Financial Consumer Agency of Canada Act

Marginal note:Ownership

• 14 (1) The Commissioner, a person appointed under subsection 4(4), the Senior Deputy Commissioner, a person appointed under subsection 7.2(2) or a Deputy Commissioner must not hold, directly or indirectly, any interest or right in any shares of any financial institution, any bank holding company, any insurance holding company, the external complaints body or any other body corporate, however created, carrying on any business in Canada that is substantially similar to any business carried on by any financial institution or the external complaints body.

• Marginal note:Prohibitions — federal credit union

  (2) The Commissioner, a person appointed under subsection 4(4), the Senior Deputy Commissioner, a person appointed under subsection 7.2(2) or a Deputy Commissioner must not

  • (a) directly or indirectly hold any interest or right in membership shares of a federal credit union, within the meaning of section 2 of the Bank Act, in excess of the minimum number of membership shares of the federal credit union that is required for membership; or

  • (b) exercise any right he or she has as a member of such a federal credit union, except any right that he or she has as a customer of the federal credit union.