Bank Act

Marginal note:Approval of body corporate

• 627.48 (1) The Minister may, on the Commissioner’s recommendation and for the purpose of this section, approve a body corporate incorporated under the Canada Not-for-profit Corporations Act or under the Canada Business Corporations Act to be an external complaints body if the body corporate’s purpose under its letters patent is, in the Minister’s opinion, to deal with complaints referred to in paragraph 627.43(1)(a) that have not been resolved by its member institutions to the satisfaction of the persons who made the complaints.

• Marginal note:Information, material and evidence

  (2) A body corporate that is seeking an approval under subsection (1) is to apply to the Commissioner and include in the application, in the manner required by the Commissioner, any information, material and evidence that he or she requires.

• Marginal note:Matters for consideration

  (3) Before approving a body corporate, the Minister shall take into account all matters that the Minister considers relevant to the application, including whether the body corporate has

  • (a) the reputation required under paragraph 627.49(a); and

  • (b) policies and procedures, and terms of reference to govern its functions and activities as an external complaints body, that would enable it to meet the conditions set out in paragraphs 627.49(b) to (m).

• Marginal note:Obligation to be member

  (4) An institution shall be a member of only one body corporate that is approved under subsection (1).

• Marginal note:Not an agent

  (5) The approved body corporate is not an agent of Her Majesty.

• Marginal note:Approval to be published

  (6) An approval given under subsection (1) shall be published in the Canada Gazette.