I-13.2.2, r. 3 - Regulation respecting the classes of negotiable and transferable unsecured debts and the issuance of such debts and of shares

Section 5 Disposition versions

2019-06-13

5. When issuing a prescribed debt, a deposit institution belonging to a cooperative group must expressly specify in the terms governing the debt that:

(1)  the holder of the instrument representing the prescribed debt is bound, in respect of the prescribed debt, by the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2), including the provisions dealing with the powers conferred on the Autorité des marchés financiers under the second paragraph of section 40.50 of that Act and its effects on the prescribed debt, and by the other laws applicable in Québec to the application of that Act to the debt;

(2)  the holder of the instrument representing the prescribed debt attorns to the jurisdiction of the courts of Québec and, where applicable, Canada with respect to the application of the Deposit Institutions and Deposit Protection Act and the other laws applicable in Québec; and

(3)  the items mentioned in paragraphs 1 and 2 are binding on the holder of the instrument representing the prescribed debt despite any terms of the prescribed debt, any other law governing the debt or any agreement, arrangement or understanding between the parties with respect to the debt.

M.O. 2019-03, s. 5.

2019-03-31

5. When issuing a prescribed debt, a deposit institution belonging to a cooperative group must expressly specify in the terms governing the debt that:

(1)  the holder of the instrument representing the prescribed debt is bound, in respect of the prescribed debt, by the Deposit Institutions and Deposit Protection Act (chapter A-26), including the provisions dealing with the powers conferred on the Autorité des marchés financiers under the second paragraph of section 40.50 of that Act and its effects on the prescribed debt, and by the other laws applicable in Québec to the application of that Act to the debt;

(2)  the holder of the instrument representing the prescribed debt attorns to the jurisdiction of the courts of Québec and, where applicable, Canada with respect to the application of the Deposit Institutions and Deposit Protection Act and the other laws applicable in Québec; and

(3)  the items mentioned in paragraphs 1 and 2 are binding on the holder of the instrument representing the prescribed debt despite any terms of the prescribed debt, any other law governing the debt or any agreement, arrangement or understanding between the parties with respect to the debt.

M.O. 2019-03, s. 5.

Not in force

In force: 2019-03-31

5. When issuing a prescribed debt, a deposit institution belonging to a cooperative group must expressly specify in the terms governing the debt that:

(1)  the holder of the instrument representing the prescribed debt is bound, in respect of the prescribed debt, by the Deposit Institutions and Deposit Protection Act (chapter A-26), including the provisions dealing with the powers conferred on the Autorité des marchés financiers under the second paragraph of section 40.50 of that Act and its effects on the prescribed debt, and by the other laws applicable in Québec to the application of that Act to the debt;

(2)  the holder of the instrument representing the prescribed debt attorns to the jurisdiction of the courts of Québec and, where applicable, Canada with respect to the application of the Deposit Institutions and Deposit Protection Act and the other laws applicable in Québec; and

(3)  the items mentioned in paragraphs 1 and 2 are binding on the holder of the instrument representing the prescribed debt despite any terms of the prescribed debt, any other law governing the debt or any agreement, arrangement or understanding between the parties with respect to the debt.

M.O. 2019-03, s. 5.