity or to pay interest on a deposit when due;

(g)  no longer receives deposits of money from the public.

1966-67, c. 73, s. 31; 1983, c. 10, s. 10; 2002, c. 45, s. 198.

1999-04-01

31. The Board may suspend or cancel the permit of an institution which

(a)  has committed an offence or which, in the opinion of the Board, is in contravention of this Act, any Act of Québec, of another province or of the Parliament of Canada governing its activities, or of any regulation, by-law or rule made under any such Act;

(b)  subject to the regulations, no longer, in the opinion of the Board, fulfils the conditions required for obtaining a permit;

(c)  is insolvent or, in the opinion of the Board, is about to become so;

(d)  does not, in the opinion of the Board, follow sound commercial and financial practices;

(e)  is, in the opinion of the Board, in an unsatisfactory financial position which cannot be improved;

(f)  has failed to repay a deposit of money at maturity or to pay interest on a deposit when due;

(g)  no longer receives deposits of money from the public.

1966-67, c. 73, s. 31; 1983, c. 10, s. 10.

1977-12-31

31. The Board may suspend or cancel the permit of an institution which:

(a)  has committed an infringement of this act or the regulations;

(b)  no longer fulfils the conditions required for obtaining its permit;

(c)  is insolvent or about to become so;

(d)  has failed to repay a deposit of money at maturity or to pay interest thereon when due;

(e)  no longer receives deposits of money from the public.

Before suspending or cancelling a permit, the Board shall allow the holder to be heard.

1966-67, c. 73, s. 31.