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S-29.01 - Act respecting trust companies and savings companies

Section 155
Disposition versions

Full text
155. The sale or purchase shall be made on the following conditions:
(1)  the vendor company and the purchasing company must draw up in duplicate an agreement on the terms and conditions of the transaction, which agreement must be approved by special resolution at the shareholders’ meeting of each company called for that purpose;
(2)  the approval of the shareholders must be attested on each copy of the agreement by the secretary of each company;
(3)  notice of the agreement must be published in a daily newspaper published in the locality where the head office of each company is situated;
(3.1)  a notice of the agreement must be transmitted to the Authority, which shall transmit it to the enterprise registrar for deposit in the register;
(4)  the purchasing company must be the holder of a licence issued under this Act for the carrying on of the purchased enterprise;
(5)  the purchasing company must assume the obligations of the vendor company;
(6)  the applicants must show to the satisfaction of the Minister that
(a)  it is expedient, for the convenience of the public, that the sale or purchase take place;
(b)  the sale or purchase is not likely to affect the security of depositors or beneficiaries;
(7)  where a savings company purchases the property or enterprise of a trust company, agreements must be made to the satisfaction of the Authority so that the operations of the trust company that cannot be legally continued by a savings company, except deposits, be transferred to another Québec trust company that holds a licence and is capable of carrying on such operations.
1987, c. 95, s. 155; 1993, c. 48, s. 483; 2002, c. 45, s. 583; 2004, c. 37, s. 90; 2010, c. 7, s. 258; 2009, c. 52, s. 704.
155. The sale or purchase shall be made on the following conditions:
(1)  the vendor company and the purchasing company must draw up in duplicate an agreement on the terms and conditions of the transaction, which agreement must be approved by at least 2/3 of the votes given by the shareholders at the shareholders’ meeting of each company called for that purpose;
(2)  the approval of the shareholders must be attested on each copy of the agreement by the secretary of each company;
(3)  notice of the agreement must be published in a daily newspaper published in the locality where the head office of each company is situated;
(3.1)  a notice of the agreement must be transmitted to the Authority, which shall transmit it to the enterprise registrar for deposit in the register of sole proprietorships, partnerships and legal persons;
(4)  the purchasing company must be the holder of a licence issued under this Act for the carrying on of the purchased enterprise;
(5)  the purchasing company must assume the obligations of the vendor company;
(6)  the applicants must show to the satisfaction of the Minister that
(a)  it is expedient, for the convenience of the public, that the sale or purchase take place;
(b)  the sale or purchase is not likely to affect the security of depositors or beneficiaries;
(7)  where a savings company purchases the property or enterprise of a trust company, agreements must be made to the satisfaction of the Authority so that the operations of the trust company that cannot be legally continued by a savings company, except deposits, be transferred to another Québec trust company that holds a licence and is capable of carrying on such operations.
1987, c. 95, s. 155; 1993, c. 48, s. 483; 2002, c. 45, s. 583; 2004, c. 37, s. 90; 2010, c. 7, s. 258.
155. The sale or purchase shall be made on the following conditions:
(1)  the vendor company and the purchasing company must draw up in duplicate an agreement on the terms and conditions of the transaction, which agreement must be approved by at least 2/3 of the votes given by the shareholders at the shareholders’ meeting of each company called for that purpose;
(2)  the approval of the shareholders must be attested on each copy of the agreement by the secretary of each company;
(3)  notice of the agreement must be published in a daily newspaper published in the locality where the head office of each company is situated;
(3.1)  a notice of the agreement, accompanied with the fees prescribed by regulation, must be transmitted to the Authority, which shall transmit it to the enterprise registrar for deposit in the register of sole proprietorships, partnerships and legal persons;
(4)  the purchasing company must be the holder of a licence issued under this Act for the carrying on of the purchased enterprise;
(5)  the purchasing company must assume the obligations of the vendor company;
(6)  the applicants must show to the satisfaction of the Minister that
(a)  it is expedient, for the convenience of the public, that the sale or purchase take place;
(b)  the sale or purchase is not likely to affect the security of depositors or beneficiaries;
(7)  where a savings company purchases the property or enterprise of a trust company, agreements must be made to the satisfaction of the Authority so that the operations of the trust company that cannot be legally continued by a savings company, except deposits, be transferred to another Québec trust company that holds a licence and is capable of carrying on such operations.
1987, c. 95, s. 155; 1993, c. 48, s. 483; 2002, c. 45, s. 583; 2004, c. 37, s. 90.
155. The sale or purchase shall be made on the following conditions:
(1)  the vendor company and the purchasing company must draw up in duplicate an agreement on the terms and conditions of the transaction, which agreement must be approved by at least 2/3 of the votes given by the shareholders at the shareholders’ meeting of each company called for that purpose;
(2)  the approval of the shareholders must be attested on each copy of the agreement by the secretary of each company;
(3)  notice of the agreement must be published in a daily newspaper published in the locality where the head office of each company is situated;
(3.1)  a notice of the agreement, accompanied with the fees prescribed by regulation, must be transmitted to the Agency, which shall transmit it to the enterprise registrar for deposit in the register of sole proprietorships, partnerships and legal persons;
(4)  the purchasing company must be the holder of a licence issued under this Act for the carrying on of the purchased enterprise;
(5)  the purchasing company must assume the obligations of the vendor company;
(6)  the applicants must show to the satisfaction of the Minister that
(a)  it is expedient, for the convenience of the public, that the sale or purchase take place;
(b)  the sale or purchase is not likely to affect the security of depositors or beneficiaries;
(7)  where a savings company purchases the property or enterprise of a trust company, agreements must be made to the satisfaction of the Agency so that the operations of the trust company that cannot be legally continued by a savings company, except deposits, be transferred to another Québec trust company that holds a licence and is capable of carrying on such operations.
1987, c. 95, s. 155; 1993, c. 48, s. 483; 2002, c. 45, s. 583.
155. The sale or purchase shall be made on the following conditions:
(1)  the vendor company and the purchasing company must draw up in duplicate an agreement on the terms and conditions of the transaction, which agreement must be approved by at least 2/3 of the votes given by the shareholders at the shareholders’ meeting of each company called for that purpose;
(2)  the approval of the shareholders must be attested on each copy of the agreement by the secretary of each company;
(3)  notice of the agreement must be published in a daily newspaper published in the locality where the head office of each company is situated;
(3.1)  a notice of the agreement, accompanied with the fees prescribed by regulation of the Government under the Act respecting the legal publicity of sole proprietorships, partnerships and legal persons (chapter P-45), must be transmitted to the Inspector General, who shall deposit it in the register;
(4)  the purchasing company must be the holder of a licence issued under this Act for the carrying on of the purchased enterprise;
(5)  the purchasing company must assume the obligations of the vendor company;
(6)  the applicants must show to the satisfaction of the Minister that
(a)  it is expedient, for the convenience of the public, that the sale or purchase take place;
(b)  the sale or purchase is not likely to affect the security of depositors or beneficiaries;
(7)  where a savings company purchases the property or enterprise of a trust company, agreements must be made to the satisfaction of the Inspector General so that the operations of the trust company that cannot be legally continued by a savings company, except deposits, be transferred to another Québec trust company that holds a licence and is capable of carrying on such operations.
1987, c. 95, s. 155; 1993, c. 48, s. 483.
155. The sale or purchase shall be made on the following conditions:
(1)  the vendor company and the purchasing company must draw up in duplicate an agreement on the terms and conditions of the transaction, which agreement must be approved by at least two-thirds of the votes given by the shareholders at the shareholders’ meeting of each company called for that purpose;
(2)  the approval of the shareholders must be attested on each copy of the agreement by the secretary of each company;
(3)  notice of the agreement must be published in the Gazette officielle du Québec and in a daily newspaper published in the locality where the head office of each company is situated;
(4)  the purchasing company must be the holder of a licence issued under this Act for the carrying on of the purchased enterprise;
(5)  the purchasing company must assume the obligations of the vendor company;
(6)  the applicants must show to the satisfaction of the Minister that
(a)  it is expedient, for the convenience of the public, that the sale or purchase take place;
(b)  the sale or purchase is not likely to affect the security of depositors or beneficiaries;
(7)  where a savings company purchases the property or enterprise of a trust company, agreements must be made to the satisfaction of the Inspector General so that the operations of the trust company that cannot be legally continued by a savings company, except deposits, be transferred to another Québec trust company that holds a licence and is capable of carrying on such operations.
1987, c. 95, s. 155.
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