Exemption from Deposit Insurance By-law (Interest on Deposits)

SOR/99-383CANADA DEPOSIT INSURANCE CORPORATION ACT
Registration 1999-10-05
Exemption from Deposit Insurance By-law (Interest on Deposits)The Board of Directors of the Canada Deposit Insurance Corporation, pursuant to paragraph 11(2)(g)Footnote a and subparagraph 26.03(1)(d)(ii)Footnote b of the Canada Deposit Insurance Corporation Act, hereby makes the annexed Exemption from Deposit Insurance By-law (Interest on Deposits).

Return to footnote aR.S., c. 18 (3rd Supp.), s. 51
Return to footnote bS.C. 1999, c. 28, s. 102

September 29, 1999Determination of Interest

1 For the purpose of subparagraph 26.03(1)(d)(ii) of the Canada Deposit Insurance Corporation Act, the interest payable in relation to a deposit shall be determined in the following manner:

(a) if the deposit contract specifies that the interest payable is to be determined by reference to an index or reference point referred to in subsection 14(2.51) of the Act, in accordance with the Interest Payable on Certain Deposits By-law, except that the interest termination date referred to in that By-law is deemed to be the date on which payment is made under subparagraph 26.03(1)(d)(ii) of the Act; and
(b) in any other case, in accordance with the provisions of the deposit contract, except that the maturity date of the deposit is deemed to be the date on which payment is made under that subparagraph.

Coming into Force

2 This By-law comes into force on October 15, 1999.