45. Subrogation of the Scheme to the rights of depositors

Upon the payment of compensation under section 44, the Scheme shall be subrogated to all the rights of the insured depositors against the member institution whose licence has been cancelled, to the extent of total insured deposit value.

The subrogation to the rights of depositors set forth in this section shall not affect a depositor’s claims against the member institution for amounts that are not covered by the