Trust and Loan Companies Act — T-19.8 453
 may be permitted under paragraph (2)(e) or as may be permitted to a company under paragraph 409(2)(c); (c) acting as an executor, administrator or official guardian or as a guardian, tutor, curator, judicial adviser or committee of a mentally incompetent person; (d) being a trustee for a trust; (e) activities that a company is not permitted to engage in under any regulation made under section 416 if the entity engages in the activities of a finance entity or of any other entity as may be prescribed; (f) acquiring control of or acquiring or holding a substantial investment in another entity unless (i) in the case of an entity that is controlled by the company, the company itself would be permitted under this Part to acquire a substantial investment in the other entity, or (ii) in the case of an entity that is not controlled by the company, the company itself would be permitted to acquire a substantial investment in the other entity under subsection (1) or (2) or 451(2), paragraph 451(3)(b) or (c) or subsection 451(4); or (g) any prescribed activity. Exception (3.1) Despite paragraph (3)(d), a company may acquire control of, or acquire or increase a substantial investment in, any entity that acts as a trustee for a trust if the entity has been permitted under the laws of a province to act as a trustee for a trust and the following conditions are satisfied: (a) the entity acts as a trustee only with respect to a closed-end fund or mutual fund entity; and (b) if the entity engages in other business, that business is limited to engaging in one or more of the following: (i) the activities of a mutual fund distribution entity, (ii) any activity that a company is permitted to engage in under paragraph 410(1)(d.1), and (iii) the provision of investment counselling services and portfolio management services. Control (4) Subject to subsection (8) and the regulations, a company may not acquire control of, or acquire or increase a substantial investment in, (a) an entity referred to in any of paragraphs (1)(a) to (j), unless (i) the company controls, within the meaning of paragraph 3(1)(d), the entity, or would thereby acquire control, within the meaning of that paragraph, of the entity, or (ii) the company is permitted by regulations made under paragraph 459(a) to acquire or increase the substantial investment; (b) an entity whose business includes one or more of the activities referred to in paragraph (2)(a) and that engages, as part of its business, in any financial intermediary activity that exposes the entity to material market or credit risk, including a finance entity, a factoring entity and a financial leasing entity, unless (i) the company controls, within the meaning of paragraph 3(1)(d), the entity, or would thereby acquire control, within the meaning of that paragraph, of the entity, or (ii) the company is permitted by regulations made under paragraph 459(a) to acquire or increase the substantial investment; or (c) an entity whose business includes an activity referred to in paragraph (2)(b), including a specialized financing entity, unless (i) the company controls, within the meaning of paragraph 3(1)(d), the entity, or would thereby acquire control, within the meaning of that paragraph, of the entity, (ii) the company is permitted by regulations made under paragraph 459(a) to acquire or increase the substantial investment, or (iii) subject to prescribed terms and conditions, if any are prescribed, the activities of the entity do not include the acquisition or holding of control of, or the acquisition or holding of shares or other ownership interests in, an entity referred to in paragraph (a) or (b) or an entity that is not a permitted entity. Minister’s approval (5) Subject to the regulations, a company may not, without the prior written approval of the Minister, (a) acquire control of an entity referred to in paragraphs (1)(g) to (i) from a person who is not a member of the company’s group; (b) acquire control of an entity