270.1 (1) The Authority has an obligation to make payment from the Deposit Insurance Reserve Fund in respect of any deposit insured by the Authority if, (a) the members of the credit union that holds the deposit pass a resolution for the voluntary liquidation and dissolution of the credit union; (b) the credit union becomes a bankrupt under the Bankruptcy and Insolvency Act (Canada) or a liquidator is appointed for the credit union under this Act or the Winding-Up and Restructuring Act (Canada); (c) the Authority is satisfied that the credit union will be unable to make payment in full, without delay, in respect of any deposits insured by deposit insurance; (d) the deposit insurance of the credit union that holds the deposit is cancelled; or (e) the Chief Executive Officer, as administrator, requires the credit union to be wound up under subparagraph 6 iii of subsection 295 (1).  2007, c. 7, Sched. 7, s. 140; 2018, c. 17, Sched. 11, s. 10; 2019, c. 7, Sched. 16, s. 49, 50. Payment to person apparently entitled (2) The Authority, if it is obliged to make payment in respect of any deposit insured by deposit insurance, shall make payment to the person who appears entitled to the payment by the records of the credit union.  2007, c. 7, Sched. 7, s. 140; 2019, c. 7, Sched. 16, s. 49. Amount of payment (3) The Authority may pay, (a) the amount of the deposit according to the terms of the deposit; or (b) before maturity of the deposit, an amount equal to the principal of the deposit and the accrued and unpaid interest on the deposit on the day it is paid.  2007, c. 7, Sched. 7, s. 140; 2019, c. 7, Sched. 16, s. 49. Withholding to cover lien (4) If the credit union has a lien on a deposit under section 44, the Authority may withhold payment of an amount equal to the amount of the lien and pay that amount to the liquidator of the credit union.  2007, c. 7, Sched. 7, s. 140; 2019, c. 7, Sched. 16, s. 49. Withholding of amount held as security (5) If the credit union held a deposit as security for a loan, the Authority may withhold payment of an amount necessary to repay the loan and pay that amount to the liquidator of the credit union.  2007, c. 7, Sched. 7, s. 140; 2019, c. 7, Sched. 16, s. 49. Discharge of liability (6) Payment, under this section, by the Authority in respect of any deposit insured by deposit insurance discharges the Authority from all liability in respect of that deposit, and in no case is the Authority under any obligation to see to the proper application of the payment made.  2007, c. 7, Sched. 7, s. 140; 2019, c. 7, Sched. 16, s. 49. Subrogation (7) If the Authority makes a payment under this section in respect of any deposit with a credit union, the Authority is subrogated to the extent of the payment made to all the rights and interests of the depositor as against that credit union.  2007, c. 7, Sched. 7, s. 140; 2019, c. 7, Sched. 16, s. 49. Assignment (8) If the Authority considers it advisable, it may withhold payment in respect of any deposit with a credit union until the Authority has received a written assignment of all the rights and interests of the depositor against that credit union.  2007, c. 7, Sched. 7, s. 140; 2019, c. 7, Sched. 16, s. 49. Agreement to administer payments (9) The Authority may enter into a deposit administration agreement with a financial institution under which that financial institution agrees to make the payments under this section on behalf of the Authority.  2007, c. 7, Sched. 7, s. 140; 2019, c. 7, Sched. 16, s. 49. Section Amendments with date in force (d/m/y) 2007, c. 7, Sched. 7, s. 140 - 01/10/2009 2018, c. 17, Sched. 11, s. 10 - 08/06/2019; 2018, c. 17, Sched. 11, s. 15 - no effect - see 2019, c. 7, Sched. 16, s. 54 - 29/05/2019 2019, c. 7, Sched. 16, s. 49, 50 - 08/06/2019