S-29.02 - Trust Companies and Savings Companies Act

Full text
59. Unless the act constituting the administration expressly provides otherwise, an authorized trust company may not invest funds administered by it for others in the following securities or lend such funds on the security of such securities:
(1)  the shares it issues;
(2)  the debt securities it issues that confer on their holders a claim ranking lower than the company’s unsecured claims; or
(3)  contributed capital securities, participations and debt obligations issued by a group affiliated with it.
2018, c. 232018, c. 23, s. 395.
In force: 2019-06-13
59. Unless the act constituting the administration expressly provides otherwise, an authorized trust company may not invest funds administered by it for others in the following securities or lend such funds on the security of such securities:
(1)  the shares it issues;
(2)  the debt securities it issues that confer on their holders a claim ranking lower than the company’s unsecured claims; or
(3)  contributed capital securities, participations and debt obligations issued by a group affiliated with it.
2018, c. 232018, c. 23, s. 395.