GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Trust and Loan Companies Act — T-19.8 444.3
Regulations re disclosure 444.3 The Governor in Council may, subject to any other provisions of this Act relating to the disclosure of information, make regulations respecting the disclosure of information by companies or any prescribed class of companies, including regulations respecting (a) the information that must be disclosed, including information relating to (i) any product or service or prescribed class of products or services offered by them, (ii) any of their policies, procedures or practices relating to the offer by them of any product or service or prescribed class of products or services, (iii) anything they are required to do or to refrain from doing under a consumer provision, and (iv) any other matter that may affect their dealings, or their employees’ or representatives’ dealings, with customers or the public; (b) the time and place at which, the form and manner in which and the persons to whom information is to be disclosed; and (c) the content and form of any advertisement by companies or any prescribed class of companies relating to any matter referred to in paragraph (a). 2001, c. 9, s. 548; 2007, c. 6, s. 368; 2012, c. 5, s. 178
Trust and Loan Companies Act — T-19.8 445
Bank Act security 445 A bank that is continued as a company under this Act that, immediately before that continuance, held any outstanding security pursuant to section 426 or 427 of the Bank Act may continue to hold the security for the life of the loan to which the security relates and all the provisions of the Bank Act relating to the security and its enforcement continue to apply to the company as though it were a bank. 1991, c. 45, ss. 445, 559
Trust and Loan Companies Act — T-19.8 446
Transmission in case of death 446 (1) Where the transmission of a debt owing by a company by reason of a deposit, of property held by a company as security or for safe-keeping or of rights with respect to a safety deposit box and property deposited therein takes place because of the death of a person, the delivery to the company of (a) an affidavit or declaration in writing in form satisfactory to the company signed by or on behalf of a person claiming by virtue of the transmission stating the nature and effect of the transmission, and (b) one of the following documents, namely, (i) when the claim is based on a will or other testamentary instrument or on a grant of probate thereof or on such a grant and letters testamentary or other document of like import or on a grant of letters of administration or other document of like import, purporting to be issued by any court of authority in Canada or elsewhere, an authenticated copy or certificate thereof under the seal of the court or authority without proof of the authenticity of the seal or other proof, or (ii) when the claim is based on a notarial will, an authenticated copy thereof, is sufficient justification and authority for giving effect to the transmission in accordance with the claim. Idem (2) Nothing in subsection (1) shall be construed to prevent a company from refusing to give effect to a transmission until there has been delivered to the company such documentary or other evidence of or in connection with the transmission as it may deem requisite.
Trust and Loan Companies Act — T-19.8 447
Branch of account with respect to deposits 447 (1) For the purposes of this Act, the branch of account with respect to a deposit account is (a) the branch the address or name of which appears on the specimen signature card or other signing authority signed by a depositor with respect to the deposit account or that is designated by agreement between the company and the depositor at the time of opening of the deposit account; or (b) if no branch has been identified or agreed on as provided in paragraph (a), the branch that is designated as the branch of account with respect thereto by the company by notice in writing to the depositor. Where debt payable (2) The amount of any debt owing by a company by reason of a deposit in a deposit account in the company is payable to the person entitled thereto only at the branch of account and the person entitled thereto is not entitled to demand payment or to be paid at any other branch of the company. Idem (3) Notwithstanding subsection (2), a company may permit, either occasionally or as a regular practice, the person to whom the company is indebted by reason of a deposit in a deposit account in the company to withdraw moneys owing by reason of that deposit at a branch of the company other than the branch of account or to draw cheques or other orders for the payment of such moneys at a branch other than the branch of account. Situs of indebtedness (4) The indebtedness of a company by reason of a deposit in a deposit account in the company shall be deemed for all purposes to be situated at the place where the branch of account is situated.
Trust and Loan Companies Act — T-19.8 448
e support order or support provision. ( avis d’exécution ) support order means an order or judgment or interim order or judgment for family financial support. ( ordonnance alimentaire ) support provision means a provision of an agreement relating to the payment of maintenance or family financial support. ( disposition alimentaire ) 1991, c. 45, s. 448; 2001, c. 9, s. 549; 2005, c. 19, s. 64
Trust and Loan Companies Act — T-19.8
designated office means a place designated in accordance with regulations made for the purpose of subsection (3). ( bureau désigné )
Trust and Loan Companies Act — T-19.8
enforcement notice , in respect of a support order or support provision, means a garnishee summons or other instrument issued under the laws of a province for the enforcement of the support order or support provision. ( avis d’exécution )
Trust and Loan Companies Act — T-19.8
support order means an order or judgment or interim order or judgment for family financial support. ( ordonnance alimentaire )
Trust and Loan Companies Act — T-19.8
support provision means a provision of an agreement relating to the payment of maintenance or family financial support. ( disposition alimentaire )
Trust and Loan Companies Act — T-19.8 449
 paid to the mutual fund; and (b) the existence of a sales commission and service fee in respect of the sale of any such interest is disclosed to the purchaser of the interest before the purchase of the interest. ( courtier de fonds mutuels ) mutual fund entity means an entity (a) whose activities are limited to the investing of the funds of the entity so as to provide investment diversification and professional investment management to the holders of its securities; and (b) whose securities entitle their holders to receive, on demand, or within a specified period after demand, an amount computed by reference to the value of a proportionate interest in the whole or in a part of its net assets, including a separate fund or trust account of the entity. ( entité s’occupant de fonds mutuels ) participating share means a share of a body corporate that carries the right to participate in the earnings of the body corporate to an unlimited degree and to participate in a distribution of the remaining property of the body corporate on dissolution. ( action participante ) permitted entity means an entity in which a company is permitted to acquire a substantial investment under section 453. ( entité admissible ) prescribed subsidiary means a subsidiary that is one of a prescribed class of subsidiaries. ( filiale réglementaire ) specialized financing entity means a specialized financing entity as defined in the regulations. ( entité s’occupant de financement spécial ) Members of a company’s group (2) For the purpose of this Part, a member of a company’s group is any of the following: (a) an entity referred to in any of paragraphs 453(1)(a) to (f) that controls the company; (b) a subsidiary of the company or of an entity referred to in any of paragraphs 453(1)(a) to (f) that controls the company; (c) an entity in which the company, or an entity referred to in any of paragraphs 453(1)(a) to (f) that controls the company, has a substantial investment; or (d) a prescribed entity in relation to the company. Non-application of Part (3) This Part does not apply in respect of (a) money or other assets held in trust by a company, other than guaranteed trust money and assets held in respect thereof; (b) the holding of a security interest in real property, unless the security interest is prescribed pursuant to paragraph 467(a) to be an interest in real property; or (c) the holding of a security interest in securities of an entity. 1991, c. 45, ss. 449, 560; 1993, c. 34, s. 128(F); 1997, c. 15, s. 386; 2001, c. 9, s. 550; 2007, c. 6, s. 369; 2008, c. 28, s. 163; 2018, c. 27, s. 135
Trust and Loan Companies Act — T-19.8
business growth fund means Canadian Business Growth Fund (GP) Inc., a corporation incorporated under the Canada Business Corporations Act . ( fonds de croissance des entreprises )
Trust and Loan Companies Act — T-19.8 (a)
closed-end fund means an entity whose activities are limited to investing the funds of the entity so as to provide investment diversification and professional investment management to the holders of its securities, and whose securities are (a) fixed in number and distributed to the public in an offering under a preliminary prospectus, prospectus, short-form prospectus or similar document in accordance with the laws of a province or a foreign jurisdiction; (b) traded on an exchange or an over-the-counter market; and (c) liquidated on a fixed future termination date, the proceeds of which are allocated to the holders of the securities on a proportional basis. ( fonds d’investissement à capital fixe )
Trust and Loan Companies Act — T-19.8 (a)
litical subdivision thereof, or by any agency thereof, or by a prescribed international agency, (iii) debt obligations that are guaranteed by, or fully secured by securities issued by, a government, a municipality or an agency referred to in subparagraph (ii), (iv) debt obligations that are widely distributed, as that expression is defined by the regulations, or (v) debt obligations of an entity controlled by the company; and (c) an investment in shares of a body corporate or ownership interests in an unincorporated entity, other than (i) shares or ownership interests that are widely distributed, as that expression is defined by the regulations, (ii) shares or ownership interests of an entity controlled by the company, or (iii) participating shares. ( prêt commercial )
Trust and Loan Companies Act — T-19.8
factoring entity means a factoring entity as defined in the regulations. ( entité s’occupant d’affacturage )
Trust and Loan Companies Act — T-19.8
finance entity means a finance entity as defined in the regulations. ( entité s’occupant de financement )
Trust and Loan Companies Act — T-19.8 (a)
financial leasing entity means an entity (a) the activities of which are limited to the financial leasing of personal property and such related activities as are prescribed and whose activities conform to such restrictions and limitations thereon as are prescribed; and (b) that, in conducting the activities referred to in paragraph (a) in Canada, does not (i) direct its customers or potential customers to particular dealers in the leased property or the property to be leased, (ii) enter into lease agreements with persons in respect of any motor vehicle having a gross vehicle weight, as that expression is defined by the regulations, of less than twenty-one tonnes, or (iii) enter into lease agreements with natural persons in respect of personal household property, as that expression is defined by the regulations. ( entité s’occupant de crédit-bail )
Trust and Loan Companies Act — T-19.8
loan includes an acceptance, endorsement or other guarantee, a deposit, a financial lease, a conditional sales contract, a repurchase agreement and any other similar arrangement for obtaining funds or credit but does not include investments in securities. ( prêt ou emprunt )
Trust and Loan Companies Act — T-19.8 (a)
motor vehicle means a motorized vehicle designed to be used primarily on a public highway for the transportation of persons or things, but does not include (a) a fire-engine, bus, ambulance or utility truck; or (b) any other special purpose motorized vehicle that contains significant special features that make it suitable for a specific purpose. ( véhicule à moteur )
Trust and Loan Companies Act — T-19.8 (a)
mutual fund distribution entity means an entity whose principal activity is acting as a selling agent of units, shares or other interests in a mutual fund and acting as a collecting agent in the collection of payments for any such interests if (a) the proceeds of the sales of any such interests, less any sales commissions and service fees, are paid to the mutual fund; and (b) the existence of a sales commission and service fee in respect of the sale of any such interest is disclosed to the purchaser of the interest before the purchase of the interest. ( courtier de fonds mutuels )
Trust and Loan Companies Act — T-19.8 (a)
mutual fund entity means an entity (a) whose activities are limited to the investing of the funds of the entity so as to provide investment diversification and professional investment management to the holders of its securities; and (b) whose securities entitle their holders to receive, on demand, or within a specified period after demand, an amount computed by reference to the value of a proportionate interest in the whole or in a part of its net assets, including a separate fund or trust account of the entity. ( entité s’occupant de fonds mutuels )
Trust and Loan Companies Act — T-19.8
participating share means a share of a body corporate that carries the right to participate in the earnings of the body corporate to an unlimited degree and to participate in a distribution of the remaining property of the body corporate on dissolution. ( action participante )
Trust and Loan Companies Act — T-19.8
permitted entity means an entity in which a company is permitted to acquire a substantial investment under section 453. ( entité admissible )
Trust and Loan Companies Act — T-19.8
prescribed subsidiary means a subsidiary that is one of a prescribed class of subsidiaries. ( filiale réglementaire )
Trust and Loan Companies Act — T-19.8
specialized financing entity means a specialized financing entity as defined in the regulations. ( entité s’occupant de financement spécial )
Trust and Loan Companies Act — T-19.8 450
Investment standards 450 The directors of a company shall establish and the company shall adhere to investment and lending policies, standards and procedures that a reasonable and prudent person would apply in respect of a portfolio of investments and loans to avoid undue risk of loss and obtain a reasonable return. 1991, c. 45, s. 450; 2001, c. 9, s. 550
Trust and Loan Companies Act — T-19.8 450.1
Limit — business growth fund 450.1 (1) The aggregate value of all ownership interests in the business growth fund and the entities that the business growth fund controls that a company and its subsidiaries hold must not exceed $200,000,000. Application (2) For the purposes of subsection (1), the value of an ownership interest is determined by the amount paid for it at the time of its issuance. 2018, c. 27, s. 136
Trust and Loan Companies Act — T-19.8 451
value of those ownership interests as determined by the amount paid for them at the time each was first acquired by any of those entities; and (b) the outstanding principal of all loans held by the business growth fund or the entities that the business growth fund controls. Exception: uncontrolled event (5) A company is deemed not to contravene subsection (1) if the company acquires control of, or acquires or increases a substantial investment in, an entity solely as the result of an event not within the control of the company. Non-application of subsection (2) (5.1) No company shall, under subsection (2), acquire control of, or acquire or increase a substantial investment in, an entity referred to in paragraph 453(1)(j). Holding (5.2) If a company holds a substantial investment in an entity referred to in paragraph 453(1)(j) that it acquired or increased under subsection (2) before the coming into force of subsection (5.1), the company may continue to hold that substantial investment. Application of other provision (6) Despite having acquired control of, or a substantial investment in, an entity under a particular provision of this Part, a company may continue to control the entity or hold the substantial investment in the entity as though it had made the acquisition under another provision of this Part so long as the conditions of that other provision are met. Timing of deemed acquisition (7) If a company decides to exercise its right under subsection (6), the company is deemed to be acquiring the control or the substantial investment under the other provision. 1991, c. 45, s. 451; 1997, c. 15, s. 387; 2001, c. 9, s. 550; 2007, c. 6, s. 370; 2013, c. 40, s. 167; 2018, c. 27, s. 137
Trust and Loan Companies Act — T-19.8 452
Regulations 452 The Governor in Council may make regulations (a) respecting the determination of the amount or value of loans, investments and interests for the purposes of this Part; (b) respecting the loans and investments, and the maximum aggregate amount of all loans and investments, that may be made or acquired by a company and its prescribed subsidiaries to or in a person and any persons connected with that person; (c) specifying the classes of persons who are connected with any person for the purposes of paragraph (b); and (d) concerning specialized financing for the purposes of subsection 451(4). 1991, c. 45, s. 452; 2001, c. 9, s. 550
Trust and Loan Companies Act — T-19.8 453
e entity. Prohibition on giving up control in fact (9) A company that, under subsection (4), controls an entity may not, without the prior written approval of the Minister, give up control, within the meaning of paragraph 3(1)(d), of the entity while it continues to control the entity. Giving up control (10) A company that, under subsection (4), controls an entity may, with the prior written approval of the Superintendent, give up control of the entity while keeping a substantial investment in the entity if (a) the company is permitted to do so by regulations made under paragraph 459(c); or (b) the entity meets the conditions referred to in subparagraph (4)(c)(iii). Subsections do not apply (11) If a company controls, within the meaning of paragraph 3(1)(a), (b) or (c), an entity, subsections (5) and (6) do not apply in respect of any subsequent increases by the company of its substantial investment in the entity so long as the company continues to control the entity. 1991, c. 45, s. 453; 1997, c. 15, s. 388; 1999, c. 28, s. 141; 2001, c. 9, s. 550; 2007, c. 6, s. 371; 2012, c. 5, s. 179; 2018, c. 27, s. 130 2026, c. 3, s. 295
Trust and Loan Companies Act — T-19.8 454
Approval for indirect investments 454 (1) If a company obtains the approval of the Minister under subsection 453(5) to acquire control of, or to acquire or increase a substantial investment in, an entity and, through that acquisition or increase, the company indirectly acquires control of, or acquires or increases a substantial investment in, another entity that would require the approval of the Minister under subsection 453(5) or the Superintendent under subsection 453(6) and that indirect acquisition or increase is disclosed to the Minister in writing before the approval is obtained, the company is deemed to have obtained the approval of the Minister or the Superintendent for that indirect acquisition or increase. Approval for indirect investments (2) If a company obtains the approval of the Superintendent under subsection 453(6) to acquire control of, or to acquire or increase a substantial investment in, an entity and, through that acquisition or increase the company indirectly acquires control of, or acquires or increases a substantial investment in, another entity that would require the approval of the Superintendent under that subsection and that indirect acquisition or increase is disclosed to the Superintendent in writing before the approval is obtained, the company is deemed to have obtained the approval of the Superintendent for that indirect acquisition or increase. 1991, c. 45, s. 454; 2001, c. 9, s. 550
Trust and Loan Companies Act — T-19.8 455
Undertakings 455 (1) If a company controls a permitted entity, other than an entity referred to in any of paragraphs 453(1)(a) to (f), the company shall provide the Superintendent with any undertakings that the Superintendent may require regarding (a) the activities of the entity; and (b) access to information about the entity. Undertakings (2) If a company acquires control of an entity referred to in any of paragraphs 453(1)(g) to (j), the company shall provide the Superintendent with any undertakings concerning the entity that the Superintendent may require. Agreements with other jurisdictions (3) The Superintendent may enter into an agreement with the appropriate official or public body responsible for the supervision of an entity referred to in any of paragraphs 453(1)(g) to (j) in each province or in any other jurisdiction concerning any matters referred to in paragraphs (1)(a) and (b) or any other matter the Superintendent considers appropriate. Access to records (4) Despite any other provision of this Part, a company shall not control a permitted entity, other than an entity referred to in any of paragraphs 453(1)(a) to (f), unless, in the course of the acquisition of control or within a reasonable time after the control is acquired, the company obtains from the permitted entity an undertaking to provide the Superintendent with reasonable access to the records of the permitted entity. 1991, c. 45, s. 455; 2001, c. 9, s. 550