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Canada Deposit Insurance Corporation Act

Version of section 25.1 from 2002-12-31 to 2007-04-19:

Marginal note:Premium surcharge

  •  (1) Notwithstanding sections 21 to 25, where, in the opinion of the Corporation, a member institution is engaging in such practice as may be prescribed in the by-laws as warranting a premium surcharge, the Corporation, after

    • (a) consultation with the Superintendent or the provincial supervisor, as the case may be, and

    • (b) giving the member institution an opportunity to be heard,

    may assess and collect from the member institution a premium surcharge in respect of the premium year or any part thereof.

  • Marginal note:Amount of premium surcharge

    (2) The amount of the premium surcharge that may be assessed against and collected from a member institution under subsection (1) in respect of any premium year shall be such amount as the Corporation may determine to be fair in the circumstances and in no case shall exceed an amount equal to one sixth of one per cent of so much of each deposit as is considered to be insured by the Corporation and deposited with the member institution as of April 30 in the immediately preceding premium year.

  • Marginal note:Application of sections 21 to 25

    (3) The provisions of sections 21 to 25 that are not inconsistent with subsections (1) and (2) apply, with such modifications as the circumstances require, in respect of any premium surcharge assessed under subsection (1).

  • R.S., 1985, c. 18 (2nd Supp.), s. 4, c. 18 (3rd Supp.), s. 59
  • 1996, c. 6, s. 31

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