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

Section 1 Disposition versions

2019-06-13

1. In this Regulation:

“intermediary” means any person that, in the ordinary course of its business, holds or owns shares or liabilities on behalf of another person, other than trusts, partnerships and administrators or managers of pension funds, mutual funds, investment funds, development capital investment funds or similar investment entities;

“liability” means a negotiable and transferable unsecured debt, a subordinated debt obligation or a debt of at least $100 that, immediately before the resolution board orders the implementation of the resolution operations under section 40.12 of the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2), is owed by an authorized deposit institution belonging to a cooperative group and excludes any claim against the institution if:

(1)  the value of the debt is too uncertain to be provable in a winding-up proceeding; or

(2)  the debt is for a monetary loss resulting from the ownership, purchase or sale of contributed capital securities of the institution belonging to a cooperative group or from the annulment of a purchase or sale of contributed capital securities of the institution, or for a contribution or indemnity in respect of the claim;

“share” means any share of the capital stock issued by an authorized deposit institution belonging to a cooperative group;

“subordinated debt” means a debt owed by an authorized deposit institution belonging to a cooperative group that, by the terms of any instrument evidencing the debt, will, in the event of the insolvency or winding-up of the institution, be subordinate in right of payment to all deposit liabilities of the institution and all other liabilities of the institution except those that, by their terms, rank equally with or are subordinate to that debt.

M.O. 2019-01, s. 1.

2019-03-31

1. In this Regulation:

“intermediary” means any person that, in the ordinary course of its business, holds or owns shares or liabilities on behalf of another person, other than trusts, partnerships and administrators or managers of pension funds, mutual funds, investment funds, development capital investment funds or similar investment entities;

“liability” means a negotiable and transferable unsecured debt, a subordinated debt obligation or a debt of at least $100 that, immediately before the resolution board orders the implementation of the resolution operations under section 40.12 of the Deposit Institutions and Deposit Protection Act (chapter A-26), is owed by an authorized deposit institution belonging to a cooperative group and excludes any claim against the institution if:

(1)  the value of the debt is too uncertain to be provable in a winding-up proceeding; or

(2)  the debt is for a monetary loss resulting from the ownership, purchase or sale of contributed capital securities of the institution belonging to a cooperative group or from the annulment of a purchase or sale of contributed capital securities of the institution, or for a contribution or indemnity in respect of the claim;

“share” means any share of the capital stock issued by an authorized deposit institution belonging to a cooperative group;

“subordinated debt” means a debt owed by an authorized deposit institution belonging to a cooperative group that, by the terms of any instrument evidencing the debt, will, in the event of the insolvency or winding-up of the institution, be subordinate in right of payment to all deposit liabilities of the institution and all other liabilities of the institution except those that, by their terms, rank equally with or are subordinate to that debt.

M.O. 2019-01, s. 1.

Not in force

In force: 2019-03-31

1. In this Regulation:

“intermediary” means any person that, in the ordinary course of its business, holds or owns shares or liabilities on behalf of another person, other than trusts, partnerships and administrators or managers of pension funds, mutual funds, investment funds, development capital investment funds or similar investment entities;

“liability” means a negotiable and transferable unsecured debt, a subordinated debt obligation or a debt of at least $100 that, immediately before the resolution board orders the implementation of the resolution operations under section 40.12 of the Deposit Institutions and Deposit Protection Act (chapter A-26), is owed by an authorized deposit institution belonging to a cooperative group and excludes any claim against the institution if:

(1)  the value of the debt is too uncertain to be provable in a winding-up proceeding; or

(2)  the debt is for a monetary loss resulting from the ownership, purchase or sale of contributed capital securities of the institution belonging to a cooperative group or from the annulment of a purchase or sale of contributed capital securities of the institution, or for a contribution or indemnity in respect of the claim;

“share” means any share of the capital stock issued by an authorized deposit institution belonging to a cooperative group;

“subordinated debt” means a debt owed by an authorized deposit institution belonging to a cooperative group that, by the terms of any instrument evidencing the debt, will, in the event of the insolvency or winding-up of the institution, be subordinate in right of payment to all deposit liabilities of the institution and all other liabilities of the institution except those that, by their terms, rank equally with or are subordinate to that debt.

M.O. 2019-01, s. 1.