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Can you summarize R.S.C. , 1985, c. C-3?
Consolidated Acts > Canada Deposit Insurance Corporation Act
Short Summary
The Canada Deposit Insurance Corporation Act establishes the Canada Deposit Insurance Corporation (CDIC) and outlines its role in providing deposit insurance, promoting financial stability, and acting as the resolution authority for its members. The Act applies to member institutions, including banks, federal credit unions, provincial institutions, and local cooperative credit societies. It exempts certain deposits and does not specify penalties for non-compliance.
Whom does it apply to?
The Act applies to member institutions, which include banks, federal credit unions, provincial institutions, and local cooperative credit societies.
What does it govern?
The Canada Deposit Insurance Corporation Act governs the establishment and operations of the Canada Deposit Insurance Corporation (CDIC), including its role in providing deposit insurance, promoting financial stability, and acting as the resolution authority for its members.
What are exemptions?
The Act does not apply to certain deposits, such as those not payable in Canada or those in respect of which Her Majesty in right of Canada would be a preferred claimant.
What are the Penalties?
The Act does not specify penalties for non-compliance.
Jurisdiction
Canada