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Canada Deposit Insurance Corporation Deposit Insurance Information By-law

Version of section 9 from 2006-12-11 to 2018-09-29:

  •  (1) A member institution shall not issue an instrument, evidencing that the member institution has received or is holding money that does not constitute a deposit that is insured by the Corporation and in respect of which the Corporation does not collect a premium in accordance with section 21 of the Act, to any person in writing or by electronic or other means, unless the instrument bears a warning statement on its face in substantially the same words as one of the following statements:

    • (a) “Not insured by CDIC”;

    • (b) “Not insured by the Canada Deposit Insurance Corporation”; or

    • (c) “The deposit evidenced by this instrument does not constitute a deposit that is insured under the Canada Deposit Insurance Corporation Act.”

  • (2) A member institution shall not issue an instrument, that, in addition to the facts referred to in subsection (1), also evidences that the member institution has received or is holding money that constitutes a deposit that is insured by the Corporation and in respect of which the Corporation collects a premium in accordance with section 21 of the Act, to any person in writing or by electronic or other means, unless the instrument bears a warning statement on its face in substantially the same words as one of the following statements in the location specified, if any:

    • (a) “Only deposits held in Canadian currency, having a term of five years or less and payable in Canada are insurable under the Canada Deposit Insurance Corporation Act.”;

    • (b) “The following deposits evidenced by this instrument do not constitute deposits that are insured under the Canada Deposit Insurance Corporation Act:” before the list of deposit products that are not insured by the Corporation;

    • (c) “Not insured by CDIC” beside the reference to each deposit that is not insured by the Corporation;

    • (d) “Not insured by the Canada Deposit Insurance Corporation” beside the reference to each deposit that is not insured by the Corporation; or

    • (e) “Not insured by CDIC” in a footnote the reference mark for which is located beside the reference to each deposit that is not insured by the Corporation.

  • (3) Where a member institution enters into a transaction with a person by telecommunications facilities, or by electronic or other means, with respect to an instrument, the member institution shall

    • (a) in the case of an oral communication,

      • (i) make an oral representation that is substantially the same as the statement set out in subsection (2), and

      • (ii) issue to the person in writing, by telecommunications facilities or by electronic or other means, a notice that includes the statement set out in subsection (2); or

    • (b) in the case of a communication in writing, issue to the person in writing, by telecommunications facilities or by electronic or other means, a notice that includes the statement set out in subsection (2).

  • SOR/99-385, s. 5
  • SOR/99-465, s. 1(F)
  • SOR/2006-334, s. 9
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