S-29.01 - Act respecting trust companies and savings companies

Section 227 Disposition versions

2011-01-01

227. The Authority shall issue the licence if the company

(1)  furnishes all the required documents and information;

(2)  complies with this Act and the regulations of the Government thereunder and, in the case of an extra-provincial company, with any Act of another legislative authority governing its activities, and the regulations thereunder;

(3)  adheres to sound and prudent management practices;

(3.1)  adheres to sound commercial practices;

(4)  in the opinion of the Authority, has an adequate level of capital to provide effective protection for depositors or to ensure sound and prudent management, and common shareholders’ equity of at least $5,000,000 in the case of a trust company, or of at least $3,000,000 in the case of a savings company or of a trust company whose instrument of incorporation explicitly excludes the power to receive deposits;

(5)  shows that, in the locality where its head office or principal place of business will be situated, it is expedient for the convenience of the public that a company be established;

(6)  shows that each director or officer is fit as to character and competence in view of the proposed activities;

(7)  shows that its directors and the directors of the legal person by which it is controlled fulfil the conditions prescribed in section 91;

(8)  shows that the proposed activities will be carried on within a reasonable time;

(9)  holds a fidelity insurance policy for an amount deemed sufficient by the Authority according to generally accepted practices and to the volume of the company’s operations.

A Québec company shall also establish that its main decision-making centre is in Québec.

The Authority may impose conditions and restrictions in respect of the issuance of a licence to an extra-provincial company if it is of the opinion that the law governing it or its instrument of incorporation does not provide guarantees to third persons equivalent to those required of Québec companies under this Act.

1987, c. 95, s. 227; 2002, c. 45, s. 593; 2004, c. 37, s. 90; 2008, c. 7, s. 118.

2004-12-17

227. The Authority shall issue the licence if the company

(1)  furnishes all the required documents and information;

(2)  complies with this Act and the regulations of the Government thereunder and, in the case of an extra-provincial company, with any Act of another legislative authority governing its activities, and the regulations thereunder;

(3)  adheres to sound and prudent management practices, in particular those relating to commercial practices;

(4)  has a sufficient capital base, in the opinion of the Authority, to provide adequate protection of the depositors or to operate efficiently, and common shareholders’ equity of at least $5,000,000 in the case of a trust company, or of at least $3,000,000 in the case of a savings company or of a trust company whose instrument of incorporation explicitly excludes the power to receive deposits;

(5)  shows that, in the locality where its head office or principal place of business will be situated, it is expedient for the convenience of the public that a company be established;

(6)  shows that each director or officer is fit as to character and competence in view of the proposed activities;

(7)  shows that its directors and the directors of the legal person by which it is controlled fulfil the conditions prescribed in section 91;

(8)  shows that the proposed activities will be carried on within a reasonable time;

(9)  holds a fidelity insurance policy for an amount deemed sufficient by the Authority according to generally accepted practices and to the volume of the company’s operations.

A Québec company shall also establish that its main decision-making centre is in Québec.

The Authority may impose conditions and restrictions in respect of the issuance of a licence to an extra-provincial company if it is of the opinion that the law governing it or its instrument of incorporation does not provide guarantees to third persons equivalent to those required of Québec companies under this Act.

1987, c. 95, s. 227; 2002, c. 45, s. 593; 2004, c. 37, s. 90.

2002-12-11

227. The Agency shall issue the licence if the company

(1)  furnishes all the required documents and information;

(2)  complies with this Act and the regulations of the Government thereunder and, in the case of an extra-provincial company, with any Act of another legislative authority governing its activities, and the regulations thereunder;

(3)  adheres to sound and prudent management practices, in particular those relating to commercial practices;

(4)  has a sufficient capital base, in the opinion of the Agency, to provide adequate protection of the depositors or to operate efficiently, and common shareholders’ equity of at least $5 000 000 in the case of a trust company, or of at least $3 000 000 in the case of a savings company or of a trust company whose instrument of incorporation explicitly excludes the power to receive deposits;

(5)  shows that, in the locality where its head office or principal place of business will be situated, it is expedient for the convenience of the public that a company be established;

(6)  shows that each director or officer is fit as to character and competence in view of the proposed activities;

(7)  shows that its directors and the directors of the legal person by which it is controlled fulfil the conditions prescribed in section 91;

(8)  shows that the proposed activities will be carried on within a reasonable time;

(9)  holds a fidelity insurance policy for an amount deemed sufficient by the Agency according to generally accepted practices and to the volume of the company’s operations.

A Québec company shall also establish that its main decision-making centre is in Québec.

The Agency may impose conditions and restrictions in respect of the issuance of a licence to an extra-provincial company if it is of the opinion that the law governing it or its instrument of incorporation does not provide guarantees to third persons equivalent to those required of Québec companies under this Act.

1987, c. 95, s. 227; 2002, c. 45, s. 593.

1988-06-09

227. The Inspector General shall issue the licence if the company

(1)  furnishes all the required documents and information;

(2)  complies with this Act and the regulations of the Government thereunder and, in the case of an extra-provincial company, with any Act of another legislative authority governing its activities, and the regulations thereunder;

(3)  adheres to sound commercial and financial practices;

(4)  has a sufficient capital base, in the opinion of the Inspector General, to provide adequate protection of the depositors or to operate efficiently, and common shareholders’ equity of at least $5 000 000 in the case of a trust company, or of at least $3 000 000 in the case of a savings company or of a trust company whose instrument of incorporation explicitly excludes the power to receive deposits;

(5)  shows that, in the locality where its head office or principal place of business will be situated, it is expedient for the convenience of the public that a company be established;

(6)  shows that each director or officer is fit as to character and competence in view of the proposed activities;

(7)  shows that its directors and the directors of the legal person by which it is controlled fulfil the conditions prescribed in section 91;

(8)  shows that the proposed activities will be carried on within a reasonable time;

(9)  holds a fidelity insurance policy for an amount deemed sufficient by the Inspector General according to generally accepted practices and to the volume of the company’s operations.

A Québec company shall also establish that its main decision-making centre is in Québec.

The Inspector General may impose conditions and restrictions in respect of the issuance of a licence to an extra-provincial company if he is of the opinion that the law governing it or its instrument of incorporation does not provide guarantees to third persons equivalent to those required of Québec companies under this Act.

1987, c. 95, s. 227.