GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Canada Deposit Insurance Corporation Act — C-3 14
by deposit insurance discharges the Corporation from all liability to the extent of the amount of the payment made in respect of that deposit, and in no case is the Corporation under any obligation to see to the proper application in any way of the payment so made. Subrogation (4) Where the Corporation makes a payment under this section in respect of any deposit with a member institution, the Corporation is subrogated, to the extent of the amount of the payment made, to all the rights and interests of the depositor and may maintain an action in respect of those rights and interests in the name of the depositor or in the name of the Corporation. Subrogation — returned payment (4.01) In the case of a returned payment, at the expiry of one year from the applicable date referred to in subsection (2.9), the Corporation is subrogated, to the extent of the amount of the returned payment, to all the rights and interests of the depositor and may maintain an action in respect of those rights and interests in the name of the depositor or in the name of the Corporation. Priority (4.1) If the Corporation is subrogated to the rights and interests of a depositor under subsection (4) or (4.01) in respect of any deposit with a member institution that is being wound up, the Corporation ranks, (a) to the extent that the payment was made under subsection (2) or (2.1), including in the case of a returned payment, equally with the depositor in respect of their deposit; and (b) to the extent that the payment includes any interest paid under subsection (2.4), equally with the depositor in respect of interest accruing and payable on their deposit after the date of the making of the winding-up order. No set-off or compensation (4.2) Despite section 73 of the Winding-up and Restructuring Act , if the Corporation makes a payment under this section in respect of any deposit with a member institution, the law of set-off or compensation does not apply to a claim by the Corporation on the estate of the member institution in respect of that payment. Assignment (5) Where the Corporation deems it advisable, it may withhold payment in respect of any deposit with a member institution until it has received an assignment in writing of all the rights and interests of the depositor in relation to the deposit. Time limitation for claims (6) No action may be taken against the Corporation in respect of the obligation of the Corporation to make a payment in relation to a deposit held by a member institution that is being wound up unless the action is commenced within ten years after the date of the commencement of the winding-up. Interpretation (7) In this section, commencement of the winding-up means the time a winding-up is deemed to commence pursuant to section 5 of the Winding-up and Restructuring Act . R.S., 1985, c. C-3, s. 14; R.S., 1985, c. 18 (3rd Supp.), s. 52; 1992, c. 26, s. 6; 1996, c. 6, s. 26; 1997, c. 15, s. 112; 2005, c. 30, s. 103; 2007, c. 6, s. 403; 2009, c. 2, s. 238; 2012, c. 5, s. 188; 2018, c. 12, s. 204; 2018, c. 27, s. 161
Canada Deposit Insurance Corporation Act — C-3 14.01
Payment to the Bank of Canada 14.01 (1) The Corporation shall pay to the Bank of Canada an amount equal to a returned payment within three months after the expiry of a 10-year period from the applicable date referred to in subsection 14(2.9), and payment to the Bank of Canada accordingly discharges the Corporation from all liability in respect of the returned payment. Notice (2) The Corporation shall mail to each person to whom a returned payment remains payable, at the person’s address in so far as the address is known to the Corporation, a notice that the returned payment remains unpaid and that payment of an amount equal to the returned payment will be paid by the Corporation to the Bank of Canada. The notice must be sent at least six months before the date by which payment is to be made by the Corporation to the Bank of Canada and must also include the mailing address and websites where information can be obtained on how to claim the returned payment from the Corporation before payment is made by the Corporation to the Bank of Canada. Provision of information (3) The Corporation shall, on making a payment under subsection (1), provide to the Bank of Canada the amount of the returned payment and, in so far as it is known to the Corporation, any information that the Bank of Canada determines is necessary to verify the identity of the depositor who is entitled to the returned payment, including (a) the depositor’s name; (b) the depositor’s address; (c) information relating to the depositor’s pieces of identification; and (d) information relating to another person’s authority to act on behalf of the depositor. Payment to claimant (4) Subject to section 22 of the Bank of Canada Act , if payment has been made to the Bank of Canada under subsection (1) in respect of any returned payment, and if payment is demanded from the Bank of Canada by the person who, but for that subsection, would be entitled to receive the returned payment, the Bank of Canada is liable to pay an amount equal to the amount so paid to it to the claimant. Enforcing liability (5) The liability of the Bank of Canada under subsection (4) may be enforced by action or other civil proceeding against the Bank of Canada in any court of competent jurisdiction. 2012, c. 5, s. 189
Canada Deposit Insurance Corporation Act — C-3 14.1
Sale of information to liquidator 14.1 (1) The Corporation may sell to the liquidator of a member institution appointed under the Winding-up and Restructuring Act any information that was gathered or produced at the expense of the Corporation, if that expense is not one that may be recovered by the Corporation from the member institution under subsection 14(2.8). Payment part of winding-up costs (2) Any amount paid by the liquidator for that information is deemed for the purpose of section 94 of the Winding-up and Restructuring Act to be a cost incurred in the winding-up of the member institution. 1997, c. 15, s. 113
Canada Deposit Insurance Corporation Act — C-3 15
Premiums recoverable 15 A premium assessed by the Corporation against a member institution for the purposes of this Act constitutes a debt owing to Her Majesty in right of Canada and the amount thereof together with any interest levied by the Corporation as an overdue charge is recoverable by action in any court of competent jurisdiction. R.S., 1985, c. C-3, s. 15; R.S., 1985, c. 18 (2nd Supp.), s. 3, c. 18 (3rd Supp.), s. 53
Canada Deposit Insurance Corporation Act — C-3 16
16 [Repealed, R.S., 1985, c. 18 (3rd Supp.), s. 53]
Canada Deposit Insurance Corporation Act — C-3 17
Insurance of federal institutions 17 (1) The Corporation shall, in the manner and to the extent provided in this Act and the by-laws, insure the deposits held by a federal institution in respect of which an order approving the commencement and carrying on of business has been made by the Superintendent unless (a) that order prohibits the institution from accepting deposits in Canada; (b) that order authorizes the institution to accept deposits in Canada solely in accordance with subsection 413(3) of the Bank Act , subsection 378.1(2) of the Cooperative Credit Associations Act or subsection 413(2) of the Trust and Loan Companies Act ; (c) the institution has been authorized under section 26.03 to accept deposits payable in Canada while no longer being a member institution; or (d) the institution’s policy of deposit insurance has been terminated under section 31 or cancelled under section 33. Effect of amendment to order (2) If the order approving the commencement and carrying on of business by a federal institution is at any time amended so as to not contain the prohibition or restriction referred to in paragraphs (1)(a) and (b), respectively, (a) on the day on which the amendment takes effect, any authorization under section 26.03 that permits the institution to accept deposits payable in Canada while no longer being a member institution is revoked; (b) on the day on which the amendment takes effect, any existing cancellation of the institution’s policy of deposit insurance under paragraph 33(1)(b) or (c) or subsection 33(2) is revoked; and (c) as of the day on which the amendment takes effect, the Corporation shall insure the deposits held by the institution under subsection (1). Exception (3) Subsection (2) does not apply in respect of a federal institution whose policy of deposit insurance has been terminated under section 31 or cancelled under paragraph 33(1)(a). Notice to Corporation (4) The Superintendent shall notify the Corporation of (a) every application to incorporate a federal institution, or to continue a corporation as a federal institution, in respect of which the Superintendent is likely to make an order approving the commencement and carrying on of business that does not contain the prohibition or restriction referred to in paragraphs (1)(a) and (b), respectively; and (b) every application by a federal institution to have its order approving the commencement and carrying on of business amended so as to not contain the prohibition or restriction referred to in paragraphs (1)(a) and (b), respectively. R.S., 1985, c. C-3, s. 17; R.S., 1985, c. 18 (3rd Supp.), s. 54; 1991, c. 45, s. 543; 2005, c. 30, s. 104; 2007, c. 6, s. 404; 2012, c. 5, s. 190
Canada Deposit Insurance Corporation Act — C-3 17.01
Insurance of amalgamating institutions 17.01 Despite section 17, the Corporation must, in the manner and to the extent provided in this Act and the by-laws, insure the deposits held by a federal credit union that was a local cooperative credit society prior to the issuance of the letters patent in respect of its continuation for the purposes of amalgamation. 2026, c. 3, s. 340
Canada Deposit Insurance Corporation Act — C-3 17.1
Insurance of provincial institutions 17.1 On the application of a provincial institution, the Corporation may insure the deposits held by the institution in the manner and to the extent provided in this Act and the by-laws, if (a) the Corporation approves the institution for deposit insurance; (b) the institution is authorized by the province of its incorporation to apply for deposit insurance; (c) the institution agrees, in carrying on its business, not to exercise powers substantially different from the powers exercisable by a company to which the Trust and Loan Companies Act applies; and (d) the Corporation is satisfied that at all times the Corporation will have adequate access to information regarding the institution. 2007, c. 6, s. 404
Canada Deposit Insurance Corporation Act — C-3 17.2
Policy of deposit insurance 17.2 Every member institution is deemed to have obtained a policy of deposit insurance on the day on which it became a member institution. 2007, c. 6, s. 404
Canada Deposit Insurance Corporation Act — C-3 18
Form of application for deposit insurance 18 (1) An application for deposit insurance shall be in the form, and accompanied by a fee of the amount and type, that may be prescribed by the by-laws. (2) [Repealed, R.S., 1985, c. 18 (3rd Supp.), s. 55] Contents of policy (3) The policy of deposit insurance shall consist of the provisions that may be prescribed by the by-laws. Records retained outside Canada (3.1) Where a member institution that is authorized to do so under the by-laws retains at a place outside Canada records referred to in the policy of deposit insurance, including for the purpose of any examination by or on behalf of the Corporation, the Corporation may, in the case referred to in paragraph (a), and shall, in the case referred to in paragraph (b), direct the institution to maintain a copy of those records in Canada: (a) if the Corporation is of the opinion that it does not have immediate, direct, complete and ongoing access to those records; or (b) if the Corporation is advised by the Minister that the Minister is of the opinion that it is not in the national interest for the institution not to maintain a copy of those records in Canada. By-laws (3.2) The Board may make by-laws respecting: (a) what constitutes immediate, direct, complete and ongoing access, for the purpose of paragraph (3.1)(a); and (b) the time within and manner in which a member institution is required to comply with a direction under subsection (3.1). Policies deemed to be amended (4) If a by-law respecting the content of the policy of deposit insurance is amended, or revoked and replaced, every policy of deposit insurance is deemed to be amended or replaced accordingly. R.S., 1985, c. C-3, s. 18; R.S., 1985, c. 18 (3rd Supp.), s. 55; 1992, c. 26, s. 7; 1999, c. 28, s. 100; 2007, c. 6, s. 405 2020, c. 1, s. 21
Canada Deposit Insurance Corporation Act — C-3 19
19 [Repealed, R.S., 1985, c. 18 (3rd Supp.), s. 56]
Canada Deposit Insurance Corporation Act — C-3 20
Funds 20 The Corporation shall maintain funds for the purpose of carrying out its objects. R.S., 1985, c. C-3, s. 20; 2018, c. 27, s. 162
Canada Deposit Insurance Corporation Act — C-3 21
Assessment and collection of premiums 21 (1) The Corporation shall, for each premium year, assess and collect from each member institution an annual premium in an amount equal to the lesser of (a) the annual premium for that member institution determined under the by-laws, and (b) the maximum annual premium. By-laws re premiums (2) The Board may make by-laws respecting the determination of annual premiums for member institutions and, without restricting the generality of the foregoing, may make by-laws (a) for the establishment of a system of classifying member institutions in different categories; (b) respecting the criteria or factors to be taken into account or procedures to be followed by the Corporation in determining the category in which a member institution is classified; and (c) fixing the amount of, or providing for the manner of determining the amount of, the annual premium applicable to each category. When by-law not effective (3) A by-law made under subsection (2) is not effective unless it has been approved in writing by the Minister. Maximum annual premium (4) In this section, maximum annual premium means, in respect of a member institution, the greater of (a) $5,000, and (b) one third of one per cent, or such smaller proportion of one per cent as may be fixed in respect of the premium year by the Governor in Council, of an amount equal to the sum of so much of the deposits as are considered to be insured by the Corporation and deposited with the member institution as of April 30 in the immediately preceding premium year. Calculation of deposits (5) For the purposes of this section, a member institution may use any method approved by the Corporation for that premium year to determine or estimate the aggregate amount of its deposits that are considered to be insured by the Corporation. R.S., 1985, c. C-3, s. 21; R.S., 1985, c. 18 (3rd Supp.), s. 57; 1996, c. 6, s. 27; 2007, c. 6, s. 406; 2018, c. 27, s. 163
Canada Deposit Insurance Corporation Act — C-3 22
Returns 22 (1) The premium payable by a member institution shall be based on returns to be certified by the institution and submitted in such form and at such time as the Corporation may require. Payable in instalments (2) One half of the premium payable by a member institution shall be paid to the Corporation on or before July 15 in the premium year for which the premium is payable and the remainder shall be paid to the Corporation, without interest, on or before December 15 in that premium year. R.S., 1985, c. C-3, s. 22; 1996, c. 6, s. 28
Canada Deposit Insurance Corporation Act — C-3 23
Calculation of first premium 23 (1) The premium payable by a member institution in respect of the premium year in which it becomes a member institution shall be the same proportion of the lesser of (a) the annual premium for that member determined by by-law made under subsection 21(2) based on an amount equal to the sum of so much of the deposits as are considered to be insured by the Corporation and deposited with the member institution as of the end of the month in which it becomes a member institution, and (b) the greater of (i) $5,000, and (ii) one third of one per cent, or such smaller proportion of one per cent as may be fixed in respect of the premium year by the Governor in Council, of an amount equal to the sum of so much of the deposits as are considered to be insured by the Corporation and deposited with the member institution as of the end of the month in which it becomes a member institution, as the number of days in which any of the deposits with that member institution are insured by the Corporation in that premium year is of 365. Payment of first premium (2) Despite subsection 22(2), the premium payable by a member institution under subsection (1) must be paid to the Corporation, without interest, within 30 days after the end of the month in which the member institution becomes a member institution. R.S., 1985, c. C-3, s. 23; R.S., 1985, c. 18 (3rd Supp.), s. 58; 1996, c. 6, s. 29; 2001, c. 9, s. 207; 2007, c. 6, s. 407
Canada Deposit Insurance Corporation Act — C-3 24
Where premiums payable 24 All premiums payable shall be paid to the Corporation at its head office. R.S., 1985, c. C-3, s. 24; R.S., 1985, c. 18 (3rd Supp.), s. 58; 2009, c. 2, s. 239
Canada Deposit Insurance Corporation Act — C-3 24.1
No set-off on premium payment 24.1 No member institution shall, without the prior agreement of the Corporation, reduce or extinguish a premium payment, interest or other payment to be made to the Corporation by reason of a set-off or claim by the member institution against the Corporation. 1996, c. 6, s. 30; 2001, c. 9, s. 208
Canada Deposit Insurance Corporation Act — C-3 25
Overdue charges 25 Notwithstanding anything in sections 21 to 23, the Corporation may charge interest at a rate equal to the rate prescribed pursuant to subsection 161(1) of the Income Tax Act plus two per cent on the unpaid amount of any premium instalment not paid on or before the due date of that instalment. R.S., 1985, c. C-3, s. 25; R.S., 1985, c. 18 (3rd Supp.), s. 58
Canada Deposit Insurance Corporation Act — C-3 25.1
Premium surcharge 25.1 (1) Notwithstanding sections 21 to 25, where, in the opinion of the Corporation, a member institution is engaging in such practice as may be prescribed in the by-laws as warranting a premium surcharge, the Corporation, after (a) consultation with the Superintendent or the provincial supervisor, as the case may be, and (b) giving the member institution an opportunity to make written representations, may assess and collect from the member institution a premium surcharge in respect of the premium year or any part thereof. Amount of premium surcharge (2) The amount of the premium surcharge that may be assessed against and collected from a member institution under subsection (1) in respect of any premium year shall be such amount as the Corporation may determine to be fair in the circumstances and in no case shall exceed an amount equal to one sixth of one per cent of so much of each deposit as is considered to be insured by the Corporation and deposited with the member institution as of April 30 in the immediately preceding premium year. Application of sections 21 to 25 (3) The provisions of sections 21 to 25 that are not inconsistent with subsections (1) and (2) apply, with such modifications as the circumstances require, in respect of any premium surcharge assessed under subsection (1). R.S., 1985, c. 18 (2nd Supp.), s. 4, c. 18 (3rd Supp.), s. 59; 1996, c. 6, s. 31; 2007, c. 6, s. 408
Canada Deposit Insurance Corporation Act — C-3 25.2
Non-application to special premium 25.2 Section 21, subsection 22(2), section 23 and subsection 37(5) do not apply to a special premium. 2009, c. 2, s. 240
Canada Deposit Insurance Corporation Act — C-3 25.3
By-laws — special premium 25.3 (1) In respect of each order made under subsection 7.1 (1) or each direction given under subsection 11.1 (1), the Board may make by-laws respecting the recovery from member institutions or any class of member institutions of the loss referred to in section 7.3 or 11. 3 , as the case may be, including by-laws (a) fixing the special premium payable by member institutions or any class of member institutions or providing for the manner of fixing the special premium; (b) establishing a system of classifying member institutions in different classes; (c) establishing the criteria or factors to be taken into account or procedures to be followed by the Corporation in determining the class in which a member institution is classified; or (d) respecting the time and manner in which a special premium shall be paid. When by-law not effective (2) A by-law made under subsection (1) is not effective unless it has been approved in writing by the Minister. 2009, c. 2, s. 240
Canada Deposit Insurance Corporation Act — C-3 25.4
Interpretation 25.4 For the purposes of sections 21 to 25.3, the deposits that are considered to be insured by the Corporation include the total amount of all deposits held in accounts that are identified as professional trustee accounts in accordance with section 9 of the schedule. 2018, c. 12, s. 205
Canada Deposit Insurance Corporation Act — C-3 26
26 (1) [Repealed, 2018, c. 27, s. 164] (2) [Repealed, 1996, c. 6, s. 32]
Canada Deposit Insurance Corporation Act — C-3 26.01
Interpretation 26.01 (1) Subject to subsections (2) and (3), for the purposes of sections 26.02 to 26.06, deposit has the meaning that would be given to it by the schedule, for the purposes of deposit insurance, if the schedule were read without reference to subsections 2(2), (5) and (6) of the schedule. Exception (2) For the purposes of subparagraph 26.03(1)(c)(iii) and paragraph 26.03(1)(d), deposit has the meaning that would be given to it by the schedule, for the purposes of deposit insurance, but does not include deposits not payable in Canada. Exception (3) For the purposes of paragraph 26.03(1)(b) and subsection 26.03(2), deposit has the meaning that would be given to it by the schedule, for the purposes of deposit insurance, if the schedule were read without reference to subsections 2(2), (5) and (6) of the schedule, but does not include deposits prescribed by the by-laws. By-laws (4) The Board may make by-laws (a) prescribing the deposits referred to in subsection (3); and (b) prescribing terms and conditions with respect to the acceptance of those deposits. 1997, c. 15, s. 114; 1999, c. 28, s. 101 2018, c. 12, s. 206
Canada Deposit Insurance Corporation Act — C-3 26.02
Application 26.02 If a federal member institution intends to accept deposits payable in Canada while no longer being a member institution, it must apply to the Corporation for an authorization to do so. The application must be in a form that is acceptable to the Corporation and must contain the information that the Corporation may require. 1997, c. 15, s. 114; 2007, c. 6, s. 410