Government of Canada / Gouvernement du Canada
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Canada Deposit Insurance Corporation Act

Version of section 17 from 2002-12-31 to 2005-08-31:

Marginal note:Insurance of federal and provincial institutions

  •  (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.

  • R.S., 1985, c. C-3, s. 17
  • R.S., 1985, c. 18 (3rd Supp.), s. 54
  • 1991, c. 45, s. 543
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