C-41 - Trust Companies Act

Section 2 Disposition versions

1983-12-22

2. Except where the contrary is expressly declared or is implied from the context, the following expressions, terms and words shall have, in this act, the sense and meaning given them by this section:

(1)  The words “head office” mean the place where the principal administrative officers of a trust company habitually carry on the company’s business;

(2)  The words “principal office in Québec” mean the place where the chief agent of an extra-provincial or foreign trust company habitually carries on the company’s business;

(3)  The word “company”, when applied to a trust company, means a trust company incorporated in virtue of the laws of Québec or of the laws of the former province of Lower Canada or of the former province of Canada, and carrying on the kind of business mentioned in paragraph 7 of this section, in virtue of the act or of the letters patent incorporating it;

(4)  The words “extra-provincial company” mean a trust company incorporated in virtue of the laws of the Dominion of Canada or of some province of Canada, other than Québec;

(5)  The words “foreign company” mean a trust company incorporated by a country other than Canada or one of its provinces;

(6)  The words “registered company” mean a trust company registered in virtue of this act;

(7)  The words “trust company” mean a provincial, extra-provincial or foreign company authorized to act as tutor, subrogate-tutor, curator to the property, liquidator, receiver, judicial adviser, judicial guardian, sequestrator, testamentary executor, trustee, trustee for the holders of bonds or debentures, agent for the winding up of business in general, the administration of successions and of moveable or immoveable property, or possessing all or one or more of the powers hereinabove mentioned or other like powers, which, in addition, may be authorized by its charter:

(a)  To accept, fulfil and execute all legal trusts which may be assigned it with its consent by any person or corporation, or by any court of justice acting within its jurisdiction;

(b)  To act in general in the name of principals or in its own name on account of principals, as agent or attorney for the transaction of all kinds of business, the sale, purchase or management of immoveable property, the erection of buildings, the investment and collection of moneys, rents, interest, dividends, hypothecs, bonds, notes, bills of exchange and other securities, and also for the purposes of registering, issuing and countersigning transfers and certificates of shares, bonds, debentures or other obligations, and to receive and manage any sinking-fund established to pay them off;

(c)  To receive as agent or depositary all sorts of moveable property or documents whatsoever for safe-keeping, and to manage the business in connection therewith;

(d)  To make, in the name of principals or in its own name on account of principals, investments either by the acquisition of moveable or immoveable property, or of debts or other securities, or by lending money, with power to take such security for the payment of any investment as the law allows;

(e)  To guarantee any investment made by the company or otherwise, and the payment of the capital or interest thereof or both;

(f)  To buy and sell shares, bonds or debentures secured by hypothec or otherwise, and to invest moneys therein;

(g)  To guarantee the title and the peaceful enjoyment of any property, either absolutely or subject to conditions and restrictions, and to warrant all persons interested therein or to be interested therein, or possessing or intending to buy or acquire any immoveable property, against all loss, actions, proceedings or demands by reason of insufficiency, imperfection or want of title or as regards existing impediments, charges or rights;

(h)  To examine or audit the books, accounts and financial statements of corporations, partnerships or persons, and to report thereon, when required or authorized so to do by such corporations, partnerships or persons, and also, when required so to do by order of a court of competent jurisdiction;

(i)  To become judicial sureties for the benefit of parties obliged to give such security, and extra-judicial sureties for the faithful performance of any contract between any persons or corporations;

(j)  To fix generally and to collect or receive, for its services rendered or to be rendered, any agreed or reasonable remuneration over and above ordinary legal expenses;

(k)  To make and execute all contracts and instruments generally necessary for the performance of the functions which may be conferred upon it within the above limits;

(8)  The word “paid-up”, when applied to a share or to stock, means a share or stock paid in full and subject to no further responsibility actual or contingent towards the company;

(9)  (Paragraph repealed).

R. S. 1964, c. 287, s. 2; 1966-67, c. 72, s. 23; 1974, c. 67, s. 1; 1975, c. 76, s. 11; 1977, c. 5, s. 14; 1981, c. 9, s. 24; 1983, c. 54, s. 28.

1981-06-18

2. Except where the contrary is expressly declared or is implied from the context, the following expressions, terms and words shall have, in this act, the sense and meaning given them by this section:

(1)  The words “head office” mean the place where the principal administrative officers of a trust company habitually carry on the company’s business;

(2)  The words “principal office in Québec” mean the place where the chief agent of an extra-provincial or foreign trust company habitually carries on the company’s business;

(3)  The word “company”, when applied to a trust company, means a trust company incorporated in virtue of the laws of Québec or of the laws of the former province of Lower Canada or of the former province of Canada, and carrying on the kind of business mentioned in paragraph 7 of this section, in virtue of the act or of the letters patent incorporating it;

(4)  The words “extra-provincial company” mean a trust company incorporated in virtue of the laws of the Dominion of Canada or of some province of Canada, other than Québec;

(5)  The words “foreign company” mean a trust company incorporated by a country other than Canada or one of its provinces;

(6)  The words “registered company” mean a trust company registered in virtue of this act;

(7)  The words “trust company” mean a provincial, extra-provincial or foreign company authorized to act as tutor, subrogate-tutor, curator to the property, liquidator, receiver, judicial adviser, judicial guardian, sequestrator, testamentary executor, trustee, trustee for the holders of bonds or debentures, agent for the winding up of business in general, the administration of successions and of moveable or immoveable property, or possessing all or one or more of the powers hereinabove mentioned or other like powers, which, in addition, may be authorized by its charter:

(a)  To accept, fulfil and execute all legal trusts which may be assigned it with its consent by any person or corporation, or by any court of justice acting within its jurisdiction;

(b)  To act in general in the name of principals or in its own name on account of principals, as agent or attorney for the transaction of all kinds of business, the sale, purchase or management of immoveable property, the erection of buildings, the investment and collection of moneys, rents, interest, dividends, hypothecs, bonds, notes, bills of exchange and other securities, and also for the purposes of registering, issuing and countersigning transfers and certificates of shares, bonds, debentures or other obligations, and to receive and manage any sinking-fund established to pay them off;

(c)  To receive as agent or depositary all sorts of moveable property or documents whatsoever for safe-keeping, and to manage the business in connection therewith;

(d)  To make, in the name of principals or in its own name on account of principals, investments either by the acquisition of moveable or immoveable property, or of debts or other securities, or by lending money, with power to take such security for the payment of any investment as the law allows;

(e)  To guarantee any investment made by the company or otherwise, and the payment of the capital or interest thereof or both;

(f)  To buy and sell shares, bonds or debentures secured by hypothec or otherwise, and to invest moneys therein;

(g)  To guarantee the title and the peaceful enjoyment of any property, either absolutely or subject to conditions and restrictions, and to warrant all persons interested therein or to be interested therein, or possessing or intending to buy or acquire any immoveable property, against all loss, actions, proceedings or demands by reason of insufficiency, imperfection or want of title or as regards existing impediments, charges or rights;

(h)  To examine or audit the books, accounts and financial statements of corporations, partnerships or persons, and to report thereon, when required or authorized so to do by such corporations, partnerships or persons, and also, when required so to do by order of a court of competent jurisdiction;

(i)  To become judicial sureties for the benefit of parties obliged to give such security, and extra-judicial sureties for the faithful performance of any contract between any persons or corporations;

(j)  To fix generally and to collect or receive, for its services rendered or to be rendered, any agreed or reasonable remuneration over and above ordinary legal expenses;

(k)  To make and execute all contracts and instruments generally necessary for the performance of the functions which may be conferred upon it within the above limits;

(8)  The word “paid-up”, when applied to a share or to stock, means a share or stock paid in full and subject to no further responsibility actual or contingent towards the company;

(9)  The words “Minister of Financial Institutions and Cooperatives” include any officer of the Ministère des Institutions financières et Coopératives authorized to exercise the functions assigned to the Minister of Financial Institutions and Cooperatives in virtue of this act.

R. S. 1964, c. 287, s. 2; 1966-67, c. 72, s. 23; 1974, c. 67, s. 1; 1975, c. 76, s. 11; 1977, c. 5, s. 14; 1981, c. 9, s. 24.

1977-12-31

2. Except where the contrary is expressly declared or is implied from the context, the following expressions, terms and words shall have, in this act, the sense and meaning given them by this section:

(1)  The words “head office” mean the place where the principal administrative officers of a trust company habitually carry on the company’s business;

(2)  The words “principal office in Québec” mean the place where the chief agent of an extra-provincial or foreign trust company habitually carries on the company’s business;

(3)  The word “company”, when applied to a trust company, means a trust company incorporated in virtue of the laws of Québec or of the laws of the former province of Lower Canada or of the former province of Canada, and carrying on the kind of business mentioned in paragraph 7 of this section, in virtue of the act or of the letters patent incorporating it;

(4)  The words “extra-provincial company” mean a trust company incorporated in virtue of the laws of the Dominion of Canada or of some province of Canada, other than Québec;

(5)  The words “foreign company” mean a trust company incorporated by a country other than Canada or one of its provinces;

(6)  The words “registered company” mean a trust company registered in virtue of this act;

(7)  The words “trust company” mean a provincial, extra-provincial or foreign company authorized to act as tutor, subrogate-tutor, curator to the property, liquidator, receiver, judicial adviser, judicial guardian, sequestrator, testamentary executor, trustee, trustee for the holders of bonds or debentures, agent for the winding up of business in general, the administration of successions and of moveable or immoveable property, or possessing all or one or more of the powers hereinabove mentioned or other like powers, which, in addition, may be authorized by its charter:

(a)  To accept, fulfil and execute all legal trusts which may be assigned it with its consent by any person or corporation, or by any court of justice acting within its jurisdiction;

(b)  To act in general in the name of principals or in its own name on account of principals, as agent or attorney for the transaction of all kinds of business, the sale, purchase or management of immoveable property, the erection of buildings, the investment and collection of moneys, rents, interest, dividends, hypothecs, bonds, notes, bills of exchange and other securities, and also for the purposes of registering, issuing and countersigning transfers and certificates of shares, bonds, debentures or other obligations, and to receive and manage any sinking-fund established to pay them off;

(c)  To receive as agent or depositary all sorts of moveable property or documents whatsoever for safe-keeping, and to manage the business in connection therewith;

(d)  To make, in the name of principals or in its own name on account of principals, investments either by the acquisition of moveable or immoveable property, or of debts or other securities, or by lending money, with power to take such security for the payment of any investment as the law allows;

(e)  To guarantee any investment made by the company or otherwise, and the payment of the capital or interest thereof or both;

(f)  To buy and sell shares, bonds or debentures secured by hypothec or otherwise, and to invest moneys therein;

(g)  To guarantee the title and the peaceful enjoyment of any property, either absolutely or subject to conditions and restrictions, and to warrant all persons interested therein or to be interested therein, or possessing or intending to buy or acquire any immoveable property, against all loss, actions, proceedings or demands by reason of insufficiency, imperfection or want of title or as regards existing impediments, charges or rights;

(h)  To examine or audit the books, accounts and financial statements of corporations, partnerships or persons, and to report thereon, when required or authorized so to do by such corporations, partnerships or persons, and also, when required so to do by order of a court of competent jurisdiction;

(i)  To become judicial sureties for the benefit of parties obliged to give such security, and extra-judicial sureties for the faithful performance of any contract between any persons or corporations;

(j)  To fix generally and to collect or receive, for its services rendered or to be rendered, any agreed or reasonable remuneration over and above ordinary legal expenses;

(k)  To make and execute all contracts and instruments generally necessary for the performance of the functions which may be conferred upon it within the above limits;

(8)  The word “paid-up”, when applied to a share or to stock, means a share or stock paid in full and subject to no further responsibility actual or contingent towards the company;

(9)  The words “Minister of Consumer Affairs, Cooperatives and Financial Institutions” include any officer of the Ministère des consommateurs, coopératives et institutions financières authorized to exercise the functions assigned to the Minister of Consumer Affairs, Cooperatives and Financial Institutions in virtue of this act.

R. S. 1964, c. 287, s. 2; 1966-67, c. 72, s. 23; 1974, c. 67, s. 1; 1975, c. 76, s. 11; 1977, c. 5, s. 14.