S-29.02 - Trust Companies and Savings Companies Act

Article 126 Versions de la disposition

2024-05-09

126. The Authority is required to review an authorization on being notified of any of the following operations:

1°  the amalgamation of the authorized trust company with another legal person;

2°  a change as to the authorized trust company’s home regulator, in particular as a result of a continuance or other operation of the same nature;

3°  an operation not referred to in subparagraph 1 or 2 where the authorized trust company changes its juridical form or transmits its patrimony or part of it due to its division;

4°  a change of name of the authorized trust company; and

5°  in the case of an authorized Québec trust company, where the following operations have a significant effect on it:

a)  an acquisition of assets by the company or by a group of which it is the holder of control,

b)  the transfer of any part of the company’s assets or of the assets of such a group, or

c)  its becoming the holder of control of a group in accordance with subparagraph 1 of the first paragraph of section 6.

An authorized Québec trust company’s ceasing to be the holder of control of a group is deemed to be a transfer, by the group, of all its assets.

2018, c. 23, s. 395; 2024, c. 15, s. 87.

2019-06-13

126. The Authority is required to review an authorization on being notified of any of the following operations:

1°  the amalgamation of the authorized trust company with another legal person;

2°  a change as to the authorized trust company’s home regulator, in particular as a result of a continuance or other operation of the same nature;

3°  an operation not referred to in subparagraph 1 or 2 where the authorized trust company changes its juridical form or transmits its patrimony or part of it due to its division;

4°  a change of name of the authorized trust company; and

5°  in the case of an authorized Québec trust company, its becoming the holder of control of a group or either of the following events having a significant effect on it:

a)  an acquisition of assets by the company or by a group of which it is the holder of control, or

b)  the transfer of any part of the company’s assets or of the assets of such a group.

An authorized Québec trust company’s ceasing to be the holder of control of a group is deemed to be a transfer, by the group, of all its assets.

2018, c. 23, s. 395.

Non en vigueur

In force: 2019-06-13

126. The Authority is required to review an authorization on being notified of any of the following operations:

1°  the amalgamation of the authorized trust company with another legal person;

2°  a change as to the authorized trust company’s home regulator, in particular as a result of a continuance or other operation of the same nature;

3°  an operation not referred to in subparagraph 1 or 2 where the authorized trust company changes its juridical form or transmits its patrimony or part of it due to its division;

4°  a change of name of the authorized trust company; and

5°  in the case of an authorized Québec trust company, its becoming the holder of control of a group or either of the following events having a significant effect on it:

a)  an acquisition of assets by the company or by a group of which it is the holder of control, or

b)  the transfer of any part of the company’s assets or of the assets of such a group.

An authorized Québec trust company’s ceasing to be the holder of control of a group is deemed to be a transfer, by the group, of all its assets.

2018, c. 23, s. 395.