Notice of Branch Closure (Trust and Loan Companies) Regulations (SOR/2002-106)

Marginal note:Commissioner may exempt from or vary notice requirement

• 8 (1) In the circumstances set out in subsection (2), the Commissioner may, at the request of a member company,

  • (a) exempt the member company from the requirement to give notice under subsection 444.1(1) of the Act in relation to the closure of a branch or the cessation of an activity referred to in that subsection; or

  • (b) vary the manner and time in which notice is otherwise required to be given under these Regulations.

• Marginal note:Circumstances in which subsection (1) applies

  (2) Subsection (1) applies in the following circumstances:

  • (a) the closure or cessation is in response to a risk to the safety of the personnel of the branch or the public;

  • (b) the closure or cessation is caused by the member company’s right to use the premises as a retail deposit-taking branch being terminated by a person other than the member company or an affiliate of the member company and that person has not given the member company enough notice of the termination to allow the member company to comply with the notice requirements of these Regulations;

  • (c) the closure or cessation results from a relocation of the branch, and the travelling distance from the new location to the former location is more than 500 m but not great enough to substantially affect either the customers served by the branch or the nature of the business of the branch; or

  • (d) the giving of notice under subsection 444.1(1) of the Act in the manner and time otherwise required by these Regulations would cause undue prejudice to the member company.

Circumstances in Which the Commissioner Shall Require a Member Company to Convene and Hold a Meeting

Marginal note:Circumstances in which Commissioner shall require meeting

9 For the purposes of subsection 444.1(2) of the Act, the following circumstances are prescribed as circumstances in which the Commissioner shall require a member company to convene and hold a meeting referred to in that subsection:

• (a) the member company has not consulted the community in the area affected by the closure of the branch or the cessation of the activity well enough to ascertain the views of interested persons in the community with regard to the closure of the branch, the cessation of the activity, alternate service delivery by the member company or measures to help the branch’s customers adjust to the closure or cessation;

• (b) an individual or a community representative from the area affected by the closure of the branch or the cessation of the activity submits to the Commissioner a written request for the meeting; and

• (c) the request is not frivolous or vexatious.

Coming into Force

Marginal note:Coming into force

10 These Regulations come into force on the day on which they are registered.