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

Section 1 Disposition versions

2020-04-30

1. The term “deposit of money” means the unpaid balance, including interest thereon, of funds received by a deposit institution or a bank in the normal course of receiving cash deposits from the public for investment, account transaction and safe-keeping purposes, where the obligation of the deposit institution or bank to repay is evidenced by a credit to the depositor’s account, by a deposit certificate or by any other document issued by the deposit institution or bank.

A deposit of money does not include

(1)  (subparagraph revoked);

(2)  funds used to acquire shares or equity securities;

(3)  funds repayable, in the case of a winding-up, at a rank subordinate to other ordinary due debts of the deposit institution or bank;

(4)  funds used to acquire securities of an investment fund;

(5)  traveller’s cheques.

A depositor is a person who makes a deposit of money within the meaning of the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2) and this Regulation, or a person to whom a deposit institution or a bank is required to repay such deposit.

M.O. 2010-12, s. 1; M.O. 2020-09, s. 2.

2019-06-13

1. The term “deposit of money” means the unpaid balance, including interest thereon, of funds received by an institution or a bank in the normal course of receiving cash deposits from the public for investment purposes, where the obligation of the institution or bank to repay is evidenced by a credit to the depositor’s account, by a deposit certificate or by any other document issued by the institution or bank.

A deposit of money does not include

(1)  funds repayable upon the expiry of a term exceeding 5 years, unless the institution or bank is required to repay such funds, at any time, on demand by the depositor, after 5 years from the date of the deposit or unless such funds were received before 1 July 1970;

(2)  funds used to acquire shares or equity securities issued by a financial services cooperative, an insurer, a trust company or a savings company;

(3)  funds repayable, in the case of a winding-up, at a rank subordinate to other ordinary due debts of the institution or bank;

(4)  funds used to acquire shares of an investment fund.

A depositor is a person who makes a deposit of money within the meaning of the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2) and this Regulation, or a person to whom an institution or a bank is required to repay such deposit.

M.O. 2010-12, s. 1.

2012-09-01

1. The term “deposit of money” means the unpaid balance, including interest thereon, of funds received by an institution or a bank in the normal course of receiving cash deposits from the public for investment purposes, where the obligation of the institution or bank to repay is evidenced by a credit to the depositor’s account, by a deposit certificate or by any other document issued by the institution or bank.

A deposit of money does not include

(1)  funds repayable upon the expiry of a term exceeding 5 years, unless the institution or bank is required to repay such funds, at any time, on demand by the depositor, after 5 years from the date of the deposit or unless such funds were received before 1 July 1970;

(2)  funds used to acquire shares or equity securities issued by a financial services cooperative, an insurer, a trust company or a savings company;

(3)  funds repayable, in the case of a winding-up, at a rank subordinate to other ordinary due debts of the institution or bank;

(4)  funds used to acquire shares of an investment fund.

A depositor is a person who makes a deposit of money within the meaning of the Deposit Insurance Act (chapter A-26) and this Regulation, or a person to whom an institution or a bank is required to repay such deposit.

M.O. 2010-12, s. 1.