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I-13.2.2, r. 2 - Regulation respecting the application of sections 40.15 to 40.17 of the Deposit Institutions and Deposit Protection Act to protected financial contracts and their transfer
Section 4
Disposition versions
4. Nothing in sections 40.15 and 40.16 of the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2) prevents, in accordance with the terms of a protected financial contract:
(1) any proceedings from being brought or any measures to be taken prior to the exercise of a right or power from being taken for a failure to satisfy an obligation under or in connection with the financial contract, including the payment of an amount payable, or the delivery of property, under or in connection with the financial contract;
(2) the netting, setting off or compensation of an amount payable under or in connection with the financial contract;
(3) any measure in respect of the financial guarantee.
4. Nothing in sections 40.15 and 40.16 of the Deposit Institutions and Deposit Protection Act (chapter A-26) prevents, in accordance with the terms of a protected financial contract:
(1) any proceedings from being brought or any measures to be taken prior to the exercise of a right or power from being taken for a failure to satisfy an obligation under or in connection with the financial contract, including the payment of an amount payable, or the delivery of property, under or in connection with the financial contract;
(2) the netting, setting off or compensation of an amount payable under or in connection with the financial contract;
(3) any measure in respect of the financial guarantee.
In force: 2019-03-31
4. Nothing in sections 40.15 and 40.16 of the Deposit Institutions and Deposit Protection Act (chapter A-26) prevents, in accordance with the terms of a protected financial contract:
(1) any proceedings from being brought or any measures to be taken prior to the exercise of a right or power from being taken for a failure to satisfy an obligation under or in connection with the financial contract, including the payment of an amount payable, or the delivery of property, under or in connection with the financial contract;
(2) the netting, setting off or compensation of an amount payable under or in connection with the financial contract;
(3) any measure in respect of the financial guarantee.
