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Protection of Assets (Cooperative Credit Associations) Regulations

Version of section 8 from 2006-03-22 to 2010-12-02:

 An association shall, on a daily basis, deposit any net amount received by the association as a result of any security transaction in an account kept by the association

  • (a) in the association;

  • (b) with a financial institution that is authorized to accept deposits by a law of the jurisdiction where the financial institution is carrying on business;

  • (c) with a trust company that is authorized to hold money in trust by a law of the jurisdiction where the trust company carries on business;

  • (d) with the government of the jurisdiction in which the association is carrying on business, or with an agency thereof that is authorized to act as a custodian of securities; or

  • (e) with The Canadian Depository for Securities Limited.

  • SOR/94-78, s. 1

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