Trust and Loan Companies Act

Marginal note:Holding as personal representative

• 75 (1) A company may, and may permit its subsidiaries to, hold, in the capacity of a personal representative, shares of the company or of any body corporate that controls the company or ownership interests in any unincorporated entity that controls the company, but only where the company or the subsidiary does not have a beneficial interest in the shares or ownership interests.

• Marginal note:Security interest

  (2) A company may, and may permit its subsidiaries to, by way of a security interest

  • (a) hold shares of the company or of any body corporate that controls the company, or

  • (b) hold any ownership interests of any entity that controls the company,

  where the security interest is nominal or immaterial when measured by criteria established by the company that have been approved in writing by the Superintendent.

• Marginal note:Saving

  (3) Nothing in subsection (2) precludes a former-Act company or any of its subsidiaries from holding any security interest held immediately prior to the coming into force of this Part.