Marginal note:Report of unclaimed deposits
602 (1) An authorized foreign bank shall, within sixty days after the end of each calendar year, provide the Superintendent with a return, in the form that the Superintendent may determine, as of the end of that calendar year, in respect of all deposits made with it in Canada in Canadian currency for which no transaction has taken place and no statement of account has been requested or acknowledged by the depositors during a period of nine years or more.
(2) The period referred to in subsection (1) shall be calculated
(a) in the case of a deposit made for a fixed period, from the day on which the fixed period terminated until the date of the return; and
(b) in the case of any other deposit, from the day on which the last transaction took place or a statement of account was last requested or acknowledged by the depositor, whichever is later, until the date of the return.
Marginal note:Content of return
(3) The return shall show, in so far as is known to the authorized foreign bank,
(a) the name of each depositor in whose name each deposit is held;
(b) the recorded address of each of those depositors;
(c) the outstanding amount of each deposit; and
(d) the branch of the authorized foreign bank at which the last transaction took place in respect of the deposit, and the date of the transaction.
Marginal note:Amounts under one hundred dollars
(4) Where the total outstanding amount of deposits in the name of a depositor is less than one hundred dollars, the authorized foreign bank may omit from the return the particulars in respect of the deposits required by subsection (3).
- 1991, c. 46, s. 602
- 1999, c. 28, s. 35
- Date modified: