Canada Deposit Insurance Corporation Act

Marginal note:Form of application for deposit insurance

• 18 (1) An application for deposit insurance shall be in the form, and accompanied by a fee of the amount and type, that may be prescribed by the by-laws.

• (2) [Repealed, R.S., 1985, c. 18 (3rd Supp.), s. 55]

• Marginal note:Contents of policy

  (3) The policy of deposit insurance shall consist of the provisions that may be prescribed by the by-laws.

• Marginal note:Records retained outside Canada

  (3.1) Where a member institution that is authorized to do so under the by-laws retains at a place outside Canada records referred to in the policy of deposit insurance, including for the purpose of any examination by or on behalf of the Corporation, the Corporation may, in the case referred to in paragraph (a), and shall, in the case referred to in paragraph (b), direct the institution to maintain a copy of those records in Canada:

  • (a) if the Corporation is of the opinion that it does not have immediate, direct, complete and ongoing access to those records; or

  • (b) if the Corporation is advised by the Minister that the Minister is of the opinion that it is not in the national interest for the institution not to maintain a copy of those records in Canada.

• Marginal note:By-laws

  (3.2) The Board may make by-laws respecting:

  • (a) what constitutes immediate, direct, complete and ongoing access, for the purpose of paragraph (3.1)(a); and

  • (b) the time within and manner in which a member institution is required to comply with a direction under subsection (3.1).

• Marginal note:Policies deemed to be amended

  (4) If a by-law respecting the content of the policy of deposit insurance is amended, or revoked and replaced, every policy of deposit insurance is deemed to be amended or replaced accordingly.