Section 42
Additional premium where funds insufficient to meet payment
(1)
Where the funds are insufficient to make any payment due to the depositors under this Act, the Authority may, with the concurrence of the
Corporation, determine —
(a)
that member institution shall be required to pay additional premium for any assessment year or part thereof; and
(b)
the premium rate or rates for the purposes of computing the additional premium.
(2)
Where a determination is made under subsection (1) —
(a)
the Authority shall, as soon as practicable —
(i)
publish a notice in the Gazette of the requirement to pay additional premium and the premium rate or rates for the purposes of computing the additional premium referred to in subsection (1); and
(ii)
compute the additional premium payable by the member institutions for that assessment year or part thereof and notify the Corporation accordingly; and
(b)
the Corporation shall, upon receipt of the notification referred to in paragraph (a)(ii) give notice in writing to every member institution of the additional premium that the member institution is required to pay for that assessment year or part thereof and the date by which the additional premium shall be paid.
Deposit Protection 32
(3)
Any member institution shall not, without the prior approval of the Minister, be required to pay additional premium for any assessment year exceeding 0.5 per cent of the total protected deposit of that member institution.
(4)
For the purposes of subsection (3), the total protected deposit of a member institution shall be determined on the date prescribed by the
Authority for computing the amounts of premium payable by member institutions.