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Trust and Loan Companies Act

Version of section 359 from 2003-01-01 to 2006-04-26:

Marginal note:Reliance on statements

 A liquidator is not liable if the liquidator relies in good faith on

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

  • (b) an opinion, a report or a statement of a lawyer, a notary, an accountant, an appraiser or other professional adviser retained by the liquidator.

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