First

Session, 47th General Assembly

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

S.3 Amdt.

Licensure

Commencement

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

SNL2007 cT-9.1

(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repealed and the following substituted: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c) of the Act is repealed and the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.

Queen's Printer