I-15.1 - Act respecting market intermediaries

Section 50 Disposition versions

1989-06-22

50. For the purposes of this chapter,

(1)   the words “financial institution” do not include an insurer dealing exclusively in reinsurance business;

(2)  the word “firm” means a legal person offering brokerage services in insurance of persons or in damage insurance;

(3)  the group composed of all or some of the following legal persons constitutes a financial group: a confederation governed by the Savings and Credit Unions Act (chapter C-4.1), the federations that are members thereof, legal persons affiliated with the confederation or federations, and every other legal person that is a member thereof.

Any other group of legal persons composed of a financial institution and a legal person affiliated with it also constitutes a financial group;

(4)  legal persons are affiliated if one is controlled by the other.

A legal person affiliated with another legal person is deemed to be affiliated with any legal person affiliated with the other legal person;

(5)  a legal person is controlled by another legal person where the other legal person holds, directly or indirectly, over 50 % of the voting rights attached to its shares or can elect the majority of its directors;

(6)  a legal person is related to financial institutions or financial groups if over 20 % of its shares or of the voting rights attached to its shares are held, directly or indirectly, by such financial institutions or financial groups.

1989, c. 48, s. 50.