C-41 - Trust Companies Act

Section 5 Disposition versions

1977-12-31

5. Before the issuing of the letters patent, it must be established to the satisfaction of the Government:

(1)  That it is expedient, as being for the convenience of the public, that there should be a trust company or an additional trust company in the place where the proposed company will have its head office;

(2)  That the petitioners have the qualifications necessary for performing the duties of a trust company, so as to command the confidence of the public;

(3)  That the proposed company has a subscribed and paid-up capital stock of at least $1 000 000 divided into common shares of a par value of at least $1 each, the amount of which has been paid into a bank in cash by the subscribers of such capital in trust for the company;

(4)  That each subscriber has paid with his own money his share of the paid-up capital in proportion to the number of shares for which he has subscribed;

(5)  That each petitioner is the holder in his own name and for his own behalf of shares in the proposed company of a total par value of at least $1 000.

R. S. 1964, c. 287, s. 5; 1965 (1st sess.), c. 74, s. 1; 1974, c. 67, s. 2.