Canada Deposit Insurance Corporation Act

Marginal note:Insurance of federal institutions

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• (3) [Repealed, 2005, c. 30, s. 104]