11. [Repealed, SOR/71-176, s. 5]
CLASSES OF DEPOSIT ACCOUNTS
12. (1) Subject to subsections (2) to (4), the Director shall maintain accounts as follows:
(a) “Individual Personal Accounts” in the names of individual depositors;
(b) “Trust Accounts” in the name of one or more persons in trust for some specified person or persons;
(c) “Joint Accounts — All to Withdraw” in which two or more persons have made deposits in their joint names;
(d) “Joint Accounts — Any to Withdraw” in which deposits have been made in the joint names of two or more persons; and
(e) “Incorporated or Unincorporated Societies’ Accounts” in which clubs, schools, churches, savings or credit unions, cemetery companies, estates or provident or charitable institutions have made deposits.
(2) Every application for withdrawal from an account described in paragraph (c) of subsection (1) shall be made jointly by all the persons in whose names the account stands.
(3) Every application for withdrawal from an account described in paragraph (d) of subsection (1) may be made by any of the persons in whose names the account stands.
(4) At the death of any of the persons in whose names an account described in paragraph (c) or (d) of subsection (1) stands, control of the account shall be transferred to the survivor or survivors upon production of the pass-book together with evidence, satisfactory to the Director, of
(a) the death of the deceased joint depositor, and
(b) the identity of the survivor or survivors.
- SOR/71-176, s. 6.
DESTRUCTION OF OLD RECORDS
13. (1) Subject to subsections (2) and (3), the Director may destroy books, records, documents, vouchers, paid instruments and papers relating to any account where they are dated, or were in existence or contain entries or writings made more than fifteen years prior to their destruction.
(2) Every signature declaration and signing authority relating to any account of which the balance is less than $25 and the Bank’s records showing such a balance shall be retained until the balance is transferred to the Receiver General pursuant to paragraph (b) of section 4.
(3) The Director shall not destroy any signature declaration or signing authority relating to an account of which the balance is $25 or more or the Bank’s records showing such a balance.
- SOR/71-176, s. 6.
14. and 15. [Repealed, SOR/71-176, s. 6]
CHANGE IN NAME OF DEPOSITOR
16. When any change occurs in a depositor’s name he shall notify the change to the Director and submit such evidence of change of name as the Director may require.
17. (1) A depositor shall, at the request of the Director produce for his inspection any pass-book issued to that depositor.
(2) A depositor shall, when requesting to close his account, send to the Director the pass-book issued to him in respect of the account.
(3) In the case of loss of a pass-book, the depositor shall
(a) notify the Director without delay of the loss, stating where and approximately when the first and last deposits and the last withdrawal were made, and giving as much information as possible concerning the account and the circumstances of the loss; and
(b) sign an undertaking to
(i) return to the Director the lost pass-book if it should be recovered, and
(ii) indemnify the Canada Post Corporation against any misuse of the lost pass-book.
- SOR/71-176, s. 7;
- 1980-81-82-83, c. 54, s. 65.
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