Trust and Loan Companies Act

Marginal note:Reliance on statement

216 A director, an officer or an employee of a company is not liable under subsection 162(1) or (2) or section 212 or 215 or subsection 494(1) if the director, officer or employee relies in good faith on

• (a) financial statements of the company represented to the director, officer or employee by an officer of the company or in a written report of the auditor of the company fairly to reflect the financial condition of the company; or

• (b) a report of an accountant, lawyer, notary or other professional person whose profession lends credibility to a statement made by the professional person.