Canada Deposit Insurance Corporation Act

Marginal note:Directors and officers of institutions

• 45.11 (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.