S-29.02 - Trust Companies and Savings Companies Act

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185. The Authority may require a regulated corporation to establish a legal person of which the corporation will be the holder of control in order to carry on an activity other than trust company activities or deposit institution activities,
(1)  if it constitutes the operation of an enterprise, regardless of the regulated corporation’s other activities; and
(2)  if, in the Authority’s opinion, it renders the application of this Act difficult or ineffective.
For the purposes of the first paragraph, an activity is deemed not to constitute the operation of an enterprise if it generates less than 2% of a corporation’s gross income.
2018, c. 232018, c. 23, s. 395.
In force: 2019-06-13
185. The Authority may require a regulated corporation to establish a legal person of which the corporation will be the holder of control in order to carry on an activity other than trust company activities or deposit institution activities,
(1)  if it constitutes the operation of an enterprise, regardless of the regulated corporation’s other activities; and
(2)  if, in the Authority’s opinion, it renders the application of this Act difficult or ineffective.
For the purposes of the first paragraph, an activity is deemed not to constitute the operation of an enterprise if it generates less than 2% of a corporation’s gross income.
2018, c. 232018, c. 23, s. 395.