I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 24 Disposition versions

2019-06-13

24. Only the following legal persons may obtain the Authority’s authorization:

(1)  insurers authorized under the Insurers Act (chapter A-32.1) other than a self-regulatory organization, a reciprocal union or Lloyd’s;

(2)  financial services cooperatives within the meaning of the Act respecting financial services cooperatives (chapter C-67.3);

(3)  trust companies authorized under the Trust Companies and Savings Companies Act (chapter S-29.02);

(4)  business corporations regulated by Title III of the Trust Companies and Savings Companies Act that are not authorized, under that Act, to carry on the activities of a trust company;

(5)  cooperatives established under the laws of a jurisdiction other than Québec and whose mission is similar to that of a financial services cooperative covered by an agreement under section 56.2;

(6)  legal persons, other than cooperatives referred to in subparagraph 5, established under the laws of a jurisdiction other than Québec and that have the capacity to receive deposits of money from the public; and

(7)  other legal persons constituted under an Act of Québec determined by regulation, except cooperatives within the meaning of the Cooperatives Act (chapter C-67.2).

To obtain the Authority’s authorization, the legal persons referred to in subparagraphs 4 to 7 of the first paragraph must hold at least $5,000,000 in capital.

1966-67, c. 73, s. 24; 2018, c. 23, s. 352.

1999-04-01

24. Notwithstanding any inconsistent provision of any general law or special Act, no institution shall solicit or receive deposits of money from the public unless it is a registered institution.

1966-67, c. 73, s. 24.