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Trust and Loan Companies Act (S.C. 1991, c. 45)

Act current to 2019-07-01 and last amended on 2019-06-17. Previous Versions

PART XIIIAdministration (continued)

Approvals (continued)

Marginal note:Revocation, suspension or amendment of approval — Minister

  •  (1) The Minister may revoke, suspend or amend any approval granted by the Minister if he or she considers it appropriate to do so. In deciding whether to take any of those actions, the Minister may take into account all matters that he or she considers relevant in the circumstances, including

    • (a) national security; and

    • (b) Canada’s international relations and its international legal obligations.

  • Marginal note:Revocation, suspension or amendment of approval — Superintendent

    (2) The Superintendent may revoke, suspend or amend any approval granted by the Superintendent if he or she considers it appropriate to do so. In deciding whether to take any of those actions, the Superintendent may take into account any prudential considerations that he or she considers relevant in the circumstances and

    • (a) national security; and

    • (b) Canada’s international relations and its international legal obligations.

  • Marginal note:Representations

    (3) Before taking any action under this section, the Minister or the Superintendent, as the case may be, shall give the person concerned a reasonable opportunity to make representations.

  • 2007, c. 6, s. 382

Marginal note:Effect of non-compliance on approval

  •  (1) Unless otherwise expressly provided in this Act, a failure to comply with a term, condition or undertaking imposed or required under any provision of this Act does not invalidate the approval to which the term, condition or undertaking relates.

  • Marginal note:Non-compliance

    (2) In addition to any other action that may be taken under this Act, in the case of non-compliance by a person with a term, condition or undertaking imposed or required under any provision of this Act, the Minister or the Superintendent, as the case may be, may

    • (a) revoke, suspend or amend the approval to which the term, condition or undertaking relates; or

    • (b) apply to a court for an order directing the person to comply with the term, condition or undertaking, and on such an application the court may make the order and any other order that it thinks fit.

  • Marginal note:Representations

    (3) Before taking any action under subsection (2), the Minister or the Superintendent, as the case may be, shall give the person concerned a reasonable opportunity to make representations.

  • Marginal note:Revocation, suspension or amendment

    (4) At the request of the person concerned, the Minister or the Superintendent, as the case may be, may revoke, suspend or amend any terms or conditions imposed by him or her and may revoke or suspend an undertaking given to him or her or approve its amendment.

  • 2007, c. 6, s. 382

Marginal note:Multiple approval — other approvals

 The Minister or the Superintendent may grant more than one approval, other than letters patent, in a single instrument if he or she considers it appropriate to do so, and if the Minister or Superintendent does so, he or she may specify different effective dates for each of the approvals.

  • 2007, c. 6, s. 382

Marginal note:Exemption in relation to notices of intention

 The Superintendent may, on application, exempt an applicant or applicants from the provisions of this Act respecting the publication of a notice of intention in respect of applications for approvals and impose any terms and conditions respecting the publication of the notice of intention that he or she considers appropriate.

  • 2007, c. 6, s. 382

Exceptions to Generally Accepted Accounting Principles

Marginal note:Calculations — generally accepted accounting principles

  •  (1) If, as a result of a change to the accounting principles referred to in subsection 313(4) — whether the change is made before or after this section comes into force — the Superintendent considers, given any prudential considerations that he or she considers relevant, that any amount, calculation or valuation under this Act or the regulations is not appropriate, the Superintendent may specify the amount that is to be used or the calculation or valuation that is to be performed instead.

  • Marginal note:Canada Gazette

    (2) The Superintendent shall cause a notice of the specification to be published in the Canada Gazette within 60 days after the day on which the specification has effect.

  • Marginal note:Five-year limit

    (3) The specification ceases to have effect on the day indicated in the notice, which may be no later than five years after the day on which the specification is made.

  • 2012, c. 5, s. 181

Orders to Exempt or Adapt

Marginal note:Order

  •  (1) On the recommendation of the Minister, the Governor in Council may, by order,

    • (a) provide that any provision of this Act or the regulations shall not apply to a company, to Her Majesty in right of Canada or an agent or agency of Her Majesty or to any other person otherwise subject to the provision; and

    • (b) provide that any provision of this Act or the regulations applies to a company, to Her Majesty in right of Canada or Her Majesty’s agent or agency or to any other person subject to the provision only in the manner and to the extent provided for in the order, and adapt the provision for the purposes of that application.

  • Marginal note:Minister’s recommendation

    (2) The Minister may make a recommendation under subsection (1) only if the Minister

    • (a) is of the opinion that the order would relate to

      • (i) the acquisition, holding, sale or other disposition of, or other dealing with, shares of a company by, or the transfer or issue of shares of a company to, Her Majesty in right of Canada or Her Majesty’s agent or agency, or

      • (ii) the management of the business and affairs or the regulation and supervision of a company during the time that Her Majesty or Her Majesty’s agent or agency is acquiring, holding, selling or otherwise disposing of, or otherwise dealing with, shares of the company, or during the time that shares of the company are transferred or issued to Her Majesty or Her Majesty’s agent or agency; and

    • (b) is of the opinion — after considering measures other than an order under that subsection and after consulting with the Superintendent, the Governor of the Bank of Canada and the Chief Executive Officer of the Canada Deposit Insurance Corporation — that the order will promote the stability of the financial system in Canada.

  • Marginal note:Terms and conditions

    (3) On the recommendation of the Minister, the Governor in Council may, by order, impose any terms and conditions relating to the acquisition of shares of a company by, or transfer or issue of shares of a company to, Her Majesty in right of Canada or Her Majesty’s agent or agency.

  • Marginal note:Repeal of order under subsection (1)

    (4) The Minister may recommend the repeal of an order made under subsection (1) without regard to subsection (2).

  • Marginal note:Terms, conditions and undertakings

    (5) From the time that Her Majesty in right of Canada or an agent or agency of Her Majesty acquires shares of a company to the time that the shares are sold or otherwise disposed of, the Minister may, by order, impose any terms and conditions on — or require any undertaking from — the company that the Minister considers appropriate, including any terms and conditions or undertakings relating to

    • (a) the remuneration of the company’s senior officers, as defined in section 509.01, and directors;

    • (b) the appointment or removal of the company’s senior officers, as defined in section 509.01, and directors;

    • (c) the payment of dividends by the company; and

    • (d) the company’s lending policies and practices.

  • Marginal note:Acquisition

    (6) Despite Part X of the Financial Administration Act, the Minister or an agent or agency of Her Majesty in right of Canada may, on any terms and conditions imposed under subsection (3), acquire and hold shares of a company on behalf of or in trust for Her Majesty if, as a result of an order under subsection (1), the company may record in its securities register the transfer or issue of shares to Her Majesty or an agent or agency of Her Majesty.

  • Marginal note:Payment out of C.R.F.

    (7) On the requisition of the Minister, there may be paid out of the Consolidated Revenue Fund the amount that the Minister or an agent or agency of Her Majesty in right of Canada is required to pay for the acquisition of shares under subsection (6) and any costs and expenses incurred in connection with the acquisition, holding, sale or other disposition of, or other dealing with, the shares.

  • Marginal note:Registration of shares

    (8) Shares acquired under subsection (6) by the Minister or an agent or agency of Her Majesty in right of Canada shall be registered in the name of the Minister, agent or agency, as the case may be, in the company’s securities register if they are capable of being registered in it, and the shares shall be held by the Minister, agent or agency, as the case may be, on behalf of or in trust for Her Majesty.

  • Marginal note:Disposition by Minister

    (9) The Minister may, at any time, sell or otherwise dispose of shares acquired under subsection (6). The Surplus Crown Assets Act and section 61 of the Financial Administration Act do not apply to the sale or disposition.

  • Marginal note:Disposition by agent or agency

    (10) An agent or agency of Her Majesty in right of Canada — at the request of the Minister, which may be made at any time — shall sell or otherwise dispose of shares acquired under subsection (6). The Surplus Crown Assets Act and section 61 of the Financial Administration Act do not apply to the sale or disposition.

  • Marginal note:Consideration by Minister

    (11) If the Minister or an agent or agency of Her Majesty in right of Canada is holding shares of a company on behalf of or in trust for Her Majesty on the day that is two years after the day on which the shares were acquired, the Minister shall consider whether holding the shares continues to promote the stability of the financial system in Canada.

  • Marginal note:Mandatory disposition

    (12) If the Minister, under subsection (11), considers that holding shares acquired under subsection (6) no longer continues to promote the stability of the financial system in Canada, the Minister — or, at the request of the Minister, the agent or agency of Her Majesty in right of Canada — shall take the measures that the Minister considers practicable in the circumstances to sell or otherwise dispose of the shares. The Surplus Crown Assets Act and section 61 of the Financial Administration Act do not apply to the sale or disposition.

  • Marginal note:Not a Crown corporation

    (13) Even if the acquisition of a company’s shares under subsection (6) would otherwise cause the company to be a Crown corporation, as defined in subsection 83(1) of the Financial Administration Act, the company is not a Crown corporation for the purposes of that Act.

  • Marginal note:Statutory Instruments Act

    (14) The Statutory Instruments Act does not apply to an order made under this section.

  • Definition of shares

    (15) For the purposes of this section, shares includes any conversion or exchange privilege, option or right to acquire shares.

  • 2009, c. 2, s. 292
  • 2016, c. 7, s. 174
 
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