The Board of Directors of the Canada Deposit Insurance Corporation, pursuant to paragraph 11(2)(g) a and subsection 14(2.4) b of the Canada Deposit Insurance Corporation Act, hereby makes the annexed Discretionary Interest By-Law. R.S., c. 18 (3rd Supp.), s. 51 S.C. 1996, c. 6, s. 26(3)
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.