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Trust and Loan Companies Act

Version of section 38 from 2003-01-01 to 2007-04-19:

Marginal note:Transferring to other federal Acts

  •  (1) A company may

    • (a) apply, with the approval in writing of the Minister, for a certificate of continuance under section 187 of the Canada Business Corporations Act;

    • (b) apply for letters patent continuing the company as a bank under subsection 35(1) of the Bank Act or amalgamating and continuing the company as a bank under subsections 223(1) and 229(1) of that Act; or

    • (c) apply for letters patent continuing the company as an association under subsection 31.1(1) of the Cooperative Credit Associations Act if

      • (i) the company’s shareholders are limited to entities incorporated or formed by or under an Act of Parliament or of the legislature of a province that are, in the opinion of the Minister, operating as credit unions or cooperative associations, and

      • (ii) the application for letters patent complies with prescribed terms and conditions, if any are prescribed.

  • Marginal note:Conditions for approval

    (2) No approval referred to in paragraph (1)(a) may be given to a company unless the Minister is satisfied that

    • (a) the application has been authorized by a special resolution;

    • (b) the company


    • (c) unless authorized pursuant to section 48, the company will not use the word “fiduciaire”, “fiduciary”, “fiducie”, “loan”, “loanco”, “prêt”, “trust” or “trustco” in its name after a certificate of continuance in respect of the company is issued under the Canada Business Corporations Act.

  • 1991, c. 45, ss. 38, 559
  • 1994, c. 24, s. 34(F)
  • 1997, c. 15, s. 343
  • 2001, c. 9, s. 487

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