Crown Trust Company

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Crown Trust Company
FormerlyTrusts & Guarantee Company of Canada (1897–1946)
Crown Trust & Guarantee Company (1946–1947)
Industry Trust company
Founded24 February 1897 (1897-02-24)
Defunct1983 (1983)
FateCollapsed
Headquarters302 Bay Street,
Toronto, Ontario

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

The 1916 head office at 302 Bay Street, designed by Curry & Sparling Trustsandguarantee.png
The 1916 head office at 302 Bay Street, designed by Curry & Sparling

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

  1. ↑ montreal.qc.ca: "Saint-Jacques, la rue des banques: FICHE D'UN BÂTIMENT - 393, rue Saint-Jacques"
  2. ↑ nslegislature.ca: "Central Trust Company Act - CHAPTER 64 OF THE REVISED STATUTES, 1989"
  3. ↑ news.google.com: "The Montreal Gazette - Feb 7, 1946"
  4. ↑ "An Act Respecting Central Trust Company and Crown Trust Company". The Office of Legislative Counsel of British Columbia, Canada. May 16, 1984.
  5. ↑ "Parliamentary Debate on Crown Trust Ownership and CDIC Role". Canadian Hansard. January 19, 1983.
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