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canada deposit insurance corporation act

(a) what constitutes, or does not constitute, a deposit; (b) what constitutes, or does not constitute, a deposit that is insured by the Corporation; or. (3) A member institution that shares the home page for an electronic business site with a person other than a member institution shall not display the badge on the home page. (a) in the case of an oral communication, (i) make an oral representation that is substantially the same as one of the statements set out in subsection (2), and, (ii) issue to the person in writing, by telecommunications or by electronic or other means, a notice that includes one of the statements set out in subsection (2); or. The Canadian Deposit Insurance Corporation (CDIC) is a crown corporation owned by the Canadian government that insures bank deposits up to $100,000. (b) make a copy of the statement available to depositors at each of its places of business. BILL C-14. Bank Insurance Fund (BIF) is a unit of the FDIC that provides insurance protections for banks that are not classified as a savings and loan association. (a) if all account opening documents are provided only in digital form, with the digital form of a brochure supplied by the Corporation; (b) if all account opening documents are provided only in physical form, with a printed version of the digital form of the brochure; or. Short Title. (2) A member institution shall, as part of the account opening process for a deposit that is eligible to be insured by the Corporation, provide a depositor. (c) not more than five other members appointed by the Minister with the approval of the Governor in Council. First Session, Forty-third Parliament, 68-69 Elizabeth II, 2019-2020. 10 (1) The Corporation may do all things necessary or incidental to the objects of the Corporation and in particular, but without limiting the generality of the foregoing, the Corporation may, in furtherance of its objects. (Loi)CDIC. 7 (1) Subject to subsections (2), (3) and (5), a member institution shall prominently display the digital form of a badge supplied by the Corporation at each of the following locations on its electronic business sites, other than automated teller machines: (b) the landing page for each deposit product eligible to be insured by the Corporation; (c) the first page that appears after logging on that displays deposits that are eligible to be insured by the Corporation; and. (2) Subject to subsection (3), the representations may appear anywhere in the advertising of a member institution, if the location at which and the manner in which they are displayed do not give the impression that, (a) a person is a member institution when they are not a member institution; or. 1 The definitions in this section apply in this By-law.. Act. (c) is a director, officer or employee of a federal institution, a provincial institution or a local cooperative credit society. 1 The definitions in this section apply in this By-law. It is a private insurance company, not a bank. (3) When a member institution ceases to use a location as a place of business, it shall remove from the location all references to its status as a member institution and to the deposit insurance provided by the Corporation, including displays of the membership sign, brochure and badge. (3) The Minister shall cause a notice to be published in the Canada Gazette that the order has been made or repealed as soon as the Minister is of the opinion that the publication of the notice will not have an adverse effect on the stability of the financial system in Canada or public confidence in that stability. (3) A member institution shall ensure that the location at which and the manner in which the membership sign is displayed does not give the impression that. (b) entered or recorded by any system of mechanical or electronic data processing or any other information storage device that is capable of reproducing any required information in intelligible written form within a reasonable time. ()CDIC. (5) The Chairperson shall be paid by the Corporation such remuneration as may be fixed by the Governor in Council. Marginal note:Remuneration of certain directors. (4) The badge, whether in physical or digital form, shall contain, at a minimum, the Corporation’s logo or other identifiers. (3) The total principal indebtedness outstanding at any time in respect of borrowings by the Corporation under subsections (1) and (2), excluding the borrowings under paragraph 60.2(2)(c) of the Financial Administration Act and under subparagraph 60.2(2)(a)(iii) of that Act as it read on September 30, 2020, shall not exceed, (a) $15,000,000,000 or, if it is greater, the amount determined in accordance with subsections (3.1) to (3.5); or. A second Act respecting certain measures in response to COVID-19. (d) a description of the deposit insurance coverage provided by the Corporation that will apply to the deposits of the federal credit union after the transition period expires. Interpretation. (lieu d’affaires), point of service[Repealed, SOR/2017-215, s. 1], Return of Insured Deposits means the form of return of insured deposits established by the Corporation in accordance with subsection 22(1) of the Act. No amending legislation available on CanLII, Canada Deposit Insurance Corporation Deposit Insurance Information By-law. You don’t have to apply or pay for deposit insurance. 11 Consequential Amendment to the Canada Deposit Insurance Corporation Act; 12 Coming into Force; 12 Coming into Force. Marginal note:Exemption — shares of member institution. Canadian Deposit Insurance Corporation (CDIC) is a Canadian federal crown corporation owned by the Canadian government. (2) A member institution shall display the membership sign in digital form on the home page of its website, either directly or by way of a single hyperlink that links to a page on its website where information about its status as a member institution is available. 1 - Short Title; 2 - Interpretation; 2.1 - Her Majesty; 2.2 - Powers, Etc., of Minister; 3 - Constitution of the Corporation; 7 - Objects, Powers and Duties; 12 - Deposit Insurance; 26.01 - Federal Institutions Without Deposit Insurance; 27 - Inspection of Member Institutions; 31 - Termination and Cancellation of Insurance (c) in any other case, with either the digital form of the brochure or a printed version of that digital form. Full Document: Canada Deposit Insurance Corporation Act, Federal Institutions Without Deposit Insurance, Termination and Cancellation of Insurance, Restructuring of Federal Member Institutions, Vesting in Corporation and Appointing Corporation as Receiver, Non-application of Certain Legislative Provisions, Creation and Operation of Bridge Institutions, Restructuring of Provincial Member Institutions, French Constitutional Drafting Committee (1990), Statutes Repeal Act: Reports, Deferrals and Repeals, Miscellaneous Statute Law Amendment Program, Typographical and Grammatical Corrections, Table of Public Statutes and Responsible Ministers, Consolidated Index of Statutory Instruments. (3) The Governor in Council may repeal the order only if the Minister is of the opinion that the requirement that the Corporation pursue its objects in a manner that will minimize its exposure to loss, in respect of the situation specified in the order, will no longer have an adverse effect on the stability of the financial system in Canada or public confidence in that stability. 9 (1) Subject to subsection (2), if a member institution issues an instrument to a person evidencing that the member institution has received or is holding money that constitutes a deposit that is not eligible to be insured by the Corporation, the member institution shall include on the face of the instrument a warning statement in substantially the same words as one of the following statements: (b) “Not insured by the Canada Deposit Insurance Corporation”; or. 2.1 This Act is binding on Her Majesty in right of Canada or a province. 10.1 (1) At the request of the Corporation, the Minister may, out of the Consolidated Revenue Fund, lend money to the Corporation on such terms and conditions as the Minister may establish. (5) A director shall be paid by the Corporation reasonable travel and living expenses incurred by the director while absent from his or her ordinary place of residence in the course of his or her duties as a director but no director referred to in paragraph (1)(b) shall receive any other remuneration for his or her services on the Board. Deposit insurance protects your savings if your financial institution fails. (3.4) The amount that the total principal indebtedness outstanding at any time in respect of borrowings under subsections (1) and (2) shall not exceed does not change if the amount determined under subsection (3.1) for the current year is less than the amount published under subsection (3.6) for the previous year. (c) a retail association within the meaning of regulations made under the Cooperative Credit Associations Act. (b) a deposit is insured by the Corporation when it is not eligible to be insured by the Corporation. (Loi), CDIC means the Canada Deposit Insurance Corporation. (SADC), electronic business site means a website or other electronic site that is used by a member institution to carry on business and at which a person may make a deposit or commence a transaction to open a deposit account with or without the assistance of a representative of the member institution, and, for greater certainty, includes an automated teller machine. Previous Versions, An Act to establish the Canada Deposit Insurance Corporation. Act means the Canada Deposit Insurance Corporation Act. (d) “(name of the member institution) is a member of the CDIC”. Act current to 2020-10-21 and last amended on 2020-10-01. (2) A director referred to in paragraph (1)(b) may, from time to time with the approval of the Minister, designate in writing an alternate to attend in the director’s absence at any meeting of the Board of Directors, and the alternate shall be deemed to be a member of the Board while so attending a meeting of the Board. (f) information as to what a depositor needs to know when the Corporation is obliged to make an insurance payment. 2 (1) The corporation known as the Insurance Corporation of British Columbia is continued. Under law, CDIC member institutions must notify depositors when a deposit or deposit-like product is not eligible for insurance. (4) The badge, whether in physical or digital form, shall contain, at a minimum, the Corporation’s logo or other identifiers. Act means the Canada Deposit Insurance Corporation Act. (a) the person appointed as the Chairperson; (b) the persons who for the time being hold the offices of the Governor of the Bank of Canada, the Deputy Minister of Finance, the Superintendent of Financial Institutions and the Commissioner of the Financial Consumer Agency of Canada; (b.1) a Deputy Superintendent of Financial Institutions, or an officer of the Office of the Superintendent of Financial Institutions, appointed by the Minister; and.

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