Canada Deposit Insurance Corporation Act

Marginal note:Reporting defects or breaches

• 30 (1) Where, in the opinion of the Corporation, a member institution

  • (a) is not following a standard of sound business and financial practices established under the by-laws,

  • (b) is in breach of any by-laws of the Corporation applicable thereto, or

  • (c) is in breach of any of the conditions of its policy of deposit insurance,

  the Corporation may send by registered mail or deliver by hand a report of the facts to the chief executive officer or chairperson of the board of directors of the member institution and shall provide a copy of the report to the Minister.

• Marginal note:Presentation of report to directors

  (2) The chief executive officer or chairman of the board of directors of a member institution to whom a report has been sent or delivered under subsection (1) shall, within fifteen days after the receipt of the report, cause

  • (a) the report to be presented to a meeting of the board of directors of the member institution and to be incorporated in the minutes of the meeting; and

  • (b) a certified copy of that portion of the minutes of the meeting that relates to the presentation of the report to be sent by registered mail to the chief executive officer of the Corporation at its head office.