Extraordinary premium

(1) The Corporation may, with the approval of the Minister, impose extraordinary premiums on Fund members in addition to the annual premium under section 18 if the Fund is or is likely to be exhausted as a result of the payment of deposit insurance from the Fund. (2) The rate of extraordinary premium imposed on a Fund member in any year shall not exceed 1 percent of the average insurable deposit held by that Fund member the preceding 12 month period. (3) An extraordinary premium shall be paid by the Fund member at such time and in such manner as the Corporation directs. (4) Sections 22 and 23 apply in respect of the late payment of or failure to pay an extraordinary premium. Payment to Insured Depositors