GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Canada Deposit Insurance Corporation Act — C-3 45
Public Service Superannuation Act 45 (1) The officers and employees of the Corporation shall be deemed to be employed in the public service for the purposes of the Public Service Superannuation Act and the Corporation shall be deemed to be a Public Service corporation for the purposes of section 37 of that Act. Application of other Acts (2) For the purposes of the Government Employees Compensation Act and any regulation made pursuant to section 9 of the Aeronautics Act , the Chairperson and employees of the Corporation shall be deemed to be employees in the federal public administration. Superannuation (3) The Public Service Superannuation Act does not apply to the Chairperson, unless the Governor in Council otherwise directs, or to the director of the Corporation who holds the office of Governor of the Bank of Canada. R.S., 1985, c. C-3, s. 45; 1996, c. 6, s. 47(E); 2003, c. 22, ss. 224(E), 225(E)
Canada Deposit Insurance Corporation Act — C-3 45.1
No liability for acts in good faith 45.1 (1) Her Majesty in right of Canada, any servant or agent of Her Majesty, the Corporation, its directors, officers and employees and any person acting on behalf of the Corporation are not liable to any member institution, depositor with, or creditor or shareholder of, any member institution, or to any other person, for any damages, payment, compensation, contribution or indemnity that any such member institution, depositor, creditor, shareholder or other person may suffer or claim by reason of anything done or omitted to be done, in good faith, in the exercise, execution or performance — or the purported exercise, execution or performance — of any powers, duties and functions under this Act. Obligation remains (2) Nothing in subsection (1) shall be construed to relieve the Corporation from the obligation to make payment in respect of a deposit insured under this Act or to pay compensation under section 39.23. R.S., 1985, c. 18 (3rd Supp.), s. 68; 2016, c. 7, s. 148
Canada Deposit Insurance Corporation Act — C-3 45.11
Directors and officers of institutions 45.11 (1) Directors and officers of a federal member institution in respect of which an order is made under paragraph 39.13(1)(a) or (b) or of a bridge institution are not liable for any damages, payment, compensation, contribution or indemnity that any person may suffer or claim by reason of anything done or omitted to be done during the period set out in subsection (3), in good faith, in the exercise, execution or performance of any powers, duties and functions as directors or officers of the institution. Indemnification (2) Section 119 of the Financial Administration Act and the regulations made under that section apply to the directors and officers referred to in subsection (1) in respect of anything done or omitted to be done in the exercise, execution or performance of their powers, duties and functions during the period set out in subsection (3), as if the federal member institution or the bridge institution were a Crown corporation within the meaning of section 83 of that Act. Time period (3) The period referred to in subsections (1) and (2) begins on the day on which the order is made under subsection 39.13(1) and ends (a) on the date specified in a notice described in subsection 39.2(3) in respect of the federal member institution; (b) on the day on which the bridge institution ceases to be designated as such; or (c) on the day on which a winding-up order is made in respect of the federal member institution or the bridge institution. 2009, c. 2, s. 252; 2016, c. 7, s. 149
Canada Deposit Insurance Corporation Act — C-3 45.12
Foreign relief — no recognition or enforcement 45.12 (1) Except with the consent of the Attorney General of Canada, no judgment, order or other relief given in a proceeding outside Canada in respect of an order made under subsection 39.13(1) shall be recognized or enforceable in any manner in Canada. No proceedings (2) Except with the consent of the Attorney General of Canada, no proceedings shall be commenced in any court in Canada in respect of the judgment, order or other relief given outside Canada. 2016, c. 7, s. 149
Canada Deposit Insurance Corporation Act — C-3 45.2
Confidentiality 45.2 (1) All information regarding the affairs of a federal institution, provincial institution or local cooperative credit society, or of any person dealing with one, that is obtained or produced by or for the Corporation is confidential and shall be treated accordingly. Information to Governor of the Bank of Canada (1.1) The Corporation may, if it is satisfied that the information will be treated as confidential by the Governor of the Bank of Canada or any officer of the Bank of Canada authorized in writing by the Governor of the Bank of Canada, disclose any information referred to in subsection (1) to the Governor or the designated officer for the purpose of carrying out the Bank of Canada’s objects under the Retail Payment Activities Act or, in relation to any provisions of that Act that are not in force, for the purpose of planning to carry out those objects. Information from the Superintendent (2) The Corporation may, if it is satisfied that the information will be treated as confidential by the recipient and after consultation with the Superintendent, disclose any information obtained from the Superintendent regarding the affairs of a federal member institution (a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision; (b) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision; or (c) to any deposit insurer or any compensation association for purposes related to its operation. Information respecting nominee brokers (3) The Corporation may, if it is satisfied that the information will be treated as confidential by the recipient, disclose information that is obtained by it — or is produced by or for it — respecting the non-compliance of a nominee broker with section 7 of the schedule to (a) any government agency or body that regulates or supervises nominee brokers, for purposes related to that regulation or supervision; or (b) any other agency or body that regulates or supervises nominee brokers, for purposes related to that regulation or supervision. Making information public (4) Despite subsection (1), for the purpose of protecting the interests and rights of beneficiaries of nominee broker deposits, the Corporation may make information referred to in subsection (3) available to the public in a manner that it considers advisable. R.S., 1985, c. 18 (3rd Supp.), s. 68; 1996, c. 6, s. 43; 2001, c. 9, s. 214; 2010, c. 12, s. 2104; 2012, c. 5, ss. 203, 223 2018, c. 12, s. 207 2021, c. 23, s. 178
Canada Deposit Insurance Corporation Act — C-3 46
Insolvency and winding-up 46 No statute relating to the insolvency or winding-up of any corporation applies to the Corporation and in no case shall the affairs of the Corporation be wound up unless Parliament so provides. R.S., 1985, c. C-3, s. 46; 2007, c. 6, s. 420(E)
Canada Deposit Insurance Corporation Act — C-3 47
False statements 47 A person is guilty of an offence if the person prepares, signs, approves or concurs in any account, statement, return, report or other document required to be submitted to the Corporation under the provisions of this Act, the regulations or the by-laws or under an application to become a member institution or a policy of deposit insurance that (a) contains any false or deceptive information; or (b) fails to present fairly information required to be submitted to the Corporation. R.S., 1985, c. C-3, s. 47; 1996, c. 6, s. 45; 2001, c. 9, s. 215; 2016, c. 7, s. 151
Canada Deposit Insurance Corporation Act — C-3 48
Failure to make report known 48 A person who, being a chief executive officer or chairperson of the board of directors of a member institution, fails or neglects to present, as required by section 30, a report of the Corporation made under that section is guilty of an offence and, if the directors fail or neglect to incorporate that report in the minutes of a meeting of the directors as required by that section, each director present at that meeting who directed, authorized, assented to, acquiesced in or participated in the failure or neglect, is guilty of an offence. R.S., 1985, c. C-3, s. 48; R.S., 1985, c. 18 (3rd Supp.), s. 69; 1996, c. 6, s. 45
Canada Deposit Insurance Corporation Act — C-3 49
Failure to provide information, etc. 49 A member institution is guilty of an offence if it fails or neglects (a) within the time limited for so doing, to provide the Corporation with any account, statement, return, report or other document respecting the affairs of the member institution that is required to be submitted to the Corporation under the provisions of this Act, the regulations or the by-laws or under the policy of deposit insurance of the member institution; or (b) to respond, within a reasonable time, to a request for information or explanations respecting the member institution made by or on behalf of the Corporation under the provisions of this Act, the regulations or the by-laws or under the policy of deposit insurance of the member institution. R.S., 1985, c. C-3, s. 49; 1996, c. 6, s. 45; 2016, c. 7, s. 152
Canada Deposit Insurance Corporation Act — C-3 50
General offence 50 A member institution or other person is guilty of an offence if they, without reasonable cause, contravene a provision of this Act, other than section 47, 48 or 49, or a provision of the regulations or the by-laws. R.S., 1985, c. C-3, s. 50; R.S., 1985, c. 18 (3rd Supp.), s. 70; 1996, c. 6, s. 45; 2016, c. 7, s. 153
Canada Deposit Insurance Corporation Act — C-3 50.1
Punishment 50.1 Every member institution or other person who commits an offence under this Act is liable on summary conviction (a) in the case of a natural person, to a fine not exceeding $100,000 or to imprisonment for a term not exceeding twelve months, or to both; or (b) in any other case, to a fine not exceeding $500,000. 1996, c. 6, s. 45
Canada Deposit Insurance Corporation Act — C-3 51
Court may order compliance 51 If a member institution or other person has been convicted of an offence under this Act, the court may, in addition to any fine or term of imprisonment that may be imposed, order the member institution or person to rectify the contravention of a provision of this Act, the regulations or the by-laws or the policy of deposit insurance in respect of which the member institution or person was convicted. R.S., 1985, c. C-3, s. 51; R.S., 1985, c. 18 (3rd Supp.), s. 71; 1996, c. 6, s. 45; 2016, c. 7, s. 154
Canada Deposit Insurance Corporation Act — C-3 52
Additional monetary punishment 52 (1) Where a member institution or other person has been convicted of an offence under this Act, the court may, where it is satisfied that as a result of the commission of the offence the convicted member institution or person acquired a monetary benefit or that a monetary benefit accrued to the benefit of the member institution or person, order the convicted member institution or person to pay, notwithstanding the maximum amount of any fine that may otherwise be imposed under this Act, an additional fine in an amount equal to the court’s estimation of the amount of the monetary benefit. Restraining or compliance order (2) If a member institution or other person does not comply with any provision of this Act, the regulations or the by-laws or the policy of deposit insurance that applies in respect of the member institution or person, the Corporation may apply to a superior court for an order directing the member institution or person to comply with or restraining the member institution or person from acting in breach of the provision or the policy and, on the application, the court may so order and make any further order that it thinks fit. R.S., 1985, c. C-3, s. 52; R.S., 1985, c. 18 (3rd Supp.), s. 71; 1996, c. 6, s. 45; 2016, c. 7, s. 155
Canada Deposit Insurance Corporation Act — C-3 53
Appeals 53 Any decision or order of a court that tries an issue under this Act may be appealed to the court having jurisdiction to hear appeals from that trial court. R.S., 1985, c. 18 (3rd Supp.), s. 71; 1996, c. 6, s. 45
Canada Deposit Insurance Corporation Act — C-3 54
Recovery and application of fines 54 All fines payable under this Act are recoverable and enforceable, with costs, at the suit of Her Majesty in right of Canada, instituted by the Attorney General of Canada and, when recovered, belong to Her Majesty in right of Canada. 1996, c. 6, s. 45
Canada Deposit Insurance Corporation Act — C-3 1
Definitions 1 In this schedule, date of deposit means, with respect to any moneys constituting a deposit, the day on which credit for the moneys is given to the account of the depositor or the day on which an instrument is issued for the moneys by the institution, as the case may be; ( date du dépôt ) depositor means a person whose account has been or is to be credited in respect of moneys constituting a deposit or part of a deposit or a person to whom a member institution is liable in respect of an instrument issued for moneys constituting a deposit or part of a deposit; ( déposant ) loan company means a member institution to which the Trust and Loan Companies Act applies and that is not a trust company pursuant to subsection 57(2) of that Act; ( société de prêt ) patronage allocation has the same meaning as in section 2 of the Bank Act ; ( ristourne ) person includes an association of persons and a government; ( personne ) registered disability savings plan has the same meaning as in subsection 146.4(1) of the Income Tax Act ; ( régime enregistré d’épargne-invalidité ) registered education savings plan has the same meaning as in subsection 146.1(1) of the Income Tax Act ; ( régime enregistré d’épargne-études ) subordinated note [Repealed, 2007, c. 6, s. 421] subordinated shareholder loan [Repealed, 2007, c. 6, s. 421] trust company means a member institution to which the Trust and Loan Companies Act applies and that is a trust company pursuant to subsection 57(2) of that Act. ( société de fiducie )
Canada Deposit Insurance Corporation Act — C-3
date of deposit means, with respect to any moneys constituting a deposit, the day on which credit for the moneys is given to the account of the depositor or the day on which an instrument is issued for the moneys by the institution, as the case may be; ( date du dépôt )
Canada Deposit Insurance Corporation Act — C-3
depositor means a person whose account has been or is to be credited in respect of moneys constituting a deposit or part of a deposit or a person to whom a member institution is liable in respect of an instrument issued for moneys constituting a deposit or part of a deposit; ( déposant )
Canada Deposit Insurance Corporation Act — C-3
loan company means a member institution to which the Trust and Loan Companies Act applies and that is not a trust company pursuant to subsection 57(2) of that Act; ( société de prêt )
Canada Deposit Insurance Corporation Act — C-3
patronage allocation has the same meaning as in section 2 of the Bank Act ; ( ristourne )
Canada Deposit Insurance Corporation Act — C-3
person includes an association of persons and a government; ( personne )
Canada Deposit Insurance Corporation Act — C-3
registered disability savings plan has the same meaning as in subsection 146.4(1) of the Income Tax Act ; ( régime enregistré d’épargne-invalidité )
Canada Deposit Insurance Corporation Act — C-3
registered education savings plan has the same meaning as in subsection 146.1(1) of the Income Tax Act ; ( régime enregistré d’épargne-études )
Canada Deposit Insurance Corporation Act — C-3
subordinated note [Repealed, 2007, c. 6, s. 421]
Canada Deposit Insurance Corporation Act — C-3
subordinated shareholder loan [Repealed, 2007, c. 6, s. 421]
Canada Deposit Insurance Corporation Act — C-3
trust company means a member institution to which the Trust and Loan Companies Act applies and that is a trust company pursuant to subsection 57(2) of that Act. ( société de fiducie )
Canada Deposit Insurance Corporation Act — C-3 2
ords shall be deemed to be the depositor; and (c) the entry of a transfer in the records of a member institution is ineffective for the purposes of paragraph (b), if the entry is made subsequent to the termination or cancellation of the policy of deposit insurance of the member institution. Moneys received on or after January 1, 1977 (6) Despite subsection (1), moneys received by a member institution on or after January 1, 1977, for which the institution has issued or is obligated to issue an instrument of indebtedness, other than a draft, certified draft or cheque, prepaid letter of credit or money order, do not constitute a deposit where the instrument is payable outside Canada. Patronage allocation (7) A patronage allocation does not constitute a deposit.
Canada Deposit Insurance Corporation Act — C-3 3
Not part of deposit 3 If a member institution is obligated to repay to a person any moneys that are received or held by the institution and the date on which the person acquires their interest or right in the moneys is a date subsequent to the date on which the policy of deposit insurance of the member institution is terminated or cancelled, the amount of the moneys is considered not to constitute part of a deposit for the purposes of deposit insurance with the Corporation.
Canada Deposit Insurance Corporation Act — C-3 4
Co-owned deposits 4 (1) If a member institution is obligated to repay moneys to a depositor who is acting as a co-owner with another person and the co-ownership is disclosed on the records of the member institution, in accordance with the by-laws, the deposit of the depositor is, for the purposes of deposit insurance with the Corporation, considered to be a deposit separate from any deposit of the depositor acting in their own right, in a trust capacity or in another co-ownership capacity with the member institution. Co-ownership (2) For greater certainty, if two or more persons are co-owners of two or more deposits, the aggregate of those deposits shall be insured to a maximum of one hundred thousand dollars.
Canada Deposit Insurance Corporation Act — C-3 5
regate of those moneys and any other moneys that constitute a deposit or part of a deposit received from the same depositor under any other registered disability savings plan that is for the benefit of that individual is considered to be a single deposit separate from any other deposit for the benefit of that individual. Government moneys (6) For the purposes of subsections (4) and (5) moneys received by a member institution from a depositor in accordance with a registered education savings plan or a registered disability savings plan are considered to include moneys received from the government of Canada or the government of a province under that plan.
Canada Deposit Insurance Corporation Act — C-3 6
Trust deposits 6 (1) If a member institution is obligated to repay moneys to a depositor who is acting as a trustee for another person and the trusteeship is disclosed on the records of the member institution, in accordance with the by-laws, the deposit of the depositor is, for the purposes of deposit insurance with the Corporation, considered to be a deposit separate from any deposit of the depositor acting in their own right, in a co-ownership capacity or acting in a trust capacity for another person with the member institution. Separate trust deposit (2) If a member institution is obligated to repay moneys to a depositor who is acting as trustee for a beneficiary and the trusteeship is disclosed on the records of the member institution, in accordance with the by-laws, the interest or right of the beneficiary in the deposit is, for the purposes of deposit insurance with the Corporation, considered to be a deposit separate from any deposit of the beneficiary made with the member institution in their own right for their own use and separate from any interest or right of the beneficiary in respect of any other trust deposit made by another depositor of which the beneficiary is a beneficiary. Deposit of beneficiary (3) Subject to section 10 , if a member institution is obligated to repay moneys to a depositor who is acting as trustee for two or more beneficiaries and the interest or right of a beneficiary in the deposit is disclosed on the records of the member institution, in accordance with the by-laws, the interest or right of that beneficiary in the deposit is, for the purposes of deposit insurance with the Corporation, considered to be a separate deposit. Multiple deposits (4) For greater certainty, if a member institution is obligated to repay moneys to a depositor who is acting as trustee for two or more trusteeships under which the same beneficiary is a beneficiary, the aggregate of the interest or right of that beneficiary in those deposits shall be insured to a maximum of one hundred thousand dollars. Notice to trustees (5) The Corporation may, in accordance with the by-laws, require a member institution who is obligated to repay moneys to a depositor who is acting as a trustee for another person to provide the trustee with the information specified by the Corporation. Error or omission (6) An error or omission that results in a failure to meet a requirement of this schedule does not prevent a deposit from being considered a separate deposit under subsection (1), (2) or (3) if (a) the trustee is aware of the error or omission and has made their best efforts to correct it; or (b) the trustee is not aware of the error or omission but has exercised due diligence to be in compliance with the requirements of this schedule.
Canada Deposit Insurance Corporation Act — C-3 7
Additional conditions 7 (1) The following conditions apply to nominee broker deposits in addition to those set out in section 6 : (a) at the time the deposit is made and each time a change is made to the deposit, the nominee broker must provide the following information to the member institution for it to disclose on its records (i) the fact that the deposit is made by a nominee broker, (ii) the unique alphanumeric code for each beneficiary of the deposit, assigned in accordance with the by-laws, (iii) the amount or percentage of the interest or right of the beneficiary associated with that code, and (iv) any other information specified in the by-laws; and (b) the nominee broker must provide, in accordance with the by-laws, the following to the Corporation, within three business days after the day on which a request is made by the Corporation: (i) each unique alphanumeric code provided under subparagraph (a)(ii), (ii) the current name and address of the beneficiary associated with that code, and (iii) any other information specified in the by-laws respecting the deposit. Co-ownership (2) If two or more persons are co-owners of a deposit, they are, for the purposes of assigning a unique alphanumeric code, considered to be a single beneficiary, separate from any of the persons as a beneficiary — in their own right, in a trust capacity or in another co-ownership capacity — of a deposit made by the same nominee broker with the same member institution.