S-29.02, r. 1 - Regulation under the Trust Companies and Savings Companies Act

Section 22 Disposition versions

2012-09-01

22. For the application of section 212 of the Act, the expression “unproductive investment” means:

(1)  a debt security other than a loan on which the interest is in arrears;

(2)  preferred shares of a legal person in default of payment of the prescribed dividends on those shares;

(3)  an immovable on which there is a hypothec or other charge in favour of a company that acquired it to protect its interests.

O.C. 719-88, s. 22.