S-29.02 - Trust Companies and Savings Companies Act

Full text
126. The Authority is required to review an authorization on being notified of any of the following operations:
(1)  the amalgamation of the authorized trust company with another legal person;
(2)  a change as to the authorized trust company’s home regulator, in particular as a result of a continuance or other operation of the same nature;
(3)  an operation not referred to in subparagraph 1 or 2 where the authorized trust company changes its juridical form or transmits its patrimony or part of it due to its division;
(4)  a change of name of the authorized trust company; and
(5)  in the case of an authorized Québec trust company, its becoming the holder of control of a group or either of the following events having a significant effect on it:
(a)  an acquisition of assets by the company or by a group of which it is the holder of control, or
(b)  the transfer of any part of the company’s assets or of the assets of such a group.
An authorized Québec trust company’s ceasing to be the holder of control of a group is deemed to be a transfer, by the group, of all its assets.
2018, c. 232018, c. 23, s. 395.
In force: 2019-06-13
126. The Authority is required to review an authorization on being notified of any of the following operations:
(1)  the amalgamation of the authorized trust company with another legal person;
(2)  a change as to the authorized trust company’s home regulator, in particular as a result of a continuance or other operation of the same nature;
(3)  an operation not referred to in subparagraph 1 or 2 where the authorized trust company changes its juridical form or transmits its patrimony or part of it due to its division;
(4)  a change of name of the authorized trust company; and
(5)  in the case of an authorized Québec trust company, its becoming the holder of control of a group or either of the following events having a significant effect on it:
(a)  an acquisition of assets by the company or by a group of which it is the holder of control, or
(b)  the transfer of any part of the company’s assets or of the assets of such a group.
An authorized Québec trust company’s ceasing to be the holder of control of a group is deemed to be a transfer, by the group, of all its assets.
2018, c. 232018, c. 23, s. 395.