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Canada Deposit Insurance Corporation Act (R.S.C., 1985, c. C-3)

Act current to 2022-07-25 and last amended on 2022-06-23. Previous Versions

Financial

Marginal note:Financial year

 The financial year of the Corporation shall end on December 31 in each year unless the Governor in Council otherwise directs.

  • R.S., c. C-3, s. 34
  • 1984, c. 31, s. 14

Marginal note:Deposit accounts

 The Corporation may maintain in its own name one or more accounts

  • (a) with the Bank of Canada;

  • (b) with any member institution; and

  • (c) with the approval of the Minister, with any financial institution outside Canada.

  • R.S., 1985, c. C-3, s. 41
  • R.S., 1985, c. 18 (3rd Supp.), s. 65

Marginal note:Interest may be paid

 The Bank of Canada may pay interest on any money that the Corporation deposits with it.

  • R.S., 1985, c. C-3, s. 42
  • 1985, c. 18 (3rd Supp.), s. 66
  • 1992, c. 26, s. 12
  • 1996, c. 6, s. 42
  • 2014, c. 20, s. 109

Marginal note:Auditor

 The Auditor General of Canada is the auditor of the Corporation.

  • R.S., c. C-3, s. 38
  • 1976-77, c. 34, s. 30(F)
  • 1984, c. 31, s. 14

Staff

Marginal note:Employment of staff

  •  (1) The Corporation may, notwithstanding any other Act, employ such officers, agents and employees as are necessary for the purposes of the Corporation and, subject to section 45, the officers, agents and employees of the Corporation shall be deemed not to be employed in the federal public administration.

  • Marginal note:Oath of fidelity and secrecy

    (2) Each officer, agent or employee of the Corporation shall, before entering on his or her duties with the Corporation, take an oath of fidelity and secrecy in the form prescribed by the by-laws.

  • Marginal note:Use of departmental facilities

    (3) In carrying out its functions under this Act, the Corporation may, with the approval of the Minister, make use of the personnel, facilities and services of the Office of the Superintendent of Financial Institutions and the Department of Finance to any extent not incompatible, in the opinion of the Minister, with the administration of that Office or Department.

  • R.S., 1985, c. C-3, s. 44
  • R.S., 1985, c. 18 (3rd Supp.), s. 67
  • 2003, c. 22, s. 224(E)
  • 2012, c. 5, s. 206(E)

Marginal note:Public Service Superannuation Act

  •  (1) The officers and employees of the Corporation shall be deemed to be employed in the public service for the purposes of the Public Service Superannuation Act and the Corporation shall be deemed to be a Public Service corporation for the purposes of section 37 of that Act.

  • Marginal note:Application of other Acts

    (2) For the purposes of the Government Employees Compensation Act and any regulation made pursuant to section 9 of the Aeronautics Act, the Chairperson and employees of the Corporation shall be deemed to be employees in the federal public administration.

  • Marginal note:Superannuation

    (3) The Public Service Superannuation Act does not apply to the Chairperson, unless the Governor in Council otherwise directs, or to the director of the Corporation who holds the office of Governor of the Bank of Canada.

  • R.S., 1985, c. C-3, s. 45
  • 1996, c. 6, s. 47(E)
  • 2003, c. 22, ss. 224(E), 225(E)

No Liability

Marginal note:No liability for acts in good faith

  •  (1) Her Majesty in right of Canada, any servant or agent of Her Majesty, the Corporation, its directors, officers and employees and any person acting on behalf of the Corporation are not liable to any member institution, depositor with, or creditor or shareholder of, any member institution, or to any other person, for any damages, payment, compensation, contribution or indemnity that any such member institution, depositor, creditor, shareholder or other person may suffer or claim by reason of anything done or omitted to be done, in good faith, in the exercise, execution or performance — or the purported exercise, execution or performance — of any powers, duties and functions under this Act.

  • Marginal note:Obligation remains

    (2) Nothing in subsection (1) shall be construed to relieve the Corporation from the obligation to make payment in respect of a deposit insured under this Act or to pay compensation under section 39.23.

  • R.S., 1985, c. 18 (3rd Supp.), s. 68
  • 2016, c. 7, s. 148

Marginal note:Directors and officers of institutions

  •  (1) Directors and officers of a federal member institution in respect of which an order is made under paragraph 39.13(1)(a) or (b) or of a bridge institution are not liable for any damages, payment, compensation, contribution or indemnity that any person may suffer or claim by reason of anything done or omitted to be done during the period set out in subsection (3), in good faith, in the exercise, execution or performance of any powers, duties and functions as directors or officers of the institution.

  • Marginal note:Indemnification

    (2) Section 119 of the Financial Administration Act and the regulations made under that section apply to the directors and officers referred to in subsection (1) in respect of anything done or omitted to be done in the exercise, execution or performance of their powers, duties and functions during the period set out in subsection (3), as if the federal member institution or the bridge institution were a Crown corporation within the meaning of section 83 of that Act.

  • Marginal note:Time period

    (3) The period referred to in subsections (1) and (2) begins on the day on which the order is made under subsection 39.13(1) and ends

    • (a) on the date specified in a notice described in subsection 39.2(3) in respect of the federal member institution;

    • (b) on the day on which the bridge institution ceases to be designated as such; or

    • (c) on the day on which a winding-up order is made in respect of the federal member institution or the bridge institution.

  • 2009, c. 2, s. 252
  • 2016, c. 7, s. 149

Marginal note:Foreign relief — no recognition or enforcement

  •  (1) Except with the consent of the Attorney General of Canada, no judgment, order or other relief given in a proceeding outside Canada in respect of an order made under subsection 39.13(1) shall be recognized or enforceable in any manner in Canada.

  • Marginal note:No proceedings

    (2) Except with the consent of the Attorney General of Canada, no proceedings shall be commenced in any court in Canada in respect of the judgment, order or other relief given outside Canada.

  • 2016, c. 7, s. 149

Confidentiality

Marginal note:Confidentiality

  •  (1) All information regarding the affairs of a federal institution, provincial institution or local cooperative credit society, or of any person dealing with one, that is obtained or produced by or for the Corporation is confidential and shall be treated accordingly.

  • Marginal note:Information to Governor of the Bank of Canada

    (1.1) The Corporation may, if it is satisfied that the information will be treated as confidential by the Governor of the Bank of Canada or any officer of the Bank of Canada authorized in writing by the Governor of the Bank of Canada, disclose any information referred to in subsection (1) to the Governor or the designated officer for the purpose of carrying out the Bank of Canada’s objects under the Retail Payment Activities Act or, in relation to any provisions of that Act that are not in force, for the purpose of planning to carry out those objects.

  • Marginal note:Information from the Superintendent

    (2) The Corporation may, if it is satisfied that the information will be treated as confidential by the recipient and after consultation with the Superintendent, disclose any information obtained from the Superintendent regarding the affairs of a federal member institution

    • (a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision;

    • (b) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision; or

    • (c) to any deposit insurer or any compensation association for purposes related to its operation.

  • Marginal note:Information respecting nominee brokers

    (3) The Corporation may, if it is satisfied that the information will be treated as confidential by the recipient, disclose information that is obtained by it — or is produced by or for it — respecting the non-compliance of a nominee broker with section 7 of the schedule to

    • (a) any government agency or body that regulates or supervises nominee brokers, for purposes related to that regulation or supervision; or

    • (b) any other agency or body that regulates or supervises nominee brokers, for purposes related to that regulation or supervision.

  • Marginal note:Making information public

    (4) Despite subsection (1), for the purpose of protecting the interests and rights of beneficiaries of nominee broker deposits, the Corporation may make information referred to in subsection (3) available to the public in a manner that it considers advisable.

Marginal note:Disclosures prohibited

  •  (1) Subject to subsection 12(1) of the Privacy Act, any information with respect to the affairs of a federal member institution in respect of which an order is made under paragraph 39.13(1)(a) or (b), a bridge institution, a subsidiary of either of those institutions or any person dealing with such an institution or subsidiary is confidential, shall be treated accordingly and shall not be disclosed.

  • Marginal note:Duration of prohibition

    (2) The prohibition applies only during the period set out in subsection 45.11(3).

  • Marginal note:Exception — entity or person

    (3) The prohibition does not apply if the information is disclosed

    • (a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision;

    • (b) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision;

    • (c) to the Financial Transactions and Reports Analysis Centre of Canada established by section 41 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, for the purpose of complying with that Act;

    • (d) to the Corporation for the purposes of fulfilling its functions under this Act or as a shareholder of the federal member institution or the bridge institution;

    • (e) to the Minister of Finance, the Deputy Minister of Finance or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance;

    • (f) to the Governor of the Bank of Canada or any officer of the Bank of Canada authorized in writing by the Governor of the Bank of Canada, for the purposes of policy analysis related to the regulation of financial institutions, for the purpose of carrying out the Bank of Canada’s objects under the Retail Payment Activities Act or, in relation to any provisions of that Act that are not in force, for the purpose of planning to carry out those objects;

    • (g) to the Canada Revenue Agency solely for the purpose of the Income Tax Act or the Excise Tax Act; or

    • (h) to any other entity or person that is prescribed by regulation, in any circumstance or condition prescribed by regulation.

  • Marginal note:Other exceptions

    (4) The prohibition does not apply if the information is disclosed

    • (a) in the normal conduct of the business of the federal member institution, the bridge institution or a subsidiary of either of those institutions;

    • (b) for the purposes of selling the shares or assets of the federal member institution, the bridge institution or a subsidiary of either of those institutions;

    • (c) for the purpose of any legal proceedings;

    • (d) for the purpose of preparing the Corporation’s annual report and its corporate plan or if the information is disclosed in those documents;

    • (e) in any circumstance that is prescribed by regulation; or

    • (f) in any other circumstance that the board of directors of the federal member institution, the bridge institution or a subsidiary of either of those institutions considers necessary.

  • Marginal note:Regulations

    (5) The Governor in Council may make regulations

    • (a) specifying the circumstances in which the prohibition does not apply; or

    • (b) specifying, for the purpose of paragraph (3)(h), the entity to which or person to whom information may be disclosed and the circumstances and conditions under which the information may be disclosed to that entity or person.

Winding-up

Marginal note:Insolvency and winding-up

 No statute relating to the insolvency or winding-up of any corporation applies to the Corporation and in no case shall the affairs of the Corporation be wound up unless Parliament so provides.

  • R.S., 1985, c. C-3, s. 46
  • 2007, c. 6, s. 420(E)

Enforcement Provisions

Marginal note:False statements

 A person is guilty of an offence if the person prepares, signs, approves or concurs in any account, statement, return, report or other document required to be submitted to the Corporation under the provisions of this Act, the regulations or the by-laws or under an application to become a member institution or a policy of deposit insurance that

  • (a) contains any false or deceptive information; or

  • (b) fails to present fairly information required to be submitted to the Corporation.

  • R.S., 1985, c. C-3, s. 47
  • 1996, c. 6, s. 45
  • 2001, c. 9, s. 215
  • 2016, c. 7, s. 151

Marginal note:Failure to make report known

 A person who, being a chief executive officer or chairperson of the board of directors of a member institution, fails or neglects to present, as required by section 30, a report of the Corporation made under that section is guilty of an offence and, if the directors fail or neglect to incorporate that report in the minutes of a meeting of the directors as required by that section, each director present at that meeting who directed, authorized, assented to, acquiesced in or participated in the failure or neglect, is guilty of an offence.

  • R.S., 1985, c. C-3, s. 48
  • R.S., 1985, c. 18 (3rd Supp.), s. 69
  • 1996, c. 6, s. 45
 
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