March 30, 1920 (13th Parliament, 4th Session)

CON

Henry Lumley Drayton (Minister of Finance and Receiver General)

Conservative (1867-1942)

Sir HENRY DRAYTON:

The object of the Bill is to provide for an inspection of these companies, there being none at present. There is a provision in the existing Act under which the Minister of Finance may, if he so desires, have an inspection made of any particular company. He is not in a position, however, to know what companies should or should not be inspected; and complaints are not made about companies until something is wrong with them, when inspection is generally too late. Trust and loan companies' will both be made subject to inspection because I shall introduce in a moment another Bill dealing with the latter class. The new legislation will place
both trust and loan companies in exactly the same position as insurance companies. An annual inspection is provided for because only by an annual inspection is it possible for any one to tell when special examinations ought to be made.

Topic:   TRUST COMPANIES ACT, 1914, AMENDMENT.
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