S-29.02 - Trust Companies and Savings Companies Act

Full text
152. The Authority grants an application for revocation only if the authorized trust company shows that
(1)  it is not bound by any contract or other act made in accordance with the authorization whose revocation it is applying for;
(2)  it can continue to be bound, until the date of maturity, by contracts and other acts made in accordance with the authorization whose revocation it is applying for, while complying with this Act; or
(3)  the arrangements made to have an authorized financial institution or a bank succeed it are adequate and ensure the protection of the parties to a contract it has entered into in accordance with the authorization whose revocation it is applying for and of other persons on whom rights are conferred by another act made in accordance with that authorization, and it has sent those parties and persons the notice of application required under the second paragraph of section 151.
2018, c. 232018, c. 23, s. 395.
In force: 2019-06-13
152. The Authority grants an application for revocation only if the authorized trust company shows that
(1)  it is not bound by any contract or other act made in accordance with the authorization whose revocation it is applying for;
(2)  it can continue to be bound, until the date of maturity, by contracts and other acts made in accordance with the authorization whose revocation it is applying for, while complying with this Act; or
(3)  the arrangements made to have an authorized financial institution or a bank succeed it are adequate and ensure the protection of the parties to a contract it has entered into in accordance with the authorization whose revocation it is applying for and of other persons on whom rights are conferred by another act made in accordance with that authorization, and it has sent those parties and persons the notice of application required under the second paragraph of section 151.
2018, c. 232018, c. 23, s. 395.