Trust and Loan Companies Act

Marginal note:Powers of directors and officers suspended

• 514 (1) Where the Superintendent takes control of a company pursuant to subparagraph 510(1)(b)(iii), the powers, duties, functions, rights and privileges of the directors of the company and of the officers of the company responsible for its management are suspended.

• Marginal note:Superintendent to manage company

  (2) Where the Superintendent takes control of a company pursuant to subparagraph 510(1)(b)(iii), the Superintendent shall manage the business and affairs of the company and in so doing the Superintendent

  • (a) may perform any of the duties and functions that the persons referred to in subsection (1) were performing prior to the taking of control; and

  • (b) has and may exercise any power, right or privilege that any such person had or could have exercised prior to the taking of control.

• Marginal note:Persons to assist

  (3) Where the Superintendent takes control of a company pursuant to subparagraph 510(1)(b)(iii), the Superintendent may appoint one or more persons to assist in the management of the company.