I-13.2.2, r. 1 - Regulation respecting the application of the Deposit Institutions and Deposit Protection Act

Section 37 Disposition versions

2020-04-30

37. Where the document evidencing the authorized deposit institution’s obligation to repay does not explicitly bear the name of the person entitled, as of the date of issue of the document, to repayment, it must include the following statement: “The funds of which receipt is evidenced by this document do not constitute a deposit of money within the meaning of the Deposit Institutions and Deposit Protection Act.”.

M.O. 2010-12, s. 37; M.O. 2020-09, s. 41.

2019-06-13

37. The statement “The funds of which receipt is evidenced by this document do not constitute a guaranteed deposit within the meaning of the Deposit Institutions and Deposit Protection Act.” must be included in any document attesting that a registered institution has received funds that do not constitute a deposit for any of the following reasons:

(1)  the term of the deposit is longer than 5 years and repayment may not be required on demand at any time after 5 years from the date of deposit;

(2)  the document evidencing the institution’s obligation to repay does not explicitly bear the name of the person entitled to repayment as of the date of issue of the document;

(3)  the deposit is payable in foreign currency.

M.O. 2010-12, s. 37.

2012-09-01

37. The statement “The funds of which receipt is evidenced by this document do not constitute a guaranteed deposit within the meaning of the Deposit Insurance Act.” must be included in any document attesting that a registered institution has received funds that do not constitute a deposit for any of the following reasons:

(1)  the term of the deposit is longer than 5 years and repayment may not be required on demand at any time after 5 years from the date of deposit;

(2)  the document evidencing the institution’s obligation to repay does not explicitly bear the name of the person entitled to repayment as of the date of issue of the document;

(3)  the deposit is payable in foreign currency.

M.O. 2010-12, s. 37.