GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Canada Deposit Insurance Corporation Act — C-3 39.1
Report of Superintendent 39.1 (1) Where the Superintendent is of the opinion that (a) a federal member institution has ceased, or is about to cease, to be viable, and (b) the viability of the federal member institution cannot be restored or preserved by the exercise of the Superintendent’s powers under the Bank Act , the Trust and Loan Companies Act or the Cooperative Credit Associations Act , the Superintendent, after providing the federal member institution with a reasonable opportunity to make representations, shall, in writing, report thereon to the Corporation. Forming opinion (2) For the purposes of subsection (1), the Superintendent may take into account all matters the Superintendent considers relevant, but in all cases the Superintendent shall have regard to whether, in the opinion of the Superintendent, (a) the federal member institution is dependent to an excessive extent on loans, advances, guarantees or other financial assistance to sustain its operations; (b) the federal member institution has lost the confidence of depositors and the public; (c) the federal member institution’s regulatory capital, within the meaning assigned to that expression by the Bank Act , the Trust and Loan Companies Act or the Cooperative Credit Associations Act , whichever is applicable, is or is about to become substantially deficient; or (d) the federal member institution has failed to pay any liability that has become due and payable or will not be able to pay its liabilities as they become due and payable. Report by Superintendent on winding-up circumstances (3) Where the Superintendent is of the opinion that (a) circumstances exist in respect of a federal member institution that would allow the Superintendent to take control of the federal member institution under the Bank Act , the Trust and Loan Companies Act or the Cooperative Credit Associations Act , and (b) if such control were taken, grounds would exist for the making of a winding-up order in respect of the federal member institution, the Superintendent, after providing the federal member institution with a reasonable opportunity to make representations, shall, in writing, report thereon to the Corporation. Urgency (4) Despite subsections (1) and (3), the Superintendent may report to the Corporation orally if he or she is of the opinion that the federal member institution’s circumstances must be considered without delay. 1992, c. 26, s. 11; 1996, c. 6, s. 41; 2001, c. 9, s. 211; 2009, c. 2, s. 242
Canada Deposit Insurance Corporation Act — C-3 39.11
Request of Corporation 39.11 On receipt of a report made by the Superintendent under section 39.1, the Corporation may (a) after determining that a transaction referred to in section 39.2 is reasonably likely to be expeditiously carried out after the making of the order, request the Minister to recommend that one or more orders be made under subsection 39.13(1); or (b) in the case of a domestic systemically important bank, request the Minister to recommend that one or more orders be made under subsection 39.13(1) and that an order be made under subsection 39.13(1.3). 1992, c. 26, s. 11; 1996, c. 6, s. 41; 1999, c. 31, s. 28(F); 2016, c. 7, s. 130
Canada Deposit Insurance Corporation Act — C-3 39.12
Recommendation of Minister 39.12 If a request referred to in section 39.11 is made by the Corporation, the Minister may, if he or she is of the opinion that it is in the public interest to do so, recommend to the Governor in Council that one or more orders be made under subsection 39.13(1) in respect of the federal member institution and, in the case of a domestic systemically important bank, that an order be made under subsection 39.13(1.3) in respect of that institution. 1992, c. 26, s. 11; 1996, c. 6, s. 41; 2016, c. 7, s. 130
Canada Deposit Insurance Corporation Act — C-3 39.13
arose or environmental damage that occurred (a) before the Corporation’s appointment as receiver; or (b) after the Corporation’s appointment as receiver unless it is established that the condition arose or the damage occurred as a result of the Corporation’s gross negligence or wilful misconduct or, in Quebec, the Corporation’s gross or intentional fault. Reports, etc., still required (5.2) Nothing in subsection (5.1) exempts the Corporation, as receiver, from any duty to report or make disclosure imposed by a law referred to in that subsection. Non-liability — certain orders (5.3) Without limiting the generality of subsection (5) and despite anything in federal or provincial law but subject to subsection (5.2), if an order is made that has the effect of requiring the Corporation, as receiver, to remedy any environmental condition or environmental damage affecting property involved in the receivership, the Corporation, as receiver, is not liable for failure to comply with the order, and is not liable for any costs that are or would be incurred by any person in carrying out the terms of the order, (a) if, within the time that is specified in the order, or within 10 days after the appointment of the Corporation as receiver if the order is in effect when the Corporation is appointed as receiver, the Corporation, as receiver, (i) complies with the order, or (ii) on notice to the person who issued the order, abandons, disposes of or otherwise releases any interest in any real property, or any right in any immovable, affected by the condition or damage; or (b) if the Corporation, as receiver, had, before the order was made, abandoned, disposed of or otherwise released any interest in any real property, or any right in any immovable, affected by the condition or damage. Non-liability — employees (5.4) Without limiting the generality of subsection (5) and despite anything in federal or provincial law, the Corporation, as receiver, is not liable in respect of a liability, including one as a successor employer, (a) that is in respect of the employees or former employees of the federal member institution or a predecessor of the federal member institution or in respect of a pension plan for the benefit of those employees or former employees; and (b) that existed before the Corporation is appointed as receiver or that is calculated by reference to a period before the Corporation’s appointment. Liability of other successor employers (5.5) Subsection (5.4) does not affect the liability of a successor employer other than the Corporation, as receiver. Order conclusive (6) An order made under this section and any action taken or decision made in furtherance of such an order are for all purposes final and conclusive and shall not be questioned or reviewed in any court. 1992, c. 26, ss. 11, 16; 1996, c. 6, s. 41; 2009, c. 2, s. 243; 2010, c. 12, ss. 1888, 2100; 2012, c. 5, s. 196; 2016, c. 7, s. 131
Canada Deposit Insurance Corporation Act — C-3 39.14
Powers of Corporation 39.14 (1) If an order is made under paragraph 39.13(1)(a) or (b) in respect of a federal member institution, the powers, duties, functions, rights and privileges of the directors of the federal member institution and those of its officers who are responsible for its management are suspended except to the extent that is specified in writing by the Corporation. The Corporation may exercise those powers, rights and privileges and perform those duties and functions. Suspension of powers, rights, etc. (1.1) In addition to subsection (1), if an order made under paragraph 39.13(1)(a) or (b) is in respect of a federal credit union, the powers, rights and privileges of its members are suspended, but nothing in this subsection affects the powers, rights and privileges of the Corporation under subsection 39.13(2.1). Shareholders (1.2) If an order is made under paragraph 39.13(1)(a) or (b) in respect of a federal member institution, the powers, rights and privileges of its shareholders to vote or give approvals are suspended and the Corporation may exercise those powers, rights and privileges. Persons to assist (2) The Corporation may appoint one or more persons to assist it in the management of any federal member institution or in carrying out the Corporation’s functions as holder of shares or subordinated debt or as receiver and may delegate to those persons any of the powers, duties, functions, rights or privileges of the directors and officers of the federal member institution. (3) [Repealed, 2016, c. 7, s. 133] Power to appoint and remove (4) If an order is made under paragraph 39.13(1)(b) in respect of a federal member institution, the Corporation may appoint or remove any director of the federal member institution. Corporation’s directions (5) If an order is made under paragraph 39.13(1)(a) or (b) in respect of a federal member institution, the Corporation may give directions to the board of directors of the federal member institution, including to make, amend or repeal any by-law of the institution. Implementation (6) The board of directors of the federal member institution shall ensure that a direction given under subsection (5) is implemented in a prompt and efficient manner and shall, after implementing a direction, notify the Corporation without delay that it has been implemented. By-laws — board of directors (7) The board of directors of the federal member institution may, with the prior approval of the Corporation, make, amend or repeal any by-law of the institution. 1992, c. 26, s. 11; 1996, c. 6, s. 41; 2010, c. 12, s. 2101; 2016, c. 7, s. 133
Canada Deposit Insurance Corporation Act — C-3 39.15
 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 the purpose of securing the payment or performance of an obligation in respect of an eligible financial contract. ( accord de transfert de titres pour obtention de crédit ) 1992, c. 26, s. 11; 1996, c. 6, s. 41; 2001, c. 9, s. 212; 2007, c. 29, s. 103; 2009, c. 2, s. 245; 2010, c. 12, ss. 1889, 1890; 2012, c. 5, s. 198, c. 31, s. 166; 2016, c. 7, s. 134; 2017, c. 33, ss. 180, 186 2021, c. 23, s. 126
Canada Deposit Insurance Corporation Act — C-3
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 )
Canada Deposit Insurance Corporation Act — C-3
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 )
Canada Deposit Insurance Corporation Act — C-3 (a)
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 )
Canada Deposit Insurance Corporation Act — C-3
eligible financial contract means an agreement of a prescribed kind. ( contrat financier admissible )
Canada Deposit Insurance Corporation Act — C-3
financial collateral has the same meaning as in subsection 13(2) of the Payment Clearing and Settlement Act . ( garantie financière )
Canada Deposit Insurance Corporation Act — C-3
title transfer credit support agreement means an agreement under which title to property has been provided for the purpose of securing the payment or performance of an obligation in respect of an eligible financial contract. ( accord de transfert de titres pour obtention de crédit )
Canada Deposit Insurance Corporation Act — C-3 39.151
Stay of proceedings — bridge institution 39.151 (1) Any action or other civil proceeding before a judicial or quasi-judicial body and any arbitration, to which a bridge institution may become a party by virtue of acquiring an asset or assuming a liability of the federal member institution shall be stayed for a period of 90 days from the day on which the bridge institution acquires the asset or assumes the liability. Waiver (2) The bridge institution may waive the stay referred to in subsection (1). 1992, c. 26, s. 11; 1996, c. 6, s. 41; 2009, c. 2, s. 246; 2012, c. 5, s. 199
Canada Deposit Insurance Corporation Act — C-3 39.16
Exemption 39.16 The Governor in Council may, in an order made under subsection 39.13(1), provide that subsection 39.15(1) or (2) or any portion thereof does not apply in respect of the federal member institution. 1992, c. 26, s. 11; 1996, c. 6, s. 41
Canada Deposit Insurance Corporation Act — C-3 39.17
Leave of court 39.17 (1) A superior court may, on any terms that it considers proper, grant leave to a person to do anything that the person would otherwise be prevented from doing by section 39.15 or lift, or reduce the length of, a stay under section 39.151 if the court is satisfied (a) that the person is likely to be materially prejudiced if leave is not granted; or (b) that it is equitable on other grounds to grant leave. Corporation to be made party (2) The Corporation must be joined as a respondent in any application under subsection (1) and is entitled to such notice of the application as the court considers proper. Orders of national effect (3) An order of a superior court of a province under subsection (1) may, if the order so provides, have effect in all or a part of Canada outside the province. 1992, c. 26, s. 11; 1996, c. 6, s. 41; 2012, c. 5, s. 200
Canada Deposit Insurance Corporation Act — C-3 39.18
Termination 39.18 (1) Subject to subsection (2), sections 39.14 and 39.15 cease to apply in respect of a federal member institution (a) on the date specified in a notice described in subsection 39.2(3) in respect of the federal member institution; or (b) on the date that a winding-up order is made in respect of the federal member institution. Exceptions (2) If a notice referred to in paragraph (1)(a) has been published but an order described in paragraph (1)(b) has not been made, (a) paragraph 39.15(1)(e) or (f) or subsection 39.15(2) or (2.1) continues to apply to the extent that it produced its effects by reason of (i) the insolvency or deteriorated financial condition of the federal member institution or any of its affiliates, providers of credit support or guarantors, (ii) the making of the order under subsection 39.13(1) or any change of control or ownership of the federal member institution or any of its affiliates that is related to the making of the order, (iii) a non-monetary default, before the order was made, by the federal member institution or any of its affiliates in the performance of obligations under an agreement or the rules of an organization, (iv) a monetary default, before the order was made, under an agreement or the rules of an organization by the federal member institution or any of its affiliates that was remedied within 60 days after the day on which the order was made, (v) a conversion under subsection 39.2(2.3) in respect of the federal member institution, or (vi) a conversion of any of the federal member institution’s shares or liabilities in accordance with contractual terms of those shares or liabilities; and (b) subsections 39.15(7.1) to (7.3) continue to apply. Stay terminated by order (3) The Governor in Council may, by order, declare that paragraph (2)(a) ceases to apply in respect of the federal member institution if the Governor in Council considers that all or substantially all of the institution’s assets have been transferred to a bridge institution or a third party. 1992, c. 26, s. 11; 1996, c. 6, s. 41; 2012, c. 31, s. 167; 2016, c. 7, s. 136; 2017, c. 33, s. 181
Canada Deposit Insurance Corporation Act — C-3 39.181
Not agent or Crown corporation 39.181 (1) A federal member institution that is a subsidiary of the Corporation as a result of an order made under paragraph 39.13(1)(a) or (b), a bridge institution or a subsidiary of either of those institutions is not an agent of the Corporation or Her Majesty in right of Canada and, despite Part X of the Financial Administration Act , is not a parent Crown corporation , or a wholly-owned subsidiary , within the meaning of section 83 of that Act. Their respective directors, officers and employees are not part of the federal public administration. Exception (2) Despite subsection (1), Division V of Part X of the Financial Administration Act and the regulations made under that Division apply to the federal member institution, the bridge institution or a subsidiary of either of those institutions as if it were a Crown corporation within the meaning of section 83 of that Act. 2016, c. 7, s. 137
Canada Deposit Insurance Corporation Act — C-3 39.19
Part VII of Bank Act , etc., inapplicable 39.19 (1) The following enactments do not apply in respect of shares of a federal member institution that are vested in the Corporation by an order made under paragraph 39.13(1)(a): (a) section 12.1, paragraph 28(1)(a.1), section 35.1, paragraphs 40(f) and (g), sections 40.1, 47.03, 47.04, 47.06, 47.11, 47.12, 47.15, 47.17 and 47.18, subsection 53(2), paragraph 54(1)(b), section 60.1, subsections 79.2(1) and (2) and sections 159.1, 372, 373, 374, 375, 376, 376.1, 376.2, 377, 377.1, 377.2, 379, 382.1, 385, 401.11, 401.2 and 401.3 of the Bank Act ; (b) sections 407, 407.01, 407.02, 407.03, 407.1, 407.2, 408, 411, 428 and 430 of the Insurance Companies Act ; and (c) sections 375, 375.1, 376, 379 and 396 and subsection 399(2) of the Trust and Loan Companies Act . Public holding requirement re parent (2) An exemption from the application of section 385 of the Bank Act , section 411 of the Insurance Companies Act or section 379 of the Trust and Loan Companies Act that is granted under section 388 of the Bank Act , section 414 of the Insurance Companies Act or section 382 of the Trust and Loan Companies Act continues in force notwithstanding that the entity that controls the bank, insurance company, trust company or loan company is a federal member institution the shares of which are vested in the Corporation by an order made under paragraph 39.13(1)(a). Termination (3) Subsections (1) and (2) cease to apply in respect of a federal member institution on the date specified in a notice described in subsection 39.2(3) in respect of the federal member institution. 1992, c. 26, s. 11; 1996, c. 6, s. 41; 2001, c. 9, s. 213; 2010, c. 12, s. 2102
Canada Deposit Insurance Corporation Act — C-3 39.191
Provisions do not apply 39.191 (1) Section 12.1, paragraph 28(1)(a.1), section 35.1, paragraphs 40(f) and (g), section 40.1, 47.11, 47.12, 47.15 and 47.18, subsection 53(2), paragraph 54(1)(b) and section 159.1 of the Bank Act do not apply if the Corporation is appointed as receiver of a federal member institution that is a federal credit union by an order made under paragraph 39.13(1)(b). Termination (2) Subsection (1) ceases to apply in respect of a federal member institution on the date specified in a notice described in subsection 39.2(3) in respect of the federal member institution. 2010, c. 12, s. 2103
Canada Deposit Insurance Corporation Act — C-3 39.192
Regulation to exempt or adapt 39.192 (1) The Governor in Council may, by regulation, (a) exempt federal member institutions in respect of which an order is made under subsection 39.13(1), bridge institutions or affiliates of either of those institutions, or any class of those institutions or class of their affiliates, or any other person from the application of any provision of this Act or the regulations or of the following Acts or the regulations made under them: (i) the Bank Act , (ii) the Canadian Payments Act , (iii) the Cooperative Credit Associations Act , (iv) the Financial Consumer Agency of Canada Act , (v) the Insurance Companies Act , (vi) the Office of the Superintendent of Financial Institutions Act , (vii) the Trust and Loan Companies Act , and (viii) the Winding-up and Restructuring Act ; or (b) provide that any provision of this Act or the regulations or of the Acts referred to in paragraph (a) or the regulations made under them applies to federal member institutions in respect of which an order is made under subsection 39.13(1), bridge institutions or affiliates of either of those institutions, or any class of those institutions or class of their affiliates, or any other person but only in the manner and to the extent provided for in the regulation made under this subsection, and adapt that provision for the purpose of that application. Order directed at a given federal member institution (2) The Governor in Council or the Minister may, by order, do anything that may be done by regulation under subsection (1) in respect of a federal member institution in respect of which an order is made under subsection 39.13(1), a bridge institution, an affiliate of either of those institutions or any other person. Scope or conditions (3) An exemption made under paragraph (1)(a) or subsection (2) may be limited in scope or duration or subject to conditions. Coming into force (4) An order made by the Minister does not take effect before the later of the date specified in a notice described in subsection 39.2(3) in respect of the federal member institution and the day on which an order made by the Governor in Council under subsection (2) expires. Expiry (5) An order made by the Minister expires one year after the day on which the order comes into force or any shorter period specified in the order. Extension (6) The Minister may, by order, grant one or more extensions of the applicable period set out in subsection (5) — of up to one year each — but the last extension must expire not later than five years after the date specified in the notice described in subsection 39.2(3). Statutory Instruments Act (7) The Statutory Instruments Act does not apply to an order made under subsection (2). Publication (8) The Minister shall cause an order made under subsection (2) to be published in the Canada Gazette as soon as he or she considers it appropriate to do so. 2016, c. 7, s. 138
Canada Deposit Insurance Corporation Act — C-3 39.193
Office of Superintendent of Financial Institutions 39.193 (1) Despite subsection 4(2) of the Office of the Superintendent of Financial Institutions Act , if an order is made under subsection 39.13(1) in respect of a federal member institution, the objects of the Office of the Superintendent of Financial Institutions, in respect of the institution or, in the case of an order made under paragraph 39.13(1)(c), a bridge institution, are (a) to monitor the institution in order to assess its financial condition and determine whether it is complying with its governing statute law and supervisory requirements under that law; and (b) to report the Office’s findings to the Minister and the Corporation. Application (2) Subsection (1) applies during the period that begins on the day on which the order is made and ends (a) on the date specified in a notice described in subsection 39.2(3) in respect of the federal member institution; or (b) on the day on which the bridge institution ceases to be designated as such. 2016, c. 7, s. 138