Canada Deposit Insurance Corporation Act

Marginal note:Powers of directors

• 11 (1) The Board shall administer the affairs of the Corporation in all things and make, or cause to be made, for the Corporation any description of contract that the Corporation may by law enter into.

• Marginal note:By-laws

  (2) The Board may make by-laws,

  • (a) for the administration, management and control of the property and affairs of the Corporation;

  • (b) governing the functions, duties and remuneration of all officers, agents and employees of the Corporation;

  • (b.1) concerning conflicts of interest and post-employment matters relating to conflicts of interest in respect of directors, officers and employees of the Corporation;

  • (c) governing the appointment and activities of any special committees created for the purposes of the Corporation;

  • (d) governing the time and place for the holding of meetings of the directors, and the quorum and procedure in all things at those meetings;

  • (e) respecting standards of sound business and financial practices for member institutions;

  • (f) respecting representations by member institutions and other persons with respect to

    • (i) what constitutes, or does not constitute, a deposit,

    • (ii) what constitutes, or does not constitute, a deposit that is insured by the Corporation, and

    • (iii) who is a member institution;

  • (g) prescribing anything that, by virtue of any provision of this Act, is to be prescribed by the by-laws;

  • (h) prescribing the form and manner in which payments under this Act are to be made by the Corporation; and

  • (i) governing the conduct in all other particulars of the affairs of the Corporation.

• Marginal note:Inspection powers

  (3) In carrying out any inspection authorized by this Act or by a policy of deposit insurance, the directors of the Corporation have all the powers conferred on commissioners appointed under Part II of the Inquiries Act for the purpose of obtaining evidence under oath, and the directors may delegate those powers as occasion requires.