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I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 57
Disposition versions

Full text
57. The Authority, with the approval of the Government, may make agreements with any other government in Canada which, in its opinion, administers an equivalent scheme, with a view to facilitating the application of this Act or of any similar law administered by such other government. The Authority may also, with the approval of the Government, make such agreements with any body which, in its opinion, administers an equivalent scheme. Such agreement may in particular:
(a)  determine the cases in which the total guarantee which may be granted to a person who has made several deposits of money in the same institution or bank must be limited to the sum of $100,000 in principal and interest, when such deposits are guaranteed in part by the application of the provisions of this Act and in part by the application of the provisions of an equivalent scheme;
(b)  establish, in the cases contemplated in paragraph a, standards respecting the apportionment, between the Authority and any other body charged with guaranteeing deposits of money under an equivalent scheme, of the obligations resulting from the guarantees granted by such bodies;
(c)  prescribe the criteria by which the place where a deposit of money is made or the place where it is payable shall be determined for the purposes of this Act and of any equivalent scheme;
(d)  establish means of ensuring collaboration between the Authority and any other body charged with guaranteeing deposits of money under an equivalent scheme, in the surveillance and inspection of institutions.
To give effect to such agreement, the Authority, by regulation, may determine the manner in which this Act shall apply to any case contemplated by the agreement.
1966-67, c. 73, s. 55; 1968, c. 71, s. 10; 1983, c. 10, s. 35; 2002, c. 70, s. 157; 2002, c. 45, s. 198; 2004, c. 37, s. 90; 2007, c. 15, s. 19; 2009, c. 58, s. 27.
57. The Authority, with the approval of the Government, may make agreements with any other government in Canada which, in its opinion, administers a similar plan, with a view to facilitating the application of this Act or of any similar law administered by such other government. The Authority may also, with the approval of the Government, make such agreements with any body which, in its opinion, administers a similar plan. Such agreement may in particular:
(a)  determine the cases in which the total guarantee which may be granted to a person who has made several deposits of money in the same institution or bank must be limited to the sum of $100,000 in principal and interest, when such deposits are guaranteed in part by the application of the provisions of this Act and in part by the application of the provisions of a similar plan;
(b)  establish, in the cases contemplated in paragraph a, standards respecting the apportionment, between the Authority and any other body charged with guaranteeing deposits of money under a similar plan, of the obligations resulting from the guarantees granted by such bodies;
(c)  prescribe the criteria by which the place where a deposit of money is made or the place where it is payable shall be determined for the purposes of this Act and of any similar plan;
(d)  establish means of ensuring collaboration between the Authority and any other body charged with guaranteeing deposits of money under a similar plan, in the surveillance and inspection of institutions.
To give effect to such agreement, the Authority, by regulation, may determine the manner in which this Act shall apply to any case contemplated by the agreement.
1966-67, c. 73, s. 55; 1968, c. 71, s. 10; 1983, c. 10, s. 35; 2002, c. 70, s. 157; 2002, c. 45, s. 198; 2004, c. 37, s. 90; 2007, c. 15, s. 19.
57. The Authority, with the approval of the Government, may make agreements with any other government in Canada which, in its opinion, administers a similar plan, with a view to facilitating the application of this Act or of any similar law administered by such other government. The Authority may also, with the approval of the Government, make such agreements with any body which, in its opinion, administers a similar plan. Such agreement may in particular:
(a)  determine the cases in which the total guarantee which may be granted to a person who has made several deposits of money in the same institution or bank must be limited to the sum of $60 000 in principal and interest, when such deposits are guaranteed in part by the application of the provisions of this Act and in part by the application of the provisions of a similar plan;
(b)  establish, in the cases contemplated in paragraph a, standards respecting the apportionment, between the Authority and any other body charged with guaranteeing deposits of money under a similar plan, of the obligations resulting from the guarantees granted by such bodies;
(c)  prescribe the criteria by which the place where a deposit of money is made or the place where it is payable shall be determined for the purposes of this Act and of any similar plan;
(d)  establish means of ensuring collaboration between the Authority and any other body charged with guaranteeing deposits of money under a similar plan, in the surveillance and inspection of institutions.
To give effect to such agreement, the Authority, by regulation, may determine the manner in which this Act shall apply to any case contemplated by the agreement.
1966-67, c. 73, s. 55; 1968, c. 71, s. 10; 1983, c. 10, s. 35; 2002, c. 70, s. 157; 2002, c. 45, s. 198; 2004, c. 37, s. 90.
57. The Agency, with the approval of the Government, may make agreements with any other government in Canada which, in its opinion, administers a similar plan, with a view to facilitating the application of this Act or of any similar law administered by such other government. The Agency may also, with the approval of the Government, make such agreements with any body which, in its opinion, administers a similar plan. Such agreement may in particular:
(a)  determine the cases in which the total guarantee which may be granted to a person who has made several deposits of money in the same institution or bank must be limited to the sum of $60 000 in principal and interest, when such deposits are guaranteed in part by the application of the provisions of this Act and in part by the application of the provisions of a similar plan;
(b)  establish, in the cases contemplated in paragraph a, standards respecting the apportionment, between the Agency and any other body charged with guaranteeing deposits of money under a similar plan, of the obligations resulting from the guarantees granted by such bodies;
(c)  prescribe the criteria by which the place where a deposit of money is made or the place where it is payable shall be determined for the purposes of this Act and of any similar plan;
(d)  establish means of ensuring collaboration between the Agency and any other body charged with guaranteeing deposits of money under a similar plan, in the surveillance and inspection of institutions.
To give effect to such agreement, the Agency, by regulation, may determine the manner in which this Act shall apply to any case contemplated by the agreement.
1966-67, c. 73, s. 55; 1968, c. 71, s. 10; 1983, c. 10, s. 35; 2002, c. 70, s. 157; 2002, c. 45, s. 198.
57. The Board, with the approval of the Government, may make agreements with any other government in Canada which, in its opinion, administers a similar plan, with a view to facilitating the application of this Act or of any similar law administered by such other government. The Board may also, with the approval of the Government, make such agreements with any body which, in its opinion, administers a similar plan. Such agreement may in particular:
(a)  determine the cases in which the total guarantee which may be granted to a person who has made several deposits of money in the same institution or bank must be limited to the sum of $60 000 in principal and interest, when such deposits are guaranteed in part by the application of the provisions of this Act and in part by the application of the provisions of a similar plan;
(b)  establish, in the cases contemplated in paragraph a, standards respecting the apportionment, between the Board and any other body charged with guaranteeing deposits of money under a similar plan, of the obligations resulting from the guarantees granted by such bodies;
(c)  prescribe the criteria by which the place where a deposit of money is made or the place where it is payable shall be determined for the purposes of this Act and of any similar plan;
(d)  establish means of ensuring collaboration between the Board and any other body charged with guaranteeing deposits of money under a similar plan, in the surveillance and inspection of institutions.
To give effect to such agreement, the Board, by regulation, may determine the manner in which this Act shall apply to any case contemplated by the agreement.
1966-67, c. 73, s. 55; 1968, c. 71, s. 10; 1983, c. 10, s. 35; 2002, c. 70, s. 157.
57. The Board, with the approval of the Government, may make agreements with any other government in Canada which, in its opinion, administers a similar plan, with a view to facilitating the application of this act or of any similar law administered by such other government. Such agreement may in particular:
(a)  determine the cases in which the total guarantee which may be granted to a person who has made several deposits of money in the same institution or bank must be limited to the sum of $60 000 in principal and interest, when such deposits are guaranteed in part by the application of the provisions of this act and in part by the application of the provisions of a similar plan;
(b)  establish, in the cases contemplated in paragraph a, standards respecting the apportionment, between the Board and any other body charged with guaranteeing deposits of money under a similar plan, of the obligations resulting from the guarantees granted by such bodies;
(c)  prescribe the criteria by which the place where a deposit of money is made or the place where it is payable shall be determined for the purposes of this act and of any similar plan;
(d)  establish means of ensuring collaboration between the Board and any other body charged with guaranteeing deposits of money under a similar plan, in the surveillance and inspection of institutions.
To give effect to such agreement, the Board, by regulation, may determine the manner in which this Act shall apply to any case contemplated by the agreement.
1966-67, c. 73, s. 55; 1968, c. 71, s. 10; 1983, c. 10, s. 35.
57. The Board, with the approval of the Government, may make agreements with any other government in Canada which, in its opinion, administers a similar plan, with a view to facilitating the application of this act or of any similar law administered by such other government. Such agreement may in particular:
(a)  determine the cases in which the total guarantee which may be granted to a person who has made several deposits of money in the same institution or bank must be limited to the sum of $20 000 in principal and interest, when such deposits are guaranteed in part by the application of the provisions of this act and in part by the application of the provisions of a similar plan;
(b)  establish, in the cases contemplated in paragraph a, standards respecting the apportionment, between the Board and any other body charged with guaranteeing deposits of money under a similar plan, of the obligations resulting from the guarantees granted by such bodies;
(c)  prescribe the criteria by which the place where a deposit of money is made or the place where it is payable shall be determined for the purposes of this act and of any similar plan;
(d)  establish means of ensuring collaboration between the Board and any other body charged with guaranteeing deposits of money under a similar plan, in the surveillance and inspection of institutions.
To give effect to such agreement, the Board, by regulation, may determine the manner in which this Act shall apply to any case contemplated by the agreement.
1966-67, c. 73, s. 55; 1968, c. 71, s. 10.
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