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S-29.02 - Trust Companies and Savings Companies Act
Section 76
Disposition versions
76. A director designated in accordance with section 75 or the committee provided for in that section, as the case may be, must, on becoming aware of a situation that is likely to appreciably deteriorate the authorized trust company’s financial position, of another situation that is contrary to sound and prudent management practices or of a situation that is contrary to sound commercial practices, notify the board of directors in writing.
The board of directors must then see to it that the situation is remedied.
In force: 2019-06-13
76. A director designated in accordance with section 75 or the committee provided for in that section, as the case may be, must, on becoming aware of a situation that is likely to appreciably deteriorate the authorized trust company’s financial position, of another situation that is contrary to sound and prudent management practices or of a situation that is contrary to sound commercial practices, notify the board of directors in writing.
The board of directors must then see to it that the situation is remedied.
