S-30 - Loan and Investment Societies Act

Section 5 Disposition versions

1999-10-22

5. After having obtained such license, the institution, legal person or society may:

(1)  Transact any loan or investment business in its name, except the business of banking;

(2)  Take and hold any hypothecs on landed property, and any railway, municipal or other bonds of any kind, on the security of which it may lend its money, whether or not the said bonds form a charge on immoveable property within Québec;

(3)  Hold such hypothecary debts and sell and transfer the same at pleasure;

(4)  In all respects have and enjoy the same powers and privileges with regard to lending its moneys and transacting its business as a private individual.

Nevertheless, every such legal person, institution or society shall, within ten years from the date of the acquisition thereof, sell or dispose of any immoveable property which it may so acquire by judicial sale or by deed from the borrower or subsequent holder, in satisfaction of the loan, or under any agreement with the borrower or subsequent holder.

R. S. 1964, c. 289, s. 5; 1999, c. 40, s. 306.

1977-12-31

5. After having obtained such license, the institution, corporation or society may:

(1)  Transact any loan or investment business in its corporate name, except the business of banking;

(2)  Take and hold any hypothecs on real estate, and any railway, municipal or other bonds of any kind, on the security of which it may lend its money, whether or not the said bonds form a charge on immoveable property within Québec;

(3)  Hold such hypothecary debts and sell and transfer the same at pleasure;

(4)  In all respects have and enjoy the same powers and privileges with regard to lending its moneys and transacting its business as a private individual.

Nevertheless, every such corporation, institution or society shall, within ten years from the date of the acquisition thereof, sell or dispose of any immoveable property which it may so acquire by judicial sale or by deed from the borrower or subsequent holder, in satisfaction of the loan, or under any agreement with the borrower or subsequent holder.

R. S. 1964, c. 289, s. 5.