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

Regulations are current to 2014-09-01

Whereabouts of Registered Owner Unknown or not Available

  •  (1) Where it appears to the Bank that the whereabouts of a person in whose name a bond is registered is unknown and application is made to the Bank for transfer or redemption of the bond, the Bank may, in its discretion, transfer the ownership of or redeem the bond if a bond of indemnity in accordance with subsection 38(1) is given to the Bank.

  • (2) Where a bond is in the possession of Her Majesty or the Bank and the owner of the bond cannot be located, or Her Majesty or the Bank had been requested to retain the bond in safekeeping, the bond may, notwithstanding anything in these Regulations, be treated, on the date of maturity, as though it had been redeemed, and a liability shall be set up in the books of the Department of Finance, in the amount of the bond and any interest that accumulated thereon to the date of maturity,

    • (a) where the bond is registered, in favour of the registered owner; and

    • (b) where the bond is not registered, in favour of the person who establishes that he is the owner,

      • (i) to the satisfaction of the Minister of Finance, if the bond is in the possession of Her Majesty, or

      • (ii) to the satisfaction of the Bank, if the bond is in the possession of the Bank.

Married Women

 The Bank may register a bond in the name of a married woman or may transfer or redeem a bond upon the authority of the signature of a married woman, without the consent of her husband, whether such married woman is acting as a principal or in a representative capacity.

Minors

  •  (1) A bond may be registered in the name of a person whether or not he is a minor or is qualified by law to enter into ordinary contracts.

  • (2) Where a bond is registered in the name of a minor who is not unable by reason of immaturity to write his name,

    • (a) an instrument of transfer executed by him shall have the same effect, for the purposes of these Regulations, as if he were of the full age of majority and the Bank may make payments under the bond to him and accept acquittances thereof from him as if he were of the full age of majority; and

    • (b) where evidence is furnished to the Bank that a guardian or tutor of the minor has been appointed, the Bank may make payments under the bond to such guardian or tutor and may accept acquittances in respect thereof executed by such guardian or tutor on behalf of the registered owner, and such guardian or tutor may execute an instrument of transfer on behalf of the registered owner.

  • (3) Where the Bank is satisfied that the registered owner of a bond, being a minor, is unable by reason of immaturity to write his name,

    • (a) an instrument of transfer may be executed on behalf of the registered owner by the guardian; and

    • (b) the Bank may make payments under the bond to the guardian and may accept acquittances in respect thereof executed by such guardian on behalf of the registered owner and for the purposes of this subsection, evidence of age in the form of a certificate of birth or other evidence satisfactory to the Bank may be accepted as proof of age, but where in addition to the guarantee of the signature of the guardian his authority to sign is guaranteed as set forth in subsection 15(2), no such evidence shall be required.

  • (4) For the purposes of subsection (3), “guardian”, where used with reference to a registered owner of a bond who is unable by reason of immaturity to write his name, means,

    • (a) where the registered owner is resident in the Province of Quebec and evidence satisfactory to the Bank is produced that a tutor has been appointed, the tutor of the registered owner;

    • (b) where the registered owner is resident elsewhere than in the Province of Quebec and evidence satisfactory to the Bank is produced that a guardian has been officially appointed, the guardian of the registered owner; and

    • (c) in any other case, either parent of the registered owner, except that

      • (i) if evidence satisfactory to the Bank is produced that only one parent has actual custody and control of the registered owner, the parent who satisfies the Bank that he has actual custody and control of the registered owner, or

      • (ii) if evidence satisfactory to the Bank is produced that neither parent has actual custody and control of the registered owner, the person who satisfies the Bank that he has actual custody and control of the registered owner.