Trust and Loan Companies Act

Marginal note:Regulations

• 280 (1) The Governor in Council may make regulations

  • (a) respecting the form and content of a preliminary prospectus and a prospectus;

  • (b) specifying the financial statements, reports and other documents that are to be included with a preliminary prospectus and a prospectus;

  • (c) respecting, for the purposes of subsection 284(1), the disclosure of material facts in relation to securities to be distributed;

  • (d) respecting the distribution of a preliminary prospectus and a prospectus to prospective purchasers;

  • (e) exempting any class of distributions from the application of sections 278, 279 and 281 to 287;

  • (f) exempting from the application of sections 278, 279 and 281 to 287 any former Act company whose shareholders are confined to entities incorporated or formed by or under an Act of Parliament or of the legislature of a province that are, in the opinion of the directors, operating as credit unions or cooperative associations; and

  • (g) generally, for carrying out the purposes and provisions of sections 278, 279 and 281 to 287.

• Marginal note:Authority of Superintendent

  (2) Any regulation made under subsection (1) may authorize the Superintendent to permit or require additions to, variations in or omissions from

  • (a) a preliminary prospectus or prospectus; or

  • (b) any information, report or document contained or required to be contained in the preliminary prospectus or prospectus or related thereto.

• Marginal note:Idem

  (3) Where a regulation described in subsection (2) has been made, the Superintendent may exercise the authority thereby given in any case where the Superintendent is satisfied that it is necessary to do so owing to the circumstances related to the issue of the securities concerned.

• Marginal note:Idem

  (4) All additions, variations or omissions referred to in subsection (2) shall be made in accordance with the permission or requirement of the Superintendent under that subsection and shall be in accordance with such terms and conditions, if any, as the Superintendent may impose as being necessary to ensure, to the greatest extent possible, a full, true and plain disclosure of all material facts relating to the securities to be distributed.