I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 38.1 Disposition versions

2019-06-13

38.1. When two or more deposit institutions have amalgamated and a person had made deposits with more than one of them, a deposit owing to that person immediately before the amalgamation by one of the deposit institutions is deemed to be separate from any deposit owing to that person immediately before the amalgamation by any other of those deposit institutions, as well as from any deposit made by that person with the deposit institution resulting from the amalgamation after the date of amalgamation.

However, a deposit made by the person with the deposit institution resulting from the amalgamation after the date of amalgamation is guaranteed only to the extent that the aggregate of deposits of that person with the deposit institution, except the said deposit, is less than $100,000.

This section applies also in the case of the amalgamation of two or more banks.

1983, c. 10, s. 19; 1999, c. 40, s. 27; 2007, c. 15, s. 19; 2018, c. 23, s. 367.

2007-11-09

38.1. When two or more institutions have amalgamated and a person had made deposits with more than one of them, a deposit owing to that person immediately before the amalgamation by one of the institutions is deemed to be separate from any deposit owing to that person immediately before the amalgamation by any other of those institutions, as well as from any deposit made by that person with the institution resulting from the amalgamation after the date of amalgamation.

However, a deposit made by the person with the institution resulting from the amalgamation after the date of amalgamation is guaranteed only to the extent that the aggregate of deposits of that person with the institution, except the said deposit, is less than $100,000.

This section applies also in the case of the amalgamation of two or more banks.

1983, c. 10, s. 19; 1999, c. 40, s. 27; 2007, c. 15, s. 19.

1999-10-22

38.1. When two or more institutions have amalgamated and a person had made deposits with more than one of them, a deposit owing to that person immediately before the amalgamation by one of the institutions is deemed to be separate from any deposit owing to that person immediately before the amalgamation by any other of those institutions, as well as from any deposit made by that person with the institution resulting from the amalgamation after the date of amalgamation.

However, a deposit made by the person with the institution resulting from the amalgamation after the date of amalgamation is guaranteed only to the extent that the aggregate of deposits of that person with the institution, except the said deposit, is less than $60 000.

This section applies also in the case of the amalgamation of two or more banks.

1983, c. 10, s. 19; 1999, c. 40, s. 27.

1999-04-01

38.1. When two or more institutions have amalgamated and a person had made deposits with more than one of them, a deposit owing to that person immediately before the amalgamation by one of the institutions is considered separate from any deposit owing to that person immediately before the amalgamation by any other of those institutions, as well as from any deposit made by that person with the institution resulting from the amalgamation after the date of amalgamation.

However, a deposit made by the person with the institution resulting from the amalgamation after the date of amalgamation is guaranteed only to the extent that the aggregate of deposits of that person with the institution, except the said deposit, is less than $60 000.

This section applies also in the case of the amalgamation of two or more banks.

1983, c. 10, s. 19.