2. (1) The rate of interest payable on money deposited in guaranteed investment certificates in the Province of Ontario Savings Office shall be for a fixed term from the date of purchase of each guaranteed investment certificate account and shall be calculated as follows: 1. If the depositor elects to be paid interest on a monthly basis, the interest shall be calculated at a predetermined rate that may be below the published annual rate of interest at the time of purchase. 2. If the depositor elects to be paid interest semi-annually, the interest shall be calculated at a predetermined rate that may be below the published annual rate of interest at the time of purchase but shall be paid at a higher rate of interest than a deposit where interest is paid on a monthly basis. 3. If the depositor elects to be paid interest annually, the term of the deposit shall be for twelve months or more up to and including sixty months and the interest shall be calculated on a simple interest basis paid every twelve months and at the appropriate intervals thereafter, where applicable at the published annual rate of interest at the time of purchase. 4. If the depositor elects to be paid interest on a compound interest basis, the term of the deposit shall be for more than twelve months up to and including sixty months and the interest shall be calculated at the published annual rate of interest at the time of purchase, compounded annually and shall be paid out only at maturity.  R.R.O. 1990, Reg. 942, s. 2 (1). (2) The rates of interest payable by the Province of Ontario Savings Office on the types of guaranteed investment certificate accounts referred to in subsection (1) shall not exceed the rates of interest being paid on similar fixed term instruments by trust corporations carrying on business in Ontario.  R.R.O. 1990, Reg. 942, s. 2 (2). (3) Where there is a change in the rates of interest generally being paid by trust corporations carrying on business in Ontario on similar fixed term instruments to those referred to in subsection (1), the rates of interest payable by the Province of Ontario Savings Office shall be examined to determine whether or not a corresponding change is required to be made.  R.R.O. 1990, Reg. 942, s. 2 (3). (4) A guaranteed investment certificate issued by the Province of Ontario Savings Office is non-negotiable and is not transferable or assignable.  R.R.O. 1990, Reg. 942, s. 2 (4). (5) Subject to subsection (8), principal money deposited in a guaranteed investment certificate account in the Province of Ontario Savings Office is repayable only at the maturity date of the guaranteed investment certificate set at the time of purchase.  R.R.O. 1990, Reg. 942, s. 2 (5). (6) Where a guaranteed investment certificate is not surrendered or renewed upon maturity or within thirty days after the date of maturity, interest paid on the principal shall be paid at the prevailing rate of interest paid on an account referred to in paragraph 2 of subsection 1 (1).  R.R.O. 1990, Reg. 942, s. 2 (6). (7) The Province of Ontario Savings Office may establish the minimum and the maximum amounts that may be deposited in guaranteed investment certificate accounts in the Province of Ontario Savings Office.  R.R.O. 1990, Reg. 942, s. 2 (7). (8) Repayment on deposits in guaranteed investment certificate accounts shall be made from the office known as the “Province of Ontario Savings Office”, (a) upon surrender of the certificate in person on or after the maturity date of the certificate, to the registered holder of the guaranteed investment certificate; or (b) upon surrender of the certificate, to the order of the registered holder of the guaranteed investment certificate, or, upon the demise of the registered holder, to the executor, administrator or other person acting in the administration of the estate of the registered holder.  R.R.O. 1990, Reg. 942, s. 2 (8). (9) Repayment under subsection (8) is guaranteed by the Minister of Finance on behalf of Her Majesty in right of the Province of Ontario.  R.R.O. 1990, Reg. 942, s. 2 (9).