Marginal note:Removal of references to deposit insurance
36. (1) If the policy of deposit insurance of a member institution is terminated or cancelled, the member institution shall notify its depositors of that fact and shall remove all references to deposit insurance under this Act from all forms of advertising by the institution.
Marginal note:Public notice
(2) The Corporation may, in the manner and through any news media that it considers appropriate, give public notice of the termination or cancellation of the policy of deposit insurance of a member institution if, in the opinion of the Corporation, the public interest requires that such notice be given.
- R.S., 1985, c. C-3, s. 36;
- 2007, c. 6, s. 418.
PROVINCIAL INSURING ARRANGEMENTS
Marginal note:Provincial deposit insurance
37. (1) If under the law of any province the government of the province or an agent of that government guarantees or insures any of the deposits with a provincial institution operating within the province, the Corporation, subject to section 17.1 and any agreement entered into under subsection (3), may
(a) insure some or all of the deposits with the institution; or
(b) amend the institution’s policy of deposit insurance, to exclude from the policy any of the deposits with the institution.
(2) [Repealed, 2007, c. 6, s. 419]
Marginal note:Agreement with province
(3) The Corporation may, with the approval of the Governor in Council, enter into an agreement with the government, or an agent of the government, of a province referred to in subsection (1), to provide for reciprocal arrangements relating to the administration or operation of the law of that province and of this Act.
(4) For the purpose of enabling the Corporation to carry out an insuring arrangement referred to in subsection (1) or provided for in an agreement under subsection (3), the Governor in Council may, by regulation, make provision for any matter or thing arising from the insuring arrangement or agreement.
Marginal note:Refund of premiums
(5) Where the Corporation during any premium year ceases to insure any of the deposits held by a member institution that is a provincial institution, by reason of the fact that such deposits are guaranteed or insured pursuant to the law of a province, the Corporation may refund to that provincial institution the proportion of the premium paid by the provincial institution to the Corporation for that premium year in respect of those deposits that bears the same relation to the premium for the full premium year in respect of those deposits that the unexpired part of the premium year bears to the full premium year, but in no case shall a refund be made that will reduce the premium paid by the provincial institution to the Corporation for the premium year to less than five thousand dollars.
(6) Nothing in this section shall be construed as authorizing the Corporation to insure deposits contrary to section 12.
Definition of “deposits”
(7) In this section, “deposits” includes a part of a deposit.
- R.S., 1985, c. C-3, s. 37;
- R.S., 1985, c. 18 (3rd Supp.), s. 64;
- 2007, c. 6, s. 419.
- Date modified: