Insurance Companies Act
Marginal note:Payment to dissenter
311 (1) Within twenty days after the offeror sends an offeror’s notice under subsection 309(1), the offeror shall pay or transfer to the offeree company the amount of money or other consideration that the offeror would have had to pay or transfer to a dissenting offeree if the dissenting offeree had elected to transfer the dissenting offeree’s shares as described in subparagraph 309(1)(c)(i).
Marginal note:Consideration in trust
(2) An offeree company is deemed to hold in a fiduciary capacity for the dissenting offerees the money or other consideration it receives under subsection (1).
Marginal note:Deposit or custody
(3) An offeree company shall deposit the money received under subsection (1) in a separate account in a deposit-taking financial institution in Canada and the offeree company shall place any other consideration in the custody of a deposit-taking financial institution in Canada.
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