Cooperative Credit Associations Act

Marginal note:Report of unclaimed deposits

• 431.1 (1) A retail association shall, within sixty days after the end of each calendar year, provide the Superintendent with a return, in the form that the Superintendent may determine, as of the end of that calendar year, in respect of all deposits made with the association in Canada in Canadian currency for which no transaction has taken place and no statement of account has been requested or acknowledged by the depositors during a period of nine years or more.

• Marginal note:Period

  (2) The period referred to in subsection (1) shall be calculated

  • (a) in the case of a deposit made for a fixed period, from the day on which the fixed period terminated, and

  • (b) in the case of any other deposit, from the day on which the last transaction took place or a statement of account was last requested or acknowledged by the depositor, whichever is later,

  until the date of the return under that subsection.

• Marginal note:Content of return

  (3) A return made under subsection (1) must show, insofar as is known to the association,

  • (a) the name of each depositor in whose name each deposit is held;

  • (b) the recorded address of each such depositor;

  • (c) the outstanding amount of each deposit; and

  • (d) the branch of the association at which the last transaction took place in respect of the deposit, and the date of that transaction.

• Marginal note:Amounts under one hundred dollars

  (4) If the total outstanding amount of deposits in the name of a depositor is less than one hundred dollars, the association may omit the particulars in respect thereof required by subsection (3) from the return required by subsection (1).