Deposit Protection Act · s 35

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s 35First premium

(1)

The Corporation shall assess and collect the premium payable by a member institution for the assessment year in which it becomes a member institution (hereinafter referred to as the first premium) an amount of $50,000 or such other rate to be prescribed by the Corporation, with the prior approval of the Minister, whichever is the higher.

(2)

No first premium shall be required to be paid in relation to any deposit transferred from a member institution to another member institution within a business group upon which premium has been paid for the assessment year in which the member institution becomes a member.

(3)

A member institution shall pay the first premium to the

Corporation within 30 days from the date it becomes a member.