Bank Act

Marginal note:Revocation, suspension or amendment of approval — Minister

• 973.03 (1) The Minister may revoke, suspend or amend any approval granted by the Minister if he or she considers it appropriate to do so. In deciding whether to take any of those actions, the Minister may take into account all matters that he or she considers relevant in the circumstances, including

  • (a) national security; and

  • (b) Canada’s international relations and its international legal obligations.

• Marginal note:Revocation, suspension or amendment of approval — Superintendent

  (2) The Superintendent may revoke, suspend or amend any approval granted by the Superintendent if he or she considers it appropriate to do so. In deciding whether to take any of those actions, the Superintendent may take into account any prudential considerations that he or she considers relevant in the circumstances and

  • (a) national security; and

  • (b) Canada’s international relations and its international legal obligations.

• Marginal note:Representations

  (3) Before taking any action under subsection (1) or (2), the Minister or the Superintendent, as the case may be, shall give the person concerned a reasonable opportunity to make representations.

• Marginal note:Temporary amendment or suspension

  (4) If, in the Minister’s opinion, the length of time required for representations to be made under subsection (3) might be prejudicial to the public interest, the Minister may temporarily suspend or amend any approval granted by the Minister.

• Marginal note:Cessation of effect

  (5) A temporary suspension or amendment of an approval ceases to have effect on the earlier of

  • (a) the expiry of 30 days after the day on which it takes effect or of a shorter period that is specified by the Minister, and

  • (b) if the approval is revoked, suspended or amended under subsection (1), the day on which the revocation, suspension or amendment takes effect.