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Trust and Loan Companies Act

Version of section 216 from 2003-01-01 to 2006-04-26:

Marginal note:Reliance on statement

 A director, an officer or an employee of a company is not liable under subsection 162(1) or (2) or section 212 or 215 or subsection 494(1) if the director, officer or employee relies in good faith on

  • (a) financial statements of the company represented to the director, officer or employee by an officer of the company or in a written report of the auditor of the company fairly to reflect the financial condition of the company; or

  • (b) a report of an accountant, lawyer, notary or other professional person whose profession lends credibility to a statement made by the professional person.

  • 1991, c. 45, s. 216
  • 2001, c. 9, s. 503

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