Covered events

(1) The Corporation shall pay compensation to an insured depositor of a Fund member in accordance with this Act if one of the following covered events occurs in respect of that Fund member, on or after the effective date– (a) the appointment of a liquidator; (b) the voluntary or compulsory winding-up or dissolution of the Fund member; and (c) the revocation of the licence of a domestic bank or the cancellation of the registration of a credit union. (2) The occurrence of a covered event in sub-section (1) refers to the occurrence of that event under the Domestic Banks 21 and Financial Institutions Act or the Credit Unions Act in respect of a Fund member that is a domestic bank or a credit union, respectively. CAP. 263. CAP. 314.