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S-29.01 - Act respecting trust companies and savings companies

Section 320
Disposition versions

Full text
320. Where the Authority is of the opinion that the value of an immovable property securing a claim of a Québec company or its subsidiary is less than the amount of the loan granted, including accrued and current interest, or where the Authority considers the immovable property to be insufficient security, it may require the company to cause an appraiser approved by it to appraise the property or cause it to be appraised itself. Following the appraisal, the Authority may reduce the book value of the loan or change the book value of the investment of the company in its subsidiary to an amount that in its opinion may be realized on that security.
1987, c. 95, s. 320; 2002, c. 45, s. 611; 2004, c. 37, s. 90.
320. Where the Agency is of the opinion that the value of an immovable property securing a claim of a Québec company or its subsidiary is less than the amount of the loan granted, including accrued and current interest, or where the Agency considers the immovable property to be insufficient security, it may require the company to cause an appraiser approved by it to appraise the property or cause it to be appraised itself. Following the appraisal, the Agency may reduce the book value of the loan or change the book value of the investment of the company in its subsidiary to an amount that in its opinion may be realized on that security.
1987, c. 95, s. 320; 2002, c. 45, s. 611.
320. Where the Inspector General is of the opinion that the value of an immovable property securing a claim of a Québec company or its subsidiary is less than the amount of the loan granted, including accrued and current interest, or where he considers the immovable property to be insufficient security, he may require the company to cause an appraiser approved by him to appraise the property or cause it to be appraised himself. Following the appraisal, the Inspector General may reduce the book value of the loan or change the book value of the investment of the company in its subsidiary to an amount that in his opinion may be realized on that security.
1987, c. 95, s. 320.
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