C-41 - Trust Companies Act

Section 43 Disposition versions

1983-04-01

43. (1)  It shall be the duty of the officers of a registered company to have a trustworthy auditing made, at least every year, of its business and books and registers by a competent auditor who, for at least two years, has held no office or employment in the company.

(2)  The Inspector General may, if it be established to his satisfaction that a special audit of the affairs of a registered company is necessary in the public interest, appoint a competent person to make such audit and to investigate the manner in which the affairs of such company are carried on.

(3)  The person so appointed shall have the necessary powers for summoning to appear before him such persons as he may consider to be in a position to give him information, and for examining them under oath.

The costs entailed by the special audit shall be paid by the registered company, on a certificate from the Inspector General establishing the amount thereof.

Sections 41 and 42 shall apply to the special audit ordered by the Inspector General.

(4)  If the report by the person appointed to make a special audit shows that the company is proceeding illegally or is insolvent, the Inspector General, after such additional proof as he may deem advisable to exact, and after the company’s officers have been given an opportunity to explain, may suspend or cancel the company’s registration unless the latter complies with the instructions of the Inspector General.

R. S. 1964, c. 287, s. 42; 1966-67, c. 72, s. 23; 1975, c. 76, s. 11; 1981, c. 9, s. 24; 1982, c. 52, s. 156, s. 159.

1981-06-18

43. (1)  It shall be the duty of the officers of a registered company to have a trustworthy auditing made, at least every year, of its business and books and registers by a competent auditor who, for at least two years, has held no office or employment in the company.

(2)  The Minister of Financial Institutions and Cooperatives may, if it be established to his satisfaction that a special audit of the affairs of a registered company is necessary in the public interest, appoint a competent person to make such audit and to investigate the manner in which the affairs of such company are carried on.

(3)  The person so appointed shall have the necessary powers for summoning to appear before him such persons as he may consider to be in a position to give him information, and for examining them under oath.

The costs entailed by the special audit shall be paid by the registered company, on a certificate from the Minister of Financial Institutions and Cooperatives establishing the amount thereof.

Sections 41 and 42 shall apply to the special audit ordered by the Minister of Financial Institutions and Cooperatives.

(4)  If the report by the person appointed to make a special audit shows that the company is proceeding illegally or is insolvent, the Minister of Financial Institutions and Cooperatives, after such additional proof as he may deem advisable to exact, and after the company’s officers have been given an opportunity to explain, may submit the question to the Government, which may suspend or cancel the company’s registration unless the latter complies with the instructions of the Minister of Financial Institutions and Cooperatives.

R. S. 1964, c. 287, s. 42; 1966-67, c. 72, s. 23; 1975, c. 76, s. 11; 1981, c. 9, s. 24.

1977-12-31

43. (1)  It shall be the duty of the officers of a registered company to have a trustworthy auditing made, at least every year, of its business and books and registers by a competent auditor who, for at least two years, has held no office or employment in the company.

(2)  The Minister of Consumer Affairs, Cooperatives and Financial Institutions may, if it be established to his satisfaction that a special audit of the affairs of a registered company is necessary in the public interest, appoint a competent person to make such audit and to investigate the manner in which the affairs of such company are carried on.

(3)  The person so appointed shall have the necessary powers for summoning to appear before him such persons as he may consider to be in a position to give him information, and for examining them under oath.

The costs entailed by the special audit shall be paid by the registered company, on a certificate from the Minister of Consumer Affairs, Cooperatives and Financial Institutions establishing the amount thereof.

Sections 41 and 42 shall apply to the special audit ordered by the Minister of Consumer Affairs, Cooperatives and Financial Institutions.

(4)  If the report by the person appointed to make a special audit shows that the company is proceeding illegally or is insolvent, the Minister of Consumer Affairs, Cooperatives and Financial Institutions, after such additional proof as he may deem advisable to exact, and after the company’s officers have been given an opportunity to explain, may submit the question to the Government, which may suspend or cancel the company’s registration unless the latter complies with the instructions of the Minister of Consumer Affairs, Cooperatives and Financial Institutions.

R. S. 1964, c. 287, s. 42; 1966-67, c. 72, s. 23; 1975, c. 76, s. 11.