Discretionary Interest By-Law

Link to law: http://laws-lois.justice.gc.ca/eng/regulations/SOR-96-544/FullText.html

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Discretionary Interest By-Law

SOR/96-544CANADA DEPOSIT INSURANCE CORPORATION ACT
Registration 1996-12-05
Discretionary Interest By-LawThe Board of Directors of the Canada Deposit Insurance Corporation, pursuant to paragraph 11(2)(g)Footnote a and subsection 14(2.4)Footnote b of the Canada Deposit Insurance Corporation Act, hereby makes the annexed Discretionary Interest By-Law.

Return to footnote aR.S., c. 18 (3rd Supp.), s. 51
Return to footnote bS.C. 1996, c. 6, s. 26(3)

December 4, 1996Interpretation

1 In this By-law, Act means the Canada Deposit Insurance Corporation Act.

Rates of Interest

2 Where, following the making of a winding-up order in respect of a member institution, the Corporation decides to make an interest payment pursuant to subsection 14(2.4) of the Act in respect of a deposit insured by deposit insurance, the Corporation shall employ the simple annual rate of interest that applies to Government of Canada treasury bills with a term of approximately three months, as established at the last Bank of Canada auction preceding the date of the winding-up order.

Repeal

3 [Repeal]

Coming into Force

4 This By-law comes into force on December 5, 1996.