Section 59
How return on deposit to be calculated for discretionary payment
ActIn forceProvision 59 of 86
Section 59
In calculating the payment by the Corporation in respect of any protected member institution where the Corporation makes a discretionary payment —
(a)
subject to paragraph (b), the return accrued, in relation to the deposit shall be included only up to the date of the payment by the Corporation; or
(b)
if a proceeding for the winding up of a member institution that holds the deposit has been commenced before the date of the payment by the Corporation but a winding up order has not yet been made, the return accrued, in relation to the deposit shall be included only up to the date of the commencement of the winding up of the member institution.