Canada Transportation Act

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.