Marginal note:Examination of banks
643 (1) The Superintendent, from time to time, but at least once in each calendar year, shall make or cause to be made any examination and inquiry into the business and affairs of each bank that the Superintendent considers to be necessary or expedient to determine whether the bank is complying with the provisions of this Act, whether the bank is in a sound financial condition and whether the bank has adequate policies and procedures to protect itself against threats to its integrity or security. After the conclusion of each examination and inquiry, the Superintendent shall report on it to the Minister.
(1.1) [Repealed, 2023, c. 26, s. 556]
Marginal note:Access to records of bank
(2) The Superintendent or a person acting under the Superintendent’s direction
(a) has a right of access to any records, cash, assets and security held by or on behalf of a bank; and
(b) may require the directors, officers and the auditor or auditors of a bank to provide information and explanations, to the extent that they are reasonably able to do so, in respect of the condition and affairs of the bank or any entity in which the bank has a substantial investment.
- 1999, c. 28, s. 46
- 2001, c. 9, s. 176
- 2012, c. 5, s. 76
- 2023, c. 26, s. 556
- Date modified: