S-29.02 - Trust Companies and Savings Companies Act

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63. This division does not apply to an authorized trust company acting as an administrator of the property of others.
However, it does apply to such a company in its administration of the deposits it receives if it is authorized to carry on deposit institution activities, even if it receives them as the administrator of the property of others; the rules for the administration of the property of others set out in the Civil Code and those set out in Division II of this chapter, other than in section 59, do not apply to the administration of such deposits.
2018, c. 232018, c. 23, s. 395.
In force: 2019-06-13
63. This division does not apply to an authorized trust company acting as an administrator of the property of others.
However, it does apply to such a company in its administration of the deposits it receives if it is authorized to carry on deposit institution activities, even if it receives them as the administrator of the property of others; the rules for the administration of the property of others set out in the Civil Code and those set out in Division II of this chapter, other than in section 59, do not apply to the administration of such deposits.
2018, c. 232018, c. 23, s. 395.