513. Nothing in this Part requires
(a) the termination of a loan made before February 7, 2001;
(b) the termination of a loan made after that date as a result of a commitment made before that date;
(c) the disposal of an investment made before that date; or
(d) the disposal of an investment made after that date as a result of a commitment made before that date.
But if the loan or investment would be precluded or limited by this Part, the amount of the loan or investment may not, except as provided in subsections 498(2), 499(3) and 500(3), be increased after that date.
- 1991, c. 47, s. 513;
- 2001, c. 9, s. 426.
514. A loan or investment referred to in section 513 is deemed not to be prohibited by the provisions of this Part.
PART XADEQUACY OF CAPITAL AND LIQUIDITY AND ASSETS
Marginal note:Adequacy of capital and liquidity — companies and societies
515. (1) A company and society shall, in relation to its operations, maintain adequate capital and adequate and appropriate forms of liquidity and shall comply with any regulations in relation to adequate capital and adequate and appropriate forms of liquidity.
Marginal note:Regulations and guidelines
(2) The Governor in Council may make regulations and the Superintendent may make guidelines respecting the maintenance by companies and societies of adequate capital and adequate and appropriate forms of liquidity.
(3) Notwithstanding that a company or society is complying with regulations or guidelines made under subsection (2), the Superintendent may, by order, direct the company or society to increase its capital or to provide additional liquidity in any forms and amounts that the Superintendent may require.
(4) A company and society shall comply with an order made under subsection (3) within the time that the Superintendent specifies in the order.
- 1991, c. 47, s. 515;
- 1996, c. 6, s. 81;
- 2001, c. 9, s. 427.
516. [Repealed, 2007, c. 6, s. 240]
Marginal note:Notice of value
517. Where an appraisal of any asset held by a company or any of its subsidiaries has been made by the Superintendent and the value determined by the Superintendent to be the appropriate value of the asset varies materially from the value placed by the company or subsidiary on the asset, the Superintendent shall send to the company, the auditor of the company, the actuary of the company and the audit committee of the company a written notice of the appropriate value of the asset as determined by the Superintendent.
- Date modified: