Liability

  •  (1) The carrier holding corporation, and any of its directors, officers, employees and agents may rely on its security register or any other of their books or records, or the books or records of its transfer agent or registrar, referred to in these Regulations, their knowledge, information of which they are in receipt that relates to its status as a qualified corporation or, where the carrier holding corporation is an acquiring corporation, that relates to the criterion set out in subparagraph 17(4)(e)(ii) and any statements made in any affidavit, declaration or evidence filed under these Regulations, and the carrier holding corporation and its directors, officers, employees or agents are not liable in an action for anything done or omitted by them in good faith as a result of any conclusions made by them on the basis of any such register, records, books, knowledge, information or statements, when determining, for the purposes of these Regulations,

    • (a) whether any voting shares are beneficially owned, or controlled, in such a way as to prevent the carrier holding corporation from being a qualified corporation, or where the carrier holding corporation is an acquiring corporation, from satisfying the criterion set out in subparagraph 17(4)(e)(ii);

    • (b) and for the purposes of subsection 16(2) of the Act, the percentage of the voting shares in the carrier that were beneficially owned, and controlled, by Canadians as at July 22, 1987, where the carrier holding corporation is an acquiring corporation;

    • (c) whether any voting shares are holdco excess voting shares; or

    • (d) any other circumstances relevant to the exercise of the powers of the carrier holding corporation and its directors, officers, employees or agents under these Regulations.

  • (2) A corporation, trust, mutual insurance company, partnership, pension fund society, depository or intermediary and any of its directors, officers, employees, trustees or agents, as the case may be, may rely on a security register or any other of their other books or records referred to in these Regulations, or the books or records of its transfer agent or registrar, their knowledge, information of which they are in receipt that relates to their status as Canadians and any statements made in any affidavit, declaration or evidence submitted under these Regulations, and the corporation, trust, mutual insurance company, partnership, depository or intermediary and its directors, officers, employees, trustees or agents, as the case may be, are not liable in an action for anything done or omitted by them in good faith as a result of any conclusions made by them on the basis of any such register, records, books, knowledge, information or statements, when determining, for the purposes of these Regulations,

    • (a) whether any voting shares are beneficially owned, or controlled, in such a way as to prevent

      • (i) the corporation from being a qualified corporation or an acquiring corporation from satisfying the criterion set out in subparagraph 17(4)(e)(ii),

      • (ii) the trust from being a qualified trust,

      • (iii) the mutual insurance company from being a qualified mutual insurance company,

      • (iv) the partnership from being a qualified partnership, or

      • (v) the pension fund society from being a qualified pension society; or

    • (b) any other circumstances relevant to the exercise of the powers of the duties of the corporation, trust, mutual insurance company, partnership, pension fund society, depository or intermediary and its directors, officers, employees, trustees or agents under these Regulations.