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Trust Services to Businesses
Bound Financing Public, parapublic and private institutions Bond financing is a special instrument serving to finance public and parapublic institutions, as well as certain large enterprises. In addition to holding the guarantees linked to the issue of bonds, Desjardins Trust keeps the holders’ register, issues bond certificates or transfers securities ownership when required. It also issues interest cheques as well as tax statements. In the case of bond coupons, Desjardins Trust pays the remittances to the institutions to which the coupons are payable, carries out the reconciliation of coupons, and, three years following their maturity, pays the unclaimed monies to the Ministère des Finances du Québec before producing a detailed reconciliation statement. Other related activities are joined to this type of mandate, such as the signing of aquittances, the modification of guarantees, the withdrawal or extension of bonds when such options are provided in the issuance procedure, and the redemption by drawing of bonds Authorized representative acting in virtue of deeds of hypothec The authorized representative acting in virtue of deeds of hypothec allows a company to obtain financing from an institutional lender by providing a bond certificate as loan collateral. This bond certificate is in turn guaranteed by virtue of a trust deed comprising securities, such as a hypothec on the immovable and movable property, vehicles, machinery, tools, equipment of all types, rent payments or accounts receivable covering the universality of the company’s property. This type of financing is particularly appreciated when several lenders are involved. The trust acts as a neutral third party and securities holder for the group of lenders. Authorized representative for environmental trusts Several municipalities and private or parapublic entreprises in Québec operate sanitary landfill sites for dry materials or waste materials that must eventually be decontaminated. In order to obtain an operating certificate, the Environment Department requires that these operators dedicate sums of money to the decontamination of their sites. Environmental trusts are created to this end. In its capacity as the authorized representative, Desjardins Trust is responsible for the management and administration of the sums paid into the environmental trust for the operator of the landfill site. As a general rule, this type of trust is created for a period of 20 years or more. Any release of funds must be approved by the Environment Department who will supervise all of the decontamination works. Depositary of software codes Several entreprises entrust to very small firms the development of system software essential to the management of their business activities. Their purchasing contract requires that a copy of the source codes be handed to a third party that is entirely neutral with respect to both parties. Thus, in the event of closure or bankruptcy of the software developer, the buyer has access to the source codes and may pursue his company’s operations without jeopardizing its activities. Desjardins Trust’s security policy comprises specific standards that ensure the custody of software ton the basis of a depositary agreement. Scrutineer for deliberative assemblies of all types Other than the coordination tasks required for the mailings to the shareholders, the main functions of Desjardins Trust in its capacity as scrutineer are:
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High values. Sound assets. Copyright © 2008 Desjardins Trust. All rights reserved. |
