48

 

 

First Session, 47th General Assembly

61 Elizabeth II, 2012

BILL 48

AN ACT TO AMEND THE TRUST AND LOAN CORPORATIONS ACT

Received and Read the First Time...................................................................................................

Second Reading.................................................................................................................................

Committee............................................................................................................................................

Third Reading.....................................................................................................................................

Royal Assent......................................................................................................................................

HONOURABLE NICK MCGRATH

Minister of Service Newfoundland and Labrador

Ordered to be printed by the Honourable House of Assembly

 

EXPLANATORY NOTE

This Bill would amend the Trust and Loan Corporations Act to permit cooperative credit associations licensed under the Cooperative Credit Associations Act (Canada) to operate as deposit-taking loan corporations in the province, retroactive to July 1, 2007.

A BILL

AN ACT TO AMEND THE TRUST AND LOAN CORPORATIONS ACT

Analysis


        1.   S.3 Amdt.
Licensure

        2.   Commencement


Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

SNL2007 cT-9.1

        1. (1) Paragraph 3(a) of the Trust and Loan Corporations Act is repealed and the following substituted:

             (a)  holds a valid and existing licence under the Trust and Loan Companies Act (Canada) or the Cooperative Credit Associations Act (Canada);

             (2)  Paragraph 3(c) of the Act is repealed and the following substituted:

             (c)  is registered in the registry of companies under section 383 of the Corporations Act or the registry of co-operatives under section 18 of the Co-operatives Act.

Commencement

        2. This Act shall be considered to have come into force on July 1, 2007.