Interest Payable on Certain Deposits By-Law — 5
5 (1) Where the term of a deposit contract extends beyond the interest termination date and not all of the information necessary for the calculation of interest is available by that date, the interest accruing and payable in relation to the deposit, other than interest that is payable on or before that date, shall be determined as follows: (a) if the contract does not provide for periodic interest calculations, the interest is to be determined using the following formula: A × B (C ÷ D) where A is the principal amount, B is the rate of interest determined by reference to (i) where the contract provides that the rate of interest is to be determined by reference to the change, on one or more dates after the interest termination date, in an index or reference point specified in the contract, the increase or decrease — as contemplated by the contract — in that index or reference point between the first day of the term of the contract and the interest termination date, or (ii) where the contract provides that the rate of interest is to be determined by reference to the value, on one or more dates after the interest termination date, of an index or reference point specified in the contract, the value of that index or reference point on the interest termination date, C is the number of days in the term of the contract that have elapsed as of the interest termination date, and D is the total number of days in the term of the contract; (b) if the contract provides for periodic interest calculations and the interest termination date occurs before the first interest calculation date specified in the contract, the interest is to be determined using the following formula: E × F (G ÷ H) where E is the principal amount, F is the rate of interest determined by reference to (i) where the contract provides that the rate of interest is to be determined by reference to the change, on one or more dates after the interest termination date, in an index or reference point specified in the contract, the increase or decrease — as contemplated by the contract — in that index or reference point between the first day of the term of the contract and the interest termination date, or (ii) where the contract provides that the rate of interest is to be determined by reference to the value, on one or more dates after the interest termination date, of an index or reference point specified in the contract, the value of that index or reference point on the interest termination date, G is the number of days in the term of the contract that have elapsed as of the interest termination date, and H is the number of days from the first day of the term of the contract up to the first interest calculation date specified in the contract; and (c) if the contract provides for periodic interest calculations and the interest termination date occurs on or after the first interest calculation date specified in the contract, the interest is the sum of (i) the amount of any interest that, in accordance with the contract, is to be calculated on or before the interest termination date but is not payable until after that date, and (ii) where the interest termination date does not coincide with an interest calculation date specified in the contract, the amount of interest determined using the following formula: I × J (K ÷ L) where I is the principal amount as of the preceding interest calculation date specified in the contract, J is the rate of interest determined by reference to (A) where the contract provides that the rate of interest is to be determined by reference to the change, on one or more dates after the interest termination date, in an index or reference point specified in the contract, the increase or decrease — as contemplated by the contract — in that index or reference point between the preceding interest calculation date specified in the contract and the interest termination date, or (B) where the contract provides that the rate of interest is to be determined by refer