GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Canada Deposit Insurance Corporation Act — C-3 26.03
Granting of application 26.03 (1) Subject to section 26.04, the Corporation may give that authorization if (a) [Repealed, 2001, c. 9, s. 209] (b) the sum of all the deposits held by the federal member institution that are less than $150,000 and payable in Canada is less than one per cent of the sum of all the deposits held by the institution that are payable in Canada; (c) the institution has informed all its depositors, in accordance with any rules that may be prescribed by the by-laws, (i) that the institution has applied to become authorized to accept deposits while no longer being a member institution, (ii) that after the institution receives that authorization, no deposit with the institution will be insured in whole or in part by the Corporation, and (iii) that the institution’s obligation to repay the deposit to the depositor will be assumed by a member institution if an option referred to in subparagraph (d)(i) or (ii) is not exercised; (d) in respect of each deposit that is held by the institution, the institution has (i) obtained from the depositor an acknowledgement in writing that the deposit will no longer be insured in whole or in part by the Corporation after the institution receives authorization to accept deposits without being a member institution, (ii) at the request in writing of the depositor, paid to the depositor the principal amount of the deposit and interest determined in accordance with rules prescribed by the by-laws and has not charged any fee or penalty in connection with the payment, or (iii) obtained from a member institution an agreement in writing to assume the institution’s liability in relation to the deposit on the same terms and conditions; and (e) the institution has paid to the Corporation a fee determined in accordance with rules prescribed by the by-laws. Exchange rate (2) For the purpose of subsection (1), the rate of exchange that shall be applied on any day in determining the amount in Canadian dollars of a deposit in a currency of a country other than Canada shall be determined in accordance with rules prescribed by the by-laws. 1997, c. 15, s. 114; 1999, c. 28, s. 102; 2001, c. 9, s. 209; 2007, c. 6, s. 411
Canada Deposit Insurance Corporation Act — C-3 26.04
Minister and Superintendent to be informed 26.04 (1) Before giving an authorization under subsection 26.03(1), the Corporation must inform the Minister and the Superintendent that it proposes to give the authorization. Minister may prevent authorization (2) If the Minister is of the opinion that giving the authorization would not be in the public interest, the Minister may, within thirty days after being informed about the proposal to give the authorization, direct the Corporation not to give the authorization. Authorization after 30 days (3) If the Minister does not issue that direction within those 30 days, the Corporation may then give the authorization under subsection 26.03(1). The giving of the authorization cancels the policy of deposit insurance of the federal member institution to which the authorization is given. Amendment of order (4) If the Corporation gives the authorization under subsection 26.03(1), the Superintendent must, under paragraph 54(1)(a) of the Bank Act , paragraph 62(1)(a) of the Cooperative Credit Associations Act or paragraph 58(1)(b) of the Trust and Loan Companies Act , as the case may be, amend the federal member institution’s order approving the commencement and carrying on of business accordingly. 1997, c. 15, s. 114; 1999, c. 28, s. 103; 2007, c. 6, s. 412
Canada Deposit Insurance Corporation Act — C-3 26.05
Fees by-law 26.05 A by-law prescribing rules for the purpose of paragraph 26.03(1)(e) is not effective unless it has been approved in writing by the Minister. 1997, c. 15, s. 114
Canada Deposit Insurance Corporation Act — C-3 26.06
Deposits not insured 26.06 After a federal member institution has been given authorization under subsection 26.03(1), no deposit with the institution is insured in whole or in part by the Corporation. 1997, c. 15, s. 114; 2007, c. 6, s. 413
Canada Deposit Insurance Corporation Act — C-3 27
Annual inspections 27 (1) The Superintendent shall, notwithstanding any other Act of Parliament, examine on behalf of the Corporation the affairs of each federal member institution once in each year and at the times that the Corporation may require for a specified purpose. Costs (2) Where an examination under subsection (1) is made for a specified purpose, such costs incurred in relation thereto as in the opinion of the Superintendent are extraordinary shall be borne by the Corporation. R.S., 1985, c. C-3, s. 27; R.S., 1985, c. 18 (3rd Supp.), s. 60; 1991, c. 45, s. 544; 1999, c. 28, s. 104
Canada Deposit Insurance Corporation Act — C-3 28
Provincial member institutions 28 It is a condition of the policy of deposit insurance of a provincial member institution that (a) the Corporation or a person designated by the Corporation may, at least once in each year and at such other times as the Corporation deems appropriate, make or cause to be made such inspections of the affairs of the provincial member institution as the Corporation or that person may deem to be necessary or expedient; (b) the Corporation and the person designated by the Corporation have, for the purposes referred to in paragraph (a), a right of access to the records of the member institution; and (c) the member institution will cause its officers and auditors to furnish such information and explanations pertaining to its affairs as the Corporation or the person designated by the Corporation may require. R.S., 1985, c. C-3, s. 28; R.S., 1985, c. 18 (3rd Supp.), s. 60
Canada Deposit Insurance Corporation Act — C-3 28.1
Costs may be charged back 28.1 Where an examination or an inspection is carried out other than once in each year, the Corporation may (a) pay the costs of the examination or inspection; (b) charge the costs to the member institution in respect of which they were incurred; and (c) recover the costs from the member institution as a debt due and payable to the Corporation. 1996, c. 6, s. 33; 1999, c. 28, s. 105
Canada Deposit Insurance Corporation Act — C-3 29
Examination considerations 29 (1) The person who conducts an examination under section 27 or an inspection under section 28 in respect of a member institution shall make all examinations or inspections that the person considers necessary to (a) provide, by way of a rating or any other means, an assessment of the safety and soundness of the member institution, including its financial condition; (b) comment on the operations of the member institution; (b.1) if the member institution is a domestic systemically important bank, provide an assessment of its capacity to absorb losses that it is required to maintain under section 485 of the Bank Act ; and (c) if the member institution is a provincial institution and the Corporation and the person agree, comment on whether the provisions of the statutes governing the provincial institution are being complied with. Reports (2) The person shall provide written reports to the Corporation on the matters referred to in paragraphs (1)(a) to (c) in a timely manner. Right of Corporation to information (3) The Corporation is entitled to all information obtained by or produced by or for the person, whether in the course of conducting the examination or inspection or otherwise, regarding the affairs of the member institution or any of its affiliates or of any person dealing with the member institution or any of its affiliates. Obligation to provide other information (4) Without limiting subsection (3), the person shall provide the Corporation with any information that the person considers relevant to any matter referred to in any of paragraphs (1)(a) to (c) or to any report provided under subsection (2). Obligation to inform (5) The person shall without delay inform the Corporation if, at any time, whether in the course of conducting an examination or inspection or otherwise, there comes to the attention of the person any change in the circumstances of the member institution that might materially affect the position of the Corporation as an insurer. R.S., 1985, c. C-3, s. 29; R.S., 1985, c. 18 (3rd Supp.), s. 61; 1992, c. 26, s. 8(E); 1996, c. 6, s. 34; 1999, c. 28, s. 106; 2001, c. 9, s. 210; 2005, c. 30, s. 105; 2016, c. 7, s. 128
Canada Deposit Insurance Corporation Act — C-3 29.1
Review of returns 29.1 If requested to do so by the Corporation, the person who conducts an examination under section 27 or an inspection under section 28 in respect of a member institution shall review, or cause another person to review on the person’s behalf, within the time specified by the Corporation, the correctness of the returns made by the member institution on which its premiums are based and through which its premium classification is in part determined. 2001, c. 9, s. 210
Canada Deposit Insurance Corporation Act — C-3 29.2
Certain reports to be provided to Corporation 29.2 When a report is sent by the Superintendent to the Minister under section 643 of the Bank Act , section 505 of the Trust and Loan Companies Act or section 437 of the Cooperative Credit Associations Act , a copy of the report shall be sent by the Superintendent at the same time to the Corporation. 2001, c. 9, s. 210
Canada Deposit Insurance Corporation Act — C-3 30
Reporting breaches 30 (1) If, in the Corporation’s opinion, a member institution is in breach of a provision of this Act or the regulations, a by-law of the Corporation or a condition of its policy of deposit insurance, the Corporation may send a report of the facts to the chief executive officer or chairperson of the board of directors of the member institution. The report may be sent by registered mail or delivered by hand and a copy of it must be provided to the Minister. Presentation of report to directors (2) The chief executive officer or chairperson of the board of directors of a member institution to whom a report has been sent or delivered under subsection (1) shall, within 15 days after the receipt of the report, cause (a) the report to be presented to a meeting of the board of directors of the member institution and to be incorporated in the minutes of the meeting; and (b) a certified copy of that portion of the minutes of the meeting that relates to the presentation of the report to be sent by registered mail to the chief executive officer of the Corporation at its head office. R.S., 1985, c. C-3, s. 30; R.S., 1985, c. 18 (3rd Supp.), s. 62; 1992, c. 26, s. 9(E); 1996, c. 6, s. 35; 2005, c. 30, s. 106; 2012, c. 5, s. 193(E); 2016, c. 7, s. 129
Canada Deposit Insurance Corporation Act — C-3 31.1
Acceleration of termination of policy of deposit insurance 31.1 (1) Despite any other provision of this Act, if, at any time after a notice of termination has been given to a provincial member institution under subsection 31(1), the Corporation concludes that (a) the financial condition of the provincial member institution has deteriorated since the giving of the notice, and (b) the interests of depositors will be adversely affected by any further delay in terminating the provincial member institution’s policy of deposit insurance, the Corporation shall without delay send a notice by registered mail, or deliver a notice by hand, to the provincial member institution and to the appropriate provincial Minister, to the effect that the policy of deposit insurance of the institution will be terminated on the expiration of a period of five days after the receipt of the notice by the institution. Revocation (2) The Board of Directors of the Corporation or one of its committees established for the purpose may, before the expiry of the period specified in the notice, revoke the notice if, after considering any written representations made by the provincial member institution, it is satisfied that it is appropriate to do so. (3) [Repealed, 2007, c. 6, s. 414] Revocation (4) The Corporation shall revoke a notice sent or delivered under subsection (1) where the appropriate provincial Minister or provincial supervisor, as the case may be, has taken control of the provincial member institution or its assets. Termination of policy (5) Unless a notice sent or delivered under subsection (1) is revoked under subsection (3) or (4), the policy of deposit insurance of the provincial member institution to which the notice was sent or delivered shall terminate on the expiration of the period specified in the notice. Effect of revocation (6) The revocation of a notice under subsection (3) or (4) does not revoke a notice given under subsection 31(1). R.S., 1985, c. 18 (3rd Supp.), s. 62; 1996, c. 6, s. 37; 2007, c. 6, s. 414
Canada Deposit Insurance Corporation Act — C-3 32
Termination of policy by provincial member institution 32 (1) A provincial member institution may terminate a policy of deposit insurance by giving such notice of termination as may be required by the policy. Effect of termination (2) Unless the policy of deposit insurance of a provincial member institution otherwise provides, section 34 applies in respect of deposits with the institution on the termination of the policy by the institution. R.S., 1985, c. C-3, s. 32; R.S., 1985, c. 18 (3rd Supp.), s. 62
Canada Deposit Insurance Corporation Act — C-3 33
Cancellation 33 (1) Subject to subsection (3), the policy of deposit insurance of a member institution may be cancelled by the Corporation if, in the opinion of the Corporation, the member institution (a) is or is about to become insolvent; (b) has ceased to accept deposits; or (c) has not begun to accept deposits within a period of two years beginning on the day on which it became a member institution. Cancellation (2) If a member institution intends to cease to accept deposits, it must notify the Corporation and the institution’s policy of deposit insurance may, subject to subsection (3), be cancelled by the Corporation. No cancellation in certain cases (3) The Corporation shall notify the Minister and the Superintendent of the action it is proposing to take under subsection (1) or (2) and it shall not take the action if it is advised by the Minister that in the opinion of the Minister taking the action would not be in the public interest. R.S., 1985, c. C-3, s. 33; R.S., 1985, c. 18 (3rd Supp.), s. 62; 1996, c. 6, s. 38; 2007, c. 6, s. 415; 2012, c. 5, s. 194
Canada Deposit Insurance Corporation Act — C-3 34
Effect of termination or cancellation 34 (1) If the policy of deposit insurance of a member institution is terminated or cancelled by the Corporation, the deposits with the institution on the day the termination or cancellation takes effect, less any withdrawals from those deposits, continue to be insured under the terminated or cancelled policy of deposit insurance for a period of two years or, in the case of a term deposit with a remaining term exceeding two years, to the maturity of the term deposit. Non-application of continued coverage (2) Subsection (1) does not apply in respect of a deposit with (a) a member institution if the deposit has been assumed by another member institution; or (b) a former member institution that has received authorization to accept deposits payable in Canada without being a member institution and the policy of deposit insurance of which has been cancelled. Corporations not member institutions (3) A corporation is not considered to be a member institution by reason only that its deposits continue to be insured under subsection (1). Continuing obligations (4) Termination or cancellation of a policy of deposit insurance does not relieve a former member institution from obligations and liabilities to the Corporation that have accrued before the termination or cancellation. Amendment of order (5) If the policy of deposit insurance of a federal member institution is cancelled by the Corporation under paragraph 33(1)(b) or (c) or subsection 33(2), the Superintendent must, under paragraph 54(1)(a) of the Bank Act , paragraph 62(1)(a) of the Cooperative Credit Associations Act or paragraph 58(1)(b) of the Trust and Loan Companies Act , as the case may be, amend the federal member institution’s order approving the commencement and carrying on of business to prohibit the institution from accepting deposits in Canada. R.S., 1985, c. C-3, s. 34; 1996, c. 6, s. 39; 1999, c. 28, s. 107; 2007, c. 6, s. 416; 2012, c. 5, s. 195
Canada Deposit Insurance Corporation Act — C-3 35
Creditor remedies available 35 (1) Where in the opinion of the Corporation a member institution is or is about to become insolvent, the Corporation is deemed to be a creditor of the member institution and the Corporation may initiate and take any measures or proceedings that a creditor of the member institution may initiate or take under law to preserve the assets of the member institution or to have it wound up or liquidated. No measures to be taken in certain cases (1.1) The Corporation shall notify the Minister of the action it is proposing to take under subsection (1) and shall not take the action if it is advised by the Minister that in the opinion of the Minister taking the action would not be in the public interest. Presumption (2) For the purposes of this section, the Corporation is deemed to be a creditor of a member institution despite the termination or cancellation of the institution’s policy of deposit insurance. R.S., 1985, c. C-3, s. 35; R.S., 1985, c. 18 (3rd Supp.), s. 63; 1992, c. 27, s. 90; 1993, c. 34, s. 14; 1996, c. 6, s. 40; 2007, c. 6, s. 417
Canada Deposit Insurance Corporation Act — C-3 36
Removal of references to deposit insurance 36 (1) If the policy of deposit insurance of a member institution is terminated or cancelled, the member institution shall notify its depositors of that fact and shall remove all references to deposit insurance under this Act from all forms of advertising by the institution. Public notice (2) The Corporation may, in the manner and through any news media that it considers appropriate, give public notice of the termination or cancellation of the policy of deposit insurance of a member institution if, in the opinion of the Corporation, the public interest requires that such notice be given. R.S., 1985, c. C-3, s. 36; 2007, c. 6, s. 418
Canada Deposit Insurance Corporation Act — C-3 37
Provincial deposit insurance 37 (1) If under the law of any province the government of the province or an agent of that government guarantees or insures any of the deposits with a provincial institution operating within the province, the Corporation, subject to section 17.1 and any agreement entered into under subsection (3), may (a) insure some or all of the deposits with the institution; or (b) amend the institution’s policy of deposit insurance, to exclude from the policy any of the deposits with the institution. (2) [Repealed, 2007, c. 6, s. 419] Agreement with province (3) The Corporation may, with the approval of the Governor in Council, enter into an agreement with the government, or an agent of the government, of a province referred to in subsection (1), to provide for reciprocal arrangements relating to the administration or operation of the law of that province and of this Act. Regulations (4) For the purpose of enabling the Corporation to carry out an insuring arrangement referred to in subsection (1) or provided for in an agreement under subsection (3), the Governor in Council may, by regulation, make provision for any matter or thing arising from the insuring arrangement or agreement. Refund of premiums (5) Where the Corporation during any premium year ceases to insure any of the deposits held by a member institution that is a provincial institution, by reason of the fact that such deposits are guaranteed or insured pursuant to the law of a province, the Corporation may refund to that provincial institution the proportion of the premium paid by the provincial institution to the Corporation for that premium year in respect of those deposits that bears the same relation to the premium for the full premium year in respect of those deposits that the unexpired part of the premium year bears to the full premium year, but in no case shall a refund be made that will reduce the premium paid by the provincial institution to the Corporation for the premium year to less than five thousand dollars. Saving (6) Nothing in this section shall be construed as authorizing the Corporation to insure deposits contrary to section 12. Definition of deposits (7) In this section, deposits includes a part of a deposit. R.S., 1985, c. C-3, s. 37; R.S., 1985, c. 18 (3rd Supp.), s. 64; 2007, c. 6, s. 419
Canada Deposit Insurance Corporation Act — C-3 38
Agreements for examination of provincial institutions 38 (1) Notwithstanding section 28, the Corporation may enter into an agreement with the government, or an agent of the government, of a province referred to in subsection 37(1) to provide for (a) the exchange between the Corporation and that government or agent of information that is obtained by any examination of provincial institutions required by this Act or the law of that province; and (b) special examinations, by representatives of both parties to the agreement and at the request of either party, of any of the provincial institutions that are member institutions operating in that province. In lieu of examination (2) The Corporation may accept information received from an exchange of information referred to in paragraph (1)(a) in lieu of any examination required by this Act. R.S., c. C-3, s. 32
Canada Deposit Insurance Corporation Act — C-3 39
Short term loans to insuring agents 39 The Corporation may, with the approval of the Governor in Council and on such terms and conditions as the Governor in Council may prescribe, enter into an agreement with an agent of the government of a province that guarantees or insures deposits with provincial institutions in that province, to extend to that agent short term loans, secured by such security as the Corporation deems adequate, to enable that agent to meet short term requirements for liquid funds arising from its operations. R.S., c. C-3, s. 33
Canada Deposit Insurance Corporation Act — C-3 39.01
Submission of plan 39.01 A domestic systemically important bank shall, on the request of the Corporation, develop and maintain a resolution plan that meets the requirements referred to in paragraph 11(2)(e) and shall submit that plan to the Corporation. 2017, c. 20, s. 110