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S-29.01 - Act respecting trust companies and savings companies

Section 199
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Full text
199. (Repealed).
1987, c. 95, s. 199; 2002, c. 45, s. 611; 2004, c. 37, s. 90; 2008, c. 7, s. 110.
199. On the application of a company, the Authority may allow the limit authorized under section 198 to be exceeded temporarily.
The application of the company must be accompanied with a resolution of the board of directors approving the exceeding of the limit.
The resolution must indicate the limit of the excess, which must not be greater than 3% of the deposits, borrowings and other commitments of the company. The excess amounts must be invested as prescribed by regulation of the Government.
The resolution is valid for not over three months and takes effect on the date of its approval by the Authority, with or without amendment.
1987, c. 95, s. 199; 2002, c. 45, s. 611; 2004, c. 37, s. 90.
199. On the application of a company, the Agency may allow the limit authorized under section 198 to be exceeded temporarily.
The application of the company must be accompanied with a resolution of the board of directors approving the exceeding of the limit.
The resolution must indicate the limit of the excess, which must not be greater than 3 % of the deposits, borrowings and other commitments of the company. The excess amounts must be invested as prescribed by regulation of the Government.
The resolution is valid for not over three months and takes effect on the date of its approval by the Agency, with or without amendment.
1987, c. 95, s. 199; 2002, c. 45, s. 611.
199. On the application of a company, the Inspector General may allow the limit authorized under section 198 to be exceeded temporarily.
The application of the company must be accompanied with a resolution of the board of directors approving the exceeding of the limit.
The resolution must indicate the limit of the excess, which must not be greater than 3 % of the deposits, borrowings and other commitments of the company. The excess amounts must be invested as prescribed by regulation of the Government.
The resolution is valid for not over three months and takes effect on the date of its approval by the Inspector General, with or without amendment.
1987, c. 95, s. 199.
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