- (a) a person controls a body corporate if securities of the body corporate to which are attached more than 50 per cent of the votes that may be cast to elect directors of the body corporate are beneficially owned by the person and the votes attached to those securities are sufficient, if exercised, to elect a majority of the directors of the body corporate;
- (a.1) a person controls a federal credit union if the person and all of the entities controlled by the person have the right to exercise more than 50 per cent of the votes that may be cast at an annual meeting or to elect the majority of the directors of the federal credit union;
- (b) a person controls an unincorporated entity, other than a limited partnership, if more than 50 per cent of the ownership interests, however designated, into which the entity is divided are beneficially owned by that person and the person is able to direct the business and affairs of the entity;
- (c) the general partner of a limited partnership controls the limited partnership; and
- (d) a person controls an entity if the person has any direct or indirect influence that, if exercised, would result in control in fact of the entity.
- (a) any securities of the entity that are beneficially owned by that person, and
- (b) any securities of the entity that are beneficially owned by any entity controlled by that person
is such that, if that person and all of the entities referred to in paragraph (b) that beneficially own securities of the entity were one person, that person would control the entity.
- 1991, c. 46, s. 3
- 2001, c. 9, s. 37
- 2010, c. 12, s. 1897
Marginal note: Holding body corporate
4 A body corporate is the holding body corporate of any entity that is its subsidiary.
- 1991, c. 46, s. 4
- 2001, c. 9, s. 38
Marginal note: Subsidiary
5 An entity is a subsidiary of another entity if it is controlled by the other entity.
- 1991, c. 46, s. 5
- 2001, c. 9, s. 38
Marginal note: Affiliated entities
- 6 (1) One entity is affiliated with another entity if one of them is controlled by the other or both are controlled by the same person.
- Marginal note: Affiliated entities (2) Despite subsection (1), for the purposes of subsections 265(1) and 283(1), one entity is affiliated with another entity if one of them is controlled, determined without regard to paragraph 3(1)(d), by the other or both are controlled, determined without regard to paragraph 3(1)(d), by the same person.
- 1991, c. 46, s. 6
- 2001, c. 9, s. 39
Marginal note: Shareholder
- 7 (1) For the purposes of this Act, a person is a shareholder of a body corporate when, according to the securities register of the body corporate, the person is the owner of one or more shares of the body corporate or is entitled to be entered in the securities register or like record of the body corporate as the owner of the share or shares.
- Marginal note: Holder of a share (2) A reference in this Act to the holding of a share by or in the name of any person is a reference to the fact that the person is registered or is entitled to be registered in the securities register or like record of the body corporate as the holder of that share.
Marginal note: Holder of membership share
- 7.1 (1) For the purposes of this Act, a person is a holder of a membership share of a federal credit union if the person is the owner of one or more membership shares according to the federal credit union’s members register or is entitled to be entered in that register, or like record of the federal credit union, as the owner of one or more membership shares.
- Marginal note: References to holding membership share (2) A reference in this Act to the holding of a membership share by or in the name of any person is a reference to the fact that the person is registered or is entitled to be registered in a federal credit union’s members register, or like record of the federal credit union, as the holder of that membership share.
- 2010, c. 12, s. 1898
Marginal note: Significant interest
- 8 (1) A person has a significant interest in a class of shares of a bank or a bank holding company if the aggregate of
- (a) any shares of that class beneficially owned by the person, and
- (b) any shares of that class beneficially owned by entities controlled by the person
exceeds 10 per cent of all of the outstanding shares of that class of shares of the bank or bank holding company.
- (a) acquires beneficial ownership of additional shares of that class, or
- (b) acquires control of any entity that beneficially owns shares of that class,
in such number as to increase the percentage of shares of that class that are beneficially owned by the person and by any entities controlled by the person.
- 1991, c. 46, s. 8
- 2001, c. 9, s. 40
- 2010, c. 12, s. 1899
Marginal note: Acting in concert
- 9 (1) For the purposes of Part VII and Division 7 of Part XV, if two or more persons have agreed, under any agreement, commitment or understanding, whether formal or informal, verbal or written, to act jointly or in concert in respect of
- (a) shares of a bank or of a bank holding company that they beneficially own,
- (b) shares or ownership interests that they beneficially own of any entity that beneficially owns shares of a bank or of a bank holding company, or
- (c) shares or ownership interests that they beneficially own of any entity that controls any entity that beneficially owns shares of a bank or bank holding company,
those persons are deemed to be a single person who is acquiring beneficial ownership of the aggregate number of shares of the bank or bank holding company or shares or ownership interests of the entity that are beneficially owned by them.
- (a) whereby any of them or their nominees may veto any proposal put before the board of directors of the bank or bank holding company, or
- (b) under which no proposal put before the board of directors of the bank or bank holding company may be approved except with the consent of any of them or their nominees,
is deemed to be an agreement, commitment or understanding referred to in subsection (1).
- (a) one is the proxyholder of one or more of the others in respect of shares or ownership interests referred to in subsection (1); or
- (b) they vote the voting rights attached to shares or ownership interests referred to in subsection (1) in the same manner.
- 1991, c. 46, s. 9
- 2001, c. 9, s. 41
- 2007, c. 6, s. 2
Marginal note: Acting in concert — members’ rights to vote
- 9.1 (1) For the purposes of Part VII, if two or more members have agreed, under any agreement, commitment or understanding, whether formal or informal, verbal or written, to act jointly or in concert in respect of the exercise of any right to vote at a meeting of members, those members are deemed to be a single member.
- Marginal note: Exceptions (2) For the purposes of this section, members are presumed not to have agreed to act jointly or in concert solely by reason of the fact that
- (a) their membership voting rights are vested in the same delegate or delegates; or
- (b) they exercise their membership voting rights in the same manner.
- 2010, c. 12, s. 1900
Marginal note: Acting in concert — shareholders and members’ right to vote
- 9.2 (1) For the purposes of Part VII, if one or more members of a federal credit union and one or more shareholders of the federal credit union have agreed, under any agreement, commitment or understanding, whether formal or informal, verbal or written, to act jointly or in concert in respect of the exercise of their respective rights to vote, those persons are deemed to be a single person.
- Marginal note: Exceptions (2) For the purposes of this section, persons are presumed not to have agreed to act jointly or in concert solely by reason of the fact that
- (a) one or more of the members is the proxyholder of one or more of the shareholders;
- (b) one or more of the shareholders is a delegate of one or more of the members; or
- (c) they exercise their respective voting rights in the same manner.
- 2010, c. 12, s. 1900
