31. The authorized deposit institution must calculate the interest related to each deposit of money as at the cut-off date.
For calculating the interest referred to in the first paragraph, interest accrued and payable on a deposit of money must be calculated, in accordance with the terms and conditions of the contract and exclusive of any penalty, on the basis of the number of days between the date of the last interest payment and the cut-off date, divided by the number of days between the date of the last interest payment and the date of the next interest payment.
M.O. 2010-12, s. 31; M.O. 2015-06, s. 2; M.O. 2020-09, s. 3111.