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Canada Deposit Insurance Corporation Act

Version of section 39.23 from 2018-03-26 to 2021-06-28:

Marginal note:Amount of compensation

  •  (1) If an order is made under subsection 39.13(1), the Corporation shall, in accordance with the regulations and the by-laws, determine the amount of compensation, if any, to be paid to a prescribed person.

  • Marginal note:Persons entitled to compensation

    (2) Only a prescribed person who is in a worse financial position than they would have been had the federal member institution been liquidated under the Winding-up and Restructuring Act is entitled to be paid compensation.

  • Marginal note:Duty to pay compensation

    (3) The Corporation shall pay the compensation and shall decide whether to pay it wholly or partly in cash or wholly or partly in any other form, including shares, that the Corporation considers appropriate.

  • Marginal note:Determining amount — no comparison with others

    (4) In determining the amount of compensation to which a person is entitled, the following shall not be taken into account:

    • (a) any shares or other interest or right received by another person as a result of an order made under subsection 39.13(1) or retained by another person; and

    • (b) any common shares received by another person as a result of a conversion of shares or liabilities in accordance with the contractual terms of those shares or liabilities.

  • 1992, c. 26, s. 11
  • 1996, c. 6, s. 41
  • 2016, c. 7, s. 142

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