C-2, r. 0.1 - Regulation respecting the terms and conditions of deposits, funds and portfolios of the Caisse de dépôt et placement du Québec

Section 20 Disposition versions

2016-01-01

20. Withdrawals of participation deposits must be made by means of written notices of withdrawal to be notified to the Fund, indicating the amount of the withdrawal and the date of the withdrawal. Following receipt of such notice, the Fund proceeds in the following manner and according to the sequence prescribed.

On the first day of each fiscal period of a fund during which a depositor has forwarded a notice of withdrawal, the Fund cancels a sufficient number of the depositor’s units of participation up to the maximum amounts provided for in the fourth paragraph. The balance of the variance account between the book value of the cancelled units and their cancellation price is then apportioned among the depositors of the fund and paid in proportion to the number of units of participation held by each depositor after the cancellation.

The proceeds from the cancellation of units of participation are recorded in one of the Fund’s credit accounts. The amount bears interest at such rate paid by the Fund on demand deposits, as of the day following its recording, whether it be a working day or not. The first day of each month, an amount which does not exceed the limits provided hereinafter is transferred from the credit account to the depositor’s demand deposit account.

The maximum amount of monthly reimbursements which the Fund is required to make to a depositor in respect of one or several notices of withdrawal is limited to the sum of $15,000,000 plus the proceeds of $2,000,000 multiplied by the number of months elapsed since receipt of the notice of withdrawal by the Fund. Any cancellation of units of participation that is not made due to the maximum amount permitted is carried forward to the first days of the subsequent fiscal periods and made as soon as the limit permits.

O.C. 118-2012, s. 20; I.N. 2016-01-01 (NCCP).

2012-09-01

20. Withdrawals of participation deposits must be made by means of written notices of withdrawal to be sent to the Fund, indicating the amount of the withdrawal and the date of the withdrawal. Following receipt of such notice, the Fund proceeds in the following manner and according to the sequence prescribed.

On the first day of each fiscal period of a fund during which a depositor has forwarded a notice of withdrawal, the Fund cancels a sufficient number of the depositor’s units of participation up to the maximum amounts provided for in the fourth paragraph. The balance of the variance account between the book value of the cancelled units and their cancellation price is then apportioned among the depositors of the fund and paid in proportion to the number of units of participation held by each depositor after the cancellation.

The proceeds from the cancellation of units of participation are recorded in one of the Fund’s credit accounts. The amount bears interest at such rate paid by the Fund on demand deposits, as of the day following its recording, whether it be a working day or not. The first day of each month, an amount which does not exceed the limits provided hereinafter is transferred from the credit account to the depositor’s demand deposit account.

The maximum amount of monthly reimbursements which the Fund is required to make to a depositor in respect of one or several notices of withdrawal is limited to the sum of $15,000,000 plus the proceeds of $2,000,000 multiplied by the number of months elapsed since receipt of the notice of withdrawal by the Fund. Any cancellation of units of participation that is not made due to the maximum amount permitted is carried forward to the first days of the subsequent fiscal periods and made as soon as the limit permits.

O.C. 118-2012, s. 20.