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Consolidated Newfoundland Regulation 1996


CONSOLIDATED NEWFOUNDLAND REGULATION 792/96

CONSOLIDATED NEWFOUNDLAND REGULATION 792/96

Trust and Loan Corporations Regulations
under the
Trust and Loan Corporations Licensing Act
(O.C. 96‑285)

Under the authority of section 18 of the Trust and Loan Corporations Licensing Act and the Subordinate Legislation Revision and Consolidation Act, the Lieutenant‑Governor in Council makes the following regulations.

REGULATIONS

Analysis


        1.   Short title

        2.   Definition

        3.   Application for licence

        4.   Inquiry

        5.   Power to inquire

        6.   Notification of inquiry

        7.   Notice of cancellation

        8.   Repeal


Short title

        1. These regulations may be cited as the Trust and Loan Corporations Regulations.

72/78 s1

Definition

        2. In these regulations "Act" means the Trust and Loan Corporations Licensing Act.

72/78 s2

Application for licence

        3. Every application for a licence or renewal of a licence under the Act shall be made to the minister and be accompanied by the appropriate fee.

72/78 s3

Inquiry

        4. Where it is considered necessary by the superintendent to hold an inquiry into the operation of the Act and into any charge or complaint that a corporation has contravened a provision of the Act or these regulations or into any matter arising in the administration of the Act, the minister may order the inquiry and may appoint the persons who will hold the inquiry.

72/78 s6

Power to inquire

        5. Every person appointed to hold an inquiry by the minister under section 4 has, for the purpose of the inquiry, all the powers, privileges and immunities that are or may be conferred upon a commissioner by or under the Public Inquiries Act including the power to take evidence under oath.

72/78 s7

Notification of inquiry

        6. (1) Where an inquiry is held under section 4, the superintendent shall notify a trust or loan corporation whose conduct or operation is being inquired into of the time and place of the inquiry and shall notify the corporation of the particulars of a complaint or violation of the Act or these regulations alleged against the corporation in sufficient detail to enable the corporation to answer them.

             (2)  A corporation upon which a notice has been served under subsection (1) may be represented at the inquiry by counsel who is entitled to cross‑examine under oath a witness giving evidence.

72/78 s8

Notice of cancellation

        7. Where the minister has cancelled or suspended the licence of a trust or loan corporation under section 6 of the Act, he or she shall publish a notice of the cancellation or suspension in the Gazette.

72/78 s9

Repeal

        8. The Trust and Loan Companies Regulations, 1975, Newfoundland Regulation 72/78, are repealed.