Canada Deposit Insurance Corporation Act (R.S.C., 1985, c. C-3)

Act current to 2013-05-26 and last amended on 2012-12-19. Previous Versions

Marginal note:Punishment

50.1 Every member institution or other person who commits an offence under this Act is liable on summary conviction

  • (a) in the case of a natural person, to a fine not exceeding $100,000 or to imprisonment for a term not exceeding twelve months, or to both; or

  • (b) in any other case, to a fine not exceeding $500,000.

  • 1996, c. 6, s. 45.
Marginal note:Court may order compliance

51. Where a member institution or other person has been convicted of an offence under this Act, the court may, in addition to any fine or term of imprisonment that may be imposed, order the member institution or person to rectify the contravention of this Act, the by-laws or the policy of deposit insurance in respect of which the member institution or person was convicted.

  • R.S., 1985, c. C-3, s. 51;
  • R.S., 1985, c. 18 (3rd Supp.), s. 71;
  • 1996, c. 6, s. 45.
Marginal note:Additional monetary punishment

  • 52. (1) Where a member institution or other person has been convicted of an offence under this Act, the court may, where it is satisfied that as a result of the commission of the offence the convicted member institution or person acquired a monetary benefit or that a monetary benefit accrued to the benefit of the member institution or person, order the convicted member institution or person to pay, notwithstanding the maximum amount of any fine that may otherwise be imposed under this Act, an additional fine in an amount equal to the court’s estimation of the amount of the monetary benefit.

  • Marginal note:Restraining or compliance order

    (2) If a member institution or other person does not comply with any provision of this Act, the by-laws or the policy of deposit insurance that applies in respect of the member institution or person, the Corporation may apply to a superior court for an order directing the member institution or person to comply with or restraining the member institution or person from acting in breach of the provision and, on the application, the court may so order and make any further order it thinks fit.

  • R.S., 1985, c. C-3, s. 52;
  • R.S., 1985, c. 18 (3rd Supp.), s. 71;
  • 1996, c. 6, s. 45.
Marginal note:Appeals

53. Any decision or order of a court that tries an issue under this Act may be appealed to the court having jurisdiction to hear appeals from that trial court.

  • R.S., 1985, c. 18 (3rd Supp.), s. 71;
  • 1996, c. 6, s. 45.
Marginal note:Recovery and application of fines

54. All fines payable under this Act are recoverable and enforceable, with costs, at the suit of Her Majesty in right of Canada, instituted by the Attorney General of Canada and, when recovered, belong to Her Majesty in right of Canada.

  • 1996, c. 6, s. 45.