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

AMENDMENTS NOT IN FORCE

• — 2021, c. 23, s. 129

  • 129 Section 39.24 of the English version of the Act is replaced by the following:

    • Determination and decision conclusive

      39.24 Except as otherwise provided in this Act, a determination or decision made by the Corporation under section 39.23 or by an assessor appointed under section 39.26 is for all purposes final and conclusive and shall not be questioned or reviewed in any court.

• — 2021, c. 23, s. 130

  • 130 Section 39.26 of the Act is replaced by the following:

    • Appointment of assessor

      • 39.26 (1) In the circumstances prescribed by the regulations, the Governor in Council shall, by order, appoint as assessor a judge who is in receipt of a salary under the Judges Act to review a determination made by the Corporation under subsection 39.23(1).

      • Review

        (2) In reviewing the Corporation’s determination, the assessor shall decide whether the Corporation made its determination based on an erroneous finding of fact that it made in a perverse or capricious manner or without regard for the material before it or on an unreasonable estimate.

      • Confirmation of determination

        (3) If the assessor decides that the Corporation did not make its determination based on such a finding of fact or on such an estimate, the assessor shall confirm the Corporation’s determination.

      • Determination of amount

        (4) If the assessor decides that the Corporation made its determination based on such a finding of fact or on such an estimate, the assessor shall determine, in accordance with the regulations and the by-laws, the amount of compensation, if any, to be paid to the prescribed person and substitute the assessor’s determination for the Corporation’s determination.

• — 2021, c. 23, s. 131

  • 131 Subsection 39.28(2) of the Act is replaced by the following:

    • By-laws

      (2) The Corporation may make by-laws respecting compensation for the purposes of sections 39.23 and 39.26.

• — 2026, c. 3, s. 338

  • 338 The Act is amended by adding the following after section 12.1:

    • Definitions

      • 12.2 (1) The following definitions apply in this section.

        pre-existing deposit

        pre-existing deposit means a deposit that was made with a local cooperative credit society before the transaction day and that remains outstanding on that day. (dépôt préexistant)

        transaction day

        transaction day, in respect of the assets of a local cooperative credit society acquired by a federal credit union under a purchase agreement referred to in section 236.1 of the Bank Act, means the day on which the acquisition is made. (date de l’opération)

        transition period

        transition period, in respect of a pre-existing deposit, means

        • (a) in the case of a pre-existing deposit that is to be repaid on a fixed day, the period that begins on the transaction day and ends on that fixed day; and

        • (b) in the case of any other pre-existing deposit, the period that begins on the transaction day and ends on the day that is 180 days after that day. (période transitoire)

      • Duty to insure certain pre-existing deposits

        (2) Despite paragraph 12(c) and subsection 4(2) of the schedule, but subject to the other provisions of this Act, if a pre-existing deposit is held by a federal credit union that is a member institution and all or a portion of the pre-existing deposit would have been guaranteed or insured under the law of a province if the assets of the local cooperative credit society had not been acquired by the federal credit union, the Corporation must insure the pre-existing deposit during the transition period up to the amount that would have been guaranteed or insured under the law of that province.

      • Deemed separate deposit

        (3) During the transition period, a pre-existing deposit, less any withdrawals from the pre-existing deposit, is deemed, for the purposes of deposit insurance with the Corporation, to be a deposit separate from any deposit made on or after the transaction day.

      • Deemed withdrawal from pre-existing deposit

        (4) During the transition period, any withdrawal — up to the amount of the pre-existing deposit — is deemed, for the purposes of deposit insurance with the Corporation, to be withdrawn from the pre-existing deposit.

• — 2026, c. 3, s. 339(2)

  • • 339 (2) Section 13 of the Act is amended by adding the following after subsection (5):

      • Deemed amalgamation

        (6) When a federal credit union acquires all or substantially all of the assets of a local cooperative credit society, the transaction is deemed to be an amalgamation of two member institutions for the purposes of this section.

• — 2026, c. 3, s. 341

  • 341 The Act is amended by adding the following after section 23:

    • Calculation of first premium upon acquisition

      23.1 When a federal credit union acquires all or substantially all of the assets of a local cooperative credit society, the premium payable by the federal credit union in respect of those assets is calculated in accordance with section 23, which applies, with any necessary modifications, to those assets as if they belonged to a member institution on the day on which the acquisition is made.

• — 2026, c. 3, s. 342

  • 342 The schedule to the Act is amended by replacing the references after the heading “SCHEDULE” with the following:

    (Section 2, subsections 11(2.1), 12.1(2), 12.2(2) and 14(1.01), sections 25.4 and 26.01 and subsection 45.2(3))