S-29.02 - Trust Companies and Savings Companies Act

Section 260 Disposition versions

2019-06-13

260. The Authority, for the purposes of or in the course of an investigation or when it is informed that an authorized trust company is voluntarily dissolving or liquidating in contravention of section 27 or intends to do so, may request the Financial Markets Administrative Tribunal

(1)  to order a person or group not to dispose of funds, securities or other property in the person’s or group’s possession; or

(2)  to order a person or group to refrain from withdrawing funds, securities or other property on deposit with, under the control of or in the safekeeping of any other person or group.

Such an order takes effect from the time the person or group concerned is notified of it and, unless otherwise provided, remains binding for a 12-month period; the order may be revoked or otherwise amended during that period.

2018, c. 23, s. 395.

Not in force

In force: 2019-06-13

260. The Authority, for the purposes of or in the course of an investigation or when it is informed that an authorized trust company is voluntarily dissolving or liquidating in contravention of section 27 or intends to do so, may request the Financial Markets Administrative Tribunal

(1)  to order a person or group not to dispose of funds, securities or other property in the person’s or group’s possession; or

(2)  to order a person or group to refrain from withdrawing funds, securities or other property on deposit with, under the control of or in the safekeeping of any other person or group.

Such an order takes effect from the time the person or group concerned is notified of it and, unless otherwise provided, remains binding for a 12-month period; the order may be revoked or otherwise amended during that period.

2018, c. 23, s. 395.