S-29.02 - Trust Companies and Savings Companies Act

Section 256 Disposition versions

2021-12-08

256. The Authority may order an authorized trust company to cease a course of action or to implement specified measures if the Authority is of the opinion that the company is failing to perform its obligations under this Act in full, properly and without delay.

The Authority may, for the same reasons, issue an order against a third person that, on behalf of an authorized trust company, carries on its activities or performs its obligations.

At least 15 days before issuing an order, the Authority must notify the prior notice prescribed by section 5 of the Act respecting administrative justice (chapter J-3) to the contravener and, if the contravener is a third person acting on behalf of an authorized trust company, to that company in writing, stating the reasons which appear to justify the order, the date on which the order is to take effect and the contravener’s right to submit observations.

2018, c. 23, s. 395; 2021, c. 34, s. 131.

2019-06-13

256. The Authority may order an authorized trust company to cease a course of action or to implement specified measures if the Authority is of the opinion that the company is failing to perform its obligations under this Act in full, properly and without delay.

The Authority may, for the same reasons, issue an order against a legal person that, on behalf of an authorized trust company, carries on its activities or performs its obligations.

At least 15 days before issuing an order, the Authority must notify the prior notice prescribed by section 5 of the Act respecting administrative justice (chapter J-3) to the contravener in writing, stating the reasons which appear to justify the order, the date on which the order is to take effect and the contravener’s right to submit observations.

2018, c. 23, s. 395.

Not in force

In force: 2019-06-13

256. The Authority may order an authorized trust company to cease a course of action or to implement specified measures if the Authority is of the opinion that the company is failing to perform its obligations under this Act in full, properly and without delay.

The Authority may, for the same reasons, issue an order against a legal person that, on behalf of an authorized trust company, carries on its activities or performs its obligations.

At least 15 days before issuing an order, the Authority must notify the prior notice prescribed by section 5 of the Act respecting administrative justice (chapter J-3) to the contravener in writing, stating the reasons which appear to justify the order, the date on which the order is to take effect and the contravener’s right to submit observations.

2018, c. 23, s. 395.