Bank Act

Marginal note:Approval of external complaints body

• 455.01 (1) Subject to section 455.1, the Minister may, on the Commissioner’s recommendation and for the purposes of this section, approve a body corporate incorporated under the Canada Not-for-profit Corporations Act or under the Canada Business Corporations Act whose purpose, in the Minister’s view, under its letters patent is dealing with complaints, made by persons having requested or received products or services from its member financial institutions, that have not been resolved to the satisfaction of those persons under procedures established by those financial institutions under paragraph 455(1)(a).

• Marginal note:Obligation to be member

  (2) A bank must be a member of one body corporate that is approved under subsection (1).

• Marginal note:Regulations

  (3) The Governor in Council may make regulations respecting the requirements for the approval of a body corporate under subsection (1) and the requirements for a body corporate approved under that subsection for maintaining that approval.

• Marginal note:Not an agent

  (4) A body corporate approved under subsection (1) is not an agent of Her Majesty.

• Marginal note:Approval to be published

  (5) An approval given under subsection (1) must be published in the Canada Gazette.

• Marginal note:Information, etc.

  (6) A body corporate that is seeking an approval under subsection (1) must apply to the Commissioner, and the application must provide, in the form and manner required by the Commissioner, any information, material and evidence that he or she may require.