22. For the management of deposits and investments, and for the purpose of determining the respective rights of the depositors, the Fund shall establish common funds comprising a general fund, segregated funds and specific investment portfolios, and separate funds comprising individual funds and portfolios under separate management.
The general fund, individual funds and portfolios under separate management contain diversified investments; the segregated funds and specific investment portfolios contain only one category of investment.
The segregated funds, specific investment portfolios and individual funds receive only participation deposits; the general fund receives demand deposits, term deposits and participation deposits.
Participation deposits do not bear interest; they constitute a participation of their holders in the net equity and in the net revenues of the fund or portfolio in which they are made, calculated after deduction of the reserves, charges and fees which the Fund considers appropriate, and the holders of participation deposits share the net equity and net revenues so calculated.
Demand deposits and term deposits bear interest and constitute an indebtedness of the Fund to the depositors.
Specific investment portfolios may receive no deposits other than a deposit from a fund.
The general fund may receive demand deposits and term deposits from the Fund’s various funds, portfolios and subsidiaries.
1965 (1st sess.), c. 23, s. 19; 1969, c. 27, s. 4; 1969, c. 50, s. 6; 1977, c. 62, s. 6; 1992, c. 22, s. 5.