C-4.1 - Savings and Credit Unions Act

Section 470 Disposition versions

1997-02-15

470. A holding company may acquire

(1)  shares of a bank or of a legal person whose principal activities consist in carrying on fiduciary business or the business of an insurer, a mutual fund, a securities broker or adviser or a savings company, and which is or becomes, as a result of that acquisition, a legal person controlled by the holding company;

(2)  shares issued by an investment bank or a legal person whose principal activities consist in leasing or factoring or in providing the confederation, the federations affiliated with it, a savings and credit union incorporated in Canada or any federation of such savings and credit unions or a legal person belonging to the same group as the confederation, with data processing, management, consultation or supply services or other services that are similar or, in the opinion of the Minister, auxiliary services with respect to the federations affiliated with the confederation or credit unions affiliated with them, where such legal person is or becomes, as a result of such acquisition, a legal person controlled by the holding company;

(3)  shares issued by a legal person whose principal activities consist in holding and managing immovables and which is or becomes, as a result of such acquisition, a legal person controlled by the holding company;

(4)  shares issued by a legal person engaging in commercial or industrial activities.

The Minister may authorize, on such conditions as he determines, minority investment under subparagraphs 1, 2 and 3.

No holding company acquiring shares in legal persons engaging in activities mentioned in any of the subparagraphs of the first paragraph may, except with the authorization of the Inspector General for the period he determines, acquire or hold shares issued by legal persons engaging in activities mentioned in another subparagraph.

Subject to the second paragraph, a holding company must dispose, within the time fixed by the Inspector General, of all the shares it holds in a legal person referred to in paragraph 1, 2 or 3 upon ceasing to control that legal person.

1988, c. 64, s. 470; 1996, c. 69, s. 160.

1989-03-15

470. A holding company may acquire

(1)  shares of a bank or of a legal person whose principal activities consist in carrying on fiduciary business or the business of an insurer, a mutual fund, a securities broker or adviser or a savings company, and which is or becomes, as a result of that acquisition, a legal person controlled by the holding company;

(2)  shares issued by an investment bank or a legal person whose principal activities consist in leasing or factoring or in providing the confederation, the federations affiliated with it, a savings and credit union incorporated in Canada or any federation of such savings and credit unions or a legal person belonging to the same group as the confederation, with data processing, management, consultation or supply services or other services that are similar or, in the opinion of the Minister, auxiliary services with respect to the federations affiliated with the confederation or credit unions affiliated with them, where such legal person is or becomes, as a result of such acquisition, a legal person controlled by the holding company;

(3)  shares issued by a legal person whose principal activities consist in holding and managing immovables and which is or becomes, as a result of such acquisition, a legal person controlled by the holding company;

(4)  shares issued by a legal person engaging in commercial or industrial activities.

The Minister may authorize, on such conditions as he determines, minority investment under subparagraphs 1, 2 and 3.

No holding company acquiring shares in legal persons engaging in activities mentioned in any of the subparagraphs of the first paragraph may acquire or hold shares issued by legal persons engaging in activities mentioned in another subparagraph.

Subject to the second paragraph, a holding company must dispose, within the time fixed by the Inspector General, of all the shares it holds in a legal person referred to in paragraph 1, 2 or 3 upon ceasing to control that legal person.

1988, c. 64, s. 470.