Trust and Loan Companies Act

Marginal note:Company records

• 243 (1) A company shall prepare and maintain records containing

  • (a) its incorporating instrument and the by-laws of the company and all amendments thereto;

  • (b) minutes of meetings and resolutions of shareholders;

  • (c) the information referred to in paragraphs 499(1)(a), (c) and (e) to (h) contained in all returns provided to the Superintendent pursuant to section 499;

  • (d) particulars of any authorizations, designations, conditions and limitations established by the Superintendent pursuant to subsection 57(1), (3) or (4) or 58(1) or that are from time to time applicable to the company; and

  • (e) particulars of exceptions granted under section 37 or 236 that are from time to time applicable to the company.

• Marginal note:Additional records

  (2) In addition to the records described in subsection (1), a company shall prepare and maintain adequate

  • (a) corporate accounting records;

  • (b) records containing minutes of meetings and resolutions of the directors and any committee thereof;

  • (c) records relating to fiduciary activities of the company; and

  • (d) records showing, for each customer of the company, on a daily basis, particulars of the transactions between the company and that customer and the balance owing to or by the company in respect of that customer.

• Marginal note:Former-Act and continued companies

  (3) For the purposes of paragraph (1)(b) and subsection (2),

  • (a) in the case of a body corporate continued as a company under this Act, “records” includes similar records required by law to be maintained by the body corporate before it was so continued;

  • (b) in the case of a body corporate amalgamated and continued as a company under this Act, “records” includes similar records required by law to be maintained by the body corporate before it was so amalgamated; and

  • (c) in the case of a former-Act company, “records” includes similar records required by law to be maintained by the company before the coming into force of this section.