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S-29.02 - Trust Companies and Savings Companies Act
Section 91
Disposition versions
91. The following natural persons and groups are restricted parties with respect to an authorized Québec trust company:
(1) the company’s directors and officers;
(2) the directors and officers of the group that is the holder of control of the company;
(3) the holder of a significant interest in the company;
(4) natural persons and groups having economic ties with the persons described in subparagraphs 1 to 3, except a group of which the company is the holder of control;
(5) a group whose board of directors is composed, in the majority, of members of the company’s board of directors; and
(6) any other person or group designated under section 93.
An authorized financial institution is not a group that is a restricted party with respect to the company if the financial institution is the holder of exclusive control of the company, or if it is the holder of control of the company and both the authorized financial institution and the company have the same holder of exclusive control.
In force: 2019-06-13
91. The following natural persons and groups are restricted parties with respect to an authorized Québec trust company:
(1) the company’s directors and officers;
(2) the directors and officers of the group that is the holder of control of the company;
(3) the holder of a significant interest in the company;
(4) natural persons and groups having economic ties with the persons described in subparagraphs 1 to 3, except a group of which the company is the holder of control;
(5) a group whose board of directors is composed, in the majority, of members of the company’s board of directors; and
(6) any other person or group designated under section 93.
An authorized financial institution is not a group that is a restricted party with respect to the company if the financial institution is the holder of exclusive control of the company, or if it is the holder of control of the company and both the authorized financial institution and the company have the same holder of exclusive control.
