Trust and Loan Companies Act

Marginal note:Company records

• 243 (1) A company shall prepare and maintain records containing

  • (a) its incorporating instrument and the by-laws of the company and all amendments thereto;

  • (b) minutes of meetings and resolutions of shareholders;

  • (c) the information referred to in paragraphs 499(1)(a), (c) and (e) to (h) contained in all returns provided to the Superintendent pursuant to section 499;

  • (d) particulars of any authorizations, designations, conditions and limitations established by the Superintendent under subsection 57(1), (3) or (4) or 58(1) that are from time to time applicable to the company; and

  • (e) particulars of exceptions granted under section 37 or 236 that are from time to time applicable to the company.

• Marginal note:Additional records

  (2) In addition to the records described in subsection (1), a company shall prepare and maintain adequate

  • (a) corporate accounting records;

  • (b) records containing minutes of meetings and resolutions of the directors and any committee thereof;

  • (c) records relating to fiduciary activities of the company; and

  • (d) records showing, for each customer of the company, on a daily basis, particulars of the transactions between the company and that customer and the balance owing to or by the company in respect of that customer.

• Marginal note:Former-Act and continued companies

  (3) For the purposes of paragraph (1)(b) and subsection (2),

  • (a) in the case of a body corporate continued as a company under this Act, “records” includes similar records required by law to be maintained by the body corporate before it was so continued;

  • (b) in the case of a body corporate amalgamated and continued as a company under this Act, “records” includes similar records required by law to be maintained by the body corporate before it was so amalgamated; and

  • (c) in the case of a former-Act company, “records” includes similar records required by law to be maintained by the company before the coming into force of this section.