60. When the Commission makes or is about to make or order an investigation or is in possession of serious information to the effect that a person or company has committed a fraudulent act, or when it has ordered the suspension or cancellation of any registration, or when criminal proceedings involving, in its opinion, any trading in securities are instituted or about to be instituted, it may, in writing or by telegram:
(a) order any person or company having in Québec on deposit or under control or for safe-keeping any funds or securities of the person or company in question, to hold such funds or securities in trust until such order is revoked in whole or in part by the Commission;
(b) prohibit any person or company, about to be or actually accused or examined in the course of an investigation, from withdrawing any such funds or securities from the possession of any other person or company having them on deposit, under control or for safe keeping, or from trading in or otherwise parting with funds or securities entrusted to him or it by customers or other persons or companies;
(c) order any company or other corporation, firm or person habitually leasing safety deposit boxes, safes or compartments in safes, not to permit the opening or removal of a safety deposit box, safe or compartment in a safe leased to a person or company mentioned in the order of the Commission, unless a minute, stating that such safety deposit box, safe or compartment has been opened and containing a complete and detailed list of all the securities, documents, sums of money and all other things found therein, is drawn up in triplicate, at the instance and under the supervision of the lessor of such safety deposit box, safe or compartment in a safe, or the authorized representative of such lessor, and a copy thereof, certified true by the lessor or his said representative, has been sent to the Commission;
(d) in the case of subparagraph c, order the lessor in question not to permit any of the securities, documents, sums of money or things found in the said safety deposit box, safe or compartment in a safe to be taken away or moved until so authorized by the Commission.
Such order or prohibition, in the case of banks or loan or trust companies, shall apply only to the offices, branches or agencies mentioned therein.
No such order or prohibition shall apply, unless the contrary is expressly stipulated therein, to funds or securities deposited in a stock exchange clearing house, or to securities in process of transfer through a transfer agent.
Failure, without reasonable excuse, or refusal to comply with such order or prohibition shall constitute an offence.
The orders, prohibitions and injunctions above contemplated shall also apply to funds and securities received in trust, on deposit or for safe keeping by a person or company after the issuing of such orders, prohibitions and injunctions and until they are revoked, in whole or as regards such funds or securities.
R. S. 1964, c. 274, s. 43.