S-29.01 - Act respecting trust companies and savings companies

Section 27 Disposition versions

2004-12-17

27. A savings company cannot be continued as a trust company, or a trust company as a savings company, unless the petitioner shows that

(1)  in the case of a savings company continued as a trust company, the common shareholders’ equity is at least $5,000,000, or at least $3,000,000 if it is provided that power to receive deposits will be explicitly excluded from its instrument of incorporation;

(2)  in the case of a trust company continued as a savings company, the common shareholders’ equity is at least $3,000,000;

(3)  it is expedient, for the convenience of the public, that a company be established in the locality where the head office of the company will be situated;

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

(5)  the project is financially feasible;

(6)  the proposed activities will be carried on within a reasonable time;

(7)  in the case of a trust company continued as a savings company, arrangements have been made to the satisfaction of the Authority to transfer the business of the trust company that cannot legally be continued by a savings company, other than deposits, to another trust company having a licence and capable of carrying on that business.

1987, c. 95, s. 27; 2002, c. 45, s. 611; 2004, c. 37, s. 90.

2004-02-01

27. A savings company cannot be continued as a trust company, or a trust company as a savings company, unless the petitioner shows that

(1)  in the case of a savings company continued as a trust company, the common shareholders’ equity is at least $5 000 000, or at least $3 000 000 if it is provided that power to receive deposits will be explicitly excluded from its instrument of incorporation;

(2)  in the case of a trust company continued as a savings company, the common shareholders’ equity is at least $3 000 000;

(3)  it is expedient, for the convenience of the public, that a company be established in the locality where the head office of the company will be situated;

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

(5)  the project is financially feasible;

(6)  the proposed activities will be carried on within a reasonable time;

(7)  in the case of a trust company continued as a savings company, arrangements have been made to the satisfaction of the Agency to transfer the business of the trust company that cannot legally be continued by a savings company, other than deposits, to another trust company having a licence and capable of carrying on that business.

1987, c. 95, s. 27; 2002, c. 45, s. 611.

1988-06-09

27. A savings company cannot be continued as a trust company, or a trust company as a savings company, unless the petitioner shows that

(1)  in the case of a savings company continued as a trust company, the common shareholders’ equity is at least $5 000 000, or at least $3 000 000 if it is provided that power to receive deposits will be explicitly excluded from its instrument of incorporation;

(2)  in the case of a trust company continued as a savings company, the common shareholders’ equity is at least $3 000 000;

(3)  it is expedient, for the convenience of the public, that a company be established in the locality where the head office of the company will be situated;

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

(5)  the project is financially feasible;

(6)  the proposed activities will be carried on within a reasonable time;

(7)  in the case of a trust company continued as a savings company, arrangements have been made to the satisfaction of the Inspector General to transfer the business of the trust company that cannot legally be continued by a savings company, other than deposits, to another trust company having a licence and capable of carrying on that business.

1987, c. 95, s. 27.