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Bank Act

Version of section 288 from 2006-11-28 to 2022-09-11:


Marginal note:Duty of offeree bank

 Within thirty days after an offeror sends an offeror’s notice under subsection 285(1), the offeree bank shall

  • (a) if the payment or transfer required by subsection 287(1) is made, issue to the offeror a share certificate in respect of the shares that were held by the dissenting offerees;

  • (b) give to each dissenting offeree who elects to transfer shares under paragraph 286(b) and who sends the share certificates as required under paragraph 286(a) the money or other consideration to which they are entitled, disregarding fractional shares, which may be paid for in money; and

  • (c) if the payment or transfer required by subsection 287(1) is made and the money or other consideration is deposited as required by subsections 287(2) and (3) or by section 287.1, send to each dissenting offeree who has not sent share certificates as required under paragraph 286(a) a notice stating that

    • (i) their shares have been cancelled,

    • (ii) the offeree bank or its designated person holds in a fiduciary capacity for that offeree the money or other consideration to which they are entitled as payment for or in exchange for the shares, and

    • (iii) the offeree bank will, subject to sections 289 to 292, send that money or other consideration to that offeree without delay after receiving the share certificates.

  • 1991, c. 46, s. 288
  • 2005, c. 54, s. 64
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