C-41 - Trust Companies Act

Section 13 Disposition versions

1983-04-01

13. (1)  Any registered company may, subject to its by-laws or its charter

(a)  hold absolutely for its own use and benefit all immoveable property which may be necessary or useful for the conduct of its business; and

(b)  acquire, for the protection of its interests, any immoveable property pledged or hypothecated in its favour;

(c)  lease, hypothecate, sell or alienate the immoveable properties contemplated in paragraphs a and b.

(2)  However, a registered company may not retain an immoveable property acquired according to the provisions of paragraph b of subsection 1 of this section for more than seven years from the date of its acquisition or beyond the additional delay or delays not exceeding in all five years, which may be granted by the Government.

Such immoveable property must be sold or disposed of absolutely during this period or delay, as the case may be, in such manner that the company shall retain therein no interest whatsoever, save as a security.

(3)  Any immoveable property acquired according to the provisions of paragraph b of subsection 1 which is retained for a time longer than that authorized by the provisions of this section shall be subject to confiscation in the name of Her Majesty in the rights of Québec.

Such confiscation, however, shall be carried out only after the expiration of at least six months of the civil year from the time written notice is given to the company by the Inspector General of the intention of Her Majesty to apply such confiscation.

Notwithstanding such notice, the company may, before such confiscation be applied, sell or alienate this immoveable property which shall then cease to be subject to confiscation.

R. S. 1964, c. 287, s. 12; 1982, c. 52, s. 145.

1977-12-31

13. (1)  Any registered company may, subject to its by-laws or its charter

(a)  hold absolutely for its own use and benefit all immoveable property which may be necessary or useful for the conduct of its business; and

(b)  acquire, for the protection of its interests, any immoveable property pledged or hypothecated in its favour;

(c)  lease, hypothecate, sell or alienate the immoveable properties contemplated in paragraphs a and b.

(2)  However, a registered company may not retain an immoveable property acquired according to the provisions of paragraph b of subsection 1 of this section for more than seven years from the date of its acquisition or beyond the additional delay or delays not exceeding in all five years, which may be granted by the Government.

Such immoveable property must be sold or disposed of absolutely during this period or delay, as the case may be, in such manner that the company shall retain therein no interest whatsoever, save as a security.

(3)  Any immoveable property acquired according to the provisions of paragraph b of subsection 1 which is retained for a time longer than that authorized by the provisions of this section shall be subject to confiscation in the name of Her Majesty in the rights of Québec.

Such confiscation, however, shall be carried out only after the expiration of at least six months of the civil year from the time written notice is given to the company by the Inspector of Trust Companies of the intention of Her Majesty to apply such confiscation.

Notwithstanding such notice, the company may, before such confiscation be applied, sell or alienate this immoveable property which shall then cease to be subject to confiscation.

R. S. 1964, c. 287, s. 12.