Trust and Loan Companies Act

Marginal note:Where approval not required

• 378 (1) Despite sections 375 and 376, the approval of the Minister is not required if

  • (a) the Superintendent has, by order, directed the company to increase its capital and shares of the company are issued and acquired in accordance with such terms and conditions as may be specified in the order; or

  • (b) a person, other than an eligible agent, who controls, within the meaning of paragraph 3(1)(a), the company acquires additional shares of the company.

• Marginal note:Pre-approval

  (2) For the purposes of subsections 375(1) and (2) and section 376, the Minister may approve

  • (a) the purchase or other acquisition of such number or percentage of shares of a company as may be required in a particular transaction or series of transactions; or

  • (b) the purchase or other acquisition of up to a specified number or percentage of shares of a company within a specified period.