S-29.02 - Trust Companies and Savings Companies Act

Full text
306. Anyone who
(1)  contravenes an order, or
(2)  carries on trust company activities although the authorization required under this Act has been refused or revoked, or carries on trust company activities beyond what this Act authorizes if the authorization is suspended,
commits an offence and is liable to a fine of $5,000 to $100,000 in the case of a natural person or, despite article 231 of the Code of Penal Procedure (chapter C-25.1), to a maximum term of imprisonment of 18 months, or to both the fine and imprisonment, and, in any other case, to a fine of $30,000 to $2,000,000.
An authorized trust company that, in contravention of section 27, decides to dissolve or liquidates voluntarily commits an offence and is liable to the fine prescribed in the first paragraph.
A director of such a company who gives his or her assent to the dissolution or liquidation in contravention of section 27 commits an offence and is liable to the fine and imprisonment prescribed in the first paragraph; the same is true for a liquidator who agrees to proceed with such a liquidation.
2018, c. 232018, c. 23, s. 395.
In force: 2019-06-13
306. Anyone who
(1)  contravenes an order, or
(2)  carries on trust company activities although the authorization required under this Act has been refused or revoked, or carries on trust company activities beyond what this Act authorizes if the authorization is suspended,
commits an offence and is liable to a fine of $5,000 to $100,000 in the case of a natural person or, despite article 231 of the Code of Penal Procedure (chapter C-25.1), to a maximum term of imprisonment of 18 months, or to both the fine and imprisonment, and, in any other case, to a fine of $30,000 to $2,000,000.
An authorized trust company that, in contravention of section 27, decides to dissolve or liquidates voluntarily commits an offence and is liable to the fine prescribed in the first paragraph.
A director of such a company who gives his or her assent to the dissolution or liquidation in contravention of section 27 commits an offence and is liable to the fine and imprisonment prescribed in the first paragraph; the same is true for a liquidator who agrees to proceed with such a liquidation.
2018, c. 232018, c. 23, s. 395.