Canada Deposit Insurance Corporation Act
Marginal note:Powers of Corporation
10 (1) The Corporation may do all things necessary or incidental to the objects of the Corporation and in particular, but without limiting the generality of the foregoing, the Corporation may, in furtherance of its objects,
(a) acquire assets from a member institution;
(a.1) make or guarantee loans or advances, with or without security, to a member institution;
(a.11) make or guarantee a deposit with a member institution;
(a.12) assume liabilities of a member institution;
(a.2) enter into an agreement with the government of a province, or an agent of the government of a province, respecting any matter relating to the insurance of deposits with provincial institutions in that province;
(b) make any investment and enter into any transaction necessary or desirable for the financial management of the Corporation;
(c) act as liquidator, receiver or inspector of a member institution or a subsidiary thereof, when duly appointed as such and appoint qualified and competent persons, whether employees of the Corporation or not, to carry out any or all of the functions of the Corporation under the appointment of the Corporation;
(d) assume the costs of a winding-up of a member institution when the Corporation is appointed to act as a liquidator in the winding-up, or assume the costs of the receiver when the Corporation is appointed to act as such and charge those costs to the Accumulated Net Earnings of the Corporation;
(e) guarantee the payment of the fees of, and the costs incurred by any person as, the liquidator or receiver of a member institution when that person is appointed as such and charge any amounts paid under the terms of the guarantee to the Accumulated Net Earnings of the Corporation;
(f) acquire assets and assume liabilities of a member institution from its liquidator or receiver;
(f.1) acquire, by way of security or otherwise, shares and subordinated debt of a member institution and to hold and dispose of those shares and subordinated debt;
(g) make an advance for the purpose of paying a claim, against a member institution for which the Corporation is acting as receiver or liquidator, in respect of any insured deposit and of becoming subrogated as an unsecured creditor for the amount of the advance;
(h) make or cause to be made such inspections of a member institution as may be authorized under this Act or a policy of deposit insurance;
(i) acquire, hold and alienate real and personal property;
(i.1) settle or compromise any claim by or against the Corporation; and
(j) do all such other things as may be necessary for the exercising of any power of the Corporation.
Marginal note:Subsidiary corporations
(2) For the purposes of facilitating the acquisition, management or disposal of real property or other assets of a member institution that the Corporation may acquire as the result of its operations, the Corporation may, when authorized by order of the Governor in Council,
(a) procure the incorporation of a corporation, all the shares of which, on incorporation, would be held by, on behalf of or in trust for the Corporation; or
(b) acquire all of the shares of a corporation that, on acquisition, would be held by, on behalf of or in trust for the Corporation.
Marginal note:Subsidiary not an agent
(3) A corporation described in paragraph (2)(a) or (b) is deemed not to be an agent of the Corporation or of Her Majesty in right of Canada.
Marginal note:Assets and liabilities
(3.1) A corporation described in paragraph (2)(a) or (b) may acquire assets and assume liabilities of a member institution from that institution or from its liquidator or receiver.
Marginal note:Conditions applicable to the exercise of certain powers
(4) The Corporation shall, in exercising its powers under paragraph (1)(b), comply with such directions of general application as the Minister may, in writing, give to the Corporation.
- R.S., 1985, c. C-3, s. 10
- R.S., 1985, c. 18 (3rd Supp.), s. 50
- 1992, c. 26, s. 3
- 1996, c. 6, s. 23
- 2001, c. 9, s. 206
- 2016, c. 7, s. 127
- Date modified: