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S-29.01 - Act respecting trust companies and savings companies
Section 193
Disposition versions
193. In addition to the loans contracted by a company in cases where it is authorized to grant security on its property and the deposits it receives, no Québec company may
(1) issue bonds or other debt securities unless they are unsecured and they stipulate that the indebtedness will, in the event of winding-up of the company, rank after the other debts, equally with the other unsecured evidences of indebtedness issued by it and before the subordinated loans it has contracted;
(2) borrow by the acceptance of subordinated loans unless they are granted by the shareholders of the company or of a legal person affiliated with it for a fixed term and the debt security stipulates that the loan will, in the event of winding-up of the company, rank with the other similar loans but after all the other debts.
