S-29.02 - Trust Companies and Savings Companies Act

Full text
30. An authorized trust company must ensure that any group in respect of which the company is the holder of control complies with the prohibitions imposed on the company by this Act.
A prohibition imposed on such a trust company applies to the groups in respect of which it is the holder of control not only when each of them is acting alone, but also when the acts or omissions of all or some of them would have contravened that prohibition had they been done or made by only one of them.
This section does not prohibit a group in respect of which an authorized trust company is the holder of control from carrying on activities the group is permitted to carry on by the Act governing it even though the company is not permitted to carry on those activities, provided the group is a financial institution.
2018, c. 232018, c. 23, s. 395.
In force: 2019-06-13
30. An authorized trust company must ensure that any group in respect of which the company is the holder of control complies with the prohibitions imposed on the company by this Act.
A prohibition imposed on such a trust company applies to the groups in respect of which it is the holder of control not only when each of them is acting alone, but also when the acts or omissions of all or some of them would have contravened that prohibition had they been done or made by only one of them.
This section does not prohibit a group in respect of which an authorized trust company is the holder of control from carrying on activities the group is permitted to carry on by the Act governing it even though the company is not permitted to carry on those activities, provided the group is a financial institution.
2018, c. 232018, c. 23, s. 395.