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Insurance Companies Act

Version of section 428 from 2003-01-01 to 2012-05-23:


Marginal note:Constraining registration — Crown and foreign governments

  •  (1) No company shall record in its securities register a transfer or issue of any share of the company to

    • (a) Her Majesty in right of Canada or of a province or any agent or agency of Her Majesty in either of those rights; or

    • (b) the government of a foreign country or any political subdivision thereof, or any agent or agency thereof.

  • Marginal note:Exception

    (2) Notwithstanding subsection (1), a company that is a subsidiary of a foreign institution that is controlled by the government of a foreign country or any political subdivision thereof, or any agency thereof, may register a transfer or issue of a share or shares of the company to the foreign institution or to any subsidiary of the foreign institution.


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