An Act to amend certain Acts in relation to financial institutions (S.C. 2005, c. 54)
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Assented to 2005-11-25
1991, c. 45TRUST AND LOAN COMPANIES ACT
423. (1) The definition “exempt offer” in subsection 288(1) of the Act is repealed.
(2) The definition offre publique d’achat in subsection 288(1) of the French version of the Act is repealed.
(3) The definitions “dissenting offeree” and “share” in subsection 288(1) of the Act are replaced by the following:
“dissenting offeree”
« pollicité opposant »
“dissenting offeree” means a holder of a share who does not accept a take-over bid or a subsequent holder of the share who acquires it from the first-mentioned holder;
“share”
« action »
“share” means a share with or without voting rights and includes
(a) a security that is currently convertible into a share, and
(b) a currently exercisable option or right to acquire a share or a security referred to in paragraph (a);
Marginal note:2000, c. 12, s. 299
(4) Paragraph (c) of the definition “associate of the offeror” in subsection 288(1) of the English version of the Act is replaced by the following:
(c) a trust or estate in which the offeror has a substantial beneficial interest or in respect of which they serve as a trustee or a liquidator of the succession or in a similar capacity,
(5) The definition “take-over bid” in subsection 288(1) of the English version of the Act is replaced by the following:
“take-over bid”
« offre d’achat visant à la mainmise »
“take-over bid” means an offer made by an offeror at approximately the same time to all of the shareholders of a distributing company to acquire all of the shares of a class of issued shares, and includes an offer by a distributing company to repurchase all of the shares of a class.
(6) The definitions pollicitant, pollicité and société pollicitée in subsection 288(1) of the French version of the Act are replaced by the following:
« pollicitant »
“offeror”
pollicitant Toute personne, à l’exception du mandataire, qui fait une offre d’achat visant à la mainmise et, en outre, les personnes qui conjointement ou de concert, même indirectement :
a) soit font une telle offre;
b) soit ont l’intention d’exercer les droits de vote dont sont assorties les actions faisant l’objet d’une telle offre.
« pollicité »
“offeree”
pollicité Toute personne à laquelle est faite une offre dans le cadre d’une offre d’achat visant à la mainmise.
« société pollicitée »
“offeree company”
société pollicitée Société dont les actions font l’objet d’une offre d’achat visant à la mainmise.
(7) Subsection 288(1) of the French version of the Act is amended by adding the following in alphabetical order:
« offre d’achat visant à la mainmise »
“take-over bid”
offre d’achat visant à la mainmise L’offre qu’un pollicitant adresse à peu près au même moment à tous les actionnaires d’une société ayant fait appel au public pour acquérir toutes les actions d’une catégorie d’actions émises. Y est assimilée la pollicitation d’une telle société visant le rachat de toutes les actions d’une catégorie de ses actions.
(8) Subsection 288(3) of the French version of the Act is replaced by the following:
Marginal note:Date de l’offre
(3) L’offre d’achat visant à la mainmise est réputée être datée du jour de son envoi.
424. Section 289 of the French version of the Act is replaced by the following:
Marginal note:Droit d’acquérir des actions
289. Le pollicitant peut, en se conformant aux articles 290 à 295, aux paragraphes 296(1) et (2) et à l’article 297, acquérir les actions des pollicités opposants lorsque l’offre d’achat visant à la mainmise est, dans les cent vingt jours suivant la date où elle est faite, acceptée par les détenteurs d’au moins quatre-vingt-dix pour cent des actions de la catégorie en cause, sans qu’il soit tenu compte des actions détenues à la date de l’offre d’achat visant à la mainmise, même indirectement, par lui-même, les personnes morales de son groupe ou ses associés.
425. (1) The portion of subsection 290(1) of the French version of the Act before paragraph (a) is replaced by the following:
Marginal note:Avis du pollicitant aux opposants
290. (1) Le pollicitant peut acquérir les actions des pollicités opposants en leur faisant parvenir ainsi qu’au surintendant, par courrier recommandé, dans les soixante jours suivant la date d’expiration de l’offre d’achat visant à la mainmise et, en tout état de cause, dans les cent quatre-vingts jours suivant la date de l’offre d’achat visant à la mainmise, un avis précisant à la fois :
(2) Paragraph 290(1)(d) of the Act is replaced by the following:
(d) a dissenting offeree who does not notify the offeror in accordance with paragraph 291(b) is deemed to have elected to transfer the shares to the offeror on the same terms on which the offeror acquired the shares from the offerees who accepted the take-over bid; and
426. Section 291 of the Act is replaced by the following:
Marginal note:Share certificates and election
291. A dissenting offeree to whom a notice is sent under subsection 290(1) shall within 20 days after receiving the notice
(a) send to the offeree company the share certificates representing the shares to which the take-over bid relates; and
(b) elect to transfer the shares to the offeror on the same terms as those on which the offeror acquired shares from the offerees who accepted the take-over bid or to demand payment of the fair value of the shares in accordance with sections 294 to 297 by notifying the offeror.
Marginal note:Deemed election
291.1 A dissenting offeree who does not notify the offeror in accordance with paragraph 291(b) is deemed to have elected to transfer the shares to the offeror on the same terms as those on which the offeror acquired shares from the offerees who accepted the take-over bid.
427. Subsection 292(1) of the Act is replaced by the following:
Marginal note:Payment to offeree company
292. (1) Within 20 days after the offeror sends a notice under subsection 290(1), the offeror shall pay the money, or transfer the other consideration, to the offeree company that the offeror would have had to pay or transfer to a dissenting offeree if the dissenting offeree had elected to transfer their shares in accordance with paragraph 291(b).
428. The Act is amended by adding the following after section 292:
Marginal note:Fiduciary capacity of company
292.1 A company that is making a take-over bid to repurchase all of the shares of a class is deemed to hold in a fiduciary capacity for the dissenting shareholders the money that it would have had to pay, and the other consideration that it would have had to transfer, to a dissenting offeree if the dissenting offeree had elected to transfer their shares in accordance with paragraph 291(b). The company shall within 20 days after a notice is sent under subsection 290(1) deposit the money in a separate account in another deposit-taking financial institution in Canada and place any other consideration in the custody of another deposit-taking financial institution in Canada.
429. Paragraphs 293(a) to (c) of the Act are replaced by the following:
(a) if the payment or transfer required by subsection 292(1) is made, issue to the offeror a share certificate in respect of the shares that were held by the dissenting offerees;
(b) give to each dissenting offeree who elects to transfer shares under paragraph 291(b) and who sends the share certificates as required under paragraph 291(a) the money or other consideration to which they are entitled, disregarding fractional shares, which may be paid for in money; and
(c) if the payment or transfer required by subsection 292(1) is made and the money or other consideration is deposited as required by subsections 292(2) and (3) or section 292.1, send to each dissenting offeree who has not sent share certificates as required under paragraph 291(a) a notice stating that
(i) their shares have been cancelled,
(ii) the offeree company or its designated person holds in a fiduciary capacity for that offeree the money or other consideration to which they are entitled as payment for or in exchange for the shares, and
(iii) the offeree company will, subject to sections 294 to 297, send that money or other consideration to that offeree without delay after receiving the share certificates.
430. Subsection 294(1) of the Act is replaced by the following:
Marginal note:Court may fix fair value
294. (1) If a dissenting offeree has elected to demand payment of the fair value of their shares under paragraph 291(b), the offeror may, within 20 days after it has paid the money or transferred the other consideration under subsection 292(1), apply to a court to fix the fair value of the shares of that dissenting offeree.
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