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Trust and Loan Companies Act

Version of section 419 from 2003-01-01 to 2003-12-31:


Marginal note:Restriction on security interests

  •  (1) Subject to subsection (3), a company shall not create a security interest in any property of the company to secure an obligation of the company, unless

    • (a) the obligation is to the Bank of Canada or the Canada Deposit Insurance Corporation; or

    • (b) the Superintendent has approved in writing the creation of the security interest.

  • Marginal note:Encumbered property

    (2) A company shall notify the Superintendent in writing of any beneficial interest in real and personal property acquired by the company, other than by way of realization, that is subject to a security interest.

  • Marginal note:Exceptions

    (3) Subsection (1) does not apply in respect of security interests created on

    • (a) such classes of personal property as the Superintendent may, by order, designate; or

    • (b) property having an aggregate value that is less than such amount as the Superintendent may, by order, specify.

  • 1991, c. 45, s. 419
  • 1999, c. 31, s. 219(E)
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