S-29.02 - Trust Companies and Savings Companies Act

Full text
147. The Authority may not revoke the authorization of an authorized trust company that applies for its revocation and, at the time of the application, is bound by contracts or other acts made in accordance with the authorization, unless the company
(1)  continues to be bound by those contracts or other acts; or
(2)  has made the necessary arrangements to have at least one other authorized financial institution or a bank succeed it in its financial institution activities as of the date on which it plans to cease to be bound by those contracts or other acts.
2018, c. 232018, c. 23, s. 395.
In force: 2019-06-13
147. The Authority may not revoke the authorization of an authorized trust company that applies for its revocation and, at the time of the application, is bound by contracts or other acts made in accordance with the authorization, unless the company
(1)  continues to be bound by those contracts or other acts; or
(2)  has made the necessary arrangements to have at least one other authorized financial institution or a bank succeed it in its financial institution activities as of the date on which it plans to cease to be bound by those contracts or other acts.
2018, c. 232018, c. 23, s. 395.