Insurance Companies Act

Marginal note:Exception for small holdings

408.1 Notwithstanding section 408, where, as a result of a transfer or issue of shares of a class of shares of a company to a person, the total number of shares of that class registered in the securities register of the company in the name of that person

• (a) would not exceed five thousand, and

• (b) would not exceed 0.1 per cent of the outstanding shares of that class,

the company is entitled to assume that no person is acquiring or increasing a significant interest in that class of shares of the company as a result of that issue or transfer of shares.