Marginal note:Provincial member institutions
28. It is a condition of the policy of deposit insurance of a provincial member institution that
(a) the Corporation or a person designated by the Corporation may, at least once in each year and at such other times as the Corporation deems appropriate, make or cause to be made such inspections of the affairs of the provincial member institution as the Corporation or that person may deem to be necessary or expedient;
(b) the Corporation and the person designated by the Corporation have, for the purposes referred to in paragraph (a), a right of access to the records of the member institution; and
(c) the member institution will cause its officers and auditors to furnish such information and explanations pertaining to its affairs as the Corporation or the person designated by the Corporation may require.
- R.S., 1985, c. C-3, s. 28;
- R.S., 1985, c. 18 (3rd Supp.), s. 60.
Marginal note:Costs may be charged back
28.1 Where an examination or an inspection is carried out other than once in each year, the Corporation may
(a) pay the costs of the examination or inspection;
(b) charge the costs to the member institution in respect of which they were incurred; and
(c) recover the costs from the member institution as a debt due and payable to the Corporation.
- 1996, c. 6, s. 33;
- 1999, c. 28, s. 105.
Marginal note:Examination considerations
29. (1) The person who conducts an examination under section 27 or an inspection under section 28 in respect of a member institution shall make all examinations or inspections that the person considers necessary to
(a) provide, by way of a rating or any other means, an assessment of the safety and soundness of the member institution, including its financial condition;
(b) comment on the operations of the member institution; and
(c) if the member institution is a provincial institution and the Corporation and the person agree, comment on whether the provisions of the statutes governing the provincial institution are being complied with.
(2) The person shall provide written reports to the Corporation on the matters referred to in paragraphs (1)(a) to (c) in a timely manner.
Marginal note:Right of Corporation to information
(3) The Corporation is entitled to all information obtained by or produced by or for the person, whether in the course of conducting an examination or inspection or otherwise, regarding the affairs of the member institution or any of its affiliates or subsidiaries or of any person dealing with the member institution or any of its affiliates or subsidiaries, that relates to the safety and soundness, or the operations, of the member institution.
Marginal note:Obligation to provide other information
(4) Without limiting subsection (3), the person shall provide the Corporation with any information that the person considers relevant to any matter referred to in any of paragraphs (1)(a) to (c) or to any report provided under subsection (2).
Marginal note:Obligation to inform
(5) The person shall without delay inform the Corporation if, at any time, whether in the course of conducting an examination or inspection or otherwise, there comes to the attention of the person any change in the circumstances of the member institution that might materially affect the position of the Corporation as an insurer.
- R.S., 1985, c. C-3, s. 29;
- R.S., 1985, c. 18 (3rd Supp.), s. 61;
- 1992, c. 26, s. 8(E);
- 1996, c. 6, s. 34;
- 1999, c. 28, s. 106;
- 2001, c. 9, s. 210;
- 2005, c. 30, s. 105.
- Date modified: