I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 56.2 Disposition versions

2019-06-13

56.2. The Minister, with the Government’s approval, may make agreements with the government of another province or a territory of Canada or with the government of a foreign State allowing a cooperative having a similar mission to that of a financial services cooperative and constituted under an Act of that province, territory or State to obtain the authorization prescribed in section 28.

The Minister may make such an agreement only if

(1)  the laws of that province, territory or State grant financial services cooperatives constituted under the laws of Québec a status equivalent to the status granted by those laws to cooperatives constituted under the laws of that province, territory or State;

(2)  deposits received in Québec by the cooperative constituted under the laws of that province, territory or State are guaranteed or insured by the body or agency of that province, territory or State which administers a scheme equivalent to the one provided for by this Act.

2018, c. 23, s. 391.