1. The term “deposit of money” means the unpaid balance, including interest thereon, of funds received by an institution or a bank in the normal course of receiving cash deposits from the public for investment purposes, where the obligation of the institution or bank to repay is evidenced by a credit to the depositor’s account, by a deposit certificate or by any other document issued by the institution or bank.
A deposit of money does not include
(1) funds repayable upon the expiry of a term exceeding 5 years, unless the institution or bank is required to repay such funds, at any time, on demand by the depositor, after 5 years from the date of the deposit or unless such funds were received before 1 July 1970;
(2) funds used to acquire shares or equity securities issued by a financial services cooperative, an insurer, a trust company or a savings company;
(3) funds repayable, in the case of a winding-up, at a rank subordinate to other ordinary due debts of the institution or bank;
(4) funds used to acquire shares of an investment fund.
A depositor is a person who makes a deposit of money within the meaning of the Deposit Insurance Act (chapter A-26) and this Regulation, or a person to whom an institution or a bank is required to repay such deposit.