Trust and Loan Companies Act (S.C. 1991, c. 45)

Act current to 2013-04-29 and last amended on 2012-12-19. Previous Versions

Marginal note:Associates

  • 374.2 (1) For the purpose of determining ownership of a company by an eligible agent, where two persons, at least one of whom is an eligible agent, are associated with each other, those persons are deemed to be a single eligible agent who beneficially owns the aggregate number of shares of the company beneficially owned by them.

  • Marginal note:Associates

    (2) For the purposes of subsection (1), a person is associated with another person if

    • (a) each person is an agent or agency of Her Majesty in right of Canada;

    • (b) each person is an agent or agency of Her Majesty in right of the same province;

    • (c) each person is an agent or agency of a government of the same foreign country or a political subdivision of the same foreign country;

    • (d) one person is Her Majesty in right of Canada and the other person is an agent or agency of Her Majesty in that right;

    • (e) one person is Her Majesty in right of a province and the other person is an agent or agency of Her Majesty in right of that province; or

    • (f) one person is a government of a foreign country or any political subdivision of a foreign country and the other person is its agent or agency.

  • 2012, c. 19, s. 327.

Division II

Constraints on Ownership

Marginal note:Constraining acquisition

  • 375. (1) No person, or entity controlled by a person, shall, without the approval of the Minister, purchase or otherwise acquire any share of a company or purchase or otherwise acquire control of any entity that holds any share of a company if

    • (a) the acquisition would cause the person to have a significant interest in any class of shares of the company; or

    • (b) where the person has a significant interest in a class of shares of the company, the acquisition would increase the significant interest of the person in that class of shares.

  • Marginal note:Amalgamation, etc., constitutes acquisition

    (2) If the entity that would result from an amalgamation, a merger or a reorganization would have a significant interest in a class of shares of a company, the entity is deemed to be acquiring a significant interest in that class of shares of the company through an acquisition for which the approval of the Minister is required under subsection (1).

  • Marginal note:Exemption

    (3) On application by a company, the Superintendent may exempt from the application of this section and section 376 any class of non-voting shares of the company if the aggregate book value of the shares of the class is not more than 30 per cent of the aggregate book value of all the outstanding shares of the company.

  • (4) and (5) [Repealed, 2001, c. 9, s. 518]

  • 1991, c. 45, s. 375;
  • 2001, c. 9, s. 518;
  • 2007, c. 6, s. 354.
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