I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 31.3 Disposition versions

2019-06-13

31.3. A decision under section 31 or 31.1 may, within 30 days of its notification, be contested before the Financial Markets Administrative Tribunal.

The Tribunal may only confirm or quash a contested decision.

1983, c. 10, s. 10; 2009, c. 58, s. 7; 2018, c. 23, s. 353.

2009-12-04

31.3. The permit of an institution is cancelled of right upon

(a)  the institution’s dissolution;

(a.1)  the institution’s no longer holding an insurer’s licence under the Act respecting insurance (chapter A-32) or a trust company or savings company licence under the Act respecting trust companies and savings companies (chapter S-29.01), or its no longer being a financial services cooperative within the meaning of the Act respecting financial services cooperatives (chapter C-67.3);

(a.2)  the institution’s not having received deposits of money for over three years;

(a.3)  the institution’s having, in the opinion of the Authority, inadequate assets, which compromises repayment to depositors of guaranteed deposits of money;

(b)  adoption or approval by its shareholders or members of a resolution ordering the winding-up of the institution, other than a resolution requesting the issue of an order contemplated in paragraph d;

(c)  the institution’s coming under a winding-up order for any reason other than bankruptcy or insolvency;

(d)  the institution’s coming under a winding-up order by virtue of the Winding-up Act (Revised Statutes of Canada, 1985, chapter W-11); or

(e)  (paragraph repealed).

1983, c. 10, s. 10; 2009, c. 58, s. 7.

1999-04-01

31.3. The permit of an institution is cancelled of right upon

(a)  the institution’s dissolution;

(b)  adoption or approval by its shareholders or members of a resolution ordering the winding-up of the institution, other than a resolution requesting the issue of an order contemplated in paragraph d;

(c)  the institution’s coming under a winding-up order for any reason other than bankruptcy or insolvency;

(d)  the institution’s coming under a winding-up order by virtue of the Winding-up Act (Revised Statutes of Canada, 1985, chapter W-11); or

(e)  the institution’s coming under a receiving order by virtue of the Bankruptcy and Insolvency Act (Revised Statutes of Canada, 1985, chapter B-3) or, within the meaning of the said Act, assigning its property.

1983, c. 10, s. 10.

1988-12-12

31.3. The permit of an institution is cancelled of right upon

(a)  the institution’s dissolution;

(b)  adoption or approval by its shareholders or members of a resolution ordering the winding-up of the institution, other than a resolution requesting the issue of an order contemplated in paragraph d;

(c)  the institution’s coming under a winding-up order for any reason other than bankruptcy or insolvency;

(d)  the institution’s coming under a winding-up order by virtue of the Winding-up Act (Revised Statutes of Canada, 1985, chapter W-11); or

(e)  the institution’s coming under a receiving order by virtue of the Bankruptcy Act (Revised Statutes of Canada, 1985, chapter B-3) or, within the meaning of the said Act, assigning its property.

1983, c. 10, s. 10.

1983-06-20

31.3. The permit of an institution is cancelled of right upon

(a)  the institution’s dissolution;

(b)  adoption or approval by its shareholders or members of a resolution ordering the winding-up of the institution, other than a resolution requesting the issue of an order contemplated in paragraph d;

(c)  the institution’s coming under a winding-up order for any reason other than bankruptcy or insolvency;

(d)  the institution’s coming under a winding-up order by virtue of the Act respecting the winding-up of insolvent companies (Revised Statutes of Canada, 1970, chapter W-10); or

(e)  the institution’s coming under a receiving order by virtue of the Act respecting bankruptcy (Revised Statutes of Canada, 1970, chapter B-3) or, within the meaning of the said Act, assigning its property.

1983, c. 10, s. 10.