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S-29.02 - Trust Companies and Savings Companies Act
Section 72
Disposition versions
72. Directors of an authorized Québec trust company who agree to a contravention of section 68 are held solidarily liable for any resulting losses to the company.
A director cannot be held liable under the first paragraph if the director acted with a reasonable degree of prudence and diligence in the circumstances.
Furthermore, for the purposes of the first paragraph, the court may, after considering all the circumstances and on the terms the court considers appropriate, relieve a director, either wholly or partly, from the liability the director would otherwise incur if it appears to the court that the director has acted reasonably, honestly and loyally, and ought fairly to be excused.
In force: 2019-06-13
72. Directors of an authorized Québec trust company who agree to a contravention of section 68 are held solidarily liable for any resulting losses to the company.
A director cannot be held liable under the first paragraph if the director acted with a reasonable degree of prudence and diligence in the circumstances.
Furthermore, for the purposes of the first paragraph, the court may, after considering all the circumstances and on the terms the court considers appropriate, relieve a director, either wholly or partly, from the liability the director would otherwise incur if it appears to the court that the director has acted reasonably, honestly and loyally, and ought fairly to be excused.
