S-29.02 - Trust Companies and Savings Companies Act

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320. Trust companies that, on 12 June 2019, hold a licence issued under the Act respecting trust companies and savings companies (chapter S-29.01) are, by operation of law, authorized trust companies as of 13 June 2019.
The conditions and restrictions imposed by the Authority in relation to the operations of a trust company that holds a licence referred to in the first paragraph become the conditions and restrictions attached to the authorization.
However, if the sole purpose of the conditions or restrictions is to prevent the company from signing new contracts, the company holding the licence becomes a company whose authorization has been revoked without the revocation having become final.
2018, c. 232018, c. 23, s. 395.
In force: 2019-06-13
320. Trust companies that, on 12 June 2019, hold a licence issued under the Act respecting trust companies and savings companies (chapter S-29.01) are, by operation of law, authorized trust companies as of 13 June 2019.
The conditions and restrictions imposed by the Authority in relation to the operations of a trust company that holds a licence referred to in the first paragraph become the conditions and restrictions attached to the authorization.
However, if the sole purpose of the conditions or restrictions is to prevent the company from signing new contracts, the company holding the licence becomes a company whose authorization has been revoked without the revocation having become final.
2018, c. 232018, c. 23, s. 395.