Trust and Loan Companies Act

Marginal note:Exception

• 383 (1) Where a company fails to comply with section 379 as the result of

  • (a) a distribution to the public of voting shares of the company,

  • (b) a redemption or purchase of voting shares of the company,

  • (c) the exercise of any option to acquire voting shares of the company, or

  • (d) the conversion of any convertible securities into voting shares of the company,

  section 380 shall not apply in respect of that company until the expiration of six months after the day the company failed to comply with section 379.

• Marginal note:Shares acquiring voting rights

  (2) Where, as the result of an event that has occurred and is continuing, shares of a company acquire voting rights in such number as to cause the company to no longer be in compliance with section 379, section 380 shall not apply in respect of that company until the expiration of six months after the day the company ceased to be in compliance with section 379 or such later day as the Minister may, by order, specify.

• Marginal note:Exception

  (3) Where a holding body corporate referred to in subsection 382(3) fails to comply with section 379 as the result of

  • (a) a distribution to the public of voting shares of the holding body corporate,

  • (b) a redemption or purchase of voting shares of the holding body corporate,

  • (c) the exercise of any option to acquire voting shares of the holding body corporate, or

  • (d) the conversion of any convertible securities into voting shares of the holding body corporate,

  paragraph 382(5)(c) shall not apply in respect of that holding body corporate until the expiration of six months after the day the holding body corporate failed to comply with section 379.

• Marginal note:Shares acquiring voting rights

  (4) Where, as the result of an event that has occurred and is continuing, shares of a holding body corporate referred to in subsection 382(3) acquire voting rights in such number as to cause the holding body corporate to no longer be in compliance with section 379, paragraph 382(5)(c) shall not apply in respect of that holding body corporate until the expiration of six months after the day the holding body corporate ceased to be in compliance with section 379 or such later day as the Minister may, by order, specify.