Companies’ Creditors Arrangement Act
3 (1) This Act applies in respect of a debtor company or affiliated debtor companies where the total of claims, within the meaning of section 12, against the debtor company or affiliated debtor companies exceeds five million dollars.
Marginal note:Affiliated companies
(2) For the purposes of this Act,
Marginal note:Company controlled
(3) For the purposes of this Act, a company is controlled by a person or by two or more companies if
(a) securities of the company to which are attached more than fifty per cent of the votes that may be cast to elect directors of the company are held, other than by way of security only, by or for the benefit of that person or by or for the benefit of those companies; and
(b) the votes attached to those securities are sufficient, if exercised, to elect a majority of the directors of the company.
(4) For the purposes of this Act, a company is a subsidiary of another company if
(a) it is controlled by
(b) it is a subsidiary of a company that is a subsidiary of that other company.
- R.S., 1985, c. C-36, s. 3
- 1997, c. 12, s. 121
- Date modified: