Marginal note:Overdue charges
25. Notwithstanding anything in sections 21 to 23, the Corporation may charge interest at a rate equal to the rate prescribed pursuant to subsection 161(1) of the Income Tax Act plus two per cent on the unpaid amount of any premium instalment not paid on or before the due date of that instalment.
- R.S., 1985, c. C-3, s. 25;
- R.S., 1985, c. 18 (3rd Supp.), s. 58.
Marginal note:Premium surcharge
25.1 (1) Notwithstanding sections 21 to 25, where, in the opinion of the Corporation, a member institution is engaging in such practice as may be prescribed in the by-laws as warranting a premium surcharge, the Corporation, after
(a) consultation with the Superintendent or the provincial supervisor, as the case may be, and
(b) giving the member institution an opportunity to make written representations,
may assess and collect from the member institution a premium surcharge in respect of the premium year or any part thereof.
Marginal note:Amount of premium surcharge
(2) The amount of the premium surcharge that may be assessed against and collected from a member institution under subsection (1) in respect of any premium year shall be such amount as the Corporation may determine to be fair in the circumstances and in no case shall exceed an amount equal to one sixth of one per cent of so much of each deposit as is 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:Application of sections 21 to 25
(3) The provisions of sections 21 to 25 that are not inconsistent with subsections (1) and (2) apply, with such modifications as the circumstances require, in respect of any premium surcharge assessed under subsection (1).
- R.S., 1985, c. 18 (2nd Supp.), s. 4, c. 18 (3rd Supp.), s. 59;
- 1996, c. 6, s. 31;
- 2007, c. 6, s. 408.
Marginal note:Non-application to special premium
25.2 Section 21, subsection 22(2), section 23 and subsection 37(5) do not apply to a special premium.
- 2009, c. 2, s. 240.
Marginal note:By-laws — special premium
25.3 (1) In respect of each order made under subsection 7.1(1) or each direction given under subsection 11.1(1), the Board may make by-laws respecting the recovery from member institutions or any class of member institutions of the loss referred to in section 7.3 or 11.3, as the case may be, including by-laws
(a) fixing the special premium payable by member institutions or any class of member institutions or providing for the manner of fixing the special premium;
(b) establishing a system of classifying member institutions in different classes;
(c) establishing the criteria or factors to be taken into account or procedures to be followed by the Corporation in determining the class in which a member institution is classified; or
(d) respecting the time and manner in which a special premium shall be paid.
Marginal note:When by-law not effective
(2) A by-law made under subsection (1) is not effective unless it has been approved in writing by the Minister.
- 2009, c. 2, s. 240.
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