Marginal note:Application to court
433. (1) If a person fails to comply with a direction made under subsection 428(7) or 432(1), an application on behalf of the Minister may be made to a court for an order to enforce the direction.
Marginal note:Court order
(2) A court may, on an application under subsection (1), make such order as the circumstances require to give effect to the terms of the direction and may, without limiting the generality of the foregoing, require the company concerned to sell the shares that are the subject-matter of the direction.
(3) An appeal from an order of a court under this section lies in the same manner as, and to the same court to which, an appeal may be taken from any other order of the court.
- 1991, c. 47, s. 433;
- 2012, c. 31, s. 140.
Marginal note:Interest of securities underwriter
434. This Part does not apply to a securities underwriter in respect of shares of a body corporate or ownership interests in an unincorporated entity that are acquired by the underwriter in the course of a distribution to the public of those shares or ownership interests and that are held by the underwriter for a period of not more than six months.
Marginal note:Arrangements to effect compliance
435. (1) The directors of a company may make such arrangements as they deem necessary to carry out the intent of this Part and, in particular, but without limiting the generality of the foregoing, may
(a) require any person in whose name a share of the company is held to submit a declaration setting out
(i) the beneficial ownership of the share, and
(ii) such other information as the directors deem relevant for the purposes of this Part;
(b) require any person who wishes to have a transfer of a share registered in the name of, or to have a share issued to, that person to submit a declaration referred to in paragraph (a) as though the person were the holder of that share; and
(c) determine the circumstances in which a declaration referred to in paragraph (a) is to be required, the form of the declaration and the times at which it is to be submitted.
Marginal note:Order of Superintendent
(2) The Superintendent may, by order, direct a company to obtain from any person in whose name a share of the company is held a declaration setting out the name of every entity controlled by that person and containing information concerning
(a) the ownership or beneficial ownership of the share; and
(b) such other related matters as are specified by the Superintendent.
Marginal note:Compliance required
(3) As soon as possible after receipt by a company of a direction under subsection (2),
(a) the company shall comply with the direction; and
(b) every person who is requested by the company to provide a declaration containing information referred to in subsection (1) or (2) shall comply with the request.
Marginal note:Outstanding declaration: effect
(4) Where, pursuant to this section, a declaration is required to be submitted by a shareholder or other person in respect of the issue or transfer of any share, a company may refuse to issue the share or register the transfer unless the required declaration is submitted.
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