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Trust and Loan Companies Act

Version of section 518 from 2003-01-01 to 2023-06-21:

Marginal note:Expenses payable by company

  •  (1) Where the Superintendent has taken control of a company pursuant to subparagraph 510(1)(b)(iii) and the control expires or is relinquished pursuant to section 515 or paragraph 516(a), the Superintendent may direct that the company be liable for repayment of all or part of the expenses resulting from the taking of control of the company and assessed against and paid by other companies pursuant to section 23 of the Office of the Superintendent of Financial Institutions Act, together with such interest in respect thereof at such rate as is specified by the Superintendent.

  • Marginal note:Debt due to Her Majesty

    (2) Where any direction is made under subsection (1), the amount for which the company is liable is a debt due to Her Majesty in right of Canada payable on demand and is recoverable in the Federal Court or any other court of competent jurisdiction.

  • 1991, c. 45, s. 518
  • 1996, c. 6, s. 130

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