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

Act current to 2019-06-20 and last amended on 2019-05-10. Previous Versions

Canada Deposit Insurance Corporation Act

R.S.C., 1985, c. C-3

An Act to establish the Canada Deposit Insurance Corporation

Short Title

Marginal note:Short title

 This Act may be cited as the Canada Deposit Insurance Corporation Act.

  • R.S., c. C-3, s. 1

Interpretation

Marginal note:Definitions

 In this Act,

affairs

affairs, with respect to a member institution, means its business and the relationships among the member institution and its affiliates and the shareholders, directors and officers of the member institution and its affiliates; (affaires internes)

affiliate

affiliate, in respect of a member institution that is

  • (a) a bank, means an entity that is affiliated with the bank within the meaning of the Bank Act, or

  • (b) other than a bank, means an entity that would be affiliated with the member institution within the meaning of the Bank Act if the member institution were a bank to which that Act applies; (groupe)

appropriate provincial minister

appropriate provincial minister, in relation to a provincial institution, means the minister of the Crown of the province of incorporation of the institution responsible for the supervision of the provincial institution; (ministre provincial compétent)

bank

bank means a bank listed in Schedule I or II to the Bank Act; (banque)

Board

Board means the Board of Directors of the Corporation; (conseil)

bridge institution

bridge institution means a federal institution that is designated as a bridge institution by an order made under paragraph 39.13(1)(c); (institution-relais)

by-laws

by-laws means the by-laws of the Corporation; (règlements administratifs)

Chairman

Chairman[Repealed, 1996, c. 6, s. 21]

Chairperson

Chairperson means the Chairperson of the Board; (président)

Corporation

Corporation means the Canada Deposit Insurance Corporation established by section 3; (Société)

deposit

deposit and depositor mean respectively a deposit and a depositor as defined in the schedule; (dépôt et déposant)

deposit insurance

deposit insurance means the insurance referred to in paragraph 7(a); (assurance-dépôts)

domestic systemically important bank

domestic systemically important bank has the same meaning as in section 2 of the Bank Act; (banque d’importance systémique nationale)

federal credit union

federal credit union has the same meaning as in section 2 of the Bank Act; (coopérative de crédit fédérale)

federal institution

federal institution means a bank, company or association referred to in section 8; (institution fédérale)

federal member institution

federal member institution means a federal institution that is a member institution; (institution fédérale membre)

local cooperative credit society

local cooperative credit society has the same meaning as in section 2 of the Bank Act; (société coopérative de crédit locale)

member institution

member institution means a corporation that has deposit insurance under this Act; (institution membre)

Minister

Minister means the Minister of Finance; (ministre)

policy of deposit insurance

policy of deposit insurance or policy means the instrument evidencing the deposit insurance of a member institution; (police d’assurance-dépôts ou police)

premium year

premium year means, in relation to the calculation and payment of premiums pursuant to this Act, the period beginning on May 1 in one year and ending on April 30 in the next year; (exercice comptable des primes)

provincial institution

provincial institution means a company referred to in section 9; (institution provinciale)

provincial member institution

provincial member institution means a provincial institution that is a member institution; (institution provinciale membre)

provincial supervisor

provincial supervisor, in relation to a provincial institution, means the official of the province of incorporation of the provincial institution who supervises the affairs of the provincial institution; (contrôleur provincial)

receiver

receiver includes a receiver-manager and a sequestrator; (séquestre)

representation

representation means any oral or written statement and includes any advertisement and any mark, sign, trade name or other device; (déclaration)

returned payment

returned payment means any portion of a payment made by the Corporation under subsection 14(2) or (2.1) that is either returned to the Corporation or that otherwise remains under its control; (paiement retourné)

share

share includes

  • (a) a conversion or exchange privilege, issued by a member institution, that is convertible at any time into a share,

  • (b) an option or a right, issued by a member institution, to acquire a share or a privilege referred to in paragraph (a), and

  • (c) a membership share within the meaning of section 2 of the Bank Act; (action)

shareholder

shareholder includes the holder of a membership share of a federal credit union; (actionnaire)

subordinated debt

subordinated debt means debt of a member institution that, by the terms of any instrument evidencing the debt, will, in the event of the insolvency or winding-up of the member institution, be subordinate in right of payment to all deposit liabilities of the member institution and all other liabilities of the member institution except those that, by their terms, rank equally with or are subordinate to that debt and includes

  • (a) a conversion or exchange privilege that is convertible at any time into subordinated debt, and

  • (b) an option or a right to acquire subordinated debt or a privilege referred to in paragraph (a)

issued by a member institution; (dette subordonnée)

Superintendent

Superintendent means the Superintendent of Financial Institutions appointed pursuant to subsection 5(1) of the Office of the Superintendent of Financial Institutions Act. (surintendant)

  • R.S., 1985, c. C-3, s. 2
  • R.S., 1985, c. 18 (3rd Supp.), s. 47
  • 1992, c. 1, s. 142, c. 26, s. 1
  • 1996, c. 6, s. 21
  • 1999, c. 28, s. 98
  • 2001, c. 9, s. 203
  • 2009, c. 2, s. 233
  • 2010, c. 12, s. 2094
  • 2012, c. 5, s. 185
  • 2016, c. 7, s. 126

Her Majesty

Marginal note:Binding on Her Majesty

 This Act is binding on Her Majesty in right of Canada or a province.

  • 1992, c. 26, s. 2

Powers, Etc., of Minister

Marginal note:Delegation

 The Minister may delegate any of the Minister’s powers, duties and functions under this Act to any Minister of State appointed pursuant to the Ministries and Ministers of State Act to assist the Minister.

  • 1996, c. 6, s. 21.1

Constitution of the Corporation

Marginal note:Corporation established

  •  (1) There is hereby established a corporation, to be called the Canada Deposit Insurance Corporation.

  • Marginal note:Agent of Her Majesty

    (2) The Corporation is, for all purposes of this Act, an agent of Her Majesty in right of Canada.

  • R.S., c. C-3, s. 3
  • 1984, c. 31, s. 14
 
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