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- Loan and Investment Societies Act
Table of contents
Updated to 1 April 1999
This document has official status.
Loan and Investment Societies Act
LICENSES TO SUCH SOCIETIES
Any institution or corporation or loan and investment society, duly incorporated under the laws of the Parliament of Great Britain and Ireland, or of the Dominion of Canada, or of the Legislature of any of the other provinces of Canada, wherein institutions of the same kind incorporated in Québec may exercise the same rights, for the purpose of lending or investing moneys, and authorized by statute, charter or instrument of incorporation to lend money in Québec, may receive a license from the Minister authorizing it to carry on business therein.
No savings company within the meaning of the Act respecting trust companies and savings companies (chapter S-29.01) is subject to this Act. The licence issued to any such company before 18 May 1988 is revoked on the said date.
R. S. 1964, c. 289, s. 1; 1966-67, c. 72, s. 23; 1975, c. 76, s. 11
1981, c. 9, s. 24
1982, c. 52, s. 252
1987, c. 95, s. 380
The fee to be paid by the corporation, institution or society on the issuing of such license shall be such as may be fixed by the Government.
R. S. 1964, c. 289, s. 2
Every corporation, institution or society obtaining a license under this Act shall forthwith give notice thereof for one month in the
Gazette officielle du Québec
and in at least one newspaper in the place where the principal manager or agent of the corporation, institution or society transacts its business.
A similar notice shall be given whenever such corporation, institution or society shall cease, or notify that it has ceased, carrying on business within Québec.
R. S. 1964, c. 289, s. 3
1996, c. 2, s. 939
The Minister may, if he sees fit, and after having obtained the opinion of the Inspector General of Financial Institutions, issue such licence on being furnished evidence of the due incorporation as aforesaid of the corporation, institution or society applying for such license.
Such evidence shall consist in the production of a certified copy of the statute, charter or instrument of incorporation of the corporation, institution or society, and of a power of attorney from such corporation, institution or society, to the person appointed as its principal agent or manager within Québec, under the seal of the corporation, institution or society, and signed by the president or managing director and secretary thereof, and verified by the oath of an attesting witness, expressly authorizing such agent or manager to apply for such license.
R. S. 1964, c. 289, s. 4; 1966-67, c. 72, s. 23; 1975, c. 76, s. 11
1981, c. 9, s. 24
1982, c. 52, s. 253
OPERATIONS OF THE SOCIETIES
After having obtained such license, the institution, corporation or society may:
Transact any loan or investment business in its corporate name, except the business of banking;
Take and hold any hypothecs on real estate, and any railway, municipal or other bonds of any kind, on the security of which it may lend its money, whether or not the said bonds form a charge on immoveable property within Québec;
Hold such hypothecary debts and sell and transfer the same at pleasure;
In all respects have and enjoy the same powers and privileges with regard to lending its moneys and transacting its business as a private individual.
Nevertheless, every such corporation, institution or society shall, within ten years from the date of the acquisition thereof, sell or dispose of any immoveable property which it may so acquire by judicial sale or by deed from the borrower or subsequent holder, in satisfaction of the loan, or under any agreement with the borrower or subsequent holder.
R. S. 1964, c. 289, s. 5
PROCEEDINGS BEFORE COMMENCING BUSINESS
Every such corporation, institution or society obtaining a license under this Act shall, before commencing business, file in the office of the Inspector General, a certified copy of the statute, charter, or instrument of incorporation, and also a power of attorney to its principal agent or manager in Québec, signed by its president or managing director and secretary, and verified as to its authenticity by the solemn declaration of its principal agent or manager, or of any person knowing the facts.
Such power of attorney must expressly authorize such agent or manager, with respect to business done as such, to accept any written proceeding in all suits and proceedings in Québec against such corporation, institution or society, for any liabilities incurred therein, and must further declare that service of any written proceeding on such agent or manager, for such liabilities, shall be legal and binding on such company, institution or society to all intents and purposes whatever, and waive all claims of error by reason of such service.
R. S. 1964, c. 289, s. 6; 1966-67, c. 72, s. 23; 1975, c. 76, s. 11
1981, c. 9, s. 24
1982, c. 52, s. 254
1996, c. 5, s. 78
After such certified copy of the statute, charter or instrument of incorporation, and such power of attorney, are filed as aforesaid, any document in any suit or proceeding against such corporation, institution or society for any liability incurred in Québec, requiring to be served, may be served upon such manager or agent in the same manner as it may be served upon the proper officer of any company incorporated in Québec.
All proceedings may be had thereupon to judgment and execution in the same manner as in proceedings in any civil suit.
R. S. 1964, c. 289, s. 7
It shall not be necessary to produce such license in any suit or action instituted by the corporation, institution or society which obtained the same, unless its existence be denied, and such denial be accompanied by an affidavit.
The allegation in the declaration, with respect to such license, shall constitute
evidence of its existence.
R. S. 1964, c. 289, s. 8
The Inspector General of Financial Institutions is responsible for carrying out the administration of this Act.
1982, c. 52, s. 255
The Minister of Finance is responsible for the administration of this Act.
1982, c. 52, s. 255
(This section ceased to have effect on 17 April 1987).
1982, c. 21, s. 1
U. K., 1982, c. 11, Sch. B, Part I, s. 33
In accordance with section 17 of the Act respecting the consolidation of the statutes (chapter R-3), chapter 289 of the Revised Statutes, 1964, in force on 31 December 1977, is repealed effective from the coming into force of chapter S-30 of the Revised Statutes.
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