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Can you summarize S.C. 1985, c. 51?
Consolidated Acts > Financial Institutions Depositors Compensation Act
Short Summary
The Financial Institutions Depositors Compensation Act is an Act that provides compensation to depositors of Canadian Commercial Bank, CCB Mortgage Investment Corporation, and Northland Bank for uninsured deposits. The Act defines various terms such as ‘deposit’ and ‘depositor’ and includes provisions for payments to depositors and liquidators. Depositors can apply for payment of their deposits, subject to certain conditions, and the Minister of Finance has the authority to make payments. The Act also addresses deposits subject to security interests and provides for court determinations in case of doubt or controversy. Additionally, the Act outlines the time of payment, limits for applications, and the discharge of liability for payments made. It assigns rights and interests to Her Majesty in right of Canada and specifies that no right of set-off may be asserted after a payment has been made. The Act also includes provisions related to income tax, powers and agreements of the Minister, and regulations that may be made by the Governor in Council. The Act appropriates funds from the Consolidated Revenue Fund for its purposes. The Act came into force on December 20, 1985, except with respect to the CCB Mortgage Investment Corporation.
Whom does it apply to?
Financial institutions, depositors, liquidators, Minister of Finance
What does it govern?
Provision of compensation to depositors of Canadian Commercial Bank, CCB Mortgage Investment Corporation, and Northland Bank in respect of uninsured deposits
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Canada