Canada Deposit Insurance Corporation Act

Marginal note:Cancellation

• 33 (1) Subject to subsection (3), the policy of deposit insurance of a member institution may be cancelled by the Corporation if, in the opinion of the Corporation, the member institution

  • (a) is or is about to become insolvent;

  • (b) has ceased to accept deposits; or

  • (c) has not begun to accept deposits within a period of two years beginning on the day on which it became a member institution.

• Marginal note:Cancellation

  (2) If a member institution intends to cease to accept deposits, it must notify the Corporation and the institution’s policy of deposit insurance may, subject to subsection (3), be cancelled by the Corporation.

• Marginal note:No cancellation in certain cases

  (3) The Corporation shall notify the Minister and the Superintendent of the action it is proposing to take under subsection (1) or (2) and it shall not take the action if it is advised by the Minister that in the opinion of the Minister taking the action would not be in the public interest.