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Discretionary Interest By-Law (SOR/96-544)

Regulations are current to 2022-05-02

Discretionary Interest By-Law

SOR/96-544

CANADA DEPOSIT INSURANCE CORPORATION ACT

Registration 1996-12-05

Discretionary Interest By-Law

The Board of Directors of the Canada Deposit Insurance Corporation, pursuant to paragraph 11(2)(g)Footnote a and subsection 14(2.4)Footnote b of the Canada Deposit Insurance Corporation Act, hereby makes the annexed Discretionary Interest By-Law.

December 4, 1996

Interpretation

 In this By-law, Act means the Canada Deposit Insurance Corporation Act.

Rates of Interest

 Where, following the making of a winding-up order in respect of a member institution, the Corporation decides to make an interest payment pursuant to subsection 14(2.4) of the Act in respect of a deposit insured by deposit insurance, the Corporation shall employ the simple annual rate of interest that applies to Government of Canada treasury bills with a term of approximately three months, as established at the last Bank of Canada auction preceding the date of the winding-up order.

Repeal

 [Repeal]

Coming into Force

 This By-law comes into force on December 5, 1996.

 
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