Federal Law–Civil Law Harmonization Act, No. 3 (S.C. 2011, c. 21)
Full Document:
Assented to 2011-11-29
Marginal note:2001, c. 14, s. 135 (Sch., s. 49(1))(E)
55. (1) Subsection 148(2) of the Act is replaced by the following:
Marginal note:Execution or signing of proxy
(2) A proxy shall be executed or, in Quebec, signed by the shareholder or by the shareholder’s personal representative authorized in writing.
Marginal note:2001, c. 14, s. 135 (Sch., s. 49(2))(E)
(2) The portion of paragraph 148(4)(a) of the Act before subparagraph (i) is replaced by the following:
(a) by depositing an instrument or act in writing executed or, in Quebec, signed by the shareholder or by the shareholder’s personal representative authorized in writing
(3) Subsection 148(5) of the English version of the Act is replaced by the following:
Marginal note:Deposit of proxies
(5) The directors may specify in a notice calling a meeting of shareholders a time not more than 48 hours, excluding Saturdays and holidays, before the meeting or adjournment before which time proxies to be used at the meeting must be deposited with the corporation or its agent or mandatary.
56. Subparagraph 161(2)(b)(iii) of the English version of the Act is replaced by the following:
(iii) has been a receiver, receiver-manager, sequestrator, liquidator or trustee in bankruptcy of the corporation or any of its affiliates within two years of the person’s proposed appointment as auditor of the corporation.
Marginal note:2001, c. 14, s. 135 (Sch., s. 57(1))(E)
57. (1) Subsection 170(1) of the English version of the Act is replaced by the following:
Marginal note:Right to information
170. (1) On the demand of an auditor of a corporation, the present or former directors, officers, employees, agents or mandataries of the corporation shall provide any
(a) information and explanations, and
(b) access to records, documents, books, accounts and vouchers of the corporation or any of its subsidiaries
that are, in the opinion of the auditor, necessary to enable the auditor to make the examination and report required under section 169 and that the directors, officers, employees, agents or mandataries are reasonably able to provide.
Marginal note:2001, c. 14, s. 135 (Sch., s. 57(2))(E)
(2) Paragraph 170(2)(a) of the English version of the Act is replaced by the following:
(a) obtain from the present or former directors, officers, employees and agents or mandataries of any subsidiary of the corporation the information and explanations that the present or former directors, officers, employees and agents or mandataries are reasonably able to provide and that are, in the opinion of the auditor, necessary to enable the auditor to make the examination and report required under section 169; and
58. Paragraph 174(6)(d) of the English version of the Act is replaced by the following:
(d) the powers of the directors to require disclosure of beneficial ownership of shares of the corporation and the right of the corporation and its directors, employees and agents or mandataries to rely on that disclosure and the effects of that reliance; and
Marginal note:2001, c. 14, s. 93(2)
59. Paragraph 189(1)(b) of the French version of the Act is replaced by the following:
b) émettre, réémettre ou vendre les titres de créance de la société ou les donner en garantie sous forme d’hypothèque mobilière, de gage ou de nantissement;
60. (1) Paragraph 190(19)(a) of the French version of the Act is replaced by the following:
a) tous les actionnaires dissidents dont la société n’a pas acheté les actions doivent être joints comme parties à l’instance et sont liés par la décision du tribunal;
(2) Subsection 190(20) of the French version of the Act is replaced by the following:
Marginal note:Pouvoirs du tribunal
(20) Sur présentation de la demande prévue aux paragraphes (15) ou (16), le tribunal peut décider s’il existe d’autres actionnaires dissidents à joindre comme parties à l’instance et doit fixer la juste valeur des actions en question.
Marginal note:2001, c. 14, s. 99(3)
61. (1) The portion of the definition “offeror” in subsection 206(1) of the English version of the Act before paragraph (a) is replaced by the following:
“offeror”
« pollicitant »
“offeror” means a person, other than an agent or mandatary, who makes a take-over bid, and includes two or more persons who, directly or indirectly,
Marginal note:2001, c. 14, s. 99(10)
(2) Paragraph 206(14)(a) of the French version of the Act is replaced by the following:
a) tous les pollicités dissidents qui veulent obtenir paiement et dont les actions n’ont pas été acquises par le pollicitant sont joints comme parties à l’instance et liés par la décision du tribunal;
(3) Subsection 206(15) of the French version of the Act is replaced by the following:
Marginal note:Pouvoirs du tribunal
(15) Avant de fixer la juste valeur des actions de tous les pollicités dissidents, le tribunal peut, sur demande présentée conformément aux paragraphes (9) ou (10), décider s’il existe d’autres pollicités dissidents à joindre comme parties à l’instance.
Marginal note:2001, c. 14, s. 108
62. (1) Paragraph 217(b) of the French version of the Act is replaced by the following:
b) de nommer un liquidateur et d’exiger de lui une garantie, de fixer sa rémunération et de le remplacer;
(2) Paragraph 217(k) of the French version of the Act is replaced by the following:
k) sur avis à tous les intéressés, de décharger le liquidateur de ses manquements, selon les modalités que le tribunal estime pertinentes, et de confirmer ses actes;
63. Paragraph 222(1)(e) of the English version of the Act is replaced by the following:
(e) do all acts and execute or, in Quebec, sign any documents in the name and on behalf of the corporation;
Marginal note:2001, c. 14, s. 111(E)
64. Subsection 223(4) of the Act is replaced by the following:
Marginal note:Publication
(4) A liquidator shall give notice of their intention to make an application under subsection (2) to the Director, to each inspector appointed under section 217, to each shareholder and to any person who provided a security, fidelity bond or fidelity insurance for the liquidation, and shall publish the notice in a newspaper published or distributed in the place where the corporation has its registered office, or as otherwise directed by the court.
Marginal note:2001, c. 14, s. 135 (Sch., s. 72)(E)
65. Paragraph 226(5)(a) of the French version of the Act is replaced by the following:
a) de joindre comme partie à l’instance chaque ancien actionnaire retrouvé par le demandeur;
Marginal note:2001, c. 14, s. 114(1)(F) and s. 135 (Sch., s. 75)(E)
66. Subsections 235(1) and (2) of the Act are replaced by the following:
Marginal note:Information respecting ownership and control
235. (1) If the Director is satisfied that, for the purposes of Part XI, XIII or XVII, or for the purposes of enforcing any regulation made under section 174, there is reason to inquire into the ownership or control of a security of a corporation or any of its affiliates, the Director may require any person that the Director reasonably believes has or has had an interest or right in the security or acts or has acted on behalf of a person with such an interest or right to report to him or her or to any person the Director designates
(a) information that the person has or can reasonably be expected to obtain as to present and past interests or rights in the security; and
(b) the names and addresses of the persons with such an interest or right and of any person who acts or has acted in relation to the security on their behalf.
Marginal note:Presumption
(2) For the purposes of subsection (1), a person is deemed to have an interest or right in a security if
(a) the person has a right to vote or to acquire or dispose of the security or any interest or right in it;
(b) the person’s consent is necessary for the exercise of the rights or privileges of any other person with an interest or right in the security; or
(c) any other person with an interest or right in the security can be required or is accustomed to exercise rights or privileges attached to the security in accordance with the person’s instructions.
Marginal note:2001, c. 14, s. 135 (Sch., s. 76)(E)
67. Section 236 of the Act is replaced by the following:
Marginal note:Solicitor-client privilege or professional secrecy
236. Nothing in this Part shall be construed as affecting solicitor-client privilege or, in Quebec, the professional secrecy of advocates and notaries.
- Date modified: