Marginal note:Notice of proposed transaction
114 (1) Subject to this Part, where
(a) a person, or two or more persons pursuant to an agreement or arrangement, propose to acquire assets in the circumstances set out in subsection 110(2), to acquire shares in the circumstances set out in subsection 110(3) or to acquire an interest in a combination in the circumstances set out in subsection 110(6),
(b) two or more corporations propose to amalgamate in the circumstances set out in subsection 110(4), or
(c) two or more persons propose to form a combination in the circumstances set out in subsection 110(5),
the parties to the proposed transaction shall, before the transaction is completed, notify the Commissioner that the transaction is proposed and supply the Commissioner with information in accordance with this Part.
Marginal note:Information required
(2) The information required under subsection (1) is, at the option of the person supplying the information, prescribed short form information or prescribed long form information but, where a person provides prescribed short form information, the Commissioner or a person authorized by the Commissioner may, within fourteen days after receiving it, require the person to supply the prescribed long form information.
Marginal note:Corporation whose shares are acquired
(3) Where a proposed transaction is an acquisition of shares and the Commissioner receives information supplied under subsection (1) by a party to the transaction, other than the corporation whose shares are being acquired, before receiving such information from the corporation,
(a) the Commissioner shall immediately notify the corporation that the Commissioner has received from that party the prescribed short form information or prescribed long form information, as the case may be;
(b) the corporation shall supply the Commissioner with the prescribed short form information within ten days after being notified under paragraph (a) or the prescribed long form information within twenty days after being so notified, as the case may be; and
(c) where the corporation supplies the prescribed short form information, the Commissioner may require the corporation to supply the prescribed long form information and the corporation shall supply it within twenty days after being so required by the Commissioner.
Marginal note:Notice and information
(4) Any of the persons required to give notice and supply information under this section may
(a) if duly authorized to do so, give notice or supply information on behalf of and in lieu of any of the others who are so required in respect of the same transaction; or
(b) give notice or supply information jointly with any of those others.
- R.S., 1985, c. 19 (2nd Supp.), s. 45
- 1999, c. 2, s. 31, c. 31, s. 53(F)
- Date modified: