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S-29.02 - Trust Companies and Savings Companies Act
Section 50
Disposition versions
50. The Authority may, if it considers that an authorized trust company’s capital is not adequate to ensure the company’s sustainability, order the company to adopt a compliance program within the time it prescribes and for the reasons it specifies.
Before exercising the power provided for in the first paragraph, the Authority must notify the company and give it at least 10 days to submit observations.
The Authority may not order an authorized trust company other than an authorized Québec trust company to adopt such a program if it may hinder measures taken by the company’s home regulator.
In force: 2019-06-13
50. The Authority may, if it considers that an authorized trust company’s capital is not adequate to ensure the company’s sustainability, order the company to adopt a compliance program within the time it prescribes and for the reasons it specifies.
Before exercising the power provided for in the first paragraph, the Authority must notify the company and give it at least 10 days to submit observations.
The Authority may not order an authorized trust company other than an authorized Québec trust company to adopt such a program if it may hinder measures taken by the company’s home regulator.
