SNL2007 CHAPTER T-9.1 - TRUST AND LOAN CORPORATIONS ACT

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

Short title

1. This Act may be cited as the Trust and Loan Corporations Act .

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Definitions

2. In this Act

(a) "bank" means a bank listed in Schedule I or II of the Bank Act ( Canada );

(b) "bank mortgage subsidiary" means a wholly-owned subsidiary of a bank that receives deposits that are guaranteed by the bank whose investments in mortgages equal at least 85% of its deposits;

(c) "corporation" means a trust corporation or a loan corporation incorporated under the laws of a province of Canada or the Parliament of Canada and carrying on business in the province;

(d) "loan corporation" means a corporation, association or society incorporated or operated for the purpose of borrowing money from the public by receiving deposits and lending or investing that money, but does not include a bank, a bank mortgage subsidiary, an insurance corporation, or a credit union incorporated or continued under the Credit Union Act; and

(e) "trust corporation" means a corporation incorporated or operated for the purpose of offering its services to the public to act as a trustee, bailee, agent, executor, administrator, receiver, liquidator, assignee, guardian of a minor's estate, or committee of mentally disabled person's estate, and, in addition to one or more of the preceding purposes, for the purpose of receiving deposits from the public and of lending or investing those deposits.

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Licensure

3. A corporation shall not carry on business in the province unless it

(a) holds a valid and existing licence under the Trust and Loan Companies Act ( Canada );

(b) hold valid insurance of its deposits through the Canada Deposit Insurance Corporation; and

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Offence

4. (1) A corporation carrying on business within the province contrary to this Act is guilty of an offence and liable on summary conviction to a fine of $2000.

(2) The conviction of a corporation under this section does not operate as a bar to further prosecution for the continued neglect or failure on its part to comply with this Act.

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Consequential Amdt.

5. (1) Paragraph 3(1)(f) of the Collections Act is amended by deleting the phrase "or the Trust and Loan Companies Licensing Act " and substituting the phrase "or which meets the requirements of section 3 of the Trust and Loan Corporations Act ".

(2) Section 98 of the Corporations Act is amended by deleting the phrase "licensed under the Trust and Loan Companies Licensing Act " and substituting the phrase "which meets the requirements of section 3 of the Trust and Loan Corporations Act ".

(3) Section 148 of the Corporations Act is amended by deleting the phrase "licensed under the Trust and Loan Companies Licensing Act " and substituting the phrase "which meets the requirements of section 3 of the Trust and Loan Corporations Act ".

(4) Section 383 of the Corporations Act is amended by renumbering it as subsection 383(1) and by adding immediately after that subsection the following:

(2) In addition to the requirements of subsection (1), the registrar shall maintain in the registry of companies the name of every trust and loan corporation which is registered under the Trust and Loan Corporations Act ( Canada ) and which is carrying on business in the province.

(5) Subsection 466(1) of the Corporations Act is amended by deleting the phrase "licensed under the Trust and Loan Companies Licensing Act " and substituting the phrase "which meets the requirements of section 3 of the Trust and Loan Corporations Act ".

(6) Paragraphs 496(a) and (b) of the Corporations Act are amended by deleting the phrase "as defined in the Trust and Loan Companies Licensing Act " and substituting the phrase "which meets the requirements of section 3 of the Trust and Loan Corporations Act ".

(7) Paragraph 2(dd) of the Financial Corporations Capital Tax Act is amended by deleting the phrase "licensed under the Trust and Loan Companies Licensing Act " and substituting the phrase "which meets the requirements of section 3 of the Trust and Loan Corporations Act ".

(8) Subparagraph 15(c)(i) of the Pension Benefits Act, 1997 is repealed and the following substituted:

(i) a trust corporation as defined in the Trust and Loan Corporations Act ,

(9) Paragraph 2(f) of the Prepaid Funeral Services Act is amended by deleting the phrase "licensed under the Trust and Loan Corporations Licensing Act" and substituting the phrase "as defined in the Trust and Loan Corporations Act" .

(10) Subsection 12(3) of the Regional Service Boards Act is amended by deleting the phrase "licensed under the Trust and Loan Companies Licensing Act " and substituting the phrase "which meets the requirements of section 3 of the Trust and Loan Corporations Act ".

(11) Subparagraph 2(1)(p)(ii) of the Securities Act is repealed and the following substituted:

(ii) a loan company or trust company which meets the requirements of section 3 of the Trust and Loan Corporations Act,

(12) Subparagraph 2(1)(ii)(ii) of the Securities Act is amended by deleting the phrase "licensed under the Trust and Loan Companies Licensing Act " and substituting the phrase "which meets the requirements of section 3 of the Trust and Loan Corporations Act ".

(13) Subparagraph 2(1)(qq)(v) of the Securities Act is amended by deleting the phrase "licensed under the Trust and Loan Companies Licensing Act " and substituting the phrase "which meets the requirements of section 3 of the Trust and Loan Corporations Act ".

(14) Paragraph 35(a) of the Securities Act is amended by deleting the phrase "licensed under the Trust and Loan Companies Licensing Act " and substituting the phrase "which meets the requirements of section 3 of the Trust and Loan Corporations Act ".

(15) Subparagraph 36(1)(c)(ii) of the Securities Act is amended by deleting the phrase "licensed under the Trust and Loan Companies Licensing Act " and substituting the phrase "which meets the requirements of section 3 of the Trust and Loan Corporations Act ".

(16) Paragraph 10(2)(b) of the Venture Capital Act is repealed and the following substituted:

(b) a trust or loan corporation as defined in the Trust and Loan Corporations Act;

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Repeal

6. (1) The Trust and Loan Corporations Licensing Act is repealed.

(2) The Trust and Loan Corporations Regulations , Consolidated Newfoundland and Labrador Regulation 792/96, are repealed.

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Commencement

7. This Act shall come into force on July 1, 2007 .

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