Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada

Search

Canada Deposit Insurance Corporation Deposit Insurance Information By-law

Version of section 9 from 2006-03-22 to 2006-12-10:

  •  (1) For the purposes of this section, “instrument” means an instrument evidencing that the member institution has received or is holding money from or on behalf of a person

    • (a) which does not constitute a deposit that is insured under the Act; and

    • (b) in respect of which the Corporation does not collect a premium in accordance with section 21 of the Act.

  • (2) A member institution shall not issue an instrument to any person in writing or by electronic or other means unless the instrument bears the following statement on its face:

    • (a) if the instrument evidences only that the member institution has received or is holding money that does not constitute a deposit that is insured under the Act, the statement “The deposit evidenced by this instrument does not constitute a deposit that is insured under the Canada Deposit Insurance Corporation Act.”; and

    • (b) if the instrument evidences that the member institution has received or is holding both money that does not constitute a deposit that is insured under the Act and money that does constitute a deposit that is insured under the Act

      • (i) the statement “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 — See deposit register for clarification. This instrument evidences a deposit that is not insured under that Act.”; or

      • (ii) the statement “The following deposits evidenced by this instrument do not constitute deposits that are insured under the Canada Deposit Insurance Corporation Act:", followed by a list of the deposits.

  • (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)

Date modified: