Marginal note:Transitional

483. Nothing in this Part requires

• (a) the termination of a loan made before February 7, 2001;

• (b) the termination of a loan made after that date as a result of a commitment made before that date;

• (c) the disposal of an investment made before that date; or

• (d) the disposal of an investment made after that date as a result of a commitment made before that date.

But if the loan or investment would be precluded or limited by this Part, the amount of the loan or investment may not, except as provided in subsections 471(2), 472(3) and 473(3), be increased after that date.

Marginal note:Saving

484. A loan or investment referred to in section 483 is deemed not to be prohibited by the provisions of this Part.

Marginal note:Adequacy of capital and liquidity

• 485. (1) A bank shall, in relation to its operations, maintain

  • (a) adequate capital, and

  • (b) adequate and appropriate forms of liquidity,

  and shall comply with any regulations in relation thereto.

• Marginal note:Regulations and guidelines

  (2) The Governor in Council may make regulations and the Superintendent may make guidelines respecting the maintenance by banks of adequate capital and adequate and appropriate forms of liquidity.

• Marginal note:Directives

  (3) Notwithstanding that a bank is complying with regulations or guidelines made under subsection (2), the Superintendent may, by order, direct the bank

  • (a) to increase its capital; or

  • (b) to provide additional liquidity in such forms and amounts as the Superintendent may require.

• Marginal note:Compliance

  (4) A bank shall comply with an order made under subsection (3) within such time as the Superintendent specifies therein.

• Marginal note:Notice of value

  (5) Where an appraisal of any asset held by a bank or any of its subsidiaries has been made by the Superintendent and the value determined by the Superintendent to be the appropriate value of the asset varies materially from the value placed by the bank or subsidiary on the asset, the Superintendent shall send to the bank, the auditor or auditors of the bank and the audit committee of the bank a written notice of the appropriate value of the asset as determined by the Superintendent.

Definition of “senior officer”

485.1 For the purposes of this Part, a “senior officer” of a body corporate is a person who is

• (a) a director of the body corporate who is a full-time employee of the body corporate;

• (b) the chief executive officer, chief operating officer, president, secretary, treasurer, controller, chief financial officer, chief accountant, chief auditor or chief actuary of the body corporate;

• (c) a natural person who performs functions for the body corporate similar to those performed by a person referred to in paragraph (b);

• (d) the head of the strategic planning unit of the body corporate;

• (e) the head of the unit of the body corporate that provides legal services or human resources services to the body corporate; or

• (f) any other officer reporting directly to the body corporate’s board of directors, chief executive officer or chief operating officer.