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I-15.1 - Act respecting market intermediaries
Section 55
Disposition versions
55. Section 53 does not apply to a firm contemplated therein if the percentage of its shares or of the voting rights attached to its shares was greater than 20 % on 21 December 1988. However, this percentage cannot be increased except to give effect to a contract entered into before 21 December 1988.
Where, on or after 22 December 1988, a firm referred to in the first paragraph allocates its shares or registers a transfer of shares which results in a reduction of the percentage of its shares or of the voting rights attached to its shares held directly or indirectly by financial institutions, financial groups or related legal persons, the new percentage becomes the limit for the shares or voting rights attached to the shares which may be held directly or indirectly by financial institutions, financial groups or related legal persons. However, this paragraph shall not prevent a firm from allocating or registering a transfer of its shares to give effect to a contract entered into before 21 December 1988.
The first and second paragraphs cease to apply to a firm referred to therein when the percentage of shares or of the voting rights attached to such shares reaches 20 %.
