S-29.01 - Act respecting trust companies and savings companies

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53. A company cannot be continued as a Québec company unless it shows that
(1)  in the case of a savings company, the common shareholders’ equity is at least $3,000,000;
(2)  in the case of a trust company, the common shareholders’ equity is at least $5,000,000 or, if it is provided that power to receive deposits will be expressly excluded from its instrument of incorporation, at least $3,000,000;
(3)  it is expedient, for the convenience of the public, that a company be established in the locality where the head office of the company will be situated;
(4)  each proposed director or officer is fit as to character and competence in view of the proposed activities;
(5)  the project is financially feasible;
(6)  the proposed activities will be carried on within a reasonable time.
1987, c. 95, s. 53.