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I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 40
Disposition versions

Full text
40. (Repealed).
1966-67, c. 73, s. 38; 1983, c. 10, s. 21; 2002, c. 45, s. 198; 2004, c. 37, s. 90; 2009, c. 58, s. 16; 2018, c. 23, s. 369.
40. The Authority may, in particular, on the conditions it determines, for the purpose of reducing a risk to the Authority or averting or reducing a threatened loss to the Authority,
(a)  make advances of money, with or without security, to a registered institution or an institution whose permit has been suspended or cancelled, or guarantee payment of the debts of such an institution;
(b)  acquire the assets of a registered institution or an institution whose permit has been suspended or cancelled;
(c)  make a deposit or guarantee a deposit made with a registered institution;
(d)  guarantee a registered institution against any loss it may incur following an amalgamation with a registered institution or with an institution whose permit has been suspended or cancelled, or following the acquisition of the assets together with the take-over of the liabilities of such an institution;
(e)  with the authorization of the Minister, enter, with any body or agency which, in the opinion of the Authority, administers an equivalent scheme, into an agreement concerning an institution whose deposits are guaranteed or insured partly by the Authority and partly by such body or agency;
(f)  obtain the authorization of the Minister to
i.  constitute a legal person or a partnership under an Act of Québec to carry out the winding-up of the assets acquired from a registered institution; or
ii.  acquire any security issued by a registered institution; and
(g)  apply to the Superior Court for an order to force the sale or amalgamation of a registered institution whose permit has been suspended or cancelled.
The Authority may, in addition, act as liquidator of an institution whose permit has been cancelled or act as receiver of a registered institution or an institution whose permit has been suspended or cancelled.
A financial services cooperative may receive a deposit contemplated in subparagraph c of the first paragraph.
1966-67, c. 73, s. 38; 1983, c. 10, s. 21; 2002, c. 45, s. 198; 2004, c. 37, s. 90; 2009, c. 58, s. 16.
40. The Authority may, in particular, on the conditions it determines, for the purpose of reducing a risk to the Authority or averting or reducing a threatened loss to the Authority,
(a)  make advances of money, with or without security, to a registered institution or an institution whose permit has been suspended or cancelled, or guarantee payment of the debts of such an institution;
(b)  acquire the assets of a registered institution or an institution whose permit has been suspended or cancelled;
(c)  make a deposit or guarantee a deposit made with a registered institution;
(d)  guarantee a registered institution against any loss it may incur following an amalgamation with a registered institution or with an institution whose permit has been suspended or cancelled, or following the acquisition of the assets together with the take-over of the liabilities of such an institution;
(e)  with the authorization of the Minister, enter, with any body or agency which, in the opinion of the Authority, administers an equivalent scheme, into an agreement concerning an institution whose deposits are guaranteed or insured partly by the Authority and partly by such body or agency.
The Authority may, in addition, act as liquidator of an institution whose permit has been cancelled or act as receiver of a registered institution or an institution whose permit has been suspended or cancelled.
A savings and credit union may receive a deposit contemplated in subparagraph c of the first paragraph.
1966-67, c. 73, s. 38; 1983, c. 10, s. 21; 2002, c. 45, s. 198; 2004, c. 37, s. 90.
40. The Agency may, in particular, on the conditions it determines, for the purpose of reducing a risk to the Agency or averting or reducing a threatened loss to the Agency,
(a)  make advances of money, with or without security, to a registered institution or an institution whose permit has been suspended or cancelled, or guarantee payment of the debts of such an institution;
(b)  acquire the assets of a registered institution or an institution whose permit has been suspended or cancelled;
(c)  make a deposit or guarantee a deposit made with a registered institution;
(d)  guarantee a registered institution against any loss it may incur following an amalgamation with a registered institution or with an institution whose permit has been suspended or cancelled, or following the acquisition of the assets together with the take-over of the liabilities of such an institution;
(e)  with the authorization of the Minister, enter, with any body or agency which, in the opinion of the Agency, administers an equivalent scheme, into an agreement concerning an institution whose deposits are guaranteed or insured partly by the Agency and partly by such body or agency.
The Agency may, in addition, act as liquidator of an institution whose permit has been cancelled or act as receiver of a registered institution or an institution whose permit has been suspended or cancelled.
A savings and credit union may receive a deposit contemplated in subparagraph c of the first paragraph.
1966-67, c. 73, s. 38; 1983, c. 10, s. 21; 2002, c. 45, s. 198.
40. The Board may, in particular, on the conditions it determines, for the purpose of reducing a risk to the Board or averting or reducing a threatened loss to the Board,
(a)  make advances of money, with or without security, to a registered institution or an institution whose permit has been suspended or cancelled, or guarantee payment of the debts of such an institution;
(b)  acquire the assets of a registered institution or an institution whose permit has been suspended or cancelled;
(c)  make a deposit or guarantee a deposit made with a registered institution;
(d)  guarantee a registered institution against any loss it may incur following an amalgamation with a registered institution or with an institution whose permit has been suspended or cancelled, or following the acquisition of the assets together with the take-over of the liabilities of such an institution;
(e)  with the authorization of the Minister, enter, with any body or agency which, in the opinion of the Board, administers an equivalent scheme, into an agreement concerning an institution whose deposits are guaranteed or insured partly by the Board and partly by such body or agency.
The Board may, in addition, act as liquidator of an institution whose permit has been cancelled or act as receiver of a registered institution or an institution whose permit has been suspended or cancelled.
A savings and credit union may receive a deposit contemplated in subparagraph c of the first paragraph.
1966-67, c. 73, s. 38; 1983, c. 10, s. 21.
40. The Board may, in particular, on such conditions as it determines:
(a)  make temporary advances of money to a registered institution or an institution whose permit has been suspended or cancelled, or guarantee payment of the debts of any such institution, for the purpose of averting or reducing a loss;
(b)  acquire the assets of a registered institution or an institution whose permit has been suspended or cancelled, with a view to averting or reducing a loss;
(c)  act as liquidator or receiver of a registered institution or of an institution whose permit has been suspended or cancelled.
1966-67, c. 73, s. 38.
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