S-29.02 - Trust Companies and Savings Companies Act

Section 142 Disposition versions

2019-06-13

142. The Authority may, if it considers that it is in the public interest, revoke or suspend the authorization it has granted to an authorized trust company if

(1)  in its opinion

(a)  the company is failing to or is about to fail to comply with its obligations under an Act administered by the Authority,

(b)  the company often fails to perform, in full, properly and without delay, its obligations under the contracts and other acts it has made in accordance with the authorization granted to it by the Authority, or

(c)  there are serious reasons to believe that the holder of control of the company or of another significant interest in the company’s decisions is likely to interfere with the company’s adherence to sound commercial practices or sound and prudent management practices;

(2)  the company has not carried on trust company activities in Québec for at least three years;

(3)  the Authority is informed by a competent authority that the company has failed to comply with an Act that is not administered by the Authority and is of the opinion that the failure is contrary to sound and prudent management practices; or

(4)  the company fails to adopt or implement a compliance program or to provide the Authority with any report the latter requires on the implementation of such a program.

2018, c. 23, s. 395.

Not in force

In force: 2019-06-13

142. The Authority may, if it considers that it is in the public interest, revoke or suspend the authorization it has granted to an authorized trust company if

(1)  in its opinion

(a)  the company is failing to or is about to fail to comply with its obligations under an Act administered by the Authority,

(b)  the company often fails to perform, in full, properly and without delay, its obligations under the contracts and other acts it has made in accordance with the authorization granted to it by the Authority, or

(c)  there are serious reasons to believe that the holder of control of the company or of another significant interest in the company’s decisions is likely to interfere with the company’s adherence to sound commercial practices or sound and prudent management practices;

(2)  the company has not carried on trust company activities in Québec for at least three years;

(3)  the Authority is informed by a competent authority that the company has failed to comply with an Act that is not administered by the Authority and is of the opinion that the failure is contrary to sound and prudent management practices; or

(4)  the company fails to adopt or implement a compliance program or to provide the Authority with any report the latter requires on the implementation of such a program.

2018, c. 23, s. 395.