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S-29.01 - Act respecting trust companies and savings companies

Section 198
Disposition versions

Full text
198. (Repealed).
1987, c. 95, s. 198; 2002, c. 45, s. 611; 2004, c. 37, s. 90; 2008, c. 7, s. 110.
198. The aggregate of deposits, borrowings and other commitments specified by regulation of the Government, except borrowings contemplated in subparagraphs 1 and 2 of the first paragraph of section 193 to the extent that they are assigned to the capital base and hypothecs on immovables which a Québec company holds for its own requirements, must not exceed ten times the capital base of the company.
Notwithstanding the foregoing, the Authority, on the application of the company and on such conditions as it determines, may authorize a higher limit but not over 25 times the capital base of the company. The application of the company must be accompanied with a resolution of the board of directors.
The Authority may also, where it considers it necessary, reduce the limit it has authorized, but not to less than ten times the capital base of the company.
1987, c. 95, s. 198; 2002, c. 45, s. 611; 2004, c. 37, s. 90.
198. The aggregate of deposits, borrowings and other commitments specified by regulation of the Government, except borrowings contemplated in subparagraphs 1 and 2 of the first paragraph of section 193 to the extent that they are assigned to the capital base and hypothecs on immovables which a Québec company holds for its own requirements, must not exceed ten times the capital base of the company.
Notwithstanding the foregoing, the Agency, on the application of the company and on such conditions as it determines, may authorize a higher limit but not over twenty-five times the capital base of the company. The application of the company must be accompanied with a resolution of the board of directors.
The Agency may also, where it considers it necessary, reduce the limit it has authorized, but not to less than ten times the capital base of the company.
1987, c. 95, s. 198; 2002, c. 45, s. 611.
198. The aggregate of deposits, borrowings and other commitments specified by regulation of the Government, except borrowings contemplated in subparagraphs 1 and 2 of the first paragraph of section 193 to the extent that they are assigned to the capital base and hypothecs on immovables which a Québec company holds for its own requirements, must not exceed ten times the capital base of the company.
Notwithstanding the foregoing, the Inspector General, on the application of the company and on such conditions as he determines, may authorize a higher limit but not over twenty-five times the capital base of the company. The application of the company must be accompanied with a resolution of the board of directors.
The Inspector General may also, where he considers it necessary, reduce the limit he has authorized, but not to less than ten times the capital base of the company.
1987, c. 95, s. 198.
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