Canada Deposit Insurance Corporation Act

Marginal note:Exemption — shares of member institution

• 10.01 (1) To enable the Corporation to acquire, hold or dispose of shares under paragraph 10(1)(f.1), the Minister may, by order, exempt any person or share specified in the order from any of the following provisions:

  • (a) sections 372, 373, 374, 375, 376, 376.1, 376.2, 377, 377.1,  379, 385, 401.2 and 401.3 of the Bank Act;

  • (b) sections 407, 407.01, 407.02, 407.03, 407.1, 407.2, 408, 411, 428 and 430 of the Insurance Companies Act; and

  • (c) sections 375, 375.1, 376, 379, 396 and 399 of the Trust and Loan Companies Act.

• Marginal note:Conditions

  (2) The exemption may be subject to conditions.

• Marginal note:Duration of exemption

  (3) The exemption ceases to have effect five years after the day on which it comes into force.

• Marginal note:Extension

  (4) The Minister may, by order, extend the duration of the exemption if general market conditions so warrant.

• Marginal note:Statutory Instruments Act

  (5) The Statutory Instruments Act does not apply to an order made under this section.