CONSOLIDATION

Exemption from Deposit Insurance By-law (Notice to Depositors)

SOR/99-381

Current to June 20, 2022 Last amended on April 30, 2020



OFFICIAL STATUS OF CONSOLIDATIONS Subsections 31(1) and (3) of the Legislation Revision and Consolidation Act, in force on June 1, 2009, provide as follows: Published consolidation is evidence

31 (1) Every copy of a consolidated statute or consolidated regulation published by the Minister under this Act in either print or electronic form is evidence of that statute or regulation and of its contents and every copy purporting to be published by the Minister is deemed to be so published, unless the contrary is shown. ... Inconsistencies in regulations

(3) In the event of an inconsistency between a consolidated regulation published by the Minister under this Act and the original regulation or a subsequent amendment as registered by the Clerk of the Privy Council under the Statutory Instruments Act, the original regulation or amendment prevails to the extent of the inconsistency.

LAYOUT The notes that appeared in the left or right margins are now in boldface text directly above the provisions to which they relate. They form no part of the enactment, but are inserted for convenience of reference only.

NOTE This consolidation is current to June 20, 2022. The last amendments came into force on April 30, 2020. Any amendments that were not in force as of June 20, 2022 are set out at the end of this document under the heading “Amendments Not in Force”.

Current to June 20, 2022 Last amended on April 30, 2020

TABLE OF PROVISIONS Exemption from Deposit Insurance By-law (Notice to Depositors) 1

Interpretation

Contents of Notice

General Notification of Depositors

Notification of Subsequent Depositors

Coming into Force

Current to June 20, 2022 Last amended on April 30, 2020

ii

Registration SOR/99-381 October 5, 1999

CANADA DEPOSIT INSURANCE CORPORATION ACT Exemption from Deposit Insurance By-law (Notice to Depositors)

The Board of Directors of the Canada Deposit Insurance Corporation, pursuant to paragraphs 11(2)(g)a and 26.3(1)(c)b of the Canada Deposit Insurance Corporation Act, hereby makes the annexed Exemption from Deposit Insurance By-law (Notice to Depositors). September 29, 1999

a

R.S., c. 18 (3rd Supp.), s. 51

b

S.C. 1997, c. 15, s. 114

Current to June 20, 2022 Last amended on April 30, 2020

Exemption from Deposit Insurance By-law (Notice to Depositors)

Interpretation 1 The definitions in this section apply in this By-law.

Act means the Canada Deposit Insurance Corporation Act. (Loi) applicant means a federal member institution that applies to the Corporation under section 26.02 of the Act for authorization to accept deposits without being a member institution. (demandeur) SOR/2008-105, s. 1.

Contents of Notice 2 An applicant shall provide its depositors with a notice, written in at least one of the official languages of Canada, that contains the information referred to in paragraph 26.03(1)(c) of the Act and that informs them (a) that, in order to keep their deposits that are

payable in Canada with the applicant, they must provide the applicant with an acknowledgement in writing, in the form accompanying the notice, that those deposits will no longer be insured in whole or in part by the Corporation after the applicant receives authorization to accept deposits without being a member institution; (b) that, at their request in writing, they will be paid

the principal amount of their deposits that are payable in Canada and interest determined in accordance with the Exemption from Deposit Insurance By-law (Interest on Deposits); and (c) that, if they do not provide the applicant with an acknowledgement referred to in paragraph (a) or submit a request referred to in paragraph (b), the applicant’s liability in relation to deposits that are payable in Canada will be assumed by another member institution on the same terms and conditions. SOR/2019-186, s. 6.

Current to June 20, 2022 Last amended on April 30, 2020

Exemption from Deposit Insurance By-law (Notice to Depositors) General Notification of Depositors Sections 3-5

General Notification of Depositors 3 (1) An applicant shall, not less than 15 days and not

more than 90 days after the date of receipt by the Corporation of the applicant’s application, send a notice, accompanied by an acknowledgement form for the use of depositors, to each of the depositors shown in the applicant’s records as of the day before the sending date. (2) The notice and acknowledgement form shall be sent

by prepaid mail, by courier or by facsimile or other form of electronic transmission to the depositors’ addresses or numbers, as applicable, shown in the applicant’s records as of the day before the sending date.

Notification of Subsequent Depositors 4 (1) An applicant shall, on or before accepting a deposit

from a person who was not a depositor shown in the applicant’s records as of the day before the sending date referred to in section 3, give or send a notice to that person, accompanied by an acknowledgement form for that person’s use. (2) The notice and acknowledgement form shall be given

by personal delivery or sent by a means referred to in subsection 3(2).

Coming into Force 5 This By-law comes into force on October 15, 1999.

Current to June 20, 2022 Last amended on April 30, 2020

