C-41 - Trust Companies Act

Section 19 Disposition versions

1977-12-31

19. The following trust companies, being solvent, may be registered:

(1)  Trust companies incorporated in virtue of the laws of Québec, since the 1st of July, 1913, (the date of the coming into force of chapter 44 of the statutes of 1912, 2nd session), and those hereafter incorporated in virtue of such laws;

(2)  Trust companies already incorporated in virtue of the laws of Québec or of those of the former Province of Canada or of the former Province of Lower Canada or of those of the Parliament of Canada or of any other Province of Canada, which, on the 1st of July, 1913, were carrying on business in good faith in Québec, or those already incorporated by the laws of Québec before the 1st of July, 1913, but which had not then begun to carry on business, the whole, however, subject to the provisions of section 45; but companies not incorporated in virtue of the laws of Québec shall be registered only on the terms and conditions fixed by the Government;

(3)  Extra-provincial companies having a common subscribed and paid-up capital stock of at least $1 000 000;

(4)  Foreign trust companies, but only on the terms and conditions fixed by the Government.

R. S. 1964, c. 287, s. 19; 1974, c. 67, s. 6.