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Trust and Loan Companies Act

Version of section 375 from 2003-01-01 to 2007-04-19:


Marginal note:Constraining acquisition

  •  (1) No person, or entity controlled by a person, shall, without the approval of the Minister, purchase or otherwise acquire any share of a company or purchase or otherwise acquire control of any entity that holds any share of a company if

    • (a) the acquisition would cause the person to have a significant interest in any class of shares of the company; or

    • (b) where the person has a significant interest in a class of shares of the company, the acquisition would increase the significant interest of the person in that class of shares.

  • Marginal note:Amalgamation, etc., constitutes acquisition

    (2) Where, as a result of an amalgamation, merger or reorganization, the entity that results therefrom would have a significant interest in a class of shares of a company, that entity shall be deemed to be acquiring a significant interest in that class of shares of the company through an acquisition for which the approval of the Minister is required pursuant to subsection (1).

  • Marginal note:Exemption

    (3) On application by a company, the Superintendent may exempt from the application of this section and section 376 any class of non-voting shares of the company if the aggregate book value of the shares of the class is not more than 30 per cent of the aggregate book value of all the outstanding shares of the company.

  • (4) and (5) [Repealed, 2001, c. 9, s. 518]

  • 1991, c. 45, s. 375
  • 2001, c. 9, s. 518
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