This Web page has been archived on the Web.

Financial System Review Act (S.C. 2012, c. 5)

Assented to 2012-03-29

Marginal note:2007, c. 6, s. 404

190. Paragraph 17(2)(b) of the Act is replaced by the following:

  • (b) on the day on which the amendment takes effect, any existing cancellation of the institution’s policy of deposit insurance under paragraph 33(1)(b) or (c) or subsection 33(2) is revoked; and

Marginal note:1996, c. 6, s. 27

  • 191. (1) Subsection 21(1) of the Act is replaced by the following:

    Marginal note:Assessment and collection of premiums

    • 21. (1) Subject to subsection (4), the Corporation shall, for each premium year, assess and collect from each member institution an annual premium in an amount determined under the by-laws.

  • (2) Subsection 21(2) of the Act is amended by striking out “and” at the end of paragraph (b), by adding “and” at the end of paragraph (c) and by adding the following after paragraph (c):

    • (d) fixing the minimum amount of, or providing the manner for determining the minimum amount of, the annual premium.

  • Marginal note:1996, c. 6, s. 27

    (3) Subsection 21(4) of the Act is replaced by the following:

    • Marginal note:Annual premium

      (4) The annual premium for a member institution shall be no greater than one third of 1%, or any smaller proportion of 1% that may be fixed in respect of the premium year by the Governor in Council, of an amount equal to the sum of so much of the deposits as are considered to be insured by the Corporation and deposited with the member institution as of April 30 in the immediately preceding premium year.

Marginal note:1996, c. 6, s. 29; 2001, c. 9, s. 207

192. Subsection 23(1) of the Act is replaced by the following:

Marginal note:Calculation of first premium

  • 23. (1) The premium payable by a member institution in respect of the premium year in which it becomes a member institution shall be the same proportion of the annual premium for that member institution determined by by-law made under subsection 21(2) based on an amount equal to the sum of so much of the deposits as are considered to be insured by the Corporation and deposited with the member institution as of the end of the month in which it becomes a member institution, as the number of days in which any of the deposits with that member institution are insured by the Corporation in that premium year is of 365.

Marginal note:R.S., c. 18 (3rd Supp.), s. 62

193. The portion of subsection 30(2) of the English version of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Presentation of report to directors

    (2) The chief executive officer or chairperson of the board of directors of a member institution to whom a report has been sent or delivered under subsection (1) shall, within 15 days after the receipt of the report, cause