S-29.01 - Act respecting trust companies and savings companies

Full text
244. The Authority may suspend the licence of any company
(1)  which no longer complies with the conditions prescribed for the issuance of a licence or with the conditions or restrictions attached to its licence;
(2)  whose level of capital, in the opinion of the Authority, is not adequate to provide effective protection for depositors or to ensure sound and prudent management;
(3)  which, in the opinion of the Authority, fails to adhere to sound and prudent management practices, to comply with the requirements under section 153.1 or to adhere to the commercial practices referred to in section 177.3;
(4)  which has committed an offence or which, in the opinion of the Authority, contravenes this Act, another Act of Québec, the laws of another province or an Act of the Parliament of Canada which governs its activities or any regulation made under any such Act or law;
(5)  which refuses to authorize the Authority to carry out the examinations and searches he deems necessary in accordance with sections 305 to 308 or fails to honour its commitments under paragraph 1 of section 228 or section 229;
(6)  which contravenes an order or a written direction of the Authority, notwithstanding any appeal or application for judicial review in respect of the order or direction, or any injunction issued under section 328.
1987, c. 95, s. 244; 2002, c. 45, s. 597; 2004, c. 37, s. 90; 2008, c. 7, s. 122; 2014, c. 1, s. 779.
244. The Authority may suspend the licence of any company
(1)  which no longer complies with the conditions prescribed for the issuance of a licence or with the conditions or restrictions attached to its licence;
(2)  whose level of capital, in the opinion of the Authority, is not adequate to provide effective protection for depositors or to ensure sound and prudent management;
(3)  which, in the opinion of the Authority, fails to adhere to sound and prudent management practices, to comply with the requirements under section 153.1 or to adhere to the commercial practices referred to in section 177.3;
(4)  which has committed an offence or which, in the opinion of the Authority, contravenes this Act, another Act of Québec, the laws of another province or an Act of the Parliament of Canada which governs its activities or any regulation made under any such Act or law;
(5)  which refuses to authorize the Authority to carry out the examinations and searches he deems necessary in accordance with sections 305 to 308 or fails to honour its commitments under paragraph 1 of section 228 or section 229;
(6)  which contravenes an order or a written direction of the Authority, notwithstanding any appeal or extraordinary recourse in respect of the order or direction, or any injunction issued under section 328.
1987, c. 95, s. 244; 2002, c. 45, s. 597; 2004, c. 37, s. 90; 2008, c. 7, s. 122.
244. The Authority may suspend the licence of any company
(1)  which no longer complies with the conditions prescribed for the issuance of a licence or with the conditions or restrictions attached to its licence;
(2)  whose capital base is insufficient, in the opinion of the Authority, to provide adequate protection of the depositors or to operate efficiently;
(3)  which does not, in the opinion of the Authority, adhere to sound and prudent management practices, in particular those relating to commercial practices;
(4)  which has committed an offence or which, in the opinion of the Authority, contravenes this Act, another Act of Québec, the laws of another province or an Act of the Parliament of Canada which governs its activities or any regulation made under any such Act or law;
(5)  which refuses to authorize the Authority to carry out the examinations and searches he deems necessary in accordance with sections 305 to 308 or fails to honour its commitments under paragraph 1 of section 228 or section 229;
(6)  which contravenes an order or a written direction of the Authority, notwithstanding any appeal or extraordinary recourse in respect of the order or direction, or any injunction issued under section 328.
1987, c. 95, s. 244; 2002, c. 45, s. 597; 2004, c. 37, s. 90.
244. The Agency may suspend the licence of any company
(1)  which no longer complies with the conditions prescribed for the issuance of a licence or with the conditions or restrictions attached to its licence;
(2)  whose capital base is insufficient, in the opinion of the Agency, to provide adequate protection of the depositors or to operate efficiently;
(3)  which does not, in the opinion of the Agency, adhere to sound and prudent management practices, in particular those relating to commercial practices;
(4)  which has committed an offence or which, in the opinion of the Agency, contravenes this Act, another Act of Québec, the laws of another province or an Act of the Parliament of Canada which governs its activities or any regulation made under any such Act or law;
(5)  which refuses to authorize the Agency to carry out the examinations and searches he deems necessary in accordance with sections 305 to 308 or fails to honour its commitments under paragraph 1 of section 228 or section 229;
(6)  which contravenes an order or a written direction of the Agency, notwithstanding any appeal or extraordinary recourse in respect of the order or direction, or any injunction issued under section 328.
1987, c. 95, s. 244; 2002, c. 45, s. 597.
244. The Inspector General may suspend the licence of any company
(1)  which no longer complies with the conditions prescribed for the issuance of a licence or with the conditions or restrictions attached to its licence;
(2)  whose capital base is insufficient, in the opinion of the Inspector General, to provide adequate protection of the depositors or to operate efficiently;
(3)  which does not, in the opinion of the Inspector General, adhere to sound commercial and financial practices;
(4)  which has committed an offence or which, in the opinion of the Inspector General, contravenes this Act, another Act of Québec, the laws of another province or an Act of the Parliament of Canada which governs its activities or any regulation made under any such Act or law;
(5)  which refuses to authorize the Inspector General to carry out the examinations and searches he deems necessary in accordance with sections 305 to 308 or fails to honour its commitments under paragraph 1 of section 228 or section 229;
(6)  which contravenes an order or a written direction of the Inspector General, notwithstanding any appeal or extraordinary recourse in respect of the order or direction, or any injunction issued under section 328.
1987, c. 95, s. 244.