Bank Act (S.C. 1991, c. 46)

Act current to 2013-05-26 and last amended on 2013-05-25. Previous Versions

Marginal note:Disqualification of auditor

  • 586. (1) An auditor that ceases to be qualified under subsection 585(2) shall resign without delay after any member of the firm of accountants becomes aware that the firm has ceased to be qualified.

  • Marginal note:Disqualification order

    (2) Any interested person may apply to a court for an order declaring that an authorized foreign bank’s auditor has ceased to be qualified under subsection 585(2) and declaring the office of auditor to be vacant.

  • 1991, c. 46, s. 586;
  • 1999, c. 28, s. 35.
Marginal note:Revocation of appointment

  • 587. (1) An authorized foreign bank may at any time revoke the appointment of its auditor.

  • Marginal note:Revocation by Superintendent

    (2) The Superintendent may at any time revoke the appointment of an auditor made under subsection 585(1) or 589(1) by notice in writing signed by the Superintendent and sent by registered mail to the auditor and to the principal officer of the authorized foreign bank addressed to the usual place of business of the auditor and to the principal office of the authorized foreign bank, respectively.

  • 1991, c. 46, s. 587;
  • 1999, c. 28, s. 35.
Marginal note:Ceasing to hold office

  • 588. (1) An auditor ceases to hold office when

    • (a) the auditor resigns; or

    • (b) the appointment of the auditor is revoked by the authorized foreign bank or the Superintendent.

  • Marginal note:Effective date of resignation

    (2) The resignation of an auditor becomes effective at the time a written resignation is sent to the authorized foreign bank or at the time specified in the resignation, whichever is later.

  • 1991, c. 46, s. 588;
  • 1999, c. 28, s. 35.
Marginal note:Filling vacancy

  • 589. (1) Where a vacancy occurs in the office of auditor of an authorized foreign bank under any of sections 585 to 588, the authorized foreign bank shall without delay fill the vacancy and, where it fails to do so, the Superintendent may fill the vacancy.

  • Marginal note:Designation of member of firm

    (2) Where the Superintendent has appointed a firm of accountants to fill a vacancy, the Superintendent shall designate the member of the firm who is to conduct the audit on behalf of the firm.

  • 1991, c. 46, s. 589;
  • 1999, c. 28, s. 35.
Marginal note:Statement of auditor

590. An auditor of an authorized foreign bank who

  • (a) resigns, or

  • (b) receives a notice or otherwise learns that another person is to be appointed in the auditor’s stead, whether because of the auditor’s resignation or revocation of appointment or because the auditor’s term of office has expired or is about to expire,

shall submit to the principal officer of the authorized foreign bank and the Superintendent a written statement giving the reasons for the resignation or the reasons why the auditor opposes any proposed action.

  • 1991, c. 46, s. 590;
  • 1999, c. 28, s. 35.