S-29.02 - Trust Companies and Savings Companies Act

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283. A monetary administrative penalty of $1,000 in the case of a natural person and $5,000 in any other case may be imposed on
(1)  an authorized trust company
(a)  that holds contributed capital securities issued by a legal person or partnership, participations in a trust or a share in a co-ownership acquired in contravention of the limits prescribed in section 68 without such holdings being authorized by section 69,
(b)  more than half of whose board of directors, in contravention of section 79, is not composed of persons other than its employees or employees of a group of which it is the holder of control,
(c)  for which no auditor, in contravention of section 96, has been charged with the functions provided for in that section or for which an auditor has been charged with those functions but does not have the qualifications required under section 97, or
(d)  that, in contravention of any of sections 129 to 133, fails to notify the Authority of any of the operations described in section 126, sends the Authority an incomplete notice of intention or fails to comply with the time limit prescribed by section 128 for filing the notice of intention; or
(2)  a regulated corporation
(a)  whose board of directors, in contravention of section 199, is not composed of a majority of directors who are resident in Québec,
(b)  that has outstanding debt obligations issued in contravention of section 186 or whose movable property is charged with a hypothec or other security granted in contravention of section 187, or
(c)  that has outstanding shares that were issued without being fully paid, in contravention of section 188.
2018, c. 232018, c. 23, s. 395.
In force: 2019-06-13
283. A monetary administrative penalty of $1,000 in the case of a natural person and $5,000 in any other case may be imposed on
(1)  an authorized trust company
(a)  that holds contributed capital securities issued by a legal person or partnership, participations in a trust or a share in a co-ownership acquired in contravention of the limits prescribed in section 68 without such holdings being authorized by section 69,
(b)  more than half of whose board of directors, in contravention of section 79, is not composed of persons other than its employees or employees of a group of which it is the holder of control,
(c)  for which no auditor, in contravention of section 96, has been charged with the functions provided for in that section or for which an auditor has been charged with those functions but does not have the qualifications required under section 97, or
(d)  that, in contravention of any of sections 129 to 133, fails to notify the Authority of any of the operations described in section 126, sends the Authority an incomplete notice of intention or fails to comply with the time limit prescribed by section 128 for filing the notice of intention; or
(2)  a regulated corporation
(a)  whose board of directors, in contravention of section 199, is not composed of a majority of directors who are resident in Québec,
(b)  that has outstanding debt obligations issued in contravention of section 186 or whose movable property is charged with a hypothec or other security granted in contravention of section 187, or
(c)  that has outstanding shares that were issued without being fully paid, in contravention of section 188.
2018, c. 232018, c. 23, s. 395.