S-29.02 - Trust Companies and Savings Companies Act

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43. In a fixed term annuity contract, the fact that an authorized trust company offers a choice of investments does not preclude it from controlling the capital accumulated for the payment of the annuity.
The right to withdraw all or part of the capital accumulated for the payment of an annuity may be stipulated, but the exercise of that right reduces the company’s obligations correlatively.
In addition, the amount of the annuity to be paid periodically must, at the time the contract is entered into, be determinate, or at least determinable according to variables and a computation method specified in the contract.
2018, c. 232018, c. 23, s. 395.
In force: 2019-06-13
43. In a fixed term annuity contract, the fact that an authorized trust company offers a choice of investments does not preclude it from controlling the capital accumulated for the payment of the annuity.
The right to withdraw all or part of the capital accumulated for the payment of an annuity may be stipulated, but the exercise of that right reduces the company’s obligations correlatively.
In addition, the amount of the annuity to be paid periodically must, at the time the contract is entered into, be determinate, or at least determinable according to variables and a computation method specified in the contract.
2018, c. 232018, c. 23, s. 395.