Trust and Loan Companies Act

Marginal note:Extended meaning of “insider”

• 276 (1) In subsections (2) and 277(1), “insider” means, with respect to a company,

  • (a) the company;

  • (b) an affiliate of the company;

  • (c) a director or an officer of the company;

  • (d) a person who beneficially owns more than 10 per cent of the shares of the company or who exercises control or direction over more than 10 per cent of the votes attached to the shares of the company;

  • (e) a person employed or retained by the company; and

  • (f) a person who receives specific confidential information from a person described in this section, including a person described in this paragraph, and who has knowledge that the person giving the information is a person described in this section, including a person described in this paragraph.

• Marginal note:Deemed insider

  (2) For the purposes of subsection 277(1),

  • (a) if a body corporate becomes an insider of a company or enters into a business combination with a company, or

  • (b) if a company becomes an insider of a body corporate,

  every director or officer of the body corporate is deemed to have been an insider of the company for the previous six months or for such shorter period as the director or officer was a director or officer of the body corporate.