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I-13.2.2 - Deposit Institutions and Deposit Protection Act
Section 42.4
Disposition versions
42.4. The Authority may order an authorized deposit institution, or the federation of which it is a member, to cease a course of action or to implement specified measures if the Authority is of the opinion that the institution or federation is failing to perform its obligations under this Act in full, properly and without delay.
The Authority may, for the same reasons, issue an order against a third person that, on behalf of an authorized deposit institution, carries on its activities or performs its obligations.
At least 15 days before issuing an order, the Authority shall notify the prior notice prescribed by section 5 of the Act respecting administrative justice (chapter J-3) to the contravener and, if the contravener is a third person acting on behalf of an authorized deposit institution, to that deposit institution in writing, stating the reasons which appear to justify the order, the date on which the order is to take effect and the contravener’s right to submit observations.
42.4. The Authority may order an authorized deposit institution, or the federation of which it is a member, to cease a course of action or to implement specified measures if the Authority is of the opinion that the institution or federation is failing to perform its obligations under this Act in full, properly and without delay.
The Authority may, for the same reasons, issue an order against a legal person that, on behalf of an authorized deposit institution, carries on its activities or performs its obligations.
At least 15 days before issuing an order, the Authority shall notify the prior notice prescribed by section 5 of the Act respecting administrative justice (chapter J-3) to the contravener in writing, stating the reasons which appear to justify the order, the date on which the order is to take effect and the contravener’s right to submit observations.
