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Can you summarize SOR /99-224?
Consolidated Regulations > Interest Payable on Certain Deposits By-Law
Short Summary
This By-law, made by the Board of Directors of the Canada Deposit Insurance Corporation under the Canada Deposit Insurance Corporation Act, governs the determination of interest payable on certain deposits. It applies to deposits referred to in subsection 14(2.51) of the Act. The By-law provides guidelines for the calculation of interest based on the deposit contract between the depositor and the member institution. It specifies formulas for determining interest in different scenarios, such as when the contract extends beyond the interest termination date or when periodic interest calculations are involved. The By-law also addresses situations where the specified index or reference point does not exist or is not available for calculation. Overall, this By-law ensures transparency and fairness in the calculation and payment of interest on certain deposits.
Whom does it apply to?
Depositors and member institutions
What does it govern?
Interest Payable on Certain Deposits By-Law
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Canada