Domestic Bonds of Canada Regulations (C.R.C., c. 698)

Regulations are current to 2017-11-20

Evidence or Guarantee of Authority to Execute Instrument of Transfer

  •  (1) Except as provided in subsections (2) and (3), where an instrument of transfer purports to have been signed by a person acting as an officer of a corporation registered as owner of a bond or by a person acting for or on behalf or in the place of the registered owner or as the personal representative of a deceased registered owner, the Bank is not required to give effect to it unless the resolution, power of attorney, partnership agreement, probate of a will, letters of administration or other document authorizing or evidencing the authority of the person so to act or a notarial or other authenticated copy of it acceptable to the Bank has been deposited with the Bank.

  • (2) The Bank may give effect to an instrument of transfer signed by a person mentioned in subsection (1) if a bank incorporated under the Bank Act or the Quebec Savings Banks Act or a financial institution approved by the Bank, in addition to guaranteeing his signature, has also guaranteed his authority to execute the instrument for or on behalf or in the place of the registered owner, the guarantee being in either of the following forms:

    • (a) “Signature of transferor and authority to sign guaranteed”; or

    • (b) “Transaction guaranteed”.

  • (3) Where an instrument of transfer purports to have been signed in the firm name only of a partnership or an unincorporated association not being a partnership, the Bank may give effect to it if the signature is guaranteed by a bank incorporated under the Bank Act or the Quebec Savings Banks Act or a financial institution approved by the Bank.

  • (4) Where a resolution, power of attorney, partnership agreement or other document or a copy thereof has been deposited with the Bank for the purposes of this section, the Bank may give full force and effect to it until written notice is received by the Bank that it has been revoked or the authority thereby conferred or evidenced has been terminated.

No Guarantee of Signature Required in Certain Cases

 The Bank may give effect to an instrument of transfer although no guarantee of the signature of the person signing the instrument of transfer has been given, if

  • (a) he is known to an executive officer of the Bank in Ottawa and his signature is vouched for by such officer;

  • (b) he signs on behalf of an insurance company and his signature is vouched for by an officer of the Department of Insurance of the Government of Canada and is acceptable to the Bank;

  • (c) he is a member of Her Majesty’s naval, military or air forces and his signature is witnessed by the commanding officer of his unit or the officer under whose direct command he is serving;

  • (d) he is personally known to the agent at an agency of the Bank and his signature is witnessed and vouched for by the agent; or

  • (e) he is an officer of a trust company authorized to guarantee signatures under section 14 and he is an officer of the company authorized to execute such guarantees and instruments of transfer on behalf of the company.

Authentication of Signature Where Instrument of Transfer Executed Outside Canada

 Where an instrument of transfer has been executed outside Canada in a country of the British Commonwealth or in a British colony or possession and where no guarantee of the signature of the person signing it can be obtained in accordance with section 14 and the signature is not vouched for or witnessed in accordance with paragraph 16(a), (b) or (c), the Bank may give effect to the instrument, if

  • (a) the signature of the person signing it is guaranteed by an incorporated bank; or

  • (b) the signature is certified in the manner provided in section 18.

 Where an instrument of transfer is executed outside Canada in a place other than a place mentioned in section 17 and where no guarantee of the signature on the instrument of transfer can be obtained in accordance with section 14 and the signature is not vouched for or witnessed in accordance with paragraph 16(a), (b) or (c), the Bank may give effect to the instrument of transfer if the signature of the person signing it is certified to have been affixed in the presence of

  • (a) an officer of the Canadian diplomatic, consular or representative or trade commissioner services while exercising his functions as such,

  • (b) an officer of Her Majesty’s diplomatic or consular services while exercising his functions as such, or

  • (c) a judge of a Court of Record,

and the instrument bears the signature and official seal of the person who certifies the signature.

Transmission and Transfer of Registered Bonds on Death of Registered Owner

  •  (1) Where the registered owner of a bond has died, the Bank, upon receipt of the bond and the appropriate documents specified in subsection (2),

    • (a) shall register ownership of the bond in the name of the estate of the deceased or of his personal representative, as may be appropriate; or

    • (b) may, if such registration is permitted by the terms of the bond, issue a new bond with ownership registered as prescribed in paragraph (a).

  • (2) The appropriate documents referred to in subsection (1) are

    • (a) an authenticated or notarial copy of letters probate of the will of the deceased owner or of letters of administration of his estate, granted by a court or authority in Canada having power to grant probate or administration of such an estate;

    • (b) where the deceased was, at the time of his death, domiciled in the Province of Quebec, proof of death and

      • (i) where the will of the deceased owner was made in notarial form, an authentic copy of that will,

      • (ii) where the will was made in holograph form or in a form derived from the laws of England, a copy of the will, certified by the prothononotary, together with a certified copy of the judgment granting probate,

      • (iii) an authentic copy of a marriage contract containing an unrevoked gift made in contemplation of death, or

      • (iv) where the deceased owner died intestate without having made a marriage contract containing an unrevoked gift made in contemplation of death, a declaration of heredity and, if required, a certified copy of an act of tutorship or curatorship confirmed by a judgment of a court having power to confirm the same; or

    • (c) where the deceased was, at the time of his death, domiciled in a country other than Canada, an authenticated or notarial copy of the probate of the will, letters of administration of his estate or other documents of like import, satisfactory to the Bank, granted by the court or authority of that country having the requisite power in such matters.

  • (3) Where ownership of a bond has been registered in the name of the estate of a deceased person or of his personal representative, it may be transferred upon completion of an instrument of transfer executed in accordance with sections 13 to 18 or, in the discretion of the Bank, upon execution by a person acceptable to the Bank of a sworn declaration, setting forth such facts and information as the Bank may require, except that if the bond is not transferable by its terms, the Bank shall cancel the bond and issue a new bond with ownership registered in the appropriate name.

  • (4) Where the registered owner of a bond has died, the Bank may, upon receipt of the bond and the documents specified in subsections (2) and (3), transfer ownership of the bond to a person other than a person specified in subsection (1) or to bearer without first having registered it in the name of the estate of the deceased or of his personal representative, except that if the bond is not transferable by its terms, the Bank shall cancel the bond and issue a new bond with ownership registered in the appropriate name.

  •  (1) Subject to subsection (2), where the registered owner of a bond has died, and

    • (a) the Bank is satisfied that no person intends to apply for a grant of

      • (i) letters probate of the will, or

      • (ii) letters of administration of the estate of the deceased, and

    • (b) application has been made to the Bank in a form prescribed by the Bank for the transfer of the bond,

    the Bank may, notwithstanding that it has not been furnished with the documents specified in section 19,

    • (c) if the bond is by its terms transferable, give effect to a transfer of the bond, or

    • (d) if the bond is by its terms not transferable, cancel the bond and issue a new bond for an equal principal amount of like issue,

    to the person that the Bank is satisfied is entitled thereto by reason of the death of the registered owner.

  • (2) The Bank may give effect to the transfer of a bond, or issue a new bond, to a person pursuant to subsection (1) only where

    • (a) there is an intestacy and evidence satisfactory to the Bank is produced that, under the laws respecting intestacies of the province in which the deceased was domiciled at the time of his death, that person is entitled to the entire estate;

    • (b) there is a will and that person is the sole beneficiary and evidence satisfactory to the Bank is produced that, under the laws respecting intestacies of the province in which the deceased was domiciled at the time of his death, that person would have been entitled to the entire estate had the deceased died intestate; or

    • (c) the aggregate face value of all bonds of which the deceased was registered as owner at the time of his death did not exceed $20,000.

  • SOR/80-695, s. 1.
 
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