Loan and Trust Corporations Act

Bills that amended this Act0

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Sections488

• [s0]

  Part i Interpretation and application

• 1.
• 1Definitions

  1 In this Act, “Authority” means the Financial Services Regulatory Authority of Ontario continued under subsection 2 (1) of the Financial Services Regulatory Authority of Ontario Act, 2016; (“Autorité”) “bank” means a bank or authorized foreign bank within the meaning of section 2 of the Bank Act (Canada); (“banque”) “body corporate” means any body corporate with or without share capital and wherever or however incorporated; (“personne morale”) “capital base” means the shareholders’ equity of a corporation calculated in the prescribed manner; (“apport en capital”) “Chief Executive Officer” means the Chief Executive Officer appointed under subsection 10 (2) of the Financial Services Regulatory Authority of Ontario Act, 2016; (“directeur général”) “common trust fund” means a fund maintained by a trust corporation in which money belonging to various estates and trusts in its care are combin…

• 2.
• 2Repealed

  2 Repealed: 2001, c. 8, s. 53. Section Amendments with date in force (d/m/y) 1999, c. 6, s. 34 (3) - 01/03/2000 2001, c. 8, s. 53 - 01/08/2008 2005, c. 5, s. 38 (5) - 09/03/2005

• 3.
• 3Application of Act

  3 This Act applies to all corporations. 2001, c. 8, s. 54. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 54 - 01/08/2008

• 3. #3
• 4Non-application of Act

  4 This Act does not apply to a body corporate that is authorized, constituted or operated for the purpose of lending money on the security of real estate or for the purpose of investing money in mortgages, where the body corporate borrows only by way of, (a) loans from banks, corporations, insurance companies or credit unions within the meaning of the Credit Unions and Caisses Populaires Act, 2020; or (b) the issue of debentures, notes or like obligations of an amount not less than $100,000 each to any one person on the person’s account, whereby the body corporate is not obligated or cannot by demand of the holder be obligated to repay the money secured by the debenture, note or obligation within five years from the date of its issue. R.S.O. 1990, c. L.25, s. 4; 2020, c. 36, Sched. 7, s. 318 (2). Section Amendments with date in force (d/m/y) 2020, c. 36, Sched. 7, s. 318 (2) - 01/03/2022

• 4.
• 5Repealed

  5 Repealed: 2001, c. 8, s. 55. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 55 - 29/06/2001

• PART II INCORPORATION AND INSTRUMENT OF INCORPORATION
• 5.
• 6Repealed

  6 Repealed: 2001, c. 8, s. 56. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 56 - 29/06/2001

• 6.
• 7Repealed

  7 Repealed: 2001, c. 8, s. 57. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 57 - 29/06/2001

• 8., 9.
• 7.
• 8, 9

  8, 9 Repealed: 2001, c. 8, s. 58. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 58 - 01/08/2008

• 8., 9
• 10Repealed

  10 Repealed: 2001, c. 8, s. 59. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 13 (2) - 01/12/1997; 1999, c. 12, Sched. I, s. 5 (3) - 22/12/1999 2001, c. 8, s. 59 - 01/08/2008

• 11.-13.
• 8.
• 11-13

  11-13 Repealed: 2001, c. 8, s. 60. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 60 - 01/08/2008

• 11.-13
• 14., 15.
• 9.
• 10.
• 14, 15

  14, 15 Repealed: 2001, c. 8, s. 61. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 61 - 01/08/2008

• 14., 15
• 11.
• 16Repealed

  16 Repealed: 2001, c. 8, s. 62. Section Amendments with date in force (d/m/y) 1997, c. 23, s. 9 - 28/11/1997 2001, c. 8, s. 62 - 01/08/2008

• 17., 18.
• 12.
• 17, 18

  17, 18 Repealed: 2001, c. 8, s. 63. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 63 - 01/08/2008

• 17., 18
• 19.-28.
• 13.
• 19-28

  19-28 Repealed: 2001, c. 8, s. 64. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 64 - 01/08/2008

• 19.-28
• 29Repealed

  29 Repealed: 2001, c. 8, s. 65. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 65 - 01/08/2008

• PART III WINDING UP, DISSOLUTION AND MERGER
• 14.
• 29.1Repealed

  29.1 Repealed: 2001, c. 8, s. 66. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 150 - 01/01/1998 2001, c. 8, s. 66 - 01/08/2008

• [s17]

  PART IV REGISTRATION

• 15.
• 16.
• 30Registration

  30 (1) The duty of determining, distinguishing and registering the corporations that under this Act are required to be registered and may be acceptable for registration, and of granting registration accordingly, is upon the Chief Executive Officer. R.S.O. 1990, c. L.25, s. 30 (1); 2018, c. 8, Sched. 16, s. 5. Registers continued (2) The registers known in English as the Loan Corporations Register and the Trust Corporations Register and in French as Registre des compagnies de prêt and Registre des compagnies de fiducie respectively are continued under the names Loan Corporations Register and Trust Corporations Register in English and Registre des sociétés de prêt and Registre des sociétés de fiducie in French respectively. R.S.O. 1990, c. L.25, s. 30 (2). Duty to keep registers (3) The Chief Executive Officer shall keep the registers and shall record the following information in the regis…

• 17.
• 31Application for registration

  31 (1) A corporation incorporated under the Trust and Loan Companies Act (Canada) may apply for initial registration as a loan corporation or as a trust corporation. 2001, c. 8, s. 68 (1). Change (2) A registered loan corporation may apply to change its registration to that of a trust corporation and a registered trust corporation may apply to change its registration to that of a loan corporation. R.S.O. 1990, c. L.25, s. 31 (2). (3) Repealed: 2001, c. 8, s. 68 (2). (4) Repealed: 2001, c. 8, s. 68 (3). Material to be furnished (5) An application for registration shall follow the form approved by the Chief Executive Officer and shall be filed with the Chief Executive Officer together with such information, material and evidence as the form may specify. R.S.O. 1990, c. L.25, s. 31 (5); 1997, c. 19, s. 13 (2); 1999, c. 12, Sched. I, s. 5 (3); 2018, c. 8, Sched. 16, s. 5. Notice, additional …

• 18.
• 31.1Conditions to registration

  31.1 (1) A corporation that applies for registration under section 31 is entitled to be registered if the corporation has the authority to carry on business under the Trust and Loan Companies Act (Canada) and if the corporation meets the requirements described in subsection 31 (5). 2001, c. 8, s. 69. Same, trust corporations (2) No corporation shall be registered as a trust corporation unless the corporation is authorized to act as a trustee under the Trust and Loan Companies Act (Canada). 2001, c. 8, s. 69. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 69 - 29/06/2001

• 19.
• 32Repealed

  32 Repealed: 2001, c. 8, s. 70 (2). Section Amendments with date in force (d/m/y) 1997, c. 19, s. 13 (2) - 01/12/1997; 1999, c. 12, Sched. I, s. 5 (3) - 22/12/1999 2001, c. 8, s. 70 (1) - 29/06/2001; 2001, c. 8, s. 70 (2) - 01/08/2008

• 33., 34.
• 20.
• 33, 34

  33, 34 Repealed: 2001, c. 8, s. 71. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 71 - 29/06/2001

• 33., 34
• 21.
• 35Repealed

  35 Repealed: 2001, c. 8, s. 72 (2). Section Amendments with date in force (d/m/y) 2001, c. 8, s. 72 (1) - 29/06/2001; 2001, c. 8, s. 72 (2) - 01/08/2008

• 22.
• 36Revocation on request

  36 The Chief Executive Officer may revoke the registration of a registered corporation at the request of the corporation. 2001, c. 8, s. 73; 2018, c. 8, Sched. 16, s. 5. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 73 - 01/08/2008 2018, c. 8, Sched. 16, s. 5 - 08/06/2019

• 23.
• 37Revocation of registration, federal corporations

  37 (1) The registration of a corporation is revoked if the corporation receives notice that its authorization to carry on business under the Trust and Loan Companies Act (Canada) is revoked. 2001, c. 8, s. 74. Effect of revocation (2) When the registration of a corporation is revoked under subsection (1), the corporation shall cease to transact or undertake business in Ontario, except to the extent necessary to wind up its business in Ontario. 2001, c. 8, s. 74. Same (3) Subsection (2) does not apply if the corporation becomes registered again under this Act. 2001, c. 8, s. 74. Same, liability (4) Any liability incurred by the corporation after its registration is revoked may be enforced against it as if its registration had not been revoked. 2001, c. 8, s. 74. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 74 - 01/08/2008

• 24.
• 38Repealed

  38 Repealed: 2010, c. 26, Sched. 11, s. 1. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 75 - 29/06/2001 2004, c. 7, s. 10 - 17/06/2004 2010, c. 26, Sched. 11, s. 1 - 08/12/2010

• 25.
• 39Repealed

  39 Repealed: 1997, c. 19, s. 13 (3). Section Amendments with date in force (d/m/y) 1997, c. 19, s. 13 (3) - 01/12/1997

• 40.-51.
• 26.
• 40-49

  40-49 Repealed: 2001, c. 8, s. 76. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 76 - 01/08/2008

• 40.-49
• 40.-49.
• 27.
• 50Repealed

  50 Repealed: 2001, c. 8, s. 76. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 76 - 01/08/2008 2006, c. 19, Sched. C, s. 1 (1) - 22/06/2006

• 53.-58.
• 28.
• 51Repealed

  51 Repealed: 2001, c. 8, s. 76. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 76 - 01/08/2008

• 59.-61.
• 29.
• 52Repealed

  52 Repealed: 2001, c. 8, s. 77. Section Amendments with date in force (d/m/y) 1994, c. 17, s. 104 - 01/12/1997 2001, c. 8, s. 77 - 01/08/2008

• 62., 63.
• 53-58

  53-58 Repealed: 2001, c. 8, s. 78. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 78 - 01/08/2008

• 53.-58
• 59-61

  59-61 Repealed: 2001, c. 8, s. 79. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 79 - 29/06/2001

• 59.-61
• 65.-67.
• PART IV REGISTRATION
• 30.
• 62, 63

  62, 63 Repealed: 2001, c. 8, s. 80. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 80 - 01/08/2008

• 62., 63
• 31.
• 64Repealed

  64 Repealed: 2001, c. 8, s. 81. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 13 (2) - 01/12/1997; 1999, c. 12, Sched. I, s. 5 (3) - 22/12/1999 2001, c. 8, s. 81 - 01/08/2008

• 65-67

  65-67 Repealed: 2001, c. 8, s. 82. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 82 - 01/08/2008

• 65.-67
• 70.-87.
• 32.
• 68Repealed

  68 Repealed: 2001, c. 8, s. 83 (3). Section Amendments with date in force (d/m/y) 2001, c. 8, s. 83 (1, 2) - 29/06/2001; 2001, c. 8, s. 83 (3) - 01/08/2008

• 33.
• 69Repealed

  69 Repealed: 2001, c. 8, s. 84 (2). Section Amendments with date in force (d/m/y) 2001, c. 8, s. 84 (1) - 29/06/2001; 2001, c. 8, s. 84 (2) - 01/08/2008

• 34.
• 70-76

  70-76 Repealed: 2001, c. 8, s. 85. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 85 - 01/08/2008

• 70.-76
• 70.-76.
• 90., 91.
• 35.
• 77Repealed

  77 Repealed: 2001, c. 8, s. 85. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 85 - 01/08/2008 2006, c. 19, Sched. C, s. 1 (1) - 22/06/2006

• 36.
• 78-83

  78-83 Repealed: 2001, c. 8, s. 85. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 85 - 01/08/2008

• 78.-83
• 78.-83.
• 93.-101.
• 36. #42
• 84, 85

  84, 85 Repealed: 2001, c. 8, s. 85. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 85 - 01/08/2008 2006, c. 19, Sched. C, s. 1 (1) - 22/06/2006

• 84., 85
• 84., 85.
• 103.-107.
• 37.
• 86, 87

  86, 87 Repealed: 2001, c. 8, s. 85. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 85 - 01/08/2008

• 86., 87
• 86., 87.
• 37. #44
• 88Repealed

  88 Repealed: 2001, c. 8, s. 86. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 13 (4) - 01/12/1997 2001, c. 8, s. 86 - 01/08/2008

• 38.
• 89Repealed

  89 Repealed: 2001, c. 8, s. 87. Section Amendments with date in force (d/m/y) 1999, c. 6, s. 34 (4) - 01/03/2000 2001, c. 8, s. 87 - 01/08/2008 2005, c. 5, s. 38 (7) - 09/03/2005

• 39.
• 90, 91

  90, 91 Repealed: 2001, c. 8, s. 88. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 88 - 01/08/2008

• 90., 91
• 111.-115.
• 92Repealed

  92 Repealed: 2001, c. 8, s. 89. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 13 (2) - 01/12/1997; 1999, c. 12, Sched. I, s. 5 (3) - 22/12/1999 2001, c. 8, s. 89 - 01/08/2008

• PART V SHARES AND SHAREHOLDERS
• 40.
• 93-101

  93-101 Repealed: 2001, c. 8, s. 90. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 90 - 01/08/2008

• 93.-101
• 102Repealed

  102 Repealed: 2001, c. 8, s. 91. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 91 - 01/08/2008

• 41.
• 103-105

  103-105 Repealed: 2001, c. 8, s. 92. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 92 - 01/08/2008

• 103.-105
• 103.-105.
• 118.-125.
• 42.
• 106Repealed

  106 Repealed: 2001, c. 8, s. 92. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 92 - 01/08/2008 2006, c. 19, Sched. C, s. 1 (1) - 22/06/2006

• 43.
• 107Repealed

  107 Repealed: 2001, c. 8, s. 92. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 92 - 01/08/2008

• 44.
• 108Repealed

  108 Repealed: 2001, c. 8, s. 93. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 93 - 01/08/2008

• 45.
• 109Repealed

  109 Repealed: 2001, c. 8, s. 94. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 94 - 01/08/2008

• 46.
• 110Repealed

  110 Repealed: 2001, c. 8, s. 95. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 95 - 01/08/2008 2006, c. 19, Sched. C, s. 1 (1) - 22/06/2006

• 130., 131.
• 47.
• 111, 112

  111, 112 Repealed: 2001, c. 8, s. 96. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 96 - 01/08/2008

• 111., 112
• 111., 112.
• 48.
• 113, 114

  113, 114 Repealed: 2001, c. 8, s. 96. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 96 - 01/08/2008 2006, c. 19, Sched. C, s. 1 (1) - 22/06/2006

• 113., 114
• 113., 114.
• 49.
• 115Repealed

  115 Repealed: 2001, c. 8, s. 96. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 96 - 01/08/2008

• 50.
• 116Repealed

  116 Repealed: 2001, c. 8, s. 97. Section Amendments with date in force (d/m/y) 1999, c. 6, s. 34 (5) - 01/03/2000 2001, c. 8, s. 97 - 01/08/2008 2005, c. 5, s. 38 (9) - 09/03/2005 2006, c. 19, Sched. C, s. 1 (1) - 22/06/2006

• 51.
• 117Repealed

  117 Repealed: 2001, c. 8, s. 98. Section Amendments with date in force (d/m/y) 1994, c. 17, s. 105 - 01/12/1997 2001, c. 8, s. 98 - 01/08/2008

• 136., 137.
• 52.
• 118-125

  118-125 Repealed: 2001, c. 8, s. 99. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 99 - 01/08/2008

• 118.-125
• 53.
• 126Repealed

  126 Repealed: 2001, c. 8, s. 100. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 13 (5) - 01/12/1997 2001, c. 8, s. 100 - 01/08/2008

• 54.
• 127Repealed

  127 Repealed: 2001, c. 8, s. 101. Section Amendments with date in force (d/m/y) 1994, c. 17, s. 106 - 01/12/1997 2001, c. 8, s. 101 - 01/08/2008

• 55.
• 128Repealed

  128 Repealed: 2001, c. 8, s. 102. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 102 - 01/08/2008

• 56.
• 129Repealed

  129 Repealed: 2001, c. 8, s. 103. Section Amendments with date in force (d/m/y) 1994, c. 17, s. 107 - 01/12/1997 2001, c. 8, s. 103 - 01/08/2008

• 57.
• 130, 131

  130, 131 Repealed: 2001, c. 8, s. 104. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 104 - 01/08/2008

• 130., 131
• 58.
• 132Repealed

  132 Repealed: 2001, c. 8, s. 105. Section Amendments with date in force (d/m/y) 1994, c. 17, s. 108 - 01/12/1997; 1997, c. 19, s. 13 (6) - 01/12/1997 2001, c. 8, s. 105 - 01/08/2008

• 59.
• 133Repealed

  133 Repealed: 2001, c. 8, s. 106. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 106 - 01/08/2008

• 60.
• 134Repealed

  134 Repealed: 2001, c. 8, s. 107. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 13 (7) - 01/12/1997; 1999, c. 12, Sched. I, s. 5 (3) - 22/12/1999 2001, c. 8, s. 107 - 01/08/2008

• 61.
• 135Repealed

  135 Repealed: 2001, c. 8, s. 108. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 13 (2) - 01/12/1997; 1999, c. 12, Sched. I, s. 5 (3) - 22/12/1999 2001, c. 8, s. 108 - 01/08/2008

• 62.
• 136, 137

  136, 137 Repealed: 2001, c. 8, s. 109. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 109 - 01/08/2008

• 136., 137
• 148.-150.
• 63.
• 138Repealed

  138 Repealed: 1997, c. 19, s. 13 (8). Section Amendments with date in force (d/m/y) 1997, c. 19, s. 13 (8) - 01/12/1997

• 64.
• 139Repealed

  139 Repealed: 2001, c. 8, s. 110. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 13 (9) - 01/12/1997 2001, c. 8, s. 110 - 01/08/2008

• 65.
• 140Repealed

  140 Repealed: 2001, c. 8, s. 111. Section Amendments with date in force (d/m/y) 2001, c. 8, s. 111 - 01/08/2008

• 66.
• [s75]