Canada Deposit Insurance Corporation Differential Premiums By-law

12 (1) Notwithstanding sections 8, 9 and 11, a member institution shall be classified in premium category 4 as set out in column 1 of Schedule 1 if it

• (a) has submitted a Reporting Form in accordance with paragraph 15(4)(a) or 16(2)(a), as the case may be, but has not, before July 1 of the filing year, submitted audited financial statements and a revised Reporting Form or a declaration that the audited financial statements confirm the information set out in the Reporting Form and no modifications are required to be made to the Reporting Form or to the returns and documents referred to in paragraphs 15(1)(c) to (e), as previously submitted; or

• (b) has not, by April 30 of the filing year, submitted the declaration referred to in paragraph 7(1)(b) or the documents required by paragraphs 15(1)(a) to (e) or section 16.

(2) Subsection (1) applies in respect of a member institution where its subsidiaries are required to comply with the requirements of section 15 and one or more of those subsidiaries fails to do so.