You are correct. The original gargoyles were finally removed in 1939, and the new ones were installed in 2003. -Terry Murray, author of Faces on Places: A Grotesque Tour of Toronto (Anansi, 2006)

Bits of them fell off. They were finally removed in 1939.

I'm coming to this discussion a bit late but wanted to add that the sculpture should be retained. It was originally going to be placed on George Locke library bldg. For background see my book Faces on Places: A Grotesque Tour of Toronto (Anansi, 2006).