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, where a depositor is acting as joint owner with another, the following information is to be disclosed by the depositor on the records of a member institution before the determination date:
(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)
4 For the purposes of subsections 3(1) and (2) of the schedule, where a depositor is acting as trustee for a beneficiary, the following information is to be disclosed by the depositor on the records of a member institution before the determination date:
(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.
5 For the purposes of subsection 3(2) of the schedule, where a depositor is acting as trustee for a beneficiary, the information to be disclosed, subject to subsection 7(1), by the depositor on the records of the member institution before the determination date is the name and address of the beneficiary.
6 For the purposes of subsection 3(3) of the schedule, where a depositor is acting as trustee for two or more beneficiaries, the following information is to be disclosed by the depositor on the records of the member institution:
(a) before the determination date,
(i) a statement that the deposit is the subject of a trust under which there are multiple beneficiaries, and
(ii) subject to subsection 7(1), the names and addresses of each beneficiary; and
(b) within 30 days after April 30 of each year, particulars of the amount or percentage of each beneficial interest as of April 30 of the year.
7 (1) The information referred to in section 5 and subparagraph 6(1)(a)(ii) is not required to be disclosed on the records of a member institution if the information described in subsection (2) is disclosed on the records of the institution in lieu thereof and the deposit is held in trust by
(a) the public trustee of a province or a similar public official whose duties involve holding moneys in trust for others;
(b) a federal, provincial or municipal government, or a department or agency thereof;
(c) a solicitor or partnership of solicitors, a law corporation, or a notary or partnership of notaries in the province of Quebec, when they act in that capacity as a trustee of moneys for others;
(d) a person who is acting as a trustee of moneys for others in the course of business and is required by or under a statute to hold the deposit in trust; or
(e) a person who is acting as a trustee of moneys for others in the course of business and is required to hold the deposit in trust by the rules of a securities commission, stock exchange or other regulatory or self-regulating organization that audits compliance with those rules.
(2) For the purposes of subsection (1), the information that is to be disclosed on the records of a member institution is a separate alphanumeric code or other identifier, in respect of each beneficiary, that can be found in records kept by the depositor that contain an up-to-date list of
(a) the name and address of each beneficiary; and
(b) particulars of the amount or percentage of each beneficial interest.
Supplementary Information
8 For the purposes of section 14 of the Act, the Corporation may, in respect of a deposit, require a depositor who has disclosed on the records of a member institution that the person was acting as trustee for another or as joint owner with another to provide the Corporation, within 10 days or such greater period as it allows, with additional information, or with access to records, concerning the trusteeship, the interest of any beneficiary or the joint ownership.
Transitional
9 This By-law has effect with respect to deposits for which the applicable determination date is after December 31, 1996.
- Date modified: