S-29.02 - Trust Companies and Savings Companies Act

Full text
281. A monetary administrative penalty of $250 in the case of a natural person and $1,000 in any other case may be imposed on
(1)  an authorized trust company
(a)  that, in contravention of section 42, fails to send the Authority a report on its complaint processing and dispute resolution policy,
(b)  whose ethics committee, in contravention of section 88, fails to send the Authority a report on its activities,
(c)  that, in contravention of section 100, fails to notify the Authority of the end of the auditor’s term,
(d)  that, in contravention of section 111, fails to send the Authority an annual statement of the position of its affairs,
(e)  that, in contravention of the first paragraph of section 112, fails to send the Authority the financial statements or an auditor’s report referred to in that section, or
(f)  that, being a Québec company and in contravention of the second paragraph of section 112, fails to send the Authority a statement of its overdue loans and unproductive investments;
(2)  a regulated corporation that, in contravention of section 225 of the Business Corporations Act (chapter S-31.1), fails to send its financial statements to a shareholder who requests them; or
(3)  an authorized trust company, the holder of control of the company, a member of its financial group or its auditor if it or he or she refuses to communicate or provide access to a document or information required by the Authority for the purposes of this Act.
The penalties prescribed by the first paragraph also apply if the documents or information concerned are incomplete, or are not sent before the specified time limit.
2018, c. 232018, c. 23, s. 395.
In force: 2019-06-13
281. A monetary administrative penalty of $250 in the case of a natural person and $1,000 in any other case may be imposed on
(1)  an authorized trust company
(a)  that, in contravention of section 42, fails to send the Authority a report on its complaint processing and dispute resolution policy,
(b)  whose ethics committee, in contravention of section 88, fails to send the Authority a report on its activities,
(c)  that, in contravention of section 100, fails to notify the Authority of the end of the auditor’s term,
(d)  that, in contravention of section 111, fails to send the Authority an annual statement of the position of its affairs,
(e)  that, in contravention of the first paragraph of section 112, fails to send the Authority the financial statements or an auditor’s report referred to in that section, or
(f)  that, being a Québec company and in contravention of the second paragraph of section 112, fails to send the Authority a statement of its overdue loans and unproductive investments;
(2)  a regulated corporation that, in contravention of section 225 of the Business Corporations Act (chapter S-31.1), fails to send its financial statements to a shareholder who requests them; or
(3)  an authorized trust company, the holder of control of the company, a member of its financial group or its auditor if it or he or she refuses to communicate or provide access to a document or information required by the Authority for the purposes of this Act.
The penalties prescribed by the first paragraph also apply if the documents or information concerned are incomplete, or are not sent before the specified time limit.
2018, c. 232018, c. 23, s. 395.