Trust and Loan Companies Act (S.C. 1991, c. 45)

Act current to 2013-05-26 and last amended on 2012-12-19. Previous Versions

Marginal note:Calling shareholders’ meeting

  • 50. (1) If at least five million dollars, or any greater amount that the Minister may specify, has been received by a company in respect of which letters patent were issued under section 21 from the issue of its shares, the directors of the company shall without delay call a meeting of the shareholders of the company.

  • Marginal note:Meeting of shareholders

    (2) The shareholders of a company shall, by resolution at the meeting of shareholders called pursuant to subsection (1),

    • (a) approve, amend or reject any by-law made by the directors of the company;

    • (b) subject to section 172, elect directors to hold office for a term expiring not later than the close of the third annual meeting of shareholders following the election; and

    • (c) appoint an auditor to hold office until the close of the first annual meeting of shareholders.

  • 1991, c. 45, s. 50;
  • 2001, c. 9, s. 491.
Marginal note:Term of first directors

51. A director named in the application for letters patent to incorporate a company holds office until the election of directors at the meeting of shareholders called pursuant to subsection 50(1).

Commencement and Carrying on of Business

Marginal note:Order to commence and carry on business

  • 52. (1) A company shall not carry on any business until the Superintendent has, by order, approved the commencement and carrying on of business by the company.

  • Marginal note:Former-Act companies — Loan Companies Act

    (2) A licence that was issued to a company under section 76 of the Loan Companies Act and that is in effect immediately before the coming into force of this Part is deemed to be an order of the Superintendent of indeterminate duration under subsection 53(1) and the company remains subject to any and all other restrictions and conditions in the licence.

  • Marginal note:Former-Act companies

    (3) A licence that was issued to a company under section 87 of the Trust Companies Act or under section 112 of the Loan Companies Act and that is in effect immediately before the coming into force of this Part is deemed to be an order of the Superintendent of indeterminate duration under subsection 53(1) containing the authorization referred to in subsection 57(1) or the designation referred to in subsection 57(3), as the case may be, and the company remains subject to any and all other restrictions and conditions contained in the licence.

  • Marginal note:Continued company

    (4) Except in respect of a body corporate that is continued as a company under this Act for the purposes of forthwith amalgamating with one or more bodies corporate and continuing as a company under this Act, where letters patent continuing a body corporate as a company under this Act are issued, the Superintendent shall make an order approving the commencement and carrying on of business by the company.

  • Marginal note:Amalgamated company

    (5) Where letters patent amalgamating and continuing two or more bodies corporate as a company under this Act are issued, the Superintendent shall make an order approving the commencement and carrying on of business by the company.

  • Marginal note:Subsection 53(2) and section 56 do not apply

    (6) For greater certainty, subsection 53(2) and section 56 do not apply in respect of a company referred to in subsections (4) and (5).