Vol. 140, No. 26 — July 1, 2006

By-law Amending the Deposit Insurance Application Fee By-law

Statutory authority

Canada Deposit Insurance Corporation Act

Sponsoring agency

Canada Deposit Insurance Corporation

REGULATORY IMPACT ANALYSIS STATEMENT

(This statement is not part of the By-law.)

Description

The Board of Directors of the Canada Deposit Insurance Corporation ("CDIC") proposes to make the By-law Amending the Deposit Insurance Application Fee By-law ("amending By-law") pursuant to paragraphs 11(2)(g) and subsection 18(1) of the Canada Deposit Insurance Corporation Act ("CDIC Act"). Paragraph 11(2)(g) of the CDIC Act authorizes the CDIC Board of Directors to make by-laws "prescribing anything that, by virtue of any provision of this Act, is to be prescribed by the by-laws." Subsection 18(1) of the CDIC Act provides that "An application for deposit insurance shall be in the form, and accompanied by a fee of the amount and type, that may be prescribed by the by-laws." The amending By-law amends the Deposit Insurance Application Fee By-law (the "By-law") registered as SOR/2000-277 in July of 2000.

As a consequence of an amendment to section 17 of the CDIC Act that came into force in September of 2005 (S.C. 2005, c. 30, s. 104), federal institutions need no longer apply to CDIC to become member institutions. In the circumstances, the By-law must be amended to reflect that it applies only to provincially incorporated institutions.

The amending By-law eliminates the words "federal institution or a" from section 1 of the By-law.

Alternatives

There are no available alternatives. The By-law must be amended to align it with the amendment to the CDIC Act.

Benefits and costs

The amending By-law will align the By-law with the current CDIC Act. No additional costs should be attributed directly to these changes.

Consultation

As the change is statutorily driven and technical in nature, only consultation through pre-publication in the Canada Gazette is necessary.

Compliance and enforcement

There are no compliance or enforcement issues.

Contact

Sandra Chisholm, Director, Insurance, Canada Deposit Insurance Corporation, 50 O'Connor Street, 17th Floor, Ottawa, Ontario K1P 5W5, (613) 943-1976 (telephone), (613) 992-8219 (fax), schisholm@cdic.ca (email).

PROPOSED REGULATORY TEXT

Notice is hereby given that the Board of Directors of the Canada Deposit Insurance Corporation, pursuant to paragraph 11(2)(g) (see footnote a) and subsection 18(1) (see footnote b) of the Canada Deposit Insurance Corporation Act, proposes to make the annexed By-law Amending the Deposit Insurance Application Fee By-law.

Interested persons may make representations concerning the proposed By-law within 30 days after the date of publication of this notice. All such representations must cite the Canada Gazette, Part I, and the date of publication of this notice, and be addressed to Sandra Chisholm, Director, Insurance, Canada Deposit Insurance Corporation, 50 O'Connor Street, 17th Floor, Ottawa, Ontario K1P 5W5 (e-mail: schisholm@cdic.ca).

Ottawa, June 7, 2006

GUY L. SAINT-PIERRE
President and Chief Executive Officer
Canada Deposit Insurance Corporation

BY-LAW AMENDING THE DEPOSIT INSURANCE APPLICATION FEE BY-LAW

AMENDMENT

1. Section 1 of the Deposit Insurance Application Fee By-law (see footnote 1) is replaced by the following:

1. The prescribed fee that is to accompany an application for deposit insurance made by a provincial institution under subsection 17(1.1) of the Canada Deposit Insurance Corporation Act is $20,000 and is non-refundable.

COMING INTO FORCE

2. This By-law comes into force on the day on which it is registered.

[26-1-o]

Footnote a

R.S., c. 18 (3rd Suppl.), s. 51

Footnote b

S.C. 1999, c. 28, s. 100

Footnote 1

SOR/2000-277

NOTICE:
The format of the electronic version of this issue of the Canada Gazette was modified in order to be compatible with hypertext language (HTML). Its content is very similar except for the footnotes, the symbols and the tables.

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