Insurable deposits

(1) Subject to sub-section (2), the insurable deposits of a (a) that is a domestic bank, are the deposits as defined in section 2 of the Domestic Banks and Financial Institutions Act; and CAP. 263. (b) that is a credit union, is the aggregate of– (i) the unpaid balance of amounts received or held by the credit union from or on behalf of a person for which the credit union has an obligation to give credit on– (aa) a passbook, savings, chequing, demand, time account; (bb) the ordinary share account of a credit union member; or (cc) any other type of account or liability that is prescribed. (ii) the interest or dividends payable on an amount in sub-paragraph (i); and (iii) the amounts of an outstanding cheque, certificate, money order, draft or other instrument received by the credit union and for which the credit union is liable. 23 (2) An insurable deposit in sub-section (1) does not include an account or amount which is– (a) an amount set aside in accordance with a set off agreement between the Fund member and the depositor in respect of a debt owing to a Fund member; or (b) a preference or debenture share of a credit union member.