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1. Interest Payable on Certain Deposits By-Law - SOR/99-224 (Section 5)
Interest Payable on Certain Deposits By-Law
•  (1) Where the term of a deposit contract extends beyond the interest termination date and not all of the information necessary for the calculation of interest is available by that date, the interest accruing and payable in relation to the deposit, other than interest that is payable on or before that date, shall be determined as follows:

• (a) if the contract does not provide for periodic interest calculations, the interest is to be determined using the following formula:

A × B (C ÷ D)

where

B
is the rate of interest determined by reference to
• (i) where the contract provides that the rate of interest is to be determined by reference to the change, on one or more dates after the interest termination date, in an index or reference point specified in the contract, the increase or decrease — as contemplated by the contract — in that index or reference point between the first day of the term of the contract and the interest termination date, or

C
is the number of days in the term of the contract that have elapsed as of the interest termination date, and
• (b) if the contract provides for periodic interest calculations and the interest termination date occurs before the first interest calculation date specified in the contract, the interest is to be determined using the following formula:

E × F (G ÷ H)

where

F
is the rate of interest determined by reference to
• (i) where the contract provides that the rate of interest is to be determined by reference to the change, on one or more dates after the interest termination date, in an index or reference point specified in the contract, the increase or decrease — as contemplated by the contract — in that index or reference point between the first day of the term of the contract and the interest termination date, or

G
is the number of days in the term of the contract that have elapsed as of the interest termination date, and
• (c) if the contract provides for periodic interest calculations and the interest termination date occurs on or after the first interest calculation date specified in the contract, the interest is the sum of

• [...]

• (ii) where the interest termination date does not coincide with an interest calculation date specified in the contract, the amount of interest determined using the following formula:

I × J (K ÷ L)

where

I
is the principal amount as of the preceding interest calculation date specified in the contract,
J
is the rate of interest determined by reference to
• (A) where the contract provides that the rate of interest is to be determined by reference to the change, on one or more dates after the interest termination date, in an index or reference point specified in the contract, the increase or decrease — as contemplated by the contract — in that index or reference point between the preceding interest calculation date specified in the contract and the interest termination date, or

2. Interest Payable on Certain Deposits By-Law - SOR/99-224 (Section 4)
Interest Payable on Certain Deposits By-Law

Subject to sections 5 to 7, the interest accruing and payable in relation to a deposit shall be determined, as of the interest termination date, in accordance with the provisions of the deposit contract between the depositor and the member institution.

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