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

Section 2 Disposition versions

2021-12-08

2. For the purposes of this Regulation, an eligible person is any person 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), holds, directly or through an intermediary, any of the following issued by an authorized deposit institution belonging to a cooperative group:

(1)  shares;

(2)  negotiable and transferable unsecured debts that, after the making of the order of the resolution board, have been converted in whole or in part into contributed capital securities in accordance with the second paragraph of section 40.50 of said Act or in accordance with their contractual terms;

(3)  subordinated debt obligations, if, after the making of the order of the resolution board, the Authority decides to order their transfer in its favour, in favour of the bridge institution or in favour of the asset management company in accordance with the first paragraph of section 40.49 of said Act;

(4)  liabilities, if, after the making of the order of the resolution board, the authorized deposit institution belonging to a cooperative group or the cooperative group is wound up or amalgamated/wound up before the closing of the resolution operations, other than liabilities that are assumed by a bridge institution or transferred to a third party acquirer;

(5)  liabilities that, after the making of the order of the resolution board, are assumed by a bridge institution or transferred to an asset management company that, before the closing of the resolution operations, is wound up, other than liabilities that, after being assumed by the bridge institution or transferred to the asset management company, are transferred to a third party acquirer.

M.O. 2019-01, s. 2; S.Q. 2021, c. 34, s. 137.

2019-06-13

2. For the purposes of this Regulation, an eligible person is any person 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), holds, directly or through an intermediary, any of the following issued by an authorized deposit institution belonging to a cooperative group:

(1)  shares;

(2)  negotiable and transferable unsecured debts that, after the making of the order of the resolution board, have been converted in whole or in part into contributed capital securities in accordance with the second paragraph of section 40.50 of said Act or in accordance with their contractual terms or have been written off in accordance with said paragraph;

(3)  subordinated debt obligations, if, after the making of the order of the resolution board, the Authority decides to order their transfer in its favour, in favour of the bridge institution or in favour of the asset management company in accordance with the first paragraph of section 40.49 of said Act;

(4)  liabilities, if, after the making of the order of the resolution board, the authorized deposit institution belonging to a cooperative group or the cooperative group is wound up or amalgamated/wound up before the closing of the resolution operations, other than liabilities that are assumed by a bridge institution or transferred to a third party acquirer;

(5)  liabilities that, after the making of the order of the resolution board, are assumed by a bridge institution or transferred to an asset management company that, before the closing of the resolution operations, is wound up, other than liabilities that, after being assumed by the bridge institution or transferred to the asset management company, are transferred to a third party acquirer.

M.O. 2019-01, s. 2.

2019-03-31

2. For the purposes of this Regulation, an eligible person is any person 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), holds, directly or through an intermediary, any of the following issued by an authorized deposit institution belonging to a cooperative group:

(1)  shares;

(2)  negotiable and transferable unsecured debts that, after the making of the order of the resolution board, have been converted in whole or in part into contributed capital securities in accordance with the second paragraph of section 40.50 of said Act or in accordance with their contractual terms or have been written off in accordance with said paragraph;

(3)  subordinated debt obligations, if, after the making of the order of the resolution board, the Authority decides to order their transfer in its favour, in favour of the bridge institution or in favour of the asset management company in accordance with the first paragraph of section 40.49 of said Act;

(4)  liabilities, if, after the making of the order of the resolution board, the authorized deposit institution belonging to a cooperative group or the cooperative group is wound up or amalgamated/wound up before the closing of the resolution operations, other than liabilities that are assumed by a bridge institution or transferred to a third party acquirer;

(5)  liabilities that, after the making of the order of the resolution board, are assumed by a bridge institution or transferred to an asset management company that, before the closing of the resolution operations, is wound up, other than liabilities that, after being assumed by the bridge institution or transferred to the asset management company, are transferred to a third party acquirer.

M.O. 2019-01, s. 2.

Not in force

In force: 2019-03-31

2. For the purposes of this Regulation, an eligible person is any person 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), holds, directly or through an intermediary, any of the following issued by an authorized deposit institution belonging to a cooperative group:

(1)  shares;

(2)  negotiable and transferable unsecured debts that, after the making of the order of the resolution board, have been converted in whole or in part into contributed capital securities in accordance with the second paragraph of section 40.50 of said Act or in accordance with their contractual terms or have been written off in accordance with said paragraph;

(3)  subordinated debt obligations, if, after the making of the order of the resolution board, the Authority decides to order their transfer in its favour, in favour of the bridge institution or in favour of the asset management company in accordance with the first paragraph of section 40.49 of said Act;

(4)  liabilities, if, after the making of the order of the resolution board, the authorized deposit institution belonging to a cooperative group or the cooperative group is wound up or amalgamated/wound up before the closing of the resolution operations, other than liabilities that are assumed by a bridge institution or transferred to a third party acquirer;

(5)  liabilities that, after the making of the order of the resolution board, are assumed by a bridge institution or transferred to an asset management company that, before the closing of the resolution operations, is wound up, other than liabilities that, after being assumed by the bridge institution or transferred to the asset management company, are transferred to a third party acquirer.

M.O. 2019-01, s. 2.