Canada Deposit Insurance Corporation Act

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Sections1,561

• 1Short title

  This Act may be cited as the Canada Deposit Insurance Corporation Act.

• 2Definitions

  In this Act,

• 2[p2]

  affairs, with respect to a member institution, means its business and the relationships among the member institution and its affiliates and the shareholders, directors and officers of the member institution and its affiliates; (affaires internes)

• 2[p3]

  affiliate, in respect of a member institution that is

• 2[p3](a)

  a bank, means an entity that is affiliated with the bank within the meaning of the Bank Act, or

• 2[p3](b)

  other than a bank, means an entity that would be affiliated with the member institution within the meaning of the Bank Act if the member institution were a bank to which that Act applies; (groupe)

• 2[p6]

  appropriate provincial minister, in relation to a provincial institution, means the minister of the Crown of the province of incorporation of the institution responsible for the supervision of the provincial institution; (ministre provincial compétent)

• 2[p7]

  bank means a bank listed in Schedule I or II to the Bank Act; (banque)

• 2[p8]

  Board means the Board of Directors of the Corporation; (conseil)

• 2[p9]

  bridge institution means a federal institution that is designated as a bridge institution by an order made under paragraph 39.13(1)(c); (institution-relais)

• 2[p10]

  by-laws means the by-laws of the Corporation; (règlements administratifs)

• 2[p11]Repealed

  Chairman[Repealed, 1996, c. 6, s. 21]

• 2[p12]

  Chairperson means the Chairperson of the Board; (président)

• 2[p13]

  Corporation means the Canada Deposit Insurance Corporation established by section 3; (Société)

• 2[p14]

  deposit and depositor mean respectively a deposit and a depositor as defined in the schedule; (dépôt et déposant)

• 2[p15]

  deposit insurance means the insurance referred to in paragraph 7(a); (assurance-dépôts)

• 2[p16]

  domestic systemically important bank has the same meaning as in section 2 of the Bank Act; (banque d’importance systémique nationale)

• 2[p17]

  federal credit union has the same meaning as in section 2 of the Bank Act; (coopérative de crédit fédérale)

• 2[p18]

  federal institution means a bank, company or association referred to in section 8; (institution fédérale)

• 2[p19]

  federal member institution means a federal institution that is a member institution; (institution fédérale membre)

• 2[p20]

  local cooperative credit society has the same meaning as in section 2 of the Bank Act; (société coopérative de crédit locale)

• 2[p21]

  member institution means a corporation that has deposit insurance under this Act; (institution membre)

• 2[p22]

  Minister means the Minister of Finance; (ministre)

• 2[p23]

  nominee broker means a person who is a party to an agreement or arrangement with a member institution in order to make deposits as a nominee on behalf of another person; (courtier-fiduciaire)

• 2[p24]

  nominee broker deposit means a deposit made at a member institution by a nominee broker acting as a nominee on behalf of another person; (dépôt de courtier-fiduciaire)

• 2[p25]

  policy of deposit insurance or policy means the instrument evidencing the deposit insurance of a member institution; (police d’assurance-dépôts ou police)

• 2[p26]

  premium year means, in relation to the calculation and payment of premiums pursuant to this Act, the period beginning on May 1 in one year and ending on April 30 in the next year; (exercice comptable des primes)

• 2[p27]

  professional trustee means any of the following who is not a nominee broker:

• 2[p27](a)

  the public trustee of a province or a similar public official whose duties involve holding moneys in trust for others;

• 2[p28]
• 2[p27](b)

  a federal, provincial or municipal government, or a department or agency of such a government;

• 2[p29]
• 2[p27](c)

  a lawyer or partnership of lawyers, a law corporation, or a notary or partnership of notaries in the province of Quebec, when they act in that capacity as a trustee of moneys for others;

• 2[p30]
• 2[p27](d)

  a person who is acting as a trustee of moneys for others in the course of business and is required by or under a statute to hold the deposit in trust;

• 2[p31]
• 2[p27](e)

  a person who is acting as a trustee of moneys for others in the course of business and is subject to the rules of a securities commission, stock exchange or other regulatory or self-regulating organization that audits compliance with those rules;

• 2[p31](a)
• 2[p27](f)

  a regulated federal or provincial trust company acting in the capacity of a depositor; or

• 2[p31](b)
• 2[p27](g)

  a payment service provider that is registered as those expressions are defined in section 2 of the Retail Payment Activities Act; (fiduciaire professionnel)

• 2[p31](c)
• 2[p34]
• 2[p35]

  provincial institution means a company referred to in section 9; (institution provinciale)

• 2[p36]

  provincial member institution means a provincial institution that is a member institution; (institution provinciale membre)

• 2[p36](a)
• 2[p37]

  provincial supervisor, in relation to a provincial institution, means the official of the province of incorporation of the provincial institution who supervises the affairs of the provincial institution; (contrôleur provincial)

• 2[p36](b)
• 2[p38]

  receiver includes a receiver-manager and a sequestrator; (séquestre)

• 2[p39]

  representation means any oral or written statement and includes any advertisement and any mark, sign, trade name or other device; (déclaration)

• 2[p40]

  returned payment means any portion of a payment made by the Corporation under subsection 14(2) or (2.1) that is either returned to the Corporation or that otherwise remains under its control; (paiement retourné)

• 2[p40](a)
• 2[p41]

  share includes

• 2[p40](b)
• 2[p41](a)

  a conversion or exchange privilege, issued by a member institution, that is convertible at any time into a share,

• 2[p40](c)
• 2[p41](b)

  an option or a right, issued by a member institution, to acquire a share or a privilege referred to in paragraph (a), and

• 2[p41](c)

  a membership share within the meaning of section 2 of the Bank Act; (action)

• 2[p44]
• 2[p45]

  shareholder includes the holder of a membership share of a federal credit union; (actionnaire)

• 2[p45](a)
• 2[p46]

  subordinated debt means debt of a member institution that, by the terms of any instrument evidencing the debt, will, in the event of the insolvency or winding-up of the member institution, be subordinate in right of payment to all deposit liabilities of the member institution and all other liabilities of the member institution except those that, by their terms, rank equally with or are subordinate to that debt and includes issued by a member institution; (dette subordonnée)

• 2[p45](b)
• 2[p46](a)

  a conversion or exchange privilege that is convertible at any time into subordinated debt, and

• 2[p46](b)

  an option or a right to acquire subordinated debt or a privilege referred to in paragraph (a)

• 2[p48]
• 2[p49]

  Superintendent means the Superintendent of Financial Institutions appointed pursuant to subsection 5(1) of the Office of the Superintendent of Financial Institutions Act. (surintendant)

• 2.1Binding on Her Majesty

  This Act is binding on Her Majesty in right of Canada or a province.

• 2.2Delegation

  The Minister may delegate any of the Minister’s powers, duties and functions under this Act to any Minister of State appointed pursuant to the Ministries and Ministers of State Act to assist the Minister.

• 3Corporation established
• 3(1)

  There is hereby established a corporation, to be called the Canada Deposit Insurance Corporation.

• 3(2)Agent of Her Majesty

  The Corporation is, for all purposes of this Act, an agent of Her Majesty in right of Canada.

• 4Head office
• 4(1)

  The head office of the Corporation shall be at the city of Ottawa.

• 4(2)Offices and agents

  The Corporation may establish offices or employ agents in any part of Canada.

• 5Board of Directors
• 5(1)

  There shall be a Board of Directors of the Corporation consisting of

• 5(1)(a)

  the person appointed as the Chairperson under subsection 6(1);

• 5(1)(a.1)

  the person appointed as the President and Chief Executive Officer of the Corporation under subsection 105(5) of the Financial Administration Act;

• 5(1)(b)

  the persons who for the time being hold the offices of the Governor of the Bank of Canada, the Deputy Minister of Finance, the Superintendent of Financial Institutions and the Commissioner of the Financial Consumer Agency of Canada;

• 5(1)(b.1)

  a Deputy Superintendent of Financial Institutions, or an officer of the Office of the Superintendent of Financial Institutions, appointed by the Minister; and

• 5(1)(c)

  not more than six other members appointed by the Minister with the approval of the Governor in Council.

• 5(1.1)Disqualifications

  A person is not eligible to be appointed under paragraph (1)(c) or, having been appointed under that paragraph, to continue as a member of the Board, if the person is

• 5(1.1)(a)

  employed in any capacity in the federal public administration or holds any office or position for which any salary or other remuneration is payable out of public moneys;

• 5(1.1)(b)

  a member of the Senate or House of Commons of Canada or a member of a provincial legislature; or

• 5(1.1)(c)

  a director, officer or employee of a federal institution, a provincial institution or a local cooperative credit society.

• 5(2)Alternate director

  A director referred to in paragraph (1)(b) may, from time to time with the approval of the Minister, designate in writing an alternate to attend in the director’s absence at any meeting of the Board of Directors, and the alternate shall be deemed to be a member of the Board while so attending a meeting of the Board.

• 5(3)Vacancy

  A vacancy on the Board does not impair the right of the remaining directors to act.

• 5(4)Acting chairperson

  Where the office of Chairperson is vacant, the Minister may appoint, for a period not exceeding ninety days, an acting Chairperson who shall, while so acting, be a member of the Board and have all the powers of the Chairperson.

• 5(5)Expenses of directors

  A director shall be paid by the Corporation reasonable travel and living expenses incurred by the director while absent from his or her ordinary place of residence in the course of his or her duties as a director but no director referred to in paragraph (1)(b) shall receive any other remuneration for his or her services on the Board.

• 5(5.1)Remuneration of certain directors

  A director referred to in paragraph (1)(c) shall be paid by the Corporation for attendance at meetings of the Board such remuneration as may be fixed by the Governor in Council.

• 6Chairperson
• 6(1)

  The Governor in Council shall appoint a person of proven financial ability to be Chairperson of the Board.

• 6(2)Term of office

  Notwithstanding subsection 105(5) of the Financial Administration Act, the Chairperson shall be appointed to hold office during good behaviour for such term as the Governor in Council deems appropriate but may be reappointed on the expiration of his or her term of office and may be removed at any time by the Governor in Council for cause.

• 6(3)Disqualification

  No person is eligible to be appointed or to continue as Chairperson who

• 6(3)(a)

  is not a Canadian citizen ordinarily resident in Canada;

• 6(3)(b)

  is a member of the Senate or House of Commons or a member of a provincial legislature; or

• 6(3)(c)

  is a director, officer or employee of a federal institution, a provincial institution or a local cooperative credit society.

• 6(3)(d)Repealed

  [Repealed, 2007, c. 6, s. 402]

• 6(4)Presiding at meetings

  The Chairperson shall preside at all meetings of the Board but where at any meeting the Chairperson is absent, one of the directors present thereat who is chosen so to act by the directors present shall preside and have all the powers of the Chairperson.

• 6(5)Remuneration of Chairperson

  The Chairperson shall be paid by the Corporation such remuneration as may be fixed by the Governor in Council.

• 7Objects

  The objects of the Corporation are

• 7(a)

  to provide insurance against the loss of part or all of deposits;

• 7(b)

  to promote and otherwise contribute to the stability of the financial system in Canada;

• 7(c)

  to pursue the objects set out in paragraphs (a) and (b) for the benefit of persons having deposits with member institutions and in such manner as will minimize the exposure of the Corporation to loss; and

• 7(d)

  to act as the resolution authority for its members.

• 7.1Power of Governor in Council
• 7.1(1)

  The Governor in Council may, by order, exempt the Corporation from the requirement that it pursue its objects in a manner that will minimize its exposure to loss when it takes any action to address a situation that is specified in the order.

• 7.1(2)Condition precedent

  The Governor in Council may make the order only if the Minister is of the opinion, after consultation with the Board, the Governor of the Bank of Canada and the Superintendent, that the requirement that the Corporation pursue its objects in a manner that will minimize its exposure to loss, in respect of a situation that will be specified in the order, might have an adverse effect on the stability of the financial system in Canada or public confidence in that stability.

• 7.1(3)Repeal

  The Governor in Council may repeal the order only if the Minister is of the opinion that the requirement that the Corporation pursue its objects in a manner that will minimize its exposure to loss, in respect of the situation specified in the order, will no longer have an adverse effect on the stability of the financial system in Canada or public confidence in that stability.

• 7.2Coming into force
• 7.2(1)

  An order made under subsection 7.1(1) has effect from the time that it is made.

• 7.2(2)Statutory Instruments Act

  The Statutory Instruments Act does not apply to the order.

• 7.2(3)Publication

  The Minister shall cause a notice to be published in the Canada Gazette that the order has been made or repealed as soon as the Minister is of the opinion that the publication of the notice will not have an adverse effect on the stability of the financial system in Canada or public confidence in that stability.

• 7.3Recovery of loss

  After the publication of a notice in the Canada Gazette that an order was made under subsection 7.1(1), the Corporation shall, in accordance with its by-laws, collect a special premium from member institutions or any class of member institutions in order to recover the loss that the Corporation determines it incurred as a result of pursuing its objects without regard to the requirement that it do so in a manner that minimizes its exposure to loss.

• 8Federal institutions

  For the purposes of this Act, the following are federal institutions:

• 8(a)

  a bank;

• 8(b)

  a company to which the Trust and Loan Companies Act applies; and

• 8(c)

  a retail association within the meaning of regulations made under the Cooperative Credit Associations Act.

• 9Provincial institutions

  For the purposes of this Act, an incorporated company that carries on, under an Act of the legislature of a province or a constating instrument under provincial jurisdiction, a business substantially similar to the business of a company to which the Trust and Loan Companies Act applies and that is authorized by or under an Act of the legislature of a province to accept deposits from the public is a provincial institution.

• 10Powers of Corporation
• 10(1)

  The Corporation may do all things necessary or incidental to the objects of the Corporation and in particular, but without limiting the generality of the foregoing, the Corporation may, in furtherance of its objects,

• 10(1)(a)

  acquire assets from a member institution;

• 10(1)(a.1)

  make or guarantee loans or advances, with or without security, to a member institution;

• 10(1)(a.11)

  make or guarantee a deposit with a member institution;

• 10(1)(a.12)

  assume liabilities of a member institution;

• 10(1)(a.2)

  enter into an agreement with the government of a province, or an agent of the government of a province, respecting any matter relating to the insurance of deposits with provincial institutions in that province;

• 10(1)(b)

  make any investment and enter into any transaction necessary or desirable for the financial management of the Corporation;

• 10(1)(c)

  act as liquidator, receiver or inspector of a member institution or a subsidiary thereof, when duly appointed as such and appoint qualified and competent persons, whether employees of the Corporation or not, to carry out any or all of the functions of the Corporation under the appointment of the Corporation;

• 10(1)(d)

  assume the costs of a winding-up of a member institution when the Corporation is appointed to act as a liquidator in the winding-up, or assume the costs of the receiver when the Corporation is appointed to act as such;

• 10(1)(e)

  guarantee the payment of the fees of, and the costs incurred by any person as, the liquidator or receiver of a member institution when that person is appointed as such;

• 10(1)(f)

  acquire assets and assume liabilities of a member institution from its liquidator or receiver;

• 10(1)(f.1)

  acquire, by way of security or otherwise, shares and subordinated debt of a member institution and to hold and dispose of those shares and subordinated debt;

• 10(1)(g)

  make an advance for the purpose of paying a claim, against a member institution for which the Corporation is acting as receiver or liquidator, in respect of any insured deposit and of becoming subrogated as an unsecured creditor for the amount of the advance;

• 10(1)(h)

  make or cause to be made such inspections of a member institution as may be authorized under this Act or a policy of deposit insurance;

• 10(1)(i)

  acquire, hold and alienate real and personal property;

• 10(1)(i.1)

  settle or compromise any claim by or against the Corporation; and

• 10(1)(j)

  do all such other things as may be necessary for the exercising of any power of the Corporation.

• 10(2)Subsidiary corporations

  For the purposes of facilitating the acquisition, management or disposal of real property or other assets of a member institution that the Corporation may acquire as the result of its operations, the Corporation may, when authorized by order of the Governor in Council,

• 10(2)(a)

  procure the incorporation of a corporation, all the shares of which, on incorporation, would be held by, on behalf of or in trust for the Corporation; or

• 10(2)(b)

  acquire all of the shares of a corporation that, on acquisition, would be held by, on behalf of or in trust for the Corporation.

• 10(3)Subsidiary not an agent

  A corporation described in paragraph (2)(a) or (b) is deemed not to be an agent of the Corporation or of Her Majesty in right of Canada.

• 10(3.1)Assets and liabilities

  A corporation described in paragraph (2)(a) or (b) may acquire assets and assume liabilities of a member institution from that institution or from its liquidator or receiver.

• 10(4)Conditions applicable to the exercise of certain powers

  The Corporation shall, in exercising its powers under paragraph (1)(b), comply with such directions of general application as the Minister may, in writing, give to the Corporation.

• 10.001For greater certainty — deposit insurance contracts

  For greater certainty, the Corporation may administer any contract related to deposit insurance that the Minister enters into with any entity under section 60.2 of the Financial Administration Act.

• 10.01Exemption — shares of member institution
• 10.01(1)

  To enable the Corporation to acquire, hold or dispose of shares under paragraph 10(1)(f.1), the Minister may, by order, exempt any person or share specified in the order from any of the following provisions:

• 10.01(1)(a)

  sections 47.03, 47.04, 47.06, 47.09, 47.11, 47.15, 47.17, 47.18 and 60.1, subsection 79.2(1) and sections 372, 373, 374, 375, 376, 376.1, 376.2, 377, 377.1, 377.2 379, 382.1, 385, 401.11, 401.2 and 401.3 of the Bank Act;

• 10.01(1)(b)

  sections 407, 407.01, 407.02, 407.03, 407.1, 407.2, 408, 411, 428 and 430 of the Insurance Companies Act; and

• 10.01(1)(c)

  sections 375, 375.1, 376, 379, 396 and 399 of the Trust and Loan Companies Act.

• 10.01(2)Conditions

  The exemption may be subject to conditions.

• 10.01(3)Duration of exemption

  The exemption ceases to have effect five years after the day on which it comes into force.

• 10.01(4)Extension

  The Minister may, by order, extend the duration of the exemption if general market conditions so warrant.

• 10.01(5)Statutory Instruments Act

  The Statutory Instruments Act does not apply to an order made under this section.

• 10.1Loans to Corporation
• 10.1(1)

  At the request of the Corporation, the Minister may, out of the Consolidated Revenue Fund, lend money to the Corporation on such terms and conditions as the Minister may establish.

• 10.1(2)Other borrowing

  The Corporation may borrow money otherwise than under subsection (1) and may borrow by any means, including the issuance and sale of bonds, debentures, notes or any other evidence of indebtedness.

• 10.1(3)Total indebtedness

  The total principal indebtedness outstanding at any time in respect of borrowings by the Corporation under subsections (1) and (2), excluding the borrowings under paragraph 60.2(2)(c) of the Financial Administration Act and under subparagraph 60.2(2)(a)(iii) of that Act as it read on September 30, 2020, shall not exceed

• 10.1(3)(a)

  $15,000,000,000 or, if it is greater, the amount determined in accordance with subsections (3.1) to (3.5); or

• 10.1(3)(b)

  such greater amount as may be authorized for the purposes of this subsection by Parliament under an appropriation Act.

• 10.1(3.1)Increase

  Subject to subsections (3.3) and (3.4), the amount that the total principal indebtedness outstanding at any time in respect of borrowings under subsections (1) and (2) shall not exceed is increased each year to the amount determined by the formula is $15,000,000,000; and is the rate determined by the formula set out in subsection (3.2).

• 10.1(3.2)Rate

  The rate referred to in the description of B in subsection (3.1) is determined by the formula is the total amount of deposits insured by the Corporation on April 30 of the current year; and is the total amount of deposits insured by the Corporation on April 30, 2008.

• 10.1(3.3)Rounding

  The amount determined under subsection (3.1) shall be rounded to the nearest billion dollars or, if the amount is equidistant from two consecutive multiples of one billion dollars, it shall be rounded to the higher of those two multiples.

• 10.1(3.4)No change

  The amount that the total principal indebtedness outstanding at any time in respect of borrowings under subsections (1) and (2) shall not exceed does not change if the amount determined under subsection (3.1) for the current year is less than the amount published under subsection (3.6) for the previous year.

• 10.1(3.5)Date effective

  The new amount that the total principal indebtedness outstanding at any time in respect of borrowings under subsections (1) and (2) shall not exceed comes into effect on December 31 of the current year.

• 10.1(3.6)Publication

  The Corporation shall publish the new amount that the total principal indebtedness outstanding at any time in respect of borrowings under subsections (1) and (2) shall not exceed in its annual report following the day on which the new amount comes into effect.

• 10.1(4)Fees for borrowing

  The Minister may fix a fee to be paid by the Corporation to the Receiver General in respect of any borrowings by the Corporation and the Minister shall notify the Corporation in writing of any such fee.

• 11Powers of directors
• 11(1)

  The Board shall administer the affairs of the Corporation in all things and make, or cause to be made, for the Corporation any description of contract that the Corporation may by law enter into.

• 11(2)By-laws

  The Board may make by-laws,

• 11(2)(a)

  for the administration, management and control of the property and affairs of the Corporation;

• 11(2)(b)

  governing the functions, duties and remuneration of all officers, agents and employees of the Corporation;

• 11(2)(b.1)

  concerning conflicts of interest and post-employment matters relating to conflicts of interest in respect of directors, officers and employees of the Corporation;

• 11(2)(c)

  governing the appointment and activities of any special committees created for the purposes of the Corporation;

• 11(2)(d)

  governing the time and place for the holding of meetings of the directors, and the quorum and procedure in all things at those meetings;

• 11(2)(e)

  respecting the development, submission and maintenance of resolution plans by domestic systemically important banks, including specifying the contents of those plans;

• 11(2)(f)

  respecting representations by member institutions and other persons with respect to

• 11(2)(f)(i)

  what constitutes, or does not constitute, a deposit,

• 11(2)(f)(ii)

  what constitutes, or does not constitute, a deposit that is insured by the Corporation, and

• 11(2)(f)(iii)

  who is a member institution;

• 11(2)(f.1)

  for the purpose of facilitating the Corporation’s exercise of its functions either under section 14 or in the event that an order is made under subsection 39.13(1), respecting the information that the Corporation can require from member institutions with respect to their deposit liabilities and the time within and manner in which it is to be provided to the Corporation;

• 11(2)(f.2)

  respecting the capabilities that the Corporation can require member institutions to have to facilitate the Corporation’s exercise of its functions either under section 14 or in the event that an order is made under subsection 39.13(1), including the capability to

• 11(2)(f.2)(i)

  identify their deposit liabilities, and

• 11(2)(f.2)(ii)

  temporarily prevent withdrawals of deposit liabilities;

• 11(2)(g)

  prescribing anything that, by virtue of any provision of this Act, is to be prescribed by the by-laws;

• 11(2)(h)

  prescribing the form and manner in which payments under this Act are to be made by the Corporation; and

• 11(2)(i)

  governing the conduct in all other particulars of the affairs of the Corporation.

• 11(2.01)Ministerial approval

  A by-law made under paragraph (2)(e) is not effective unless it has been approved in writing by the Minister.

• 11(2.1)Deposit liabilities

  For the purposes of paragraphs (2)(f.1) and (f.2), deposit liabilities include deposits referred to in paragraphs 12(a) to (c) and liabilities referred to in subsections 2(2), (5) and (6) of the schedule.

• 11(2.2)Subsection 5(1) of the Statutory Instruments Act

  If a by-law requires approval in writing by the Minister under this Act in order to be effective, then, for the purposes of subsection 5(1) of the Statutory Instruments Act, the by-law is deemed to be made on the day on which the Corporation receives that approval.

• 11(3)Inspection powers

  In carrying out any inspection authorized by this Act or by a policy of deposit insurance, the directors of the Corporation have all the powers conferred on commissioners appointed under Part II of the Inquiries Act for the purpose of obtaining evidence under oath, and the directors may delegate those powers as occasion requires.

• 11.1Minister’s direction
• 11.1(1)

  The Minister may, after consultation with the Board, the Governor of the Bank of Canada and the Superintendent, give a written direction to the Corporation if the Minister is of the opinion that not giving the direction might have an adverse effect on the stability of the financial system in Canada or public confidence in that stability.

• 11.1(2)Compliance without regard to minimizing loss

  The Corporation shall comply with the direction without regard to the requirement referred to in paragraph 7(c) that it pursue its objects in a manner that will minimize its exposure to loss.

• 11.1(3)Implementation

  The Corporation’s directors shall ensure that the direction is implemented in a prompt and efficient manner and, if in so doing they act in accordance with section 115 of the Financial Administration Act, they are not accountable for any consequences arising from the implementation of the direction.

• 11.1(4)Notification of implementation

  After implementing the direction, the Corporation shall notify the Minister without delay that the direction has been implemented.

• 11.1(5)Best interests

  The Corporation’s compliance with a direction is deemed to be in its best interests.

• 12.1(1)[p179]
• 11.2Statutory Instruments Act
• 12.1(1)[p180]