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I-13.2.2 - Deposit Institutions and Deposit Protection Act
Section 40.34
Disposition versions
40.34. The Authority may establish one of the following deposit institutions in order to have it assume the liabilities, in relation to deposits of money, of a deposit institution belonging to the cooperative group:
(1) a financial services cooperative;
(2) a Québec savings company; or
(3) a trust company.
Such a deposit institution is referred to as a “bridge institution”. The Authority shall grant the authorization referred to in section 28 to the bridge institution as soon as it is established and without an application being filed by that deposit institution.
