GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Canada Deposit Insurance Corporation Act — C-3 5
Board of Directors 5 (1) There shall be a Board of Directors of the Corporation consisting of (a) the person appointed as the Chairperson under subsection 6(1); (a.1) the person appointed as the President and Chief Executive Officer of the Corporation under subsection 105(5) of the Financial Administration Act ; (b) the persons who for the time being hold the offices of the Governor of the Bank of Canada, the Deputy Minister of Finance, the Superintendent of Financial Institutions and the Commissioner of the Financial Consumer Agency of Canada; (b.1) a Deputy Superintendent of Financial Institutions, or an officer of the Office of the Superintendent of Financial Institutions, appointed by the Minister; and (c) not more than six other members appointed by the Minister with the approval of the Governor in Council. Disqualifications (1.1) A person is not eligible to be appointed under paragraph (1)(c) or, having been appointed under that paragraph, to continue as a member of the Board, if the person is (a) employed in any capacity in the federal public administration or holds any office or position for which any salary or other remuneration is payable out of public moneys; (b) a member of the Senate or House of Commons of Canada or a member of a provincial legislature; or (c) a director, officer or employee of a federal institution, a provincial institution or a local cooperative credit society. Alternate director (2) A director referred to in paragraph (1)(b) may, from time to time with the approval of the Minister, designate in writing an alternate to attend in the director’s absence at any meeting of the Board of Directors, and the alternate shall be deemed to be a member of the Board while so attending a meeting of the Board. Vacancy (3) A vacancy on the Board does not impair the right of the remaining directors to act. Acting chairperson (4) Where the office of Chairperson is vacant, the Minister may appoint, for a period not exceeding ninety days, an acting Chairperson who shall, while so acting, be a member of the Board and have all the powers of the Chairperson. Expenses of directors (5) A director shall be paid by the Corporation reasonable travel and living expenses incurred by the director while absent from his or her ordinary place of residence in the course of his or her duties as a director but no director referred to in paragraph (1)(b) shall receive any other remuneration for his or her services on the Board. Remuneration of certain directors (5.1) A director referred to in paragraph (1)(c) shall be paid by the Corporation for attendance at meetings of the Board such remuneration as may be fixed by the Governor in Council. R.S., 1985, c. C-3, s. 5; R.S., 1985, c. 18 (2nd Supp.), s. 1, c. 18 (3rd Supp.), s. 48; 1996, c. 6, s. 47(E); 2001, c. 9, s. 204; 2003, c. 22, s. 224(E); 2010, c. 12, s. 2095; 2012, c. 5, s. 206(E) 2022, c. 10, s. 181
Canada Deposit Insurance Corporation Act — C-3 6
Chairperson 6 (1) The Governor in Council shall appoint a person of proven financial ability to be Chairperson of the Board. Term of office (2) Notwithstanding subsection 105(5) of the Financial Administration Act , the Chairperson shall be appointed to hold office during good behaviour for such term as the Governor in Council deems appropriate but may be reappointed on the expiration of his or her term of office and may be removed at any time by the Governor in Council for cause. Disqualification (3) No person is eligible to be appointed or to continue as Chairperson who (a) is not a Canadian citizen ordinarily resident in Canada; (b) is a member of the Senate or House of Commons or a member of a provincial legislature; or (c) is a director, officer or employee of a federal institution, a provincial institution or a local cooperative credit society. (d) [Repealed, 2007, c. 6, s. 402] Presiding at meetings (4) The Chairperson shall preside at all meetings of the Board but where at any meeting the Chairperson is absent, one of the directors present thereat who is chosen so to act by the directors present shall preside and have all the powers of the Chairperson. Remuneration of Chairperson (5) The Chairperson shall be paid by the Corporation such remuneration as may be fixed by the Governor in Council. R.S., 1985, c. C-3, s. 6; 1996, c. 6, s. 47(E); 2007, c. 6, s. 402; 2010, c. 12, s. 2096; 2012, c. 5, s. 206(E)
Canada Deposit Insurance Corporation Act — C-3 7
Objects 7 The objects of the Corporation are (a) to provide insurance against the loss of part or all of deposits; (b) to promote and otherwise contribute to the stability of the financial system in Canada; (c) to pursue the objects set out in paragraphs (a) and (b) for the benefit of persons having deposits with member institutions and in such manner as will minimize the exposure of the Corporation to loss; and (d) to act as the resolution authority for its members. R.S., 1985, c. C-3, s. 7; R.S., 1985, c. 18 (3rd Supp.), s. 49; 1996, c. 6, s. 22; 2005, c. 30, s. 98; 2017, c. 20, s. 108
Canada Deposit Insurance Corporation Act — C-3 7.1
Power of Governor in Council 7.1 (1) The Governor in Council may, by order, exempt the Corporation from the requirement that it pursue its objects in a manner that will minimize its exposure to loss when it takes any action to address a situation that is specified in the order. Condition precedent (2) The Governor in Council may make the order only if the Minister is of the opinion, after consultation with the Board, the Governor of the Bank of Canada and the Superintendent, that the requirement that the Corporation pursue its objects in a manner that will minimize its exposure to loss, in respect of a situation that will be specified in the order, might have an adverse effect on the stability of the financial system in Canada or public confidence in that stability. Repeal (3) The Governor in Council may repeal the order only if the Minister is of the opinion that the requirement that the Corporation pursue its objects in a manner that will minimize its exposure to loss, in respect of the situation specified in the order, will no longer have an adverse effect on the stability of the financial system in Canada or public confidence in that stability. 2009, c. 2, s. 234
Canada Deposit Insurance Corporation Act — C-3 7.2
Coming into force 7.2 (1) An order made under subsection 7.1 (1) has effect from the time that it is made. Statutory Instruments Act (2) The Statutory Instruments Act does not apply to the order. Publication (3) The Minister shall cause a notice to be published in the Canada Gazette that the order has been made or repealed as soon as the Minister is of the opinion that the publication of the notice will not have an adverse effect on the stability of the financial system in Canada or public confidence in that stability. 2009, c. 2, s. 234
Canada Deposit Insurance Corporation Act — C-3 7.3
Recovery of loss 7.3 After the publication of a notice in the Canada Gazette that an order was made under subsection 7.1 (1), the Corporation shall, in accordance with its by-laws, collect a special premium from member institutions or any class of member institutions in order to recover the loss that the Corporation determines it incurred as a result of pursuing its objects without regard to the requirement that it do so in a manner that minimizes its exposure to loss. 2009, c. 2, s. 234
Canada Deposit Insurance Corporation Act — C-3 8
Federal institutions 8 For the purposes of this Act, the following are federal institutions: (a) a bank; (b) a company to which the Trust and Loan Companies Act applies; and (c) a retail association within the meaning of regulations made under the Cooperative Credit Associations Act . R.S., 1985, c. C-3, s. 8; 1991, c. 45, s. 541; 1999, c. 28, s. 99; 2001, c. 9, s. 205; 2005, c. 30, s. 99
Canada Deposit Insurance Corporation Act — C-3 9
Provincial institutions 9 For the purposes of this Act, an incorporated company that carries on, under an Act of the legislature of a province or a constating instrument under provincial jurisdiction, a business substantially similar to the business of a company to which the Trust and Loan Companies Act applies and that is authorized by or under an Act of the legislature of a province to accept deposits from the public is a provincial institution. R.S., 1985, c. C-3, s. 9; 1991, c. 45, s. 542
Canada Deposit Insurance Corporation Act — C-3 10.001
For greater certainty — deposit insurance contracts 10.001 For greater certainty, the Corporation may administer any contract related to deposit insurance that the Minister enters into with any entity under section 60.2 of the Financial Administration Act . 2023, c. 26, s. 625
Canada Deposit Insurance Corporation Act — C-3 10.01
Exemption — shares of member institution 10.01 (1) To enable the Corporation to acquire, hold or dispose of shares under paragraph 10(1)(f.1), the Minister may, by order, exempt any person or share specified in the order from any of the following provisions: (a) sections 47.03, 47.04, 47.06, 47.09, 47.11, 47.15, 47.17, 47.18 and 60.1, subsection 79.2(1) and sections 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, 396 and 399 of the Trust and Loan Companies Act . Conditions (2) The exemption may be subject to conditions. Duration of exemption (3) The exemption ceases to have effect five years after the day on which it comes into force. Extension (4) The Minister may, by order, extend the duration of the exemption if general market conditions so warrant. Statutory Instruments Act (5) The Statutory Instruments Act does not apply to an order made under this section. 2009, c. 2, s. 235; 2010, c. 12, s. 2097
Canada Deposit Insurance Corporation Act — C-3 10.1
Loans to Corporation 10.1 (1) At the request of the Corporation, the Minister may, out of the Consolidated Revenue Fund, lend money to the Corporation on such terms and conditions as the Minister may establish. Other borrowing (2) The Corporation may borrow money otherwise than under subsection (1) and may borrow by any means, including the issuance and sale of bonds, debentures, notes or any other evidence of indebtedness. Total indebtedness (3) The total principal indebtedness outstanding at any time in respect of borrowings by the Corporation under subsections (1) and (2), excluding the borrowings under paragraph 60.2(2)(c) of the Financial Administration Act and under subparagraph 60.2(2)(a)(iii) of that Act as it read on September 30, 2020, shall not exceed (a) $15,000,000,000 or, if it is greater, the amount determined in accordance with subsections (3.1) to (3.5); or (b) such greater amount as may be authorized for the purposes of this subsection by Parliament under an appropriation Act. Increase (3.1) Subject to subsections (3.3) and (3.4), the amount that the total principal indebtedness outstanding at any time in respect of borrowings under subsections (1) and (2) shall not exceed is increased each year to the amount determined by the formula A + (A × B) where A is $15,000,000,000; and B is the rate determined by the formula set out in subsection (3.2). Rate (3.2) The rate referred to in the description of B in subsection (3.1) is determined by the formula (C – D) / D where C is the total amount of deposits insured by the Corporation on April 30 of the current year; and D is the total amount of deposits insured by the Corporation on April 30, 2008. Rounding (3.3) The amount determined under subsection (3.1) shall be rounded to the nearest billion dollars or, if the amount is equidistant from two consecutive multiples of one billion dollars, it shall be rounded to the higher of those two multiples. No change (3.4) The amount that the total principal indebtedness outstanding at any time in respect of borrowings under subsections (1) and (2) shall not exceed does not change if the amount determined under subsection (3.1) for the current year is less than the amount published under subsection (3.6) for the previous year. Date effective (3.5) The new amount that the total principal indebtedness outstanding at any time in respect of borrowings under subsections (1) and (2) shall not exceed comes into effect on December 31 of the current year. Publication (3.6) The Corporation shall publish the new amount that the total principal indebtedness outstanding at any time in respect of borrowings under subsections (1) and (2) shall not exceed in its annual report following the day on which the new amount comes into effect. Fees for borrowing (4) The Minister may fix a fee to be paid by the Corporation to the Receiver General in respect of any borrowings by the Corporation and the Minister shall notify the Corporation in writing of any such fee. 1996, c. 6, s. 24; 1997, c. 15, s. 111(E); 2009, c. 2, s. 236; 2012, c. 5, s. 186; 2018, c. 27, s. 158 2020, c. 5, s. 32 2020, c. 6, s. 11
Canada Deposit Insurance Corporation Act — C-3 11.1
Minister’s direction 11.1 (1) The Minister may, after consultation with the Board, the Governor of the Bank of Canada and the Superintendent, give a written direction to the Corporation if the Minister is of the opinion that not giving the direction might have an adverse effect on the stability of the financial system in Canada or public confidence in that stability. Compliance without regard to minimizing loss (2) The Corporation shall comply with the direction without regard to the requirement referred to in paragraph 7(c) that it pursue its objects in a manner that will minimize its exposure to loss. Implementation (3) The Corporation’s directors shall ensure that the direction is implemented in a prompt and efficient manner and, if in so doing they act in accordance with section 115 of the Financial Administration Act , they are not accountable for any consequences arising from the implementation of the direction. Notification of implementation (4) After implementing the direction, the Corporation shall notify the Minister without delay that the direction has been implemented. Best interests (5) The Corporation’s compliance with a direction is deemed to be in its best interests. 2009, c. 2, s. 237
Canada Deposit Insurance Corporation Act — C-3 11.2
Statutory Instruments Act 11.2 (1) The Statutory Instruments Act does not apply to a direction given under subsection 11.1 (1). Publication (2) The Minister shall cause a notice to be published in the Canada Gazette that a direction was given under subsection 11.1 (1) as soon as the Minister is of the opinion that the publication of the notice will not have an adverse effect on the stability of the financial system in Canada or public confidence in that stability. 2009, c. 2, s. 237
Canada Deposit Insurance Corporation Act — C-3 11.3
Recovery of loss 11.3 After the publication of a notice in the Canada Gazette that a direction was given under subsection 11.1 (1), the Corporation shall, in accordance with its by-laws, collect a special premium from member institutions or any class of member institutions in order to recover the loss that the Corporation determines it incurred as a result of complying with the direction. 2009, c. 2, s. 237
Canada Deposit Insurance Corporation Act — C-3 12
Duty to insure 12 The Corporation shall insure each deposit with a member institution except (a) a deposit that is not payable in Canada; (b) a deposit in respect of which Her Majesty in right of Canada would be a preferred claimant; and (c) so much of any one deposit as exceeds one hundred thousand dollars. R.S., 1985, c. C-3, s. 12; 2005, c. 30, s. 101 2018, c. 12, s. 203 2020, c. 5, s. 12 2023, c. 26, s. 626
Canada Deposit Insurance Corporation Act — C-3 12.1
Definitions 12.1 (1) The following definitions apply in this section. continuation day , in respect of a local cooperative credit society continued as a federal credit union, means the day set out in the federal credit union’s letters patent continuing the local cooperative credit society as a federal credit union. ( date de prorogation ) pre-existing deposit means a deposit that was made with a local cooperative credit society before it is continued as a federal credit union and that remains outstanding on the continuation day. ( dépôt préexistant ) transition period , in respect of a pre-existing deposit, means (a) in the case of a pre-existing deposit that is to be repaid on a fixed day, the period that begins on the continuation day and ends on that fixed day; and (b) in the case of any other pre-existing deposit, the period that begins on the continuation day and ends on the day that is 180 days after the continuation day. ( période transitoire ) Duty to insure certain pre-existing deposits (2) Despite paragraph 12(c) and subsection 4(2) of the schedule, but subject to the other provisions of this Act, if a pre-existing deposit is held by a federal credit union that is a member institution and all or a portion of the pre-existing deposit would have been guaranteed or insured under the law of a province if the local cooperative credit society had not been continued as a federal credit union, the Corporation must insure the pre-existing deposit during the transition period up to the amount that would have been guaranteed or insured under the law of that province. (3) [Repealed, 2026, c. 3, s. 337] Deemed separate deposit (4) During the transition period, a pre-existing deposit, less any withdrawals from the pre-existing deposit, is deemed, for the purposes of deposit insurance with the Corporation, to be a deposit separate from any deposit made on or after the continuation day. Deemed withdrawal from pre-existing deposit (5) During the transition period, any withdrawal — up to the amount of the pre-existing deposit — is deemed, for the purposes of deposit insurance with the Corporation, to be withdrawn from the pre-existing deposit. 2010, c. 12, s. 2098; 2018, c. 27, s. 159 2026, c. 3, s. 337
Canada Deposit Insurance Corporation Act — C-3
continuation day , in respect of a local cooperative credit society continued as a federal credit union, means the day set out in the federal credit union’s letters patent continuing the local cooperative credit society as a federal credit union. ( date de prorogation )
Canada Deposit Insurance Corporation Act — C-3
pre-existing deposit means a deposit that was made with a local cooperative credit society before it is continued as a federal credit union and that remains outstanding on the continuation day. ( dépôt préexistant )
Canada Deposit Insurance Corporation Act — C-3 (a)
transition period , in respect of a pre-existing deposit, means (a) in the case of a pre-existing deposit that is to be repaid on a fixed day, the period that begins on the continuation day and ends on that fixed day; and (b) in the case of any other pre-existing deposit, the period that begins on the continuation day and ends on the day that is 180 days after the continuation day. ( période transitoire )
Canada Deposit Insurance Corporation Act — C-3 13
Deposits with amalgamating institutions 13 (1) If a person has deposits with two or more member institutions — including member institutions insured under section 12.1 — that amalgamate and continue in operation as one member institution, in this section referred to as the “amalgamated institution”, a deposit of that person with an amalgamating institution on the day on which the amalgamated institution is formed, less any withdrawals from the deposit, shall, for the purposes of deposit insurance with the Corporation, be deemed to be and continue to be separate from any deposit of that person on that day with the other amalgamating institution or institutions that become part of the amalgamated institution 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. Deposits with amalgamated institution (2) A deposit made by a person referred to in subsection (1) with an amalgamated institution after the day on which the amalgamated institution is formed shall be insured by the Corporation only to the extent that the aggregate of that person’s deposits with the amalgamated institution, exclusive of the deposit in respect of which the calculation is made, is less than one hundred thousand dollars. Exception (2.1) A deposit that is insured under subsection 12.1(2) is not to be taken into account when calculating the aggregate of a person’s deposits under subsection (2). Where assets acquired (3) For the purpose of deposit insurance with the Corporation, if a member institution assumes deposit liabilities of another member institution, those member institutions are deemed to be amalgamating institutions and subsections (1) to (2.1) apply if a person has deposits with both institutions. Deemed deposits (4) Where a member institution assumes deposit liabilities of another member institution, the deposits in respect of those liabilities are, for the purposes of sections 21, 23 and 25.1, deemed to be deposited with the member institution that assumes them as of the day on which they are assumed. Deemed withdrawal from deposit (5) During the period referred to in subsection (1), any withdrawal by a person — up to the total amount, on the day on which the amalgamated institution is formed, of that person’s deposits with the two or more member institutions that amalgamate — shall, for the purposes of deposit insurance with the Corporation, be deemed to be withdrawn from those deposits. R.S., 1985, c. C-3, s. 13; 1992, c. 26, s. 5; 1996, c. 6, s. 25; 2005, c. 30, s. 102; 2010, c. 12, s. 2099; 2018, c. 27, s. 160 2026, c. 3, s. 339