Exemption from Deposit Insurance By-law (Notice to Depositors)

2 An applicant shall provide its depositors with a notice, written in at least one of the official languages of Canada, that contains the information referred to in paragraph 26.03(1)(c) of the Act and that informs them

• (a) that, in order to keep their deposits that are payable in Canada with the applicant, they must provide the applicant with an acknowledgement in writing, in the form accompanying the notice, that those deposits will no longer be insured in whole or in part by the Corporation after the applicant receives authorization to accept deposits without being a member institution;

• (b) that, at their request in writing, they will be paid the principal amount of their deposits that are payable in Canada and interest determined in accordance with the Exemption from Deposit Insurance By-law (Interest on Deposits); and

• (c) that, if they do not provide the applicant with an acknowledgement referred to in paragraph (a) or submit a request referred to in paragraph (b), the applicant’s liability in relation to deposits that are payable in Canada will be assumed by another member institution on the same terms and conditions.