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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

Restructuring of Federal Member Institutions (continued)

Creation and Operation of Bridge Institutions (continued)

Marginal note:Corporation’s directions

  •  (1) The Corporation may give directions to the board of directors of a bridge institution.

  • Marginal note:Implementation

    (2) The board of directors of the bridge institution shall ensure that the directions are implemented in a prompt and efficient manner and shall, after implementing a direction, notify the Corporation without delay that it has been implemented.

  • 2009, c. 2, s. 251
  • 2016, c. 7, s. 144

Marginal note:By-laws — Corporation

  •  (1) The Corporation may give directions to the board of directors of a bridge institution to make, amend or repeal any by-law.

  • Marginal note:By-laws — board of directors

    (2) The board of directors of a bridge institution may, with the prior approval of the Corporation, make, amend or repeal any by-law.

  • Meaning of by-law

    (3) For the purposes of subsections (1) and (2), by-law means a by-law of the bridge institution.

  • 2009, c. 2, s. 251
  • 2016, c. 7, s. 145

 [Repealed, 2016, c. 7, s. 146]

Restructuring of Provincial Member Institutions

Marginal note:Federal-provincial agreements

  •  (1) The Minister may, with the approval of the Governor in Council, enter into an agreement with an appropriate provincial minister providing for the application of any of sections 39.1 to 39.28 to provincial member institutions incorporated under the laws of that province.

  • Marginal note:Orders

    (2) If an agreement has been entered into with an appropriate provincial minister, the Governor in Council may make orders, which are to be consistent with the agreement, providing for the application of any of sections 39.1 to 39.28 to provincial member institutions incorporated under the laws of that province and adapting any of the provisions of those sections in their application to those provincial member institutions.

  • 1996, c. 6, s. 41
  • 2016, c. 7, s. 147

Financial

Marginal note:Financial year

 The financial year of the Corporation shall end on December 31 in each year unless the Governor in Council otherwise directs.

  • R.S., c. C-3, s. 34
  • 1984, c. 31, s. 14

Marginal note:Deposit accounts

 The Corporation may maintain in its own name one or more accounts

  • (a) with the Bank of Canada;

  • (b) with any member institution; and

  • (c) with the approval of the Minister, with any financial institution outside Canada.

  • R.S., 1985, c. C-3, s. 41
  • R.S., 1985, c. 18 (3rd Supp.), s. 65

Marginal note:Interest may be paid

 The Bank of Canada may pay interest on any money that the Corporation deposits with it.

  • R.S., 1985, c. C-3, s. 42
  • 1985, c. 18 (3rd Supp.), s. 66
  • 1992, c. 26, s. 12
  • 1996, c. 6, s. 42
  • 2014, c. 20, s. 109

Marginal note:Auditor

 The Auditor General of Canada is the auditor of the Corporation.

  • R.S., c. C-3, s. 38
  • 1976-77, c. 34, s. 30(F)
  • 1984, c. 31, s. 14

Staff

Marginal note:Employment of staff

  •  (1) The Corporation may, notwithstanding any other Act, employ such officers, agents and employees as are necessary for the purposes of the Corporation and, subject to section 45, the officers, agents and employees of the Corporation shall be deemed not to be employed in the federal public administration.

  • Marginal note:Oath of fidelity and secrecy

    (2) Each officer, agent or employee of the Corporation shall, before entering on his or her duties with the Corporation, take an oath of fidelity and secrecy in the form prescribed by the by-laws.

  • Marginal note:Use of departmental facilities

    (3) In carrying out its functions under this Act, the Corporation may, with the approval of the Minister, make use of the personnel, facilities and services of the Office of the Superintendent of Financial Institutions and the Department of Finance to any extent not incompatible, in the opinion of the Minister, with the administration of that Office or Department.

  • R.S., 1985, c. C-3, s. 44
  • R.S., 1985, c. 18 (3rd Supp.), s. 67
  • 2003, c. 22, s. 224(E)
  • 2012, c. 5, s. 206(E)

Marginal note:Public Service Superannuation Act

  •  (1) The officers and employees of the Corporation shall be deemed to be employed in the public service for the purposes of the Public Service Superannuation Act and the Corporation shall be deemed to be a Public Service corporation for the purposes of section 37 of that Act.

  • Marginal note:Application of other Acts

    (2) For the purposes of the Government Employees Compensation Act and any regulation made pursuant to section 9 of the Aeronautics Act, the Chairperson and employees of the Corporation shall be deemed to be employees in the federal public administration.

  • Marginal note:Superannuation

    (3) The Public Service Superannuation Act does not apply to the Chairperson, unless the Governor in Council otherwise directs, or to the director of the Corporation who holds the office of Governor of the Bank of Canada.

  • R.S., 1985, c. C-3, s. 45
  • 1996, c. 6, s. 47(E)
  • 2003, c. 22, ss. 224(E), 225(E)

No Liability

Marginal note:No liability for acts in good faith

  •  (1) Her Majesty in right of Canada, any servant or agent of Her Majesty, the Corporation, its directors, officers and employees and any person acting on behalf of the Corporation are not liable to any member institution, depositor with, or creditor or shareholder of, any member institution, or to any other person, for any damages, payment, compensation, contribution or indemnity that any such member institution, depositor, creditor, shareholder or other person may suffer or claim by reason of anything done or omitted to be done, in good faith, in the exercise, execution or performance — or the purported exercise, execution or performance — of any powers, duties and functions under this Act.

  • Marginal note:Obligation remains

    (2) Nothing in subsection (1) shall be construed to relieve the Corporation from the obligation to make payment in respect of a deposit insured under this Act or to pay compensation under section 39.23.

  • R.S., 1985, c. 18 (3rd Supp.), s. 68
  • 2016, c. 7, s. 148

Marginal note:Directors and officers of institutions

  •  (1) Directors and officers of a federal member institution in respect of which an order is made under paragraph 39.13(1)(a) or (b) or of a bridge institution are not liable for any damages, payment, compensation, contribution or indemnity that any person may suffer or claim by reason of anything done or omitted to be done during the period set out in subsection (3), in good faith, in the exercise, execution or performance of any powers, duties and functions as directors or officers of the institution.

  • Marginal note:Indemnification

    (2) Section 119 of the Financial Administration Act and the regulations made under that section apply to the directors and officers referred to in subsection (1) in respect of anything done or omitted to be done in the exercise, execution or performance of their powers, duties and functions during the period set out in subsection (3), as if the federal member institution or the bridge institution were a Crown corporation within the meaning of section 83 of that Act.

  • Marginal note:Time period

    (3) The period referred to in subsections (1) and (2) begins on the day on which the order is made under subsection 39.13(1) and ends

    • (a) on the date specified in a notice described in subsection 39.2(3) in respect of the federal member institution;

    • (b) on the day on which the bridge institution ceases to be designated as such; or

    • (c) on the day on which a winding-up order is made in respect of the federal member institution or the bridge institution.

  • 2009, c. 2, s. 252
  • 2016, c. 7, s. 149
 
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