Loan and Trust Corporations Act, R.S.O. 1990, c. L.25

• Jurisdiction: Ontario

Loan and Trust Corporations Act

R.S.O. 1990, CHAPTER L.25

Consolidation Period: From March 1, 2022 to the e-Laws currency date.

Last amendment: 2020, c. 36, Sched. 14, s. 9.

CONTENTS

Part i
Interpretation and application

Definitions

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 combined for the purpose of facilitating investment; (“fonds en fiducie collectif”)

“corporation” means a loan corporation or a trust corporation; (“société”)

“deposit” means, in relation to a registered corporation, money received by it that is repayable on demand or after notice or that is repayable upon the expiry of a fixed term; (“dépôt”)

“depositor” means a person who has a deposit in a corporation; (“déposant”)

“loan corporation” means a body corporate incorporated or operated for the purpose of borrowing money from the public by receiving deposits and lending or investing such money but does not include a bank, an insurance corporation, a trust corporation, a credit union or central under the Credit Unions and Caisses Populaires Act, 2020 or a retail association under the Cooperative Credit Associations Act (Canada); (“société de prêt”)

“prescribed” means prescribed by the regulations; (“prescrit”)

“real estate” includes messuages, lands, rents and hereditaments, whether freehold or of any other tenure, and whether corporeal or incorporeal, and leasehold estates, and any undivided share thereof, and any estate, right or interest therein but does not include hydrocarbons, minerals or aggregates in or under the ground; (“biens immeubles”)

“registered corporation” means a corporation registered under this Act; (“société inscrite”)

“regulations” means the regulations made under this Act; (“règlements”)

“Tribunal” means the Financial Services Tribunal continued under the Financial Services Tribunal Act, 2017; (“Tribunal”)

“trust corporation” means a body corporate incorporated or operated,

(a) for the purpose of offering its services to the public to act as trustee, bailee, agent, executor, administrator, receiver, liquidator, assignee, guardian of property or attorney under a power of attorney for property, and

(b) for the purpose of receiving deposits from the public and of lending or investing such deposits; (“société de fiducie”)

“voting share” means any share of any class of shares of a body corporate carrying voting rights under all circumstances and any share of any class of shares carrying voting rights by reason of the occurrence of any contingency that has occurred and is continuing. (“action assortie du droit de vote”) R.S.O. 1990, c. L.25, s. 1; 1992, c. 32, s. 19; 1996, c. 2, s. 70 (1); 1994, c. 17, s. 103; 1997, c. 19, s 13 (1); 1997, c. 28, s. 149; 1999, c. 6, s. 34 (1, 2); 2001, c. 8, s. 52; 2004, c. 8, s. 46; 2004, c. 31, Sched. 23, s. 1; 2005, c. 5, s. 38 (1-3); 2017, c. 34, Sched. 17, s. 23; 2018, c. 8, Sched. 16, s. 1; 2020, c. 36, Sched. 7, s. 318 (1); 2020, c. 36, Sched. 14, s. 9 (1).

Section Amendments with date in force (d/m/y)

1992, c. 32, s. 19 (1) - 03/04/1995; 1994, c. 17, s. 103 - 01/12/1997; 1996, c. 2, s. 70 (1) - 29/03/1996; 1997, c. 19, s. 13 (1) - 01/12/1997; 1997, c. 28, s. 149 (1-3) - 01/07/1998; 1999, c. 6, s. 34 (1, 2) - 01/03/2000

2001, c. 8, s. 52 (1, 3-8) - 01/08/2008; 2001, c. 8, s. 52 (2) - 29/06/2001

2004, c. 8, s. 46, Table - 01/11/2005; 2004, c. 31, Sched. 23, s. 1 - 16/12/2004

2005, c. 5, s. 38 (1-3) - 09/03/2005

2017, c. 34, Sched. 17, s. 23 - 01/04/2019

2018, c. 8, Sched. 16, s. 1 - 08/06/2019

2020, c. 36, Sched. 7, s. 318 (1) - 01/03/2022; 2020, c. 36, Sched. 14, s. 9 (1) - 08/12/2020

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

Application 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

Non-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

5 Repealed: 2001, c. 8, s. 55.

Section Amendments with date in force (d/m/y)

2001, c. 8, s. 55 - 29/06/2001

6 Repealed: 2001, c. 8, s. 56.

Section Amendments with date in force (d/m/y)

2001, c. 8, s. 56 - 29/06/2001

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 Repealed: 2001, c. 8, s. 58.

Section Amendments with date in force (d/m/y)

2001, c. 8, s. 58 - 01/08/2008

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 Repealed: 2001, c. 8, s. 60.

Section Amendments with date in force (d/m/y)

2001, c. 8, s. 60 - 01/08/2008

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

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 Repealed: 2001, c. 8, s. 63.

Section Amendments with date in force (d/m/y)

2001, c. 8, s. 63 - 01/08/2008

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

29 Repealed: 2001, c. 8, s. 65.

Section Amendments with date in force (d/m/y)

2001, c. 8, s. 65 - 01/08/2008

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

PART IV
REGISTRATION

Registration

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 register indicated:

1. In the Loan Corporations Register, the name of each loan corporation that has been granted registration and such other particulars as may be prescribed.

2. In the Trust Corporations Register, the name of each trust corporation that has been granted registration and such other particulars as may be prescribed. 2001, c. 8, s. 67 (1); 2018, c. 8, Sched. 16, s. 5.

Idem

(4) A corporation may be registered in either the Loan Corporations Register or the Trust Corporations Register. R.S.O. 1990, c. L.25, s. 30 (4).

Idem

(5) The Chief Executive Officer shall note in the appropriate register,

(a) Repealed: 2001, c. 8, s. 67 (2).

(b) the fact that the registration of a corporation has been revoked;

(c) the fact that a registered loan corporation has been continued as a registered trust corporation or vice versa. R.S.O. 1990, c. L.25, s. 30 (5); 2001, c. 8, s. 67 (2); 2018, c. 8, Sched. 16, s. 5.

Section Amendments with date in force (d/m/y)

2001, c. 8, s. 67 (1, 2) - 01/08/2008

2018, c. 8, Sched. 16, s. 5 - 08/06/2019

Application 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...