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Trust and Loan Companies Act

Version of section 505 from 2012-05-24 to 2023-06-21:

Marginal note:Examination of companies

  •  (1) The Superintendent, from time to time, but at least once in each calendar year, shall make or cause to be made any examination and inquiry into the business and affairs of each company that the Superintendent considers to be necessary or expedient to determine whether the company is complying with the provisions of this Act and whether the company is in a sound financial condition and, after the conclusion of each examination and inquiry, shall report on it to the Minister.

  • Marginal note:Access to records of company

    (2) The Superintendent or a person acting under the Superintendent’s direction

    • (a) has a right of access to any records, cash, assets and security held by or on behalf of a company; and

    • (b) may require the directors, officers and auditor of a company to provide information and explanations, to the extent that they are reasonably able to do so, in respect of the condition and affairs of the company or any entity in which the company has a substantial investment.

  • 1991, c. 45, s. 505
  • 2001, c. 9, s. 559
  • 2012, c. 5, s. 180

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