Canada Deposit Insurance Corporation Act (R.S.C., 1985, c. C-3)

Act current to 2012-05-02 and last amended on 2010-11-01. Previous Versions

Marginal note:Minister and Superintendent to be informed

  • 26.04 (1) Before giving an authorization under subsection 26.03(1), the Corporation must inform the Minister and the Superintendent that it proposes to give the authorization.

  • Marginal note:Minister may prevent authorization

    (2) If the Minister is of the opinion that giving the authorization would not be in the public interest, the Minister may, within thirty days after being informed about the proposal to give the authorization, direct the Corporation not to give the authorization.

  • Marginal note:Authorization after 30 days

    (3) If the Minister does not issue that direction within those 30 days, the Corporation may then give the authorization under subsection 26.03(1). The giving of the authorization cancels the policy of deposit insurance of the federal member institution to which the authorization is given.

  • Marginal note:Amendment of order

    (4) If the Corporation gives the authorization under subsection 26.03(1), the Superintendent must, under paragraph 54(1)(a) of the Bank Act, paragraph 62(1)(a) of the Cooperative Credit Associations Act or paragraph 58(1)(b) of the Trust and Loan Companies Act, as the case may be, amend the federal member institution’s order approving the commencement and carrying on of business accordingly.

  • 1997, c. 15, s. 114;
  • 1999, c. 28, s. 103;
  • 2007, c. 6, s. 412.
Previous Version
Marginal note:Fees by-law

26.05 A by-law prescribing rules for the purpose of paragraph 26.03(1)(e) is not effective unless it has been approved in writing by the Minister.

  • 1997, c. 15, s. 114.
Marginal note:Deposits not insured

26.06 After a federal member institution has been given authorization under subsection 26.03(1), no deposit with the institution is insured in whole or in part by the Corporation.

  • 1997, c. 15, s. 114;
  • 2007, c. 6, s. 413.
Previous Version

INSPECTION OF MEMBER INSTITUTIONS

Marginal note:Annual inspections

  • 27. (1) The Superintendent shall, notwithstanding any other Act of Parliament, examine on behalf of the Corporation the affairs of each federal member institution once in each year and at the times that the Corporation may require for a specified purpose.

  • Marginal note:Costs

    (2) Where an examination under subsection (1) is made for a specified purpose, such costs incurred in relation thereto as in the opinion of the Superintendent are extraordinary shall be borne by the Corporation.

  • R.S., 1985, c. C-3, s. 27;
  • R.S., 1985, c. 18 (3rd Supp.), s. 60;
  • 1991, c. 45, s. 544;
  • 1999, c. 28, s. 104.