S-29.01 - Act respecting trust companies and savings companies

Section 53 Disposition versions

1988-06-09

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.