The Government of Prince Edward Island must stop issuing deposit receipts for loans, except for temporary transitional rules. The Lieutenant Governor in Council must later stop interest payments, redeem outstanding deposit receipts, and send the deposited amounts plus accrued interest to the depositor.
c t DEPOSIT RECEIPT (WINDING-UP) ACT PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to November 1, 2003. It is intended for information and reference purposes only. This document is not the official version of the Act. The Act and the amendments as printed under the authority of the King’s Printer for the province should be consulted to determine the authoritative statement of the law. For more information concerning the history of this Act, please see the Table of Public Acts on the Prince Edward Island Government web site (www.princeedwardisland.ca). If you find any errors or omissions in this consolidation, please contact: Legislative Counsel Office Tel: (902) 368-4292 Email: legislation@gov.pe.ca Deposit Receipt (winding-up) Act Section 1 c DEPOSIT RECEIPT (WINDING-UP) ACT CHAPTER D-8.1 1. Termination of deposit receipt program (1) Subject to sections 2 and 3, the Government of Prince Edward Island shall cease to issue deposit receipts in respect of loans. Commencement (2) This section is deemed to have come into force on January 28, 1997. 1997,c.11,s.1. 2. Transitional, payroll deduction plan Until October 31, 1997 the Government of Prince Edward Island may continue to accept loans from, and issue deposit receipts to, employees who were enrolled in the payroll deduction plan on January 28, 1997. 1997,c.11,s.2. 3. Transitional, interest (1) Subject to subsection (2), money on loan in respect of which a deposit receipt is issued shall (a) remain on loan subject to such terms and conditions; and (b) continue to earn interest at such rate, as the Lieutenant Governor in Council may determine. Idem (2) On March 31, 2002, the Lieutenant Governor in Council shall (a) cease to pay interest on borrowed money in respect of which a deposit receipt is issued; and (b) redeem all outstanding deposit receipts and send the amount deposited together with the interest accrued to the depositor. 1997,c.11,s.3. 4. Repeal Repeal. 1997,c.11,s.4. c t Current to: November 1, 2003 Page 3