I-13.2.2, r. 4 - Regulation respecting the indemnification plan applicable pursuant to certain resolution operations

Section 13 Disposition versions

2019-06-13

13. The notice referred to in section 12 must:

(1)  state that the resolution board has ordered the implementation of the resolution operations in accordance with section 40.12 of the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2);

(2)  set out a description of the effects of the resolution board’s order, including a summary of the effects referred to in sections 40.14 to 40.24 of said Act, as well as the indemnification rule set out in the second paragraph of section 40.51 of said Act;

(3)  state that the eligible person has the right to apply for a review of the Authority’s decision, in accordance with the first paragraph of section 17, and must exercise that right within 45 days, in accordance with the second paragraph of said section; and

(4)  state that, if the eligible person referred to in the notice does not notify the Authority of their acceptance of the offer of an indemnity or if, where the eligible person objects to the offer or is not offered any indemnity, the eligible person does not present their observations within the 45-day period set out in the second paragraph of section 17, the eligible person will receive the indemnity offered or will receive no indemnity, as the case may be, and will not be permitted to apply for a review of the Authority’s decision set out in the notice.

M.O. 2019-01, s. 13.

2019-03-31

13. The notice referred to in section 12 must:

(1)  state that the resolution board has ordered the implementation of the resolution operations in accordance with section 40.12 of the Deposit Institutions and Deposit Protection Act (chapter A-26);

(2)  set out a description of the effects of the resolution board’s order, including a summary of the effects referred to in sections 40.14 to 40.24 of said Act, as well as the indemnification rule set out in the second paragraph of section 40.51 of said Act;

(3)  state that the eligible person has the right to apply for a review of the Authority’s decision, in accordance with the first paragraph of section 17, and must exercise that right within 45 days, in accordance with the second paragraph of said section; and

(4)  state that, if the eligible person referred to in the notice does not notify the Authority of their acceptance of the offer of an indemnity or if, where the eligible person objects to the offer or is not offered any indemnity, the eligible person does not present their observations within the 45-day period set out in the second paragraph of section 17, the eligible person will receive the indemnity offered or will receive no indemnity, as the case may be, and will not be permitted to apply for a review of the Authority’s decision set out in the notice.

M.O. 2019-01, s. 13.

Not in force

In force: 2019-03-31

13. The notice referred to in section 12 must:

(1)  state that the resolution board has ordered the implementation of the resolution operations in accordance with section 40.12 of the Deposit Institutions and Deposit Protection Act (chapter A-26);

(2)  set out a description of the effects of the resolution board’s order, including a summary of the effects referred to in sections 40.14 to 40.24 of said Act, as well as the indemnification rule set out in the second paragraph of section 40.51 of said Act;

(3)  state that the eligible person has the right to apply for a review of the Authority’s decision, in accordance with the first paragraph of section 17, and must exercise that right within 45 days, in accordance with the second paragraph of said section; and

(4)  state that, if the eligible person referred to in the notice does not notify the Authority of their acceptance of the offer of an indemnity or if, where the eligible person objects to the offer or is not offered any indemnity, the eligible person does not present their observations within the 45-day period set out in the second paragraph of section 17, the eligible person will receive the indemnity offered or will receive no indemnity, as the case may be, and will not be permitted to apply for a review of the Authority’s decision set out in the notice.

M.O. 2019-01, s. 13.