Bank Act

Marginal note:Designation of complaints body

• 455.1 (1) The Minister may, for the purposes of this section, designate a body corporate incorporated under the Canada Not-for-profit Corporations Act whose purpose, in the view of the Minister, 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:Effect of designation

  (1.1) If the Minister makes a designation under subsection (1), any approval given under subsection 455.01(1) is revoked.

• Marginal note:Effect of revocation

  (1.2) If the Minister makes a designation under subsection (1), the body corporate designated under that subsection must deal with any complaint that was made to a body corporate approved under subsection 455.01(1) and that has not been resolved.

• Marginal note:Obligation to be member

  (2) A bank shall be a member of any body corporate that is designated under subsection (1).

• Marginal note:Directors

  (3) The Minister may, in accordance with the letters patent and by-laws of the body corporate designated under subsection (1), appoint the majority of its directors.

• Marginal note:Regulations

  (3.1) The Governor in Council may make regulations respecting the requirements to be met by the body corporate designated under subsection (1).

• Marginal note:Not an agent

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

• Marginal note:Designation to be published

  (5) A designation under subsection (1) shall be published in the Canada Gazette.