Insurance Companies Act
Marginal note:Exception for small holdings
408.1 Notwithstanding section 408, where, as a result of a transfer or issue of shares of a class of shares of a company to a person, the total number of shares of that class registered in the securities register of the company in the name of that person
(a) would not exceed five thousand, and
(b) would not exceed 0.1 per cent of the outstanding shares of that class,
the company is entitled to assume that no person is acquiring or increasing a significant interest in that class of shares of the company as a result of that issue or transfer of shares.
- 1994, c. 47, s. 123
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