Crown Trust Company
 | |
| Company type | Trust company |
|---|---|
| Industry | financial service activities, except insurance and pension funding  |
| Founded | 1909 |
| Defunct | 1983 |
| Fate | Collapsed |
| Successor | Central Trust Company |
| Headquarters | , |
Area served | Canada |
The Crown Trust Company was a Canadian trust company that was headquartered in Ontario and operated in most of Canada.[1][2] It collapsed in 1983.
History
In January 1946, the Trust and Guarantee Company Limited acquired Crown Trust.[3] For one year it operated under the name the Crown Trust and Guarantee Company. In December 1947 it was renamed the Crown Trust Company.
In 1983 the trust collapsed and the Canada Deposit Insurance Corporation (CDIC) stepped in to protect clients. The CDIC organized for all the assets and responsibilities to be transferred to Central Trust Company. However, as the trust was provincially incorporated and under Ontario's jurisdiction, each province had to pass legislation to effect the transfer.[4][5]
References
- ^ montreal.qc.ca: "Saint-Jacques, la rue des banques: FICHE D'UN BÂTIMENT - 393, rue Saint-Jacques"
- ^ nslegislature.ca: "Central Trust Company Act - CHAPTER 64 OF THE REVISED STATUTES, 1989"
- ^ news.google.com: "The Montreal Gazette - Feb 7, 1946"
- ^ "An Act Respecting Central Trust Company and Crown Trust Company". The Office of Legislative Counsel of British Columbia, Canada. May 16, 1984.
- ^ "Parliamentary Debate on Crown Trust Ownership and CDIC Role". Canadian Hansard. January 19, 1983.