Trust and Loan Companies Act

Marginal note:Prospectus requirements

• 278 (1) After the day that is twelve months after the coming into force of this section, a company shall not distribute any of its securities and a person shall not distribute any securities of a company unless a preliminary prospectus and a prospectus in a form substantially as prescribed have been filed with the Superintendent in relation to the distribution and receipts have been received therefor from the Superintendent.

• Marginal note:Idem

  (2) Where there is filed in any jurisdiction a preliminary prospectus, prospectus, short-form prospectus or similar document relating to the distribution of securities in a form substantially as prescribed, a copy of that document may be accepted by the Superintendent under subsection (1).

• Marginal note:Meaning of distribution

  (3) For the purposes of this section and sections 279 to 287, “distribution” means

  • (a) a trade by or on behalf of a company in securities of the company that have not previously been issued; or

  • (b) a trade in previously issued securities of a company from the holdings of any person or group of persons who act in concert and who hold in excess of 10 per cent of the shares of any class of voting shares of the company.