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Canada Deposit Insurance Corporation Act

Version of section 17 from 2005-09-01 to 2007-04-19:


Marginal note:Insurance of federal institutions

  •  (1) The Corporation shall insure the deposits held by a federal institution in the manner and to the extent provided in this Act and the by-laws.

  • Marginal note:Insurance of provincial institutions

    (1.1) On the application of a 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;

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

    • (c) 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

    • (d) 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.

  • (3) [Repealed, 2005, c. 30, s. 104]

  • R.S., 1985, c. C-3, s. 17
  • R.S., 1985, c. 18 (3rd Supp.), s. 54
  • 1991, c. 45, s. 543
  • 2005, c. 30, s. 104
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