S-29.01 - Act respecting trust companies and savings companies

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126. Notwithstanding section 120, a company or its subsidiary may grant a loan to an officer or employee of the company or of an affiliated legal person, or to the spouse or child of such an officer, provided the aggregate amount of loans to the officer, spouse, child or employee is less than the annual salary of the officer or employee or that the loan is secured by hypothec on the principal residence of the officer or employee.
The limit provided in the preceding paragraph does not apply to a loan granted for the purchase of shares of the company under a purchase plan covered in the contract of employment of the senior officers or of the employees.
1987, c. 95, s. 126.