I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 40.5 Disposition versions

2018-07-13

40.5. 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,

(1)  make advances of money, with or without security, to an authorized deposit institution or guarantee payment of the debts of such an institution;

(2)  acquire the assets of an authorized deposit institution;

(3)  make a deposit or guarantee a deposit made with an authorized deposit institution;

(4)  guarantee an authorized deposit institution against any loss it may incur following an amalgamation with an authorized deposit institution or following the acquisition of the assets together with the take-over of the liabilities of such an institution;

(5)  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 a deposit institution whose deposits are guaranteed or insured partly by the Authority and partly by such a body or agency;

(6)  constitute a legal person or a partnership under an Act of Québec to carry out the liquidation or winding-up of the assets acquired from an authorized deposit institution;

(7)  acquire any security issued by an authorized deposit institution; and

(8)  apply to the Superior Court for an order to force the sale or amalgamation of an authorized deposit institution.

The Authority may, in addition, act as liquidator of a deposit institution whose authorization has been revoked or act as receiver of an authorized deposit institution.

2018, c. 23, s. 376.