S-29.02 - Trust Companies and Savings Companies Act

Section 75 Disposition versions

2019-06-13

75. The board of directors must ensure that the authorized trust company adheres to sound commercial practices and sound and prudent management practices.

To that end, it must entrust certain directors it designates or a committee of such directors with the responsibility of seeing that sound commercial practices and sound and prudent management practices are adhered to and situations contrary to such practices are detected.

Within three months after the closing date of the company’s fiscal year, the directors or the committee, as the case may be, report to the board of directors on the carrying out of the responsibility entrusted to them and it, if applicable, on the other activities carried on by them or it for the company.

2018, c. 23, s. 395.

Not in force

In force: 2019-06-13

75. The board of directors must ensure that the authorized trust company adheres to sound commercial practices and sound and prudent management practices.

To that end, it must entrust certain directors it designates or a committee of such directors with the responsibility of seeing that sound commercial practices and sound and prudent management practices are adhered to and situations contrary to such practices are detected.

Within three months after the closing date of the company’s fiscal year, the directors or the committee, as the case may be, report to the board of directors on the carrying out of the responsibility entrusted to them and it, if applicable, on the other activities carried on by them or it for the company.

2018, c. 23, s. 395.