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S-29.01 - Act respecting trust companies and savings companies

Section 111
Disposition versions

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111. Directors who authorize any investment or loan in contravention of this Act or any regulation thereunder made by the Government are jointly and severally liable for the resulting losses to the company.
Directors are also jointly and severally liable to restore to the company any amount paid to a shareholder or to a director if, by paying the sum, the company contravenes the capital adequacy requirements of a government regulation or of a guideline issued by the Authority under section 314.1.
1987, c. 95, s. 111; 2008, c. 7, s. 102.
111. Directors who authorize any investment or loan in contravention of this Act or any regulation thereunder made by the Government are jointly and severally liable for the resulting losses to the company.
Directors are also jointly and severally liable to restore to the company any amount paid to a shareholder or to a director where the effect of the payment of that amount has been to increase the debt ratio of the company to a higher limit than the limit authorized by this Act.
1987, c. 95, s. 111.
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