By-Laws
For a complete copy of the By Laws of the Nova
Scotia Credit Union Deposit Insurance Corporation,
please contact our office.
Article II (B)
For the purposes of deposit insurance, "deposit"
means with respect to a member the aggregate of:
- the unpaid balance of the moneys
received by a credit union from the member in
the ordinary course of business, other than as
payment for shares, and for which the credit union
has given or is obligated to give credit to the
account of the member; or
- has issued or is obligated to
issue to the member a receipt or certificate in
respect of which the credit union is liable, if
the credit union is obligated to repay the moneys;
- on a fixed date;
- on demand by the member; or
- within a specified period following
demand by the member, and includes any interest
or rebate of loan interest accrued or payable
to the member; and funds deposited under a registered
retirement savings plan or other registered investment
vehicle approved by Revenue Canada by the member
which pursuant to the direction of the member
are in the custody of a credit union as an agent
for the purposes of the plan.
Provided, however, that
- where a credit union is obligated
to repay moneys to a member who is acting as trustee
for another or as joint owner with another, the
deposit of the member acting as trustee or as
joint owner with another shall be deemed for the
purposes of deposit insurance with the Corporation
to be a deposit separate from any deposit of the
member made with the credit union in the member's
own right for the member's own use or acting in
another joint or trust capacity, provided that
the trusteeship or joint interest is disclosed
upon the records of the credit union prior to
payment by the Corporation of any claim in respect
of the deposit;
- where a credit union is obligated
to repay moneys to a member who is acting as trustee
for a beneficiary, the interest of the beneficiary
in the deposit shall be deemed for the purposes
of deposit insurance with the Corporation to be
a deposit separate from any deposit of the member
made with the credit union in the member's own
right for the member's own use, and separate from
any interest of the beneficiary in respect of
any other trust deposit of which the member is
a beneficiary, provided that the trusteeship is
disclosed upon the records of the credit union
prior to payment by the Corporation of any claim
in respect of the deposit;
- where a credit union is obligated
to repay moneys to a member who is acting as trustee
for two or more beneficiaries, the interest of
each beneficiary in the deposit shall be deemed
for the purposes of deposit insurance with the
Corporation to be a separate deposit, provided
that the interest of each beneficiary in the deposit
is disclosed upon the records of the credit union
prior to payment by the Corporation of any claim
in respect of the deposit;
- where a credit union has custody
of funds deposited under a registered retirement
savings plan or other registered investment vehicle
approved by Revenue Canada, the funds shall be
deemed for the purposes of deposit insurance with
the Corporation to be a deposit separate from
any deposit of the member made with the credit
union in the member's own right for the member's
own use and separate from any funds which are
in the custody of the credit union and which were
deposited by the member under any other plan,
whether a registered retirement savings plan or
another registered investment vehicle approved
by Revenue Canada; and
- the funds are in Canadian currency
and are not invested in a term greater than five
years.
