Marginal note:Assent to scheme
107. (1) The scheme is assented to when it is both assented to by the ordinary shareholders of the railway company at a special meeting called for that purpose and assented to in writing by three quarters in value of the holders of
(a) mortgages, hypothecs, bonds and debenture stock of the company;
(b) any rent charge, or other payment, charged on the receipts of or payable by the company in consideration of the purchase of the railway of another company; and
(c) each class of guaranteed or preferred shares of the company.
Marginal note:Assent of lessor
(2) If the railway company leases a railway from another company, the scheme is assented to by the other company when it is assented to
(a) by the ordinary shareholders of the other company at a special meeting called for that purpose; and
(b) in writing by three quarters in value of the holders of mortgages, hypotheques, bonds and debenture stock of the other company and each class of guaranteed or preferred shares of that company.
Marginal note:No assent required from class not interested
(3) Assent to the scheme is not required by a class of holders mentioned in subsection (1) or another company mentioned in subsection (2) if the scheme does not prejudicially affect any right or interest of that class or company.
Marginal note:Application for confirmation of scheme
108. (1) The directors of the railway company may apply to the Federal Court for confirmation of the scheme if, at any time within three months after the scheme is filed, or within any extended time that the Federal Court may allow, the directors consider the scheme to be assented to in accordance with section 107.
(2) [Repealed, 2007, c. 19, s. 34]
Marginal note:Confirmation of Federal Court
(3) The Federal Court, after hearing the directors and any other persons whom it considers entitled to be heard on the application, may confirm the scheme, if it is satisfied that
(a) the scheme has been assented to in accordance with section 107 within the period mentioned in subsection (1); and
(b) no sufficient objection to the scheme has been established.
Marginal note:Registration in Federal Court
(4) When the scheme is confirmed, it shall be registered in the Federal Court, and from then on it is binding on the company and all persons.
(5) [Repealed, 2007, c. 19, s. 34]
- 1996, c. 10, s. 108;
- 2007, c. 19, s. 34.
Marginal note:Rules of practice
109. The judges of the Federal Court may, with the approval of the Governor in Council, make general rules governing the practice and procedure of the Court under sections 106 to 108.
- Date modified: