Insurance Companies Act
Marginal note:Distribution to the public
11 (1) Subject to subsection (2), for the purposes of this Act, a security of a body corporate or an unincorporated entity
(a) is part of a distribution to the public where, in respect of the security, there has been a filing of a prospectus, statement of material facts, registration statement, securities exchange take-over bid circular or similar document under the laws of Canada, a province or a jurisdiction outside Canada; or
(b) is deemed to be part of a distribution to the public where the security has been issued and a filing referred to in paragraph (a) would be required if the security were being issued currently.
(2) On application by a company or insurance holding company, the Superintendent may determine that a security of the company or insurance holding company is not or was not part of a distribution to the public if the Superintendent is satisfied that the determination would not prejudice any security holder of the company or insurance holding company.
Marginal note:Securities deemed part of distribution
(3) For the purposes of this Act, securities of a company or insurance holding company issued on the conversion of other securities or issued in exchange for other securities are deemed to be securities that are part of a distribution to the public if those other securities were part of a distribution to the public.
- 1991, c. 47, s. 11
- 1997, c. 15, s. 166
- 2001, c. 9, s. 351
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