GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Trust and Loan Companies Act — T-19.8 502
Production of information and documents 502 (1) The Superintendent may, by order, direct a person who controls a company or any entity that is affiliated with a company to provide the Superintendent with any information or documents that may be specified in the order if the Superintendent believes that the production of the information or documents is necessary in order to be satisfied that (a) the provisions of this Act are being duly observed and that the company is in a sound financial condition; or (b) the company has adequate policies and procedures to protect itself against threats to its integrity or security and adheres to those policies and procedures. Time (2) Any person to whom a direction has been issued under subsection (1) shall provide the information or documents specified in the order within the time specified in the order and, where the order does not specify a time, the person shall provide the information or documents within a reasonable time. Exemption (3) Subsection (1) does not apply in respect of an entity that controls a company or is affiliated with a company where that entity is a financial institution regulated (a) by or under an Act of Parliament; or (b) by or under an Act of the legislature of a province where the Superintendent has entered into an agreement with the appropriate official or public body responsible for the supervision of financial institutions in that province concerning the sharing of information on such financial institutions. 1991, c. 45, s. 502 2023, c. 26, s. 522 2026, c. 3, s. 296
Trust and Loan Companies Act — T-19.8 503
Confidential information 503 (1) Subject to section 504.1, all information regarding the business or affairs of a company, or regarding a person dealing with a company, that is obtained by the Superintendent, or by any person acting under the direction of the Superintendent, as a result of the administration or enforcement of any Act of Parliament, and all information prepared from that information, is confidential and shall be treated accordingly. Disclosure permitted (2) Nothing in subsection (1) prevents the Superintendent from disclosing any information (a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision, (a.001) to any federal government agency or body, for purposes related to the Superintendent’s regulation or supervision of financial institutions, including purposes related to threats to the integrity or security of financial institutions or risks to national security, (a.01) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision, (a.1) to the Canada Deposit Insurance Corporation for purposes related to its operation; and (b) to the Deputy Minister of Finance or any officer of the Department of Finance authorized in writing by the Deputy Minister of Finance or to the Governor of the Bank of Canada or any officer of the Bank of Canada authorized in writing by the Governor of the Bank of Canada, for the purposes of policy analysis related to the regulation of financial institutions, if the Superintendent is satisfied that the information will be treated as confidential by the agency, body or person to whom it is disclosed. 1991, c. 45, s. 503; 1996, c. 6, s. 122; 1997, c. 15, s. 406; 2001, c. 9, s. 557; 2007, c. 6, s. 380 2026, c. 3, s. 297
Trust and Loan Companies Act — T-19.8 503.1
Regulations 503.1 The Governor in Council may make regulations prohibiting, limiting or restricting the disclosure by companies of prescribed supervisory information. 1999, c. 28, s. 144
Trust and Loan Companies Act — T-19.8 504
Evidentiary privilege 504 (1) Prescribed supervisory information shall not be used as evidence in any civil proceedings and is privileged for that purpose. No testimony or production (2) No person shall by an order of any court, tribunal or other body be required in any civil proceedings to give oral testimony or to produce any document relating to any prescribed supervisory information. Exceptions to subsection (1) (3) Despite subsection (1), (a) the Minister, the Superintendent or the Attorney General of Canada may, in accordance with the regulations, if any, use prescribed supervisory information as evidence in any proceedings; and (b) a company may, in accordance with the regulations, if any, use prescribed supervisory information as evidence in any proceedings in relation to the administration or enforcement of this Act or the Winding-up and Restructuring Act that are commenced by the company, the Minister, the Superintendent or the Attorney General of Canada. Exceptions to subsections (1) and (2) (4) Despite subsections (1) and (2) and section 39.1 of the Office of the Superintendent of Financial Institutions Act , a court, tribunal or other body may, by order, require the Minister, the Superintendent or a company to give oral testimony or to produce any document relating to any prescribed supervisory information in any civil proceedings in relation to the administration or enforcement of this Act that are commenced by the Minister, the Superintendent, the Attorney General of Canada or the company. No waiver (5) The disclosure of any prescribed supervisory information, other than under subsection (3) or (4), does not constitute a waiver of the privilege referred to in subsection (1). Regulations (6) The Governor in Council may, for the purposes of subsection (3), make regulations respecting the circumstances in which prescribed supervisory information may be used as evidence. 1991, c. 45, s. 504; 1996, c. 6, s. 123; 2007, c. 6, s. 381; 2015, c. 36, s. 232
Trust and Loan Companies Act — T-19.8 504.01
No waiver 504.01 (1) For greater certainty, the disclosure by a company — or by a person who controls a company or by an entity that is affiliated with a company — to the Superintendent of any information that is subject to a privilege under the law of evidence, solicitor-client privilege or the professional secrecy of advocates and notaries or to litigation privilege does not constitute a waiver of any of those privileges or that secrecy. No disclosure (2) The Superintendent shall not disclose any information referred to in subsection (1) to any person whose powers, duties or functions include (a) the investigation or prosecution of an offence under any Act of Parliament or of the legislature of a province; or (b) the investigation of, or conduct of proceedings in respect of, a violation under an Act referred to in paragraph (a). 2018, c. 27, s. 168
Trust and Loan Companies Act — T-19.8 504.1
Disclosure by Superintendent 504.1 (1) The Superintendent shall disclose at such times and in such manner as the Minister may determine, such information obtained by the Superintendent under this Act as the Minister considers ought to be disclosed for the purposes of the analysis of the financial condition of a company and that (a) is contained in returns filed pursuant to the Superintendent’s financial regulatory reporting requirements in respect of companies; or (b) has been obtained as a result of an industry-wide or sectoral survey conducted by the Superintendent in relation to an issue or circumstances that could have an impact on the financial condition of companies. Prior consultation required (2) The Minister shall consult with the Superintendent before making any determination under subsection (1). 1996, c. 6, s. 124
Trust and Loan Companies Act — T-19.8 504.2
Disclosure by a company 504.2 (1) A company shall make available to the public such information concerning (a) the compensation of its executives, as that expression is defined by the regulations, and (b) its business and affairs for the purpose of the analysis of its financial condition, in such form and manner and at such times as may be required by or pursuant to such regulations as the Governor in Council may make for the purpose. Exemption by regulation (2) Paragraph (1)(a) does not apply to a company that is within such class or classes of companies as may be prescribed. 1996, c. 6, s. 124
Trust and Loan Companies Act — T-19.8 504.3
Exceptions to disclosure 504.3 Subject to any regulations made under section 444, no information obtained by a company regarding any of its customers shall be disclosed or made available under subsection 504.1(1) or section 504.2. 1996, c. 6, s. 124
Trust and Loan Companies Act — T-19.8 504.4
Report respecting disclosure 504.4 The Superintendent shall prepare a report, to be included in the report referred to in section 40 of the Office of the Superintendent of Financial Institutions Act , respecting the disclosure of information by companies and describing the state of progress made in enhancing the disclosure of information in the financial services industry. 1996, c. 6, s. 124; 2001, c. 9, s. 558
Trust and Loan Companies Act — T-19.8 505
Examination of companies 505 (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, whether the company is in a sound financial condition and whether the company has adequate policies and procedures to protect itself against threats to its integrity or security and adheres to those policies and procedures. After the conclusion of each examination and inquiry, the Superintendent shall report on it to the Minister. (1.1) [Repealed, 2023, c. 26, s. 523] 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 2023, c. 26, s. 523 2026, c. 3, s. 298
Trust and Loan Companies Act — T-19.8 506
Power of Superintendent on inquiry 506 The Superintendent has all the powers of a person appointed as a commissioner under Part II of the Inquiries Act for the purpose of obtaining evidence under oath, and may delegate those powers to any person acting under the Superintendent’s direction.
Trust and Loan Companies Act — T-19.8 506.1
Prudential agreement 506.1 The Superintendent may enter into an agreement, called a “prudential agreement”, with a company for the purposes of implementing any measure designed to maintain or improve its safety and soundness, establishing adequate policies and procedures to protect it against threats to its integrity or security or maintaining or improving its adherence to those policies and procedures. 2001, c. 9, s. 560 2023, c. 26, s. 524 2026, c. 3, s. 299
Trust and Loan Companies Act — T-19.8 507
Superintendent’s directions to company 507 (1) If, in the opinion of the Superintendent, a company, or a person with respect to a company, is committing, or is about to commit, an act that is an unsafe or unsound practice in conducting the business or affairs of the company, or is pursuing or is about to pursue any course of conduct that is an unsafe or unsound practice in conducting the business or affairs of the company, the Superintendent may direct the company or person to (a) cease or refrain from committing the act or pursuing the course of conduct; and (b) perform such acts as in the opinion of the Superintendent are necessary to remedy the situation. Directions — policies and procedures (1.1) If, in the opinion of the Superintendent, a company does not have adequate policies and procedures to protect itself against threats to its integrity or security or does not adhere to those policies and procedures, the Superintendent may direct the company to take any measures that in the opinion of the Superintendent are necessary to remedy the situation. Opportunity for representations (2) Subject to subsection (3), no direction shall be issued to a company or person under subsection (1) or (1.1) unless the company or person is provided with a reasonable opportunity to make representations in respect of the matter. Temporary direction (3) If, in the opinion of the Superintendent, the length of time required for representations to be made under subsection (2) might be prejudicial to the public interest, the Superintendent may make a temporary direction with respect to the matters referred to in paragraphs (1)(a) and (b) or subsection (1.1) having effect for a period of not more than 15 days. Idem (4) Subject to section 508, a temporary direction under subsection (3) continues to have effect after the expiration of the fifteen day period referred to in that subsection if no representations are made to the Superintendent within that period or, if representations have been made, the Superintendent notifies the company or person that the Superintendent is not satisfied that there are sufficient grounds for revoking the direction. 1991, c. 45, s. 507 2023, c. 26, s. 525 2026, c. 3, s. 300
Trust and Loan Companies Act — T-19.8 509
Court enforcement 509 (1) Where a company or person (a) is contravening or has failed to comply with a prudential agreement entered into under section 506.1 or a direction of the Superintendent issued to the company or person under subsection 507(1), (1.1) or (3), (b) is contravening this Act, or (c) has omitted to do any thing under this Act that is required to be done by or on the part of the company or person, the Superintendent may, in addition to any other action that may be taken under this Act, apply to a court for an order requiring the company or person to comply with the prudential agreement or direction, cease the contravention or do any thing that is required to be done, and on such application the court may so order and make any other order it thinks fit. Appeal (2) An appeal from a decision of a court under subsection (1) lies in the same manner, and to the same court, as an appeal from any other order of the court. 1991, c. 45, s. 509; 2001, c. 9, s. 561 2023, c. 26, s. 526
Trust and Loan Companies Act — T-19.8 509.01
Meaning of senior officer 509.01 In sections 509.1 and 509.2, senior officer means the chief executive officer, secretary, treasurer or controller of a company or any other officer reporting directly to the company’s board of directors or chief executive officer. 2001, c. 9, s. 562
Trust and Loan Companies Act — T-19.8 509.2
Removal of directors or senior officers 509.2 (1) The Superintendent may, by order, remove a person from office as a director or senior officer of a company if the Superintendent is of the opinion that the person is not suitable to hold that office (a) on the basis of the competence, business record, experience, conduct or character of the person; or (b) because the person has contravened or, by action or negligence, has contributed to the contravention of (i) this Act or the regulations made under it, (ii) a direction made under section 507, (iii) an order made under subsection 473(3), (iv) a condition or limitation in respect of the order approving the commencement and carrying on the company’s business, or (v) a prudential agreement entered into under section 506.1 or an undertaking given by the company to the Superintendent. Risk of prejudice (2) In forming an opinion under subsection (1), the Superintendent must consider whether the interests of the depositors and creditors of the company have been or are likely to be prejudiced by the person’s holding office as a director or senior officer. Representations may be made (3) The Superintendent must in writing notify the person concerned and the company of any removal order that the Superintendent proposes to make under subsection (1) and must afford them an opportunity within 15 days after the date of the notice, or within any longer period that the Superintendent allows, to make representations to the Superintendent in relation to the matter. Suspension (4) If the Superintendent is of the opinion that the public interest may be prejudiced by the director or senior officer continuing to exercise the powers or carry out the duties and functions of that office during the period for making representations, the Superintendent may make an order suspending the director or senior officer. The suspension may not extend beyond 10 days after the expiration of that period. Notice of order (5) The Superintendent shall, without delay, notify the director or senior officer, as the case may be, and the company of a removal order or suspension order. Consequences of removal order (6) The director or senior officer, as the case may be, ceases to hold that office as of the date the removal order is made or any later date specified in the order. Appeal (7) The director or senior officer, as the case may be, or the company may, within 30 days after the date of receipt of notice of the removal order under subsection (5), or within any longer period that the Court allows, appeal the matter to the Federal Court. Powers of Federal Court (8) The Federal Court, in the case of an appeal, may dismiss the appeal or set aside the removal order. Order not stayed by appeal (9) A removal order is not stayed by an appeal. 2001, c. 9, s. 564
Trust and Loan Companies Act — T-19.8 510
ice of proposed action (1.2) The Superintendent must notify a company of any action proposed to be taken in respect of it under paragraph (1)(b) and of its right to make written representations to the Superintendent within the time specified in the notice not exceeding ten days after it receives the notice. Notice — up to 16 days (1.3) If the Superintendent takes control of the assets of a company under paragraph (1.11)(a), the Superintendent shall notify the company that control has been taken at the direction of the Minister. Notice — more than 16 days (1.4) If the Minister is considering whether to exercise the powers under any of paragraphs (1.11)(b) to (d), the Superintendent shall notify the company of the action that is being considered and of its right to make written representations to the Minister within the time specified in the notice, not exceeding 10 days after it receives the notice. Notice — Committee and Review Agency (1.5) Within 30 days after exercising any of the powers under subsection (1.11), the Minister shall notify (a) the Committee , as defined in section 2 of the National Security and Intelligence Committee of Parliamentarians Act ; and (b) the Review Agency , as defined in section 2 of the National Security and Intelligence Review Agency Act . Objectives of Superintendent (2) If the Superintendent has control under subsection (1) or (1.11) of the assets of a company referred to in that subsection, the Superintendent may do all things necessary or expedient to protect the rights and interests of the depositors and creditors of the company or the beneficiaries of any trust under the administration of the company. Powers of Superintendent (3) If the Superintendent has control under subsection (1) or (1.11) of the assets of a company referred to in that subsection, (a) the company shall not make, acquire or transfer any loan or make any purchase, sale or exchange of securities or any disbursement or transfer of cash of any kind without the prior approval of the Superintendent or a representative designated by the Superintendent; and (b) no director, officer or employee of the company shall have access to any cash or securities held by or under the administration of the company unless (i) a representative of the Superintendent accompanies the director, officer or employee, or (ii) the access is previously authorized by the Superintendent or the Superintendent’s representative. 1991, c. 45, s. 510; 1996, c. 6, s. 127; 2001, c. 9, s. 565 2023, c. 26, s. 527
Trust and Loan Companies Act — T-19.8 511 to 513
511 to 513 [Repealed, 1996, c. 6, s. 128]
Trust and Loan Companies Act — T-19.8 514
Powers of directors and officers suspended 514 (1) If the Superintendent takes control of a company under subparagraph 510(1)(b)(iii) or paragraph 510(1.11)(d), 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. Superintendent to manage company (2) If the Superintendent takes control of a company under subparagraph 510(1)(b)(iii) or paragraph 510(1.11)(d), 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. Persons to assist (3) If the Superintendent takes control of a company under subparagraph 510(1)(b)(iii) or paragraph 510(1.11)(d), the Superintendent may appoint one or more persons to assist in the management of the company. 1991, c. 45, s. 514; 1996, c. 6, s. 129 2023, c. 26, s. 528(E)
Trust and Loan Companies Act — T-19.8 515
Expiration of control 515 (1) Control by the Superintendent under subsection 510(1) of a company or of the assets of a company and the assets held in trust by or under the administration of the company expires on the day on which a notice by the Superintendent is sent to the directors and officers who conducted the business and affairs of the company stating that the Superintendent is of the opinion that the circumstances leading to the taking of control by the Superintendent have been substantially rectified and that the company can resume control of its business and affairs. Expiration of control — Minister’s direction (2) Control by the Superintendent under subsection 510(1.11) of a company or of the assets of a company and the assets held in trust by or under the administration of the company expires on the day on which a notice by the Superintendent is sent to the directors and officers who conducted the business and affairs of the company stating that the Minister is of the opinion, on the recommendation of the Superintendant, that corrective measures have been taken in response to the reasons related to national security and that the company can resume control of its business and affairs. 1991, c. 45, s. 515; 1996, c. 6, s. 129 2023, c. 26, s. 529
Trust and Loan Companies Act — T-19.8 515.1
Superintendent may request winding-up 515.1 The Superintendent may, at any time before the receipt of a request under section 516 to relinquish control of a company or of the assets of a company and the assets held in trust by or under the administration of the company, request the Attorney General of Canada to apply for a winding-up order under section 10.1 of the Winding-up and Restructuring Act in respect of the company where (a) the assets of the company and the assets held in trust by or under the administration of the company are under the control of the Superintendent under subparagraph 510(1)(b)(i) or (ii) or paragraph 510(1.11)(b) or (c); or (b) the company is under the control of the Superintendent under subparagraph 510(1)(b)(iii) or paragraph 510(1.11)(d). 1996, c. 6, s. 129 2023, c. 26, s. 530