Canada Deposit Insurance Corporation Act — C-3 39.15
 directly or indirectly — by the entity referred to in paragraph (b). Eligible third parties (7.21) The Corporation may assign eligible financial contracts to a third party under subsection (7.2) if the third party has met any condition that may be prescribed in the by-laws and has certified in writing that (a) it maintains all material licences and registrations that are required for the continued operation of its business and, if applicable, that it is in good standing in respect of those licences and registrations; (b) it has, on its balance sheet, assets that exceed its liabilities; (c) it is able to discharge its obligations in respect of the assigned eligible financial contracts as they become due; and (d) its creditworthiness, taking into account any credit support or guarantee in respect of its obligations under the assigned contracts, is at least as good as the federal member institution’s creditworthiness was immediately before the order was made under subsection 39.13(1), taking into account any credit support or guarantee in respect of the federal member institution’s obligations under those contracts. Effects of assignment of eligible financial contracts (7.3) If any of the eligible financial contracts are assigned to or assumed by a bridge institution or a third party, (a) the Corporation shall assign all of the federal member institution’s obligations arising from the eligible financial contracts, and the bridge institution or the third party shall assume those obligations; and (b) the federal member institution’s interest or right in property that secures its obligations under the eligible financial contracts is transferred to the bridge institution or the third party. Application of this section (7.4) A federal member institution that is part of a class prescribed by the by-laws must ensure in accordance with the by-laws that this section — or provisions that have substantially the same effect as this section — applies to any eligible financial contract to which the institution is a party and that is part of a class prescribed by the by-laws. By-laws (7.5) The Board may make by-laws respecting the manner in which a federal member institution referred to in subsection (7.4) is to ensure that this section — or provisions that have substantially the same effect as this section — applies to an eligible financial contract referred to in that subsection. Different treatment (7.6) The by-laws made under subsection (7.5) may distinguish among classes of federal member institutions and classes of eligible financial contracts. Regulations (8) The Governor in Council may make regulations prescribing (a) kinds of services for the purposes of subparagraph (5)(c)(xiii); and (b) kinds of agreements for the purposes of the definition eligible financial contract in subsection (9). Definitions (9) The following definitions apply in this section. business day means a day, other than a Saturday or a holiday at the location of the head office of the federal member institution. ( jour ouvrable ) clearing agent has the same meaning as in section 1 of the Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System . ( agent de compensation ) clearing house means (a) a clearing house , as defined in section 2 of the Payment Clearing and Settlement Act , that provides clearing, settlement or payment message exchange services for a clearing and settlement system designated under section 4 of that Act; or (b) a securities and derivatives clearing house , as defined in subsection 13.1(3) of the Payment Clearing and Settlement Act . ( chambre de compensation ) eligible financial contract means an agreement of a prescribed kind. ( contrat financier admissible ) financial collateral has the same meaning as in subsection 13(2) of the Payment Clearing and Settlement Act . ( garantie financière ) title transfer credit support agreement means an agreement under which title to property has been provided for