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I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 34.1
Disposition versions

Full text
34.1. The Authority shall execute its obligation under a guarantee if the authorized deposit institution is unable to make a payment covered by the guarantee when the payment becomes due because
(a)  the deposit institution is under a court order;
(b)  the deposit institution is in the process of voluntary or forced liquidation or winding-up or is being dissolved;
(c)  (subparagraph replaced);
(d)  (subparagraph replaced);
(e)  (subparagraph replaced);
(f)  (subparagraph repealed).
For the purposes of the first paragraph, the expression “deposit institution” includes a bank.
In the case of a financial services cooperative that is a member, within the meaning of the Act respecting financial services cooperatives (chapter C-67.3), of a security fund, the Authority’s obligation under a guarantee is enforceable only if the fund is exhausted.
1983, c. 10, s. 15; 2002, c. 45, s. 198; 2004, c. 37, s. 90; 2009, c. 58, s. 11; 2018, c. 23, s. 359.
34.1. The Authority shall execute its obligation under a guarantee if the institution is unable to make a payment covered by the guarantee when the payment becomes due because
(a)  the institution is under a court order;
(b)  the institution is being dissolved;
(c)  the institution is being liquidated or wound up following the adoption or approval by its shareholders or members of a resolution ordering its liquidation or winding-up, other than a resolution requesting the issue of an order referred to in subparagraph e;
(d)  the institution is under a liquidation or winding-up order for any reason other than bankruptcy or insolvency; or
(e)  the institution is under a winding-up order issued under the Winding-up Act (Revised Statutes of Canada, 1985, chapter W-11).
(f)  (subparagraph repealed).
For the purposes of the first paragraph, the word “institution” includes a bank.
In the case of a financial services cooperative that is a member, within the meaning of the Act respecting financial services cooperatives (chapter C-67.3), of a security fund, the Authority’s obligation under a guarantee is enforceable only if the fund is exhausted.
1983, c. 10, s. 15; 2002, c. 45, s. 198; 2004, c. 37, s. 90; 2009, c. 58, s. 11.
34.1. The Authority’s obligation under a guarantee is executory in the following cases only:
(a)  where, owing to a court order, the depositary institution is unable to make any payment contemplated in the guarantee of the Authority;
(b)  where the institution is dissolved;
(c)  where the institution is winding up following the adoption or approval by its shareholders or members of a resolution ordering its winding-up, other than a resolution requesting the issue of an order contemplated in subparagraph e;
(d)  where the institution is under a winding-up order for any reason other than bankruptcy or insolvency;
(e)  where the institution is under a winding-up order by virtue of the Winding-up Act (Revised Statutes of Canada, 1985, chapter W-11); or
(f)  where the institution is under a receiving order by virtue of the Bankruptcy and Insolvency Act (Revised Statutes of Canada, 1985, chapter B-3) or has, within the meaning of the said Act, assigned its property;
and where the Authority finds that it is impossible for the institution to make any payment contemplated in the guarantee on its maturity date.
For the purposes of the first paragraph, the word “institution” includes a bank.
1983, c. 10, s. 15; 2002, c. 45, s. 198; 2004, c. 37, s. 90.
34.1. The Agency’s obligation under a guarantee is executory in the following cases only:
(a)  where, owing to a court order, the depositary institution is unable to make any payment contemplated in the guarantee of the Agency;
(b)  where the institution is dissolved;
(c)  where the institution is winding up following the adoption or approval by its shareholders or members of a resolution ordering its winding-up, other than a resolution requesting the issue of an order contemplated in subparagraph e;
(d)  where the institution is under a winding-up order for any reason other than bankruptcy or insolvency;
(e)  where the institution is under a winding-up order by virtue of the Winding-up Act (Revised Statutes of Canada, 1985, chapter W-11); or
(f)  where the institution is under a receiving order by virtue of the Bankruptcy and Insolvency Act (Revised Statutes of Canada, 1985, chapter B-3) or has, within the meaning of the said Act, assigned its property;
and where the Agency finds that it is impossible for the institution to make any payment contemplated in the guarantee on its maturity date.
For the purposes of the first paragraph, the word “institution” includes a bank.
1983, c. 10, s. 15; 2002, c. 45, s. 198.
34.1. The Board’s obligation under a guarantee is executory in the following cases only:
(a)  where, owing to a court order, the depositary institution is unable to make any payment contemplated in the guarantee of the Board;
(b)  where the institution is dissolved;
(c)  where the institution is winding up following the adoption or approval by its shareholders or members of a resolution ordering its winding-up, other than a resolution requesting the issue of an order contemplated in subparagraph e;
(d)  where the institution is under a winding-up order for any reason other than bankruptcy or insolvency;
(e)  where the institution is under a winding-up order by virtue of the Winding-up Act (Revised Statutes of Canada, 1985, chapter W-11); or
(f)  where the institution is under a receiving order by virtue of the Bankruptcy and Insolvency Act (Revised Statutes of Canada, 1985, chapter B-3) or has, within the meaning of the said Act, assigned its property;
and where the Board finds that it is impossible for the institution to make any payment contemplated in the guarantee on its maturity date.
For the purposes of the first paragraph, the word “institution” includes a bank.
1983, c. 10, s. 15.
34.1. The Board’s obligation under a guarantee is executory in the following cases only:
(a)  where, owing to a court order, the depositary institution is unable to make any payment contemplated in the guarantee of the Board;
(b)  where the institution is dissolved;
(c)  where the institution is winding up following the adoption or approval by its shareholders or members of a resolution ordering its winding-up, other than a resolution requesting the issue of an order contemplated in subparagraph e;
(d)  where the institution is under a winding-up order for any reason other than bankruptcy or insolvency;
(e)  where the institution is under a winding-up order by virtue of the Winding-up Act (Revised Statutes of Canada, 1985, chapter W-11); or
(f)  where the institution is under a receiving order by virtue of the Bankruptcy Act (Revised Statutes of Canada, 1985, chapter B-3) or has, within the meaning of the said Act, assigned its property;
and where the Board finds that it is impossible for the institution to make any payment contemplated in the guarantee on its maturity date.
For the purposes of the first paragraph, the word “institution” includes a bank.
1983, c. 10, s. 15.
34.1. The Board’s obligation under a guarantee is executory in the following cases only:
(a)  where, owing to a court order, the depositary institution is unable to make any payment contemplated in the guarantee of the Board;
(b)  where the institution is dissolved;
(c)  where the institution is winding up following the adoption or approval by its shareholders or members of a resolution ordering its winding-up, other than a resolution requesting the issue of an order contemplated in subparagraph e;
(d)  where the institution is under a winding-up order for any reason other than bankruptcy or insolvency;
(e)  where the institution is 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
(f)  where the institution is under a receiving order by virtue of the Act respecting bankruptcy (Revised Statutes of Canada, 1970, chapter B-3) or has, within the meaning of the said Act, assigned its property;
and where the Board finds that it is impossible for the institution to make any payment contemplated in the guarantee on its maturity date.
For the purposes of the first paragraph, the word “institution” includes a bank.
1983, c. 10, s. 15.
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