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Domestic Bonds of Canada Regulations (C.R.C., c. 698)

Regulations are current to 2023-01-11

PART IRegistration (continued)

New Bonds

 A new bond issued in place of a damaged, defaced, mutilated, destroyed, lost or stolen bond or interim certificate as provided for in these Regulations shall be of the same issue and aggregate amount and of like tenor as the one that it is issued to replace.

Form of Undertaking to Indemnify

 An undertaking to indemnify given to the Bank under these Regulations shall be executed by the owner or payee of the bond, coupon, cheque or certificate that has been damaged, defaced, mutilated, destroyed, lost or stolen, or by any other person acceptable to the Bank and shall undertake to indemnify the Bank and the Government of Canada for any loss resulting from the issue of any new bond or cheque or the making of any payment in respect thereof and shall be in a form satisfactory to the Bank.

Form of Bond of Indemnity

  •  (1) Subject to subsection (2), a bond of indemnity given to the Bank pursuant to these Regulations shall

    • (a) be executed by

      • (i) a guarantee company approved by the Bank,

      • (ii) a financial institution acceptable to the Bank, or

      • (iii) a government of a province;

    • (b) undertake to indemnify the Bank and the Government of Canada for any loss resulting from the transfer or redemption of any bond, the issue of any new bond or cheque or the making of any payment in respect of the transfer or redemption of any bond or in respect of any destroyed, lost or stolen bond, coupon, cheque or interim certificate in an amount deemed sufficient by the Bank; and

    • (c) be in a form satisfactory to the Bank.

  • (2) The Bank, in lieu of obtaining a bond of indemnity in accordance with subsection (1), may

    • (a) with respect to the alleged destruction, loss or theft of a bond of which a person is registered as owner as to principal and interest and in respect of which no instrument of transfer to bearer has been executed, or

    • (b) with respect to the alleged destruction, loss or theft of a cheque after the payee received it,

    accept a bond of indemnity in such amount, in such form and executed by such sureties as the Bank considers advisable.

Statutory Declaration

 The Bank may, before issuing a bond or cheque or making a payment in accordance with sections 27 to 35 or section 44, require the claimant to furnish a statutory declaration setting out the facts relating to the alleged damage, defacement, mutilation, destruction, loss or theft by reason of which it is to be issued or made.

Canada Savings Bonds

 Where a redemption agent for Canada Savings Bonds makes an erroneous payment and the Bank is satisfied that the error did not result from fault or negligence on the part of the redemption agent, the Treasury Board may, upon the recommendation of the Bank, relieve the redemption agent of liability to the Government of Canada and reimburse the Bank, but otherwise, the redemption agent shall reimburse the Bank in the amount of the loss sustained.

Administration

  •  (1) Where under these Regulations any act is required to be done by the Bank or is effective if done by the Bank, the act is deemed to have been done by the Bank for the purposes of these Regulations if it has been done by an officer or employee of the Bank acting in the course of his duties as such or by a person authorized by the Bank to do that act on behalf of the Bank.

  • (2) Where under these Regulations the Bank is required to or may do an act if it is satisfied or has formed an opinion in respect of any matter, or if any events appear to the Bank to have occurred, it is sufficient for the purposes of these Regulations if the appropriate officer or employee of the Bank satisfies himself or forms the opinion or it appears to him that the events have occurred.

PART IIWar Savings Certificates

 In this Part,

certificate

certificate means War Savings Certificates; (certificat)

Registrar

Registrar means the Bank. (Registraire)

 This Part applies in respect of War Savings Certificates and Part I applies in respect of War Savings Certificates except in so far as it is inconsistent with this Part.

 Where it appears to the Registrar that a certificate has been destroyed, lost or stolen, a cheque for an amount equal to the amount payable upon maturity of that certificate may be issued upon completion by the registered owner or by a person acting on his behalf, who is acceptable to the Registrar, of an undertaking in a form approved by the Registrar but unless the Registrar in its discretion otherwise decides, no cheque shall be issued pursuant to this section until at least three months have elapsed from the date upon which the Registrar first received notice of the alleged destruction, loss or theft of the certificate.

 If the maturity value of all certificates that belonged to a deceased owner is less than $50, production of the documents referred to in section 19 may, at the discretion of the Registrar be dispensed with and the Registrar may redeem the certificates to or in favour of the persons shown to be entitled by a letter from a bank, trust company or other institution acceptable to the Registrar, certifying that letters probate, letters of administration or other documents of like import were in fact granted or executed and giving such further particulars in respect thereof as the Registrar may require.

 The Post Office Department is hereby authorized to redeem War Savings Stamps at their face value upon presentation at any Post Office in Canada.

 
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