Vol. 150, No. 44 — October 29, 2016

MISCELLANEOUS NOTICES

COAST CAPITAL SAVINGS CREDIT UNION

NOTICE PURSUANT TO THE DISCLOSURE ON CONTINUANCE REGULATIONS (FEDERAL CREDIT UNIONS)

Date: October 17, 2016

To: Members of Coast Capital Savings Credit Union

From October 17, 2016, to November 28, 2016, the members of Coast Capital Savings Credit Union (“Coast Capital Savings”) will vote on a special resolution to authorize Coast Capital Savings to make an application to become a federal credit union. Members of Coast Capital Savings are encouraged to reflect on the information in this Notice when considering their vote. Votes can be submitted during the voting period using one of the voting methods available.

In accordance with the Disclosure on Continuance Regulations (Federal Credit Unions) [the “Regulations”], this Notice is provided to inform Coast Capital Savings members of changes to deposit insurance coverage that would apply to their deposits held with Coast Capital Savings in the event that Coast Capital Savings becomes a federal credit union and, on that same day, a member of the Canada Deposit Insurance Corporation (“CDIC”).

Deposit insurance automatically applies to eligible deposits held at financial institutions that are members of deposit insurance protection agencies. It protects depositors’ savings in case of financial institution failure.

Deposits held with Coast Capital Savings are currently insured by the Credit Union Deposit Insurance Corporation (“CUDIC”), which insures deposits held at credit unions incorporated in British Columbia. If Coast Capital Savings becomes a federal credit union, it will automatically become a member of the CDIC and CUDIC deposit insurance coverage will cease to apply. The CDIC insures deposits held by its member institutions, which include banks, federal credit unions, trust and loan companies, and retail associations.

What is covered in this Notice

In accordance with the Regulations, this Notice includes the following:

Additional information has been provided to Coast Capital Savings members regarding the special resolution to authorize an application to become a federal credit union and the changes to deposit insurance that would result from becoming a federal credit union. This information is also available at any Coast Capital Savings branch and the Coast Capital Savings Web site: www.coastcapitalsavings.com/vote. The information includes examples to help members understand the changes to deposit insurance coverage.

Important qualifications

The information included in this Notice is current as of the date of this Notice. Deposit insurance coverage offered by CUDIC and/or the CDIC may change in the future.

The publication of this Notice and a positive vote by the members of Coast Capital Savings to apply to become a federal credit union do not guarantee that approval will be granted by Canada’s Minister of Finance and other regulatory bodies or that becoming a federal credit union will occur on the dates referenced in this Notice or in any other document or that it will occur under the conditions stated in this Notice or in any other document.

Continuation day

The continuation day is the date that Coast Capital Savings would become a federal credit union, as indicated in the letters patent issued by Canada’s Minister of Finance granting Coast Capital Savings’ continuance. On that same day, Coast Capital Savings would become a member of the CDIC, CUDIC deposit insurance coverage would end and CDIC deposit insurance coverage would begin.

Current CUDIC deposit insurance coverage

Until the continuation day, the full amount of deposits held with Coast Capital Savings is insured by CUDIC as described in Table 1.

Table 1: CUDIC deposit insurance coverage

 

Deposits Held in One Name

Deposits in a Trust Account

Deposits in an RRSP

Deposits in an RRIF

Deposits in a TFSA

Deposits in More Than One Name (Joint Deposits)

Deposits fully insured

Savings accounts (including foreign currency deposits)

Chequing accounts (including foreign currency deposits)

N/A

N/A

N/A

GIC and other term deposits (including foreign currency deposits, and irrespective of term to maturity)

Non-equity shares and declared but unpaid dividends on such shares

Money orders, certified cheques, traveller’s cheques, debentures, bank drafts and prepaid letters of credit in respect of which a credit union is primarily liable

N/A

N/A

N/A

What is NOT covered by CUDIC deposit insurance: (1) membership shares issued by a credit union; (2) equity shares issued by a credit union; (3) shares issued by other corporations; (4) mutual funds; (5) bonds, notes, treasury bills, and debentures issued by governments or corporations; (6) money orders, certified cheques, traveller’s cheques, debentures, drafts, and prepaid letters of credit in respect of which a credit union is not primarily liable; and (7) principal protected notes.

Transitional CDIC coverage

Starting on the continuation day, deposit insurance coverage for deposits held with Coast Capital Savings would be covered by the CDIC so long as deposits are eligible for CDIC coverage. CUDIC deposit insurance would no longer apply, including to those deposits not eligible for CDIC coverage.

A transition period would begin on the continuation day. During this transition period, any “pre-existing deposits” — deposits that were made with Coast Capital Savings before it became a federal credit union and that remain outstanding on the continuation day — would be insured by the CDIC to the same extent as the current CUDIC deposit insurance coverage described above. During this period CDIC deposit insurance coverage would not apply to

The transition period would end

For example, and bearing in mind the above-noted exceptions to CDIC coverage, if the continuation day were January 1, 2018, any eligible pre-existing deposit that is not for a fixed period would have unlimited coverage until June 29, 2018, inclusive, minus any amount withdrawn from the eligible pre-existing deposits during this period. Any eligible pre-existing deposit that is for a fixed term, bearing in mind the above-noted exceptions to CDIC coverage, would have unlimited coverage until the end of that fixed term.

The CDIC transitional coverage does not apply to deposits that are made with Coast Capital Savings on or after the continuation day. During the transition period, these deposits would be treated as separate deposits from any pre-existing deposits and would be covered in accordance with the CDIC standard deposit insurance coverage that is described in the next section.

Once the transition period ends, the CDIC standard deposit insurance coverage that is described in the next section would apply to all eligible deposits with Coast Capital Savings. For the purpose of determining deposit insurance coverage per insurance category, eligible pre-existing deposits would be combined with eligible deposits made on or after the continuation day.

Standard CDIC coverage

The CDIC’s standard deposit insurance coverage would apply to all eligible deposits that are made with Coast Capital Savings after the continuation day. This is the same deposit insurance coverage that applies to all CDIC member institutions.

There are certain differences between the deposit insurance coverage provided by the CDIC and CUDIC:

Table 2: CDIC standard deposit insurance coverage

 

Deposits Held in One Name

Deposits in a Trust Account

Deposits in an RRSP

Deposits in an RRIF

Deposits in a TFSA

Deposits Held for Paying Realty Taxes on Mortgaged Property

Deposits in More Than One Name (Joint Deposits)

Deposits insured up to $100,000 (principal and interest combined), per category listed above. Must be in Canadian currency and payable in Canada

Savings accounts

Chequing accounts

N/A

N/A

N/A

N/A

GIC and other term deposits (with original terms to maturity of five years or less)

N/A

Money orders, certified cheques, traveller’s cheques , bank drafts and prepaid letters of credit in respect of which a CDIC member institution is primarily liable

N/A

N/A

N/A

N/A

Debentures issued as proof of deposit for CDIC member institutions (other than banks)

N/A

What is NOT covered by CDIC Deposit Insurance: (1) membership shares issued by a federal credit union; (2) any shares issued by a federal credit union; (3) GIC and other term deposits that are repayable only after a period of greater than five years; (4) deposits in foreign currencies and deposits that are payable outside Canada; (5) debentures issued by a federal credit union; (6) shares issued by other corporations; (7) mutual funds; (8) bonds, notes, treasury bills, and debentures issued by governments or corporations; (9) money orders, certified cheques, traveller’s cheques, drafts, and prepaid letters of credit in respect of which a federal credit union is not primarily liable; and (10) principal protected notes (with some exceptions).

Questions

Specific examples as to how transitional coverage works are available on request at www.coastcapitalsavings.com/vote. If you have any questions on deposit insurance, you can also visit the following Web sites:

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DEPARTMENT OF TRANSPORT

PLANS DEPOSITED

The Department of Transport, located at 1550 D’Estimauville Avenue, Suite 401, Québec, Quebec G1J 0C8, hereby gives notice that an application has been made to the Minister of Transport under the Navigation Protection Act for approval of the plans and site of the work described herein. Under paragraph 5(6)(b) of the said Act, the Department of Transport has deposited with the Minister of Transport and in the office of the District Registrar of the Land Registry District of Sainte-Anne-des-Monts, at 39 Sainte-Anne Boulevard West, Sainte-Anne-des-Monts, Quebec G4V 1R2, and at the post office of Saint-Maxime-du-Mont-Louis, at 9 1st Avenue West, Mont-Louis, Quebec G0E 1T0, under deposit No. 22 675 109, a description of the site and plans for the partial demolition of the existing Mont-Louis east wharf and its proposed riprap in the St. Lawrence River, at Saint-Maxime-du-Mont-Louis, located on deepwater lot Block 4 and on land lot 272-5, official cadastre of the Municipality of Saint-Maxime-du-Mont-Louis, land district of Sainte-Anne-des-Monts.

Comments regarding the effect of this work on marine navigation may be directed to the Regional Manager, Navigation Protection Program, Transport Canada, 1550 D’Estimauville Avenue, Suite 401, Québec, Quebec G1J 0C8. However, comments will be considered only if they are in writing and are received not later than 30 days after the date of publication of the last notice. Although all comments conforming to the above will be considered, no individual response will be sent.

Québec, October 29, 2016

Réal Vaudry, M. Sc.
Environmental Coordinator
Public Services and Procurement Canada

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FIDUCIARY SERVICES D

LETTERS PATENT OF INCORPORATION

Notice is hereby given, pursuant to subsection 24(2) of the Trust and Loan Companies Act (Canada) [the “Act”], that Desjardins Trust Inc., a trust company incorporated under the Act, declares its intention to apply to the Minister of Finance for letters patent incorporating a trust company under the Act with the name Fiduciary Services D, in English, and Services fiduciaires D, in French, to carry on the business of a trust company in Canada. Its head office will be located in the city of Montréal, Quebec.

Any person who objects to the issuance of these letters patent may submit the objection in writing, before November 29, 2016, to the Superintendent of Financial Institutions, 255 Albert Street, Ottawa, Ontario K1A 0H2.

September 27, 2016

Desjardins Trust Inc.

Note: The publication of this Notice should not be construed as evidence that letters patent will be issued to incorporate the trust company. The granting of the letters patent will be dependent upon the normal Trust and Loan Companies Act (Canada) application review process and the discretion of the Minister of Finance.

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