Loan and Trust Corporations Amendment Act, 1999

Loan and Trust Corporations Amendment Act, 1999

Bill 31999

An Act to amend the Loan and Trust Corporations Act

Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

1. Section 227 of the Loan and Trust Corporations Act, as re-enacted by the Statutes of Ontario, 1997, chapter 10, section 28, is repealed and the following substituted:

Duration of authority to carry on business

227. No corporation shall carry on the business of a loan corporation or of a trust corporation after July 1, 2001.

Commencement

2. This Act comes into force on the day it receives Royal Assent.

Short title

3. The short title of this Act is the Loan and Trust Corporations Amendment Act, 1999.

EXPLANATORY NOTE

EXPLANATORY NOTE

Currently, under the Loan and Trust Corporations Act, no corporation is permitted to carry on the business of a loan corporation or of a trust corporation after July 1, 1999.

This bill changes that date to July 1, 2001.

Loan and Trust Corporations Amendment Act, 1999

Bill 31999

An Act to amend the Loan and Trust Corporations Act

Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

1. Section 227 of the Loan and Trust Corporations Act, as re-enacted by the Statutes of Ontario, 1997, chapter 10, section 28, is repealed and the following substituted:

Duration of authority to carry on business

227. No corporation shall carry on the business of a loan corporation or of a trust corporation after July 1, 2001.

Commencement

2. This Act comes into force on the day it receives Royal Assent.

Short title

3. The short title of this Act is the Loan and Trust Corporations Amendment Act, 1999.