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Trust and Loan Companies Act

Version of section 376.1 from 2003-01-01 to 2012-12-13:

Marginal note:Exception for small holdings

 Notwithstanding section 376, 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.

  • 1994, c. 47, s. 206

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