Trust and Loan Companies Act

Marginal note:Transferring to other federal Acts

• 38 (1) A company may

  • (a) apply, with the approval in writing of the Minister, for a certificate of continuance under section 187 of the Canada Business Corporations Act;

  • (b) apply for letters patent continuing the company as a bank under subsection 35(1) of the Bank Act or amalgamating and continuing the company as a bank under subsections 223(1) and 229(1) of that Act; or

  • (c) apply for letters patent continuing the company as an association under subsection 31.1(1) of the Cooperative Credit Associations Act if

    • (i) the company’s shareholders are limited 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 Minister, operating as credit unions or cooperative associations, and

    • (ii) the application for letters patent complies with prescribed terms and conditions, if any are prescribed.

• Marginal note:Conditions for approval

  (2) No approval referred to in paragraph (1)(a) may be given to a company unless the Minister is satisfied that

  • (a) the application has been authorized by a special resolution;

  • (b) the company

    • (i) holds no deposits that are insured under the Canada Deposit Insurance Corporation Act, and

    • (ii) is not carrying on any of the fiduciary activities referred to in section 412;

    and

  • (c) unless authorized pursuant to section 48, the company will not use the word “fiduciaire”, “fiduciary”, “fiducie”, “loan”, “loanco”, “prêt”, “trust” or “trustco” in its name after a certificate of continuance in respect of the company is issued under the Canada Business Corporations Act.