Trust and Loan Companies Act

Marginal note:Minimum number of directors

• 163 (1) A company shall have at least seven directors.

• Marginal note:Residency requirement

  (2) At least one half of the directors of a company that is a subsidiary of a foreign institution or of a prescribed holding body corporate of a foreign institution and a majority of the directors of any other company must be, at the time of each director’s election or appointment, resident Canadians.