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S-29.02 - Trust Companies and Savings Companies Act
Section 305
Disposition versions
305. Anyone who
(1) contravenes the capital maintenance rules prescribed by any of sections 189 to 191,
(2) holds themselves out as a trust company or uses a name that includes a word or a combination of words prohibited listed in section 280,
(3) carries on trust company activities without the Authority’s authorization although the authorization is required under this Act,
(4) provides a document or information that they know is false or inaccurate, or access to such a document or information, to the Minister or the Authority, a member of the Minister’s or Authority’s staff or a person appointed by the Minister or Authority, in the course of activities governed by this Act,
(5) hinders or attempts to hinder, in any manner, the exercise of a function of a member of the Authority’s staff or by a person appointed by the Authority for the purposes of this Act,
commits an offence and is liable to a fine of $5,000 to $50,000 in the case of a natural person and $15,000 to $150,000 in any other case.
In force: 2019-06-13
305. Anyone who
(1) contravenes the capital maintenance rules prescribed by any of sections 189 to 191,
(2) holds themselves out as a trust company or uses a name that includes a word or a combination of words prohibited listed in section 280,
(3) carries on trust company activities without the Authority’s authorization although the authorization is required under this Act,
(4) provides a document or information that they know is false or inaccurate, or access to such a document or information, to the Minister or the Authority, a member of the Minister’s or Authority’s staff or a person appointed by the Minister or Authority, in the course of activities governed by this Act,
(5) hinders or attempts to hinder, in any manner, the exercise of a function of a member of the Authority’s staff or by a person appointed by the Authority for the purposes of this Act,
commits an offence and is liable to a fine of $5,000 to $50,000 in the case of a natural person and $15,000 to $150,000 in any other case.
