GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Trust and Loan Companies Act — T-19.8 516
Requirement to relinquish control 516 If no action has been taken by the Superintendent under section 515.1 and, after 30 days following the taking of control by the Superintendent under subsection 510(1) or (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, the Superintendent receives from its board of directors a notice in writing requesting the Superintendent to relinquish control, the Superintendent shall, not later than 12 days after receipt of the notice, (a) comply with the request; or (b) 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. 1991, c. 45, s. 516; 1996, c. 6, s. 129 2023, c. 26, s. 531(E)
Trust and Loan Companies Act — T-19.8 517
Advisory committee 517 The Superintendent may, from among the companies that are subject to an assessment under section 23 of the Office of the Superintendent of Financial Institutions Act and required to share in the expenses resulting from the taking of control of a company under subsection 510(1) or (1.11), appoint a committee of not more than six members to advise the Superintendent in respect of assets, management and all other matters pertinent to the duties and responsibilities of the Superintendent in exercising control of the company. 1991, c. 45, s. 517; 1996, c. 6, s. 129 2023, c. 26, s. 532(E)
Trust and Loan Companies Act — T-19.8 518
Expenses payable by company 518 (1) If the Superintendent has taken control of a company under subparagraph 510(1)(b)(iii) or paragraph 510(1.11)(d) and the control expires or is relinquished under section 515 or paragraph 516(a), the Superintendent may direct that the company be liable for repayment of all or part of the expenses resulting from the taking of control of the company and assessed against and paid by other companies under section 23 of the Office of the Superintendent of Financial Institutions Act , together with any interest in respect of the expenses at any rate that is specified by the Superintendent. Debt due to Her Majesty (2) Where any direction is made under subsection (1), the amount for which the company is liable is a debt due to Her Majesty in right of Canada payable on demand and is recoverable in the Federal Court or any other court of competent jurisdiction. 1991, c. 45, s. 518; 1996, c. 6, s. 130 2023, c. 26, s. 533(E)
Trust and Loan Companies Act — T-19.8 519
Priority of claim in liquidation 519 In the case of the winding-up of a company, the expenses resulting from the taking of control of the company under subsection 510(1) or (1.11) and assessed against and paid by other companies under section 23 of the Office of the Superintendent of Financial Institutions Act , and interest in respect of the expenses at any rate that is specified by the Superintendent, constitute a claim of His Majesty in right of Canada against the assets of the company that ranks after all other claims but prior to any claim in respect of the shares of the company. 1991, c. 45, s. 519; 1996, c. 6, s. 131(E) 2023, c. 26, s. 534(E)
Trust and Loan Companies Act — T-19.8 520
Application of assessment 520 Any amount recovered pursuant to section 518 or 519 shall be applied to reduce the total amount of expenses incurred for or in connection with the administration of this Act.
Trust and Loan Companies Act — T-19.8 520.1
Required information 520.1 A company shall provide the Commissioner with the information at the times and in the form that the Commissioner may require for the purposes of the administration of the Financial Consumer Agency of Canada Act and the consumer provisions. 2001, c. 9, s. 566
Trust and Loan Companies Act — T-19.8 520.2
Confidential information 520.2 (1) Subject to subsection (2), information regarding the business or affairs of a company or regarding persons dealing with one that is obtained by the Commissioner or by any person acting under the direction of the Commissioner, in the course of the exercise or performance of powers, duties and functions referred to in subsection 5(1) of the Financial Consumer Agency of Canada Act , and any information prepared from that information, is confidential and shall be treated accordingly. Disclosure permitted (2) If the Commissioner is satisfied that the information will be treated as confidential by the agency, body or person to whom it is disclosed, subsection (1) does not prevent the Commissioner from disclosing it (a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision; (b) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision; (c) to the Canada Deposit Insurance Corporation for purposes related to its operation; and (d) 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. 2001, c. 9, s. 566
Trust and Loan Companies Act — T-19.8 520.3
Examination 520.3 (1) The Commissioner, from time to time, but at least once in each calendar year, shall make or cause to be made any examination and inquiry that the Commissioner considers necessary for the purposes of satisfying the Commissioner that the applicable consumer provisions are being complied with and, after the conclusion of each examination and inquiry, shall report on it to the Minister. Access to records of company (2) The Commissioner or a person acting under the Commissioner’s direction in carrying out his or her duties under subsection (1) (a) has a right of access to any records, including electronic records, of a company; and (b) may require the directors or officers of a company to provide information and explanations, to the extent that they are reasonably able to do so, in respect of any matter subject to examination or inquiry under subsection (1). 2001, c. 9, s. 566
Trust and Loan Companies Act — T-19.8 520.4
Power of Commissioner on inquiry 520.4 The Commissioner, in carrying out his or her duties in relation to consumer provisions, 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 Commissioner’s direction. 2001, c. 9, s. 566
Trust and Loan Companies Act — T-19.8 520.5
Compliance agreement 520.5 The Commissioner may enter into an agreement, called a “compliance agreement”, with a company for the purposes of implementing any measure designed to further compliance by it with the consumer provisions. 2001, c. 9, s. 566
Trust and Loan Companies Act — T-19.8 520.6
Execution of documents 520.6 Any by-law, notice, resolution, requisition, statement or other document required or permitted to be executed or signed by more than one person for the purposes of this Act may be executed or signed in several documents of like form, each of which is executed or signed by one or more of the persons. The documents if duly executed or signed by all persons required or permitted to sign them are deemed to constitute one document for the purposes of this Act. 2005, c. 54, s. 446
Trust and Loan Companies Act — T-19.8 521
Notice to directors and shareholders 521 A notice or document required by this Act or the regulations or by the incorporating instrument or by-laws of a company to be sent to a shareholder or director of a company may be sent by prepaid mail addressed to, or may be delivered personally to, (a) the shareholder at the shareholder’s latest address as shown in the records of the company or its transfer agent; and (b) the director at the director’s latest address as shown in the records of the company or in the latest return made under section 499.
Trust and Loan Companies Act — T-19.8 522
Presumption from return 522 A director named in the latest return sent by a company to the Superintendent under section 499 is presumed for the purposes of this Act to be a director of the company referred to in the return.
Trust and Loan Companies Act — T-19.8 523
Presumption of receipt 523 (1) A notice or document sent by mail in accordance with section 521 to a shareholder or director is deemed to be received by the shareholder or director at the time it would be delivered in the ordinary course of mail unless there are reasonable grounds for believing that the shareholder or director did not receive the notice or document at that time or at all. Undelivered notices (2) If a company sends a notice or document to a shareholder in accordance with section 521 and it is returned on two consecutive occasions because the shareholder cannot be found, the company is not required to send any further notices or documents to the shareholder until it is informed in writing of their new address. 1991, c. 45, s. 523; 2005, c. 54, s. 447
Trust and Loan Companies Act — T-19.8 524
Service on a company 524 A notice or document required by this Act to be sent to or served on a company may be sent by registered mail to the head office of the company and, if so sent, is deemed to be received or served at the time it would be delivered in the ordinary course of mail unless there are reasonable grounds for believing that the company did not receive the notice or document at that time or at all.
Trust and Loan Companies Act — T-19.8 525
Certificate of company 525 (1) A certificate issued on behalf of a company stating any fact that is set out in the incorporating instrument, the by-laws, the minutes of the meetings of the directors, a committee of directors or the shareholders, or in a contract to which the company is a party, may be signed by a director or an officer of the company. Proof of certain cases (2) When introduced as evidence in any civil, criminal or administrative action or proceeding, (a) a fact stated in a certificate referred to in subsection (1), (b) a certified extract from a securities register of a company, or (c) a certified copy of, or an extract from, minutes of a meeting of shareholders, directors or a committee of directors of a company is, in the absence of evidence to the contrary, proof of the facts so certified without proof of the signature or official character of the person appearing to have signed the certificate.
Trust and Loan Companies Act — T-19.8 526
Entry in securities register 526 An entry in the securities register of, or on a security certificate issued by, a company is evidence that the person in whose name the security is registered is the owner of the securities described in the register or in the certificate. 1991, c. 45, s. 526; 2005, c. 54, s. 448(F)
Trust and Loan Companies Act — T-19.8 527
Verification of documents or fact 527 (1) The Superintendent may require that a document or a fact stated in a document that is required by or under this Act to be sent to the Superintendent or to the Minister be verified in accordance with subsection (2). Form of proof (2) A document or fact required by this Act or by the Superintendent to be verified may be verified by affidavit made under oath or by statutory declaration under the Canada Evidence Act before any commissioner for oaths or for taking affidavits.
Trust and Loan Companies Act — T-19.8 527.1
Alternative means of publication 527.1 (1) Anything that is required by a provision of this Act to be published in the Canada Gazette or to be published in any other way may, instead of being published in that way, be published in any manner that may be prescribed for the purpose of that provision. Alternative means of publishing summaries (2) Anything that is required by a provision of this Act to be summarized in a publication may instead be summarized and published in any manner that may be prescribed for the purpose of that provision. Publication conditions (3) Any condition under a provision of this Act that something be published in the Canada Gazette or in any other way is satisfied if that thing is published instead in any manner that may be prescribed for the purpose of that provision. Other consequences (4) Where a provision of this Act provides for consequences to follow the publication of something in the Canada Gazette or in any other manner, the same consequences follow the publication of that thing in any other manner that may be prescribed for the purpose of that provision. 1997, c. 15, s. 407
Trust and Loan Companies Act — T-19.8 527.2
Definition of approval 527.2 In sections 527.3 to 527.8, approval includes any consent, designation, order, exemption, extension or other permission granted by the Minister or the Superintendent under this Act, and includes the issuance of letters patent. 2001, c. 9, s. 567; 2007, c. 6, s. 382
Trust and Loan Companies Act — T-19.8 527.3
Matters to take into account — Minister 527.3 (1) In addition to any matters or conditions provided for in this Act that are relevant to the granting of an approval, the Minister may, in considering whether to grant the approval, take into account all matters that he or she considers relevant in the circumstances, including (a) national security; and (b) Canada’s international relations and its international legal obligations. Matters to take into account — Superintendent (2) In addition to any matters or conditions provided for in this Act that are relevant to the granting of an approval and to any prudential considerations that the Superintendent considers relevant in the circumstances, the Superintendent may, in considering whether to grant the approval, take into account (a) national security; and (b) Canada’s international relations and its international legal obligations. 2007, c. 6, s. 382
Trust and Loan Companies Act — T-19.8 527.4
Minister — terms, conditions and undertakings 527.4 (1) In addition to any other action that may be taken under this Act, the Minister may, in granting an approval, impose any terms and conditions or require any undertaking that the Minister considers appropriate, including any terms, conditions or undertakings specified by the Superintendent to maintain or improve the safety and soundness of any financial institution that is regulated under an Act of Parliament and to which the approval relates, or that might be affected by it, or to ensure that such a financial institution has adequate policies and procedures to protect itself against threats to its integrity or security and adheres to those policies and procedures. Commissioner — supervision of terms, conditions and undertakings (1.1) If the Minister specifies that the Commissioner is to supervise a company to determine if it is complying with any terms and conditions that are imposed, or undertakings that are required, by the Minister for the protection of the company’s customers, the Commissioner may take the same measures that the Commissioner could take if the terms and conditions or undertaking were a consumer provision. Superintendent — terms, conditions and undertakings (2) In addition to any other action that may be taken under this Act, the Superintendent may, in granting an approval, impose any terms and conditions or require any undertaking that the Superintendent considers appropriate. 2007, c. 6, s. 382; 2010, c. 12, s. 1861 2023, c. 26, s. 535 2026, c. 3, s. 301
Trust and Loan Companies Act — T-19.8 527.5
Revocation, suspension or amendment of approval — Minister 527.5 (1) The Minister may revoke, suspend or amend any approval granted by the Minister if he or she considers it appropriate to do so. In deciding whether to take any of those actions, the Minister may take into account all matters that he or she considers relevant in the circumstances, including (a) national security; and (b) Canada’s international relations and its international legal obligations. Revocation, suspension or amendment of approval — Superintendent (2) The Superintendent may revoke, suspend or amend any approval granted by the Superintendent if he or she considers it appropriate to do so. In deciding whether to take any of those actions, the Superintendent may take into account any prudential considerations that he or she considers relevant in the circumstances and (a) national security; and (b) Canada’s international relations and its international legal obligations. Representations (3) Before taking any action under subsection (1) or (2), the Minister or the Superintendent, as the case may be, shall give the person concerned a reasonable opportunity to make representations. Temporary suspension or amendment (4) If, in the Minister’s opinion, the length of time required for representations to be made under subsection (3) might be prejudicial to the public interest, the Minister may temporarily suspend or amend any approval granted by the Minister. Cessation of effect (5) A temporary suspension or amendment of an approval ceases to have effect on the earlier of (a) the expiry of 30 days after the day on which it takes effect or of a shorter period that is specified by the Minister, and (b) if the approval is revoked, suspended or amended under subsection (1), the day on which the revocation, suspension or amendment takes effect. 2007, c. 6, s. 382 2023, c. 26, s. 536
Trust and Loan Companies Act — T-19.8 527.51
Confidential undertaking 527.51 (1) If, in the Minister’s opinion, the disclosure of information about an undertaking required under subsection 527.4(1) or 527.5(1) or (4), or information that could reveal the existence of the undertaking, could pose a threat to the integrity or security of the financial institution to which the undertaking relates or could be injurious to national security, the Minister may specify that the information is confidential and shall be treated accordingly. Prohibition (2) Despite anything in this Act but subject to subsection (3), it is prohibited to disclose any confidential information referred to in subsection (1) except in accordance with any terms or conditions that the Minister may specify in the undertaking. Notice — Committee and Review Agency (3) If the Minister specifies under subsection (1) that information referred to in that subsection is confidential for reasons related to national security, the Minister shall, within 30 days after the day on which the undertaking in question is required, 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 . 2023, c. 26, s. 537
Trust and Loan Companies Act — T-19.8 527.6
Effect of non-compliance on approval 527.6 (1) Unless otherwise expressly provided in this Act, a failure to comply with a term, condition or undertaking imposed or required under any provision of this Act does not invalidate the approval to which the term, condition or undertaking relates. Non-compliance (2) In addition to any other action that may be taken under this Act, in the case of non-compliance by a person with a term, condition or undertaking imposed or required under any provision of this Act, the Minister or the Superintendent, as the case may be, may (a) revoke, suspend or amend the approval to which the term, condition or undertaking relates; or (b) apply to a court for an order directing the person to comply with the term, condition or undertaking, and on such an application the court may make the order and any other order that it thinks fit. Representations (3) Before taking any action under subsection (2), the Minister or the Superintendent, as the case may be, shall give the person concerned a reasonable opportunity to make representations. Revocation, suspension or amendment (4) At the request of the person concerned, the Minister or the Superintendent, as the case may be, may revoke, suspend or amend any terms or conditions imposed by him or her and may revoke or suspend an undertaking given to him or her or approve its amendment. 2007, c. 6, s. 382
Trust and Loan Companies Act — T-19.8 527.7
Multiple approval — other approvals 527.7 The Minister or the Superintendent may grant more than one approval, other than letters patent, in a single instrument if he or she considers it appropriate to do so, and if the Minister or Superintendent does so, he or she may specify different effective dates for each of the approvals. 2007, c. 6, s. 382
Trust and Loan Companies Act — T-19.8 527.8
Exemption in relation to notices of intention 527.8 The Superintendent may, on application, exempt an applicant or applicants from the provisions of this Act respecting the publication of a notice of intention in respect of applications for approvals and impose any terms and conditions respecting the publication of the notice of intention that he or she considers appropriate. 2007, c. 6, s. 382
Trust and Loan Companies Act — T-19.8 527.81
Calculations — generally accepted accounting principles 527.81 (1) If, as a result of a change to the accounting principles referred to in subsection 313(4) — whether the change is made before or after this section comes into force — the Superintendent considers, given any prudential considerations that he or she considers relevant, that any amount, calculation or valuation under this Act or the regulations is not appropriate, the Superintendent may specify the amount that is to be used or the calculation or valuation that is to be performed instead. Canada Gazette (2) The Superintendent shall cause a notice of the specification to be published in the Canada Gazette within 60 days after the day on which the specification has effect. Five-year limit (3) The specification ceases to have effect on the day indicated in the notice, which may be no later than five years after the day on which the specification is made. 2012, c. 5, s. 181