E-6.1 - Act respecting the regulation of the financial sector

Section 19.1 Disposition versions

2019-06-13

19.1. The Superior Court may order the appointment of a receiver if the Authority shows that it has reasonable grounds to believe

(1)  that the assets of the person, partnership or other entity are insufficient to meet the obligations of the person, partnership or other entity or were used for a purpose other than the purpose for which they were intended, or that there is an inexplicable deficiency in the assets;

(2)  that an officer or director of the person, partnership or other entity has committed embezzlement, a breach of trust or another offence;

(3)  that the management exercised by the officers and directors is unacceptable in view of generally accepted principles and could endanger the rights of the investors or members of the person, partnership or other entity or the persons insured by the person, partnership or other entity, or cause the depreciation of securities or titles issued by the person, partnership or other entity; or

(4)  that the appointment is necessary to protect the public in the context of an investigation ordered under section 12 of this Act, section 116 of the Derivatives Act (chapter I-14.01) or section 239 of the Securities Act (chapter V-1.1).

The Authority may also request that the Court issue a receivership order if the authorization granted under the Insurers Act (chapter A-32.1), the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2) or the Trust Companies and Savings Companies Act (chapter S-29.02) was suspended and the causes for the suspension were not remedied within 30 days after the suspension took effect, or in cases where a person, partnership or other entity is carrying on activities without having been granted such an authorization although the authorization is required.

The Authority recommends to the Court the names of persons who could act as receiver.

2008, c. 7, s. 5; 2008, c. 24, s. 185; 2013, c. 26, s. 129; 2018, c. 23, s. 610.

2014-07-01

19.1. The Superior Court may order the appointment of a receiver if the Authority shows that it has reasonable grounds to believe

(1)  that the assets of the person, partnership or other entity are insufficient to meet the obligations of the person, partnership or other entity or were used for a purpose other than the purpose for which they were intended, or that there is an inexplicable deficiency in the assets;

(2)  that an officer or director of the person, partnership or other entity has committed embezzlement, a breach of trust or another offence;

(3)  that the management exercised by the officers and directors is unacceptable in view of generally accepted principles and could endanger the rights of the investors or members of the person, partnership or other entity or the persons insured by the person, partnership or other entity, or cause the depreciation of securities or titles issued by the person, partnership or other entity; or

(4)  that the appointment is necessary to protect the public in the context of an investigation ordered under section 12 of this Act, section 116 of the Derivatives Act (chapter I-14.01) or section 239 of the Securities Act (chapter V-1.1).

The Authority may also request that the Court issue a receivership order if the licence that was issued under the Act respecting insurance (chapter A-32) or the Act respecting trust companies and savings companies (chapter S-29.01) was cancelled or suspended and the causes for the suspension were not remedied within 30 days after the suspension took effect, or if a person is exercising activities without holding such a licence.

The Authority recommends to the Court the names of persons who could act as receiver.

2008, c. 7, s. 5; 2008, c. 24, s. 185; 2013, c. 26, s. 129.

2009-02-01

19.1. The Superior Court may order the appointment of a receiver if the Authority shows that it has reasonable grounds to believe

(1)  that the assets of the person, partnership or other entity are insufficient to meet the obligations of the person, partnership or other entity or were used for a purpose other than the purpose for which they were intended, or that there is an inexplicable deficiency in the assets;

(2)  that an officer or director of the person, partnership or other entity has committed embezzlement, a breach of trust or another offence;

(3)  that the management exercised by the officers and directors is unacceptable in view of generally accepted principles and could endanger the rights of the investors or members of the person, partnership or other entity or the persons insured by the person, partnership or other entity, or cause the depreciation of securities or titles issued by the person, partnership or other entity; or

(4)  that the appointment is necessary to protect the public in the context of an investigation ordered under section 116 of the Derivatives Act (chapter I-14.01) or section 239 of the Securities Act (chapter V-1.1).

The Authority may also request that the Court issue a receivership order if the licence that was issued under the Act respecting insurance (chapter A-32) or the Act respecting trust companies and savings companies (chapter S-29.01) was cancelled or suspended and the causes for the suspension were not remedied within 30 days after the suspension took effect, or if a person is exercising activities without holding such a licence.

The Authority recommends to the Court the names of persons who could act as receiver.

2008, c. 7, s. 5; 2008, c. 24, s. 185.

2008-05-28

19.1. The Superior Court may order the appointment of a receiver if the Authority shows that it has reasonable grounds to believe

(1)  that the assets of the person, partnership or other entity are insufficient to meet the obligations of the person, partnership or other entity or were used for a purpose other than the purpose for which they were intended, or that there is an inexplicable deficiency in the assets;

(2)  that an officer or director of the person, partnership or other entity has committed embezzlement, a breach of trust or another offence;

(3)  that the management exercised by the officers and directors is unacceptable in view of generally accepted principles and could endanger the rights of the investors or members of the person, partnership or other entity or the persons insured by the person, partnership or other entity, or cause the depreciation of securities or titles issued by the person, partnership or other entity; or

(4)  that the appointment is necessary to protect the public in the context of an investigation ordered under section 239 of the Securities Act (chapter V-1.1).

The Authority may also request that the Court issue a receivership order if the licence that was issued under the Act respecting insurance (chapter A-32) or the Act respecting trust companies and savings companies (chapter S-29.01) was cancelled or suspended and the causes for the suspension were not remedied within 30 days after the suspension took effect, or if a person is exercising activities without holding such a licence.

The Authority recommends to the Court the names of persons who could act as receiver.

2008, c. 7, s. 5.