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C-41 - Trust Companies Act

Section 16
Disposition versions

Full text
16. Every trust company incorporated under a law of Québec may, by a deed of agreement,
(a)  amalgamate with any other trust company also incorporated under a law of Québec; or
(b)  sell to it the whole of its property, rights, business and mandates, or purchase the whole of the property, rights, business and mandates of such other trust company;
(c)  buy the whole of the property, rights, business and mandates of any extra-provincial company.
The by-law passed in this respect shall be submitted to the shareholders of each of the companies which are parties to the deed of agreement, at a special general meeting called for such purpose.
If the by-law in question is approved by an affirmative vote representing at least fifty-five per cent, in number and value, of all the capital stock of each of the companies concerned, it shall be regarded as passed.
Nevertheless, in order to have legal effect and to come into force, the deed of agreement must be approved by the Government. Before giving its approval, the Government must obtain the opinion of the Inspector General. To this end, a certified true copy of the by-law, of the deed of agreement and of the result of the vote must be sent to the Inspector General.
The notice of approval by the Government shall be published in the Gazette officielle du Québec, by the Inspector General, and the deed of agreement in question shall take effect only from such publication or from the date which the Government may fix for such purpose.
R. S. 1964, c. 287, s. 16; 1966-67, c. 72, s. 23; 1974, c. 67, s. 5; 1975, c. 76, s. 11; 1981, c. 9, s. 24; 1982, c. 52, s. 146.
16. Every trust company incorporated under a law of Québec may, by a deed of agreement,
(a)  amalgamate with any other trust company also incorporated under a law of Québec; or
(b)  sell to it the whole of its property, rights, business and mandates, or purchase the whole of the property, rights, business and mandates of such other trust company;
(c)  buy the whole of the property, rights, business and mandates of any extra-provincial company.
The by-law passed in this respect shall be submitted to the shareholders of each of the companies which are parties to the deed of agreement, at a special general meeting called for such purpose.
If the by-law in question is approved by an affirmative vote representing at least fifty-five per cent, in number and value, of all the capital stock of each of the companies concerned, it shall be regarded as passed.
Nevertheless, in order to have legal effect and to come into force, the deed of agreement must be approved by the Government, upon the recommendation of the Minister of Financial Institutions and Cooperatives. To this end, a certified copy of the by-law, of the deed of agreement and of the result of the vote must be sent to the Minister of Financial Institutions and Cooperatives.
The notice of approval by the Government shall be published in the Gazette officielle du Québec, over the signature of the Minister of Financial Institutions and Cooperatives, and the deed of agreement in question shall take effect only from such publication or from the date which the Government may fix for such purpose.
R. S. 1964, c. 287, s. 16; 1966-67, c. 72, s. 23; 1974, c. 67, s. 5; 1975, c. 76, s. 11; 1981, c. 9, s. 24.
16. Every trust company incorporated under a law of Québec may, by a deed of agreement,
(a)  amalgamate with any other trust company also incorporated under a law of Québec; or
(b)  sell to it the whole of its property, rights, business and mandates, or purchase the whole of the property, rights, business and mandates of such other trust company;
(c)  buy the whole of the property, rights, business and mandates of any extra-provincial company.
The by-law passed in this respect shall be submitted to the shareholders of each of the companies which are parties to the deed of agreement, at a special general meeting called for such purpose.
If the by-law in question is approved by an affirmative vote representing at least fifty-five per cent, in number and value, of all the capital stock of each of the companies concerned, it shall be regarded as passed.
Nevertheless, in order to have legal effect and to come into force, the deed of agreement must be approved by the Government, upon the recommendation of the Minister of Consumer Affairs, Cooperatives and Financial Institutions. To this end, a certified copy of the by-law, of the deed of agreement and of the result of the vote must be sent to the Minister of Consumer Affairs, Cooperatives and Financial Institutions.
The notice of approval by the Government shall be published in the Gazette officielle du Québec, over the signature of the Minister of Consumer Affairs, Cooperatives and Financial Institutions, and the deed of agreement in question shall take effect only from such publication or from the date which the Government may fix for such purpose.
R. S. 1964, c. 287, s. 16; 1966-67, c. 72, s. 23; 1974, c. 67, s. 5; 1975, c. 76, s. 11.
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