CDIC Was Instituted to Avoid Runs on Banks

question 13

True/False

CDIC was instituted to avoid runs on banks.

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Definitions:

Right

entails a legal, social, or ethical principle of freedom or entitlement; the reasonable claim of individuals to have something done or to refrain from doing something.

Apparent Authority

The appearance of authority given to an agent by his or her principal, as perceived by a reasonable third party.

Winding Up

The process of dissolving a business, paying off debts, and distributing the remaining assets to shareholders or owners.

Apparent Authority

The power that a third party reasonably believes an agent has based on the principal's behavior, leading the third party to conclude that the agent is authorized to act.