Canada Deposit Insurance Corporation Act

Marginal note:Powers of directors

• 11 (1) The Board shall administer the affairs of the Corporation in all things and make, or cause to be made, for the Corporation any description of contract that the Corporation may by law enter into.

• Marginal note:By-laws

  (2) The Board may make by-laws,

  • (a) for the administration, management and control of the property and affairs of the Corporation;

  • (b) governing the functions, duties and remuneration of all officers, agents and employees of the Corporation;

  • (b.1) concerning conflicts of interest and post-employment matters relating to conflicts of interest in respect of directors, officers and employees of the Corporation;

  • (c) governing the appointment and activities of any special committees created for the purposes of the Corporation;

  • (d) governing the time and place for the holding of meetings of the directors, and the quorum and procedure in all things at those meetings;

  • (e) [Repealed, 2005, c. 30, s. 100]

  • (f) respecting representations by member institutions and other persons with respect to

    • (i) what constitutes, or does not constitute, a deposit,

    • (ii) what constitutes, or does not constitute, a deposit that is insured by the Corporation, and

    • (iii) who is a member institution;

  • (f.1) for the purpose of facilitating the Corporation’s exercise of its functions either under section 14 or in the event that an order is made under subsection 39.13(1), respecting the information that the Corporation can require from member institutions with respect to their deposit liabilities and the time within and manner in which it is to be provided to the Corporation;

  • (f.2) respecting the capabilities that the Corporation can require member institutions to have to facilitate the Corporation’s exercise of its functions either under section 14 or in the event that an order is made under subsection 39.13(1), including the capability to

    • (i) identify their deposit liabilities, and

    • (ii) temporarily prevent withdrawals of deposit liabilities;

  • (g) prescribing anything that, by virtue of any provision of this Act, is to be prescribed by the by-laws;

  • (h) prescribing the form and manner in which payments under this Act are to be made by the Corporation; and

  • (i) governing the conduct in all other particulars of the affairs of the Corporation.

• Deposit liabilities

  (2.1) For the purposes of paragraphs (2)(f.1) and (f.2), deposit liabilities include deposits referred to in paragraphs 12(a) to (c) and liabilities referred to in subsections 2(2), (5) and (6) of the schedule.

• Marginal note:Subsection 5(1) of the Statutory Instruments Act

  (2.2) If a by-law requires approval in writing by the Minister under this Act in order to be effective, then, for the purposes of subsection 5(1) of the Statutory Instruments Act, the by-law is deemed to be made on the day on which the Corporation receives that approval.

• Marginal note:Inspection powers

  (3) In carrying out any inspection authorized by this Act or by a policy of deposit insurance, the directors of the Corporation have all the powers conferred on commissioners appointed under Part II of the Inquiries Act for the purpose of obtaining evidence under oath, and the directors may delegate those powers as occasion requires.