Canada Deposit Insurance Corporation Joint and Trust Account Disclosure By-Law (SOR/95-279)
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Canada Deposit Insurance Corporation Joint and Trust Account Disclosure By-Law
SOR/95-279
CANADA DEPOSIT INSURANCE CORPORATION ACT
Registration 1995-06-09
By-Law Respecting the Disclosure of Joint Interests, Trusteeships and Interests of Beneficiaries in Deposits for the Purposes of Subsections 3(1) to (3) of the Schedule to the Canada Deposit Insurance Corporation Act
The Board of Directors of the Canada Deposit Insurance Corporation, pursuant to subsection 11(2)Footnote * of the Canada Deposit Insurance Corporation Act and subsection 3(3.1)Footnote ** of the schedule to that Act, hereby makes the annexed By-law respecting the disclosure of joint interests, trusteeships and interests of beneficiaries in deposits for the purposes of subsections 3(1) to (3) of the schedule to the Canada Deposit Insurance Corporation Act.
Return to footnote *S.C. 1992, c. 26, s. 4
Return to footnote **R.S., c. 18 (3rd Supp.), s. 73(2)
June 6, 1995
SHORT TITLE
1. This By-law may be cited as the Canada Deposit Insurance Corporation Joint and Trust Account Disclosure By-Law.
INTERPRETATION
2. In this By-law,
- “Act”
“Act” means the Canada Deposit Insurance Corporation Act; (Loi)
- “determination date”
“determination date” means, in respect of a member institution,
(a) where a winding-up order is made in respect of the institution before the day on which the Corporation makes payment in respect of the majority in number or value of the deposits with the institution that are insured by deposit insurance, the day on which the petition or other originating process was filed in respect of the winding-up, or
(b) where a winding-up order is not made in respect of the institution before the day on which the Corporation makes payment in respect of the majority in number or value of the deposits with the institution that are insured by deposit insurance, the day on which any of the circumstances described in subsection 14(2.1) of the Act first occurred in respect of the institution; (date-repère)
- “schedule”
“schedule” means the schedule to the Act. (annexe)
DISCLOSURE
3. For the purposes of subsection 3(1) of the schedule, a depositor that is acting as joint owner with another must, before the determination date, disclose the following information for inclusion in the records of the member institution:
(a) a statement that the deposit is owned jointly by the joint owners; and
(b) the name and address of each of the joint owners.
- SOR/2000-144, s. 1(F);
- SOR/2010-206, s. 1.
4. For the purposes of subsections 3(1) and (2) of the schedule, a depositor that is acting as trustee for a beneficiary must, before the determination date, disclose the following information for inclusion in the records of the member institution:
(a) a statement that the deposit is held in trust by the trustee or co-trustees; and
(b) the name and address of the trustee, or of each of the co-trustees.
- SOR/2010-206, s. 2.
5. Subject to subsection 7(1), for the purposes of subsection 3(2) of the schedule, a depositor that is acting as trustee for a beneficiary must, before the determination date, disclose the name and address of the beneficiary for inclusion in the records of the member institution.
- SOR/2010-206, s. 3.