Cooperative Credit Associations Act

Marginal note:Notice of unpaid amount

• 385.04 (1) A retail association shall mail to each person, insofar as is known to the association, to whom a deposit referred to in paragraph 385.03(1)(a) is payable, or to whom or at whose request an instrument referred to in paragraph 385.03(1)(b) was issued, certified or accepted, at the person’s recorded address, a notice stating that the deposit or instrument remains unpaid.

• Marginal note:When notice to be given

  (2) A notice required by subsection (1) must be given during the month of January next following the end of the first two year period, and also during the month of January next following the end of the first five year period,

  • (a) in the case of a deposit made for a fixed period, after the fixed period has terminated;

  • (b) in the case of any other deposit in respect of which no transaction has taken place and no statement of account has been requested or acknowledged by the creditor; and

  • (c) in the case of a cheque, draft or bill of exchange, in respect of which the instrument has remained unpaid.