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.