February 10, 1927 (16th Parliament, 1st Session)

LIB

James Alexander Robb (Minister of Finance and Receiver General)

Liberal

Mr. ROBB:

In the first place this bill adds section 54 to the group of sections which apply to companies incorporated before 1914 requiring loan companies to send copies of their financial statements to shareholders with the notice of annual meeting; (2) permits loan companies to increase by by-law their borrowing powers from four times their capital and reserve to eight times their capital and reserve, due notice being given to shareholders and debenture holders and the by-law being approved by the Treasury board; (3) makes it necesary for loan companies to obtain and have renewed annually licenses from the minister in order that they may be authorized to carry on their business; (4) requires all loan companies to file, on request, with the department, a certified copy of their by-laws; (5) substitutes the word "license" for the word "certificate" and makes it clear that it applies to old as well as new companies.
Motion agreed to and bill read the first time.

Topic:   LOAN COMPANIES ACT, 1914. AMENDMENT
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