Canada Deposit Insurance Corporation Act

Marginal note:Insurance of federal and provincial institutions

• 17 (1) On the application of a federal institution or provincial institution, the Corporation may insure the deposits held by the institution in the manner and to the extent provided in this Act and the by-laws, if

  • (a) the Corporation approves the institution for deposit insurance; and

  • (b) where the applicant is a provincial institution,

    • (i) the institution is authorized by the province of its incorporation to apply for deposit insurance,

    • (ii) the institution agrees, in carrying on its business, not to exercise powers substantially different from the powers exercisable by a company to which the Trust and Loan Companies Act applies, and

    • (iii) the Corporation is satisfied that at all times the Corporation will have adequate access to information regarding the institution.

• Marginal note:Deemed application

  (2) Every federal institution that is a member institution on the day on which this subsection comes into force shall be deemed to have applied for a policy of deposit insurance and to have obtained a policy.

• Marginal note:Where conversion to federal institution

  (3) Where a provincial member institution becomes a federal institution, the institution is deemed to have applied for deposit insurance as a federal institution and to have obtained a policy of deposit insurance on the day it became a federal institution.