Canada Gazette, Part I, Volume 151, Number 42: MISCELLANEOUS NOTICES

October 21, 2017

EQUITABLE TRUST

LETTERS PATENT OF INCORPORATION

Notice is hereby given, pursuant to subsection 24(2) of the Trust and Loan Companies Act (Canada) [the “Act”], that Equitable Bank, a bank under the Bank Act (Canada) with offices in Toronto, Ontario, intends to apply to the Superintendent of Financial Institutions seeking the approval of the Minister of Finance (Canada) for letters patent incorporating a trust company under the Act with the name Equitable Trust in English and Fiducie Équitable in French, to carry on the business of a trust company in Canada. Its head office will be located in the city of Toronto, Ontario.

Any person who objects to the issuance of these letters patent may submit the objection in writing, before December 11, 2017, to the Superintendent of Financial Institutions, 255 Albert Street, Ottawa, Ontario K1A 0H2.

October 21, 2017

Equitable Bank

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.

[42-4-o]

INNOVATION CREDIT UNION

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

Date: October 6, 2017

To: Members of Innovation Credit Union

From November 22, 2017, to December 8, 2017, the members of Innovation Credit Union (“Innovation”) will vote on a special resolution to authorize Innovation Credit Union to make an application to become a federal credit union. Members of Innovation Credit Union are invited to consider the information in this Notice before voting. 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 Innovation Credit Union members of changes to deposit insurance coverage that would apply to their deposits held with Innovation in the event that Innovation 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 Innovation Credit Union are currently insured by the Credit Union Deposit Guarantee Corporation (“CUDGC”), which insures deposits held at credit unions incorporated in Saskatchewan. If Innovation becomes a federal credit union, it will automatically become a member of the CDIC and CUDGC deposit insurance coverage will cease to apply. The CDIC insures deposits held by its member institutions, which include banks, federal credit unions, and trust and loan companies.

What is covered in this Notice

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

Additional information will be provided to Innovation Credit Union members by direct mail 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 Innovation Credit Union branch and the Innovation Credit Union website: www.innovationcu.ca.

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 CUDGC and/or the CDIC may change in the future.

The publication of this Notice and a positive vote by the members of Innovation Credit Union 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 Innovation would become a federal credit union, as indicated in the letters patent issued by Canada's Minister of Finance granting Innovation Credit Union continuance. On that same day, Innovation Credit Union would become a member of the CDIC, CUDGC deposit insurance coverage would end and CDIC deposit insurance coverage would begin.

Current CUDGC deposit insurance coverage

Until the continuation day, the full amount of deposits held with Innovation Credit Union, including accrued interest, is insured by CUDGC as described in Table 1. The insurance applies to all forms of personal, business and trust deposits held in Saskatchewan credit unions. The insurance covers all deposits in Saskatchewan credit unions regardless of membership, citizenship, or residence of the depositor.

Table 1: CUDGC deposit insurance coverage
  Deposits Held in One Name Deposits in More Than One Name (Joint Deposits) Deposits in a Trust Account Deposits in an RRSP Deposits in an RRIF Deposits in a TFSA
Deposits fully insured
Savings accounts (including the Canadian dollar equivalent of foreign currency deposits)
Chequing accounts (including the Canadian dollar equivalent of foreign currency deposits) N/A N/A N/A
GIC and other term deposits (regardless of length to maturity; including the principal on index-linked term deposits and the return once the credit union is holding it; including the Canadian dollar equivalent of foreign currency deposits)
Money orders, certified cheques, traveller's cheques, 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 the CUDGC deposit insurance: (1) membership shares issued by a credit union; (2) investment shares issued by a credit union; (3) securities and 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) the return on index-linked term deposits before it is paid to the credit union, safety deposit box contents and other securities held for safekeeping.

Transitional CDIC coverage

Starting on the continuation day, deposit insurance coverage for deposits held with Innovation Credit Union would be covered by the CDIC so long as deposits are eligible for CDIC coverage. CUDGC 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 Innovation 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 CUDGC deposit insurance coverage described above. During this period, CDIC deposit insurance coverage would not apply to

The transition period would end 180 days after the continuation day, in the case of pre-existing demand deposits, and on the date of maturity, in the case of a pre-existing deposit that is to be repaid on a fixed day (i.e. a term deposit or a GIC).

For example, and bearing in mind the above-noted exceptions to CDIC coverage, if the continuation day were January 1, 2020, any eligible pre-existing deposit that is not for a fixed period would have unlimited coverage until June 28, 2020, 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 Innovation Credit Union 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 Innovation Credit Union. 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 Innovation Credit Union 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 CUDGC:

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 in More Than One Name (Joint Deposits) Deposits Held for Paying Realty Taxes on Mortgaged Property
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; including the principal on index-linked term deposits and the return once the credit union is holding it) 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 standard CDIC deposit insurance coverage: (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; (10) principal protected notes (with some exceptions); (11) safety deposit box contents; and (12) securities held for safekeeping.

Questions

Specific examples of how transitional coverage works are available at www.innovationcu.ca.

If you have any questions on deposit insurance, you can also visit the following websites:

[40-4-o]

IRVIN AND SHEILA WILSON

PLANS DEPOSITED

Irvin and Sheila Wilson hereby give 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, Irvin and Sheila Wilson have deposited with the Minister of Transport and in the office of the District Registrar of the Land Registry District of Prince County, at Summerside, Prince Edward Island, under deposit No. 40123, a description of the site and plans for the conversion of existing bottom lease 7181-L to an off-bottom lease in the Grand River, at Grand River, Prince Edward Island, in front of Lot 16.

Comments regarding the effect of this work on marine navigation may be directed to the Regional Manager, Navigation Protection Program, Transport Canada, 95 Foundry Street, P.O. Box 42, Moncton, New Brunswick E1C 8K6. 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.

Mount Pleasant, October 12, 2017

Irvin Wilson
Sheila Wilson

[42-1-o]

LENNOX ISLAND FIRST NATION

PLANS DEPOSITED

Lennox Island First Nation 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, Lennox Island First Nation has deposited with the Minister of Transport and in the office of the District Registrar of the Land Registry District of Prince County, at 120 Harbour Drive, Summerside, Prince Edward Island, under deposit No. 40054, a description of the site and plans for the conversion of existing bottom lease 4526-L to an off-bottom lease in the Bideford River, at an area in the sublittoral zone just west of John J. Sark Memorial School on Lennox Island, in front of Lot BOT-4526-L.

Comments regarding the effect of this work on marine navigation may be directed to the Regional Manager, Navigation Protection Program, Transport Canada, 95 Foundry Street, P.O. Box 42, Moncton, New Brunswick E1C 8K6. 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.

Lennox Island, September 11, 2017

Lennox Island First Nation

[42-1-o]

UNION BANK, CANADA BRANCH

TRANSFER OF LIABILITIES

Notice is hereby given pursuant to section 537 of the Bank Act (Canada) [the “Act”] that Union Bank, Canada Branch, an authorized foreign bank under the Act, intends to apply to the Minister of Finance on or after October 30, 2017, for approval to transfer all or substantially all of its liabilities in respect of its business in Canada to The Bank of Tokyo-Mitsubishi UFJ, Ltd., Canada Branch.

Toronto, October 7, 2017

Union Bank, Canada Branch

[40-4-o]