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T-11.002 - Act respecting the transfer of securities and the establishment of security entitlements
Section 113
Disposition versions
113. A purchaser of a security entitlement has control of the security entitlement if
(1) the purchaser becomes the entitlement holder;
(2) the purchaser enters with the securities intermediary into an agreement, called “control agreement”, under the terms of which the securities intermediary agrees to comply with entitlement orders that are originated by the purchaser without the further consent of the entitlement holder; or
(3) another person has control of the security entitlement on behalf of the purchaser or, having previously obtained control of the security entitlement, acknowledges that the person has control on behalf of the purchaser.
A purchaser has control of the security entitlement even if the entitlement holder retains the right to originate entitlement orders to the securities intermediary, to make substitutions for the security entitlement or to otherwise dispose of the security entitlement. The purchaser may, at any time, withdraw the entitlement holder’s right; such a withdrawal is not subject to any notification or registration formality for publication purposes.
113. A purchaser of a security entitlement has control of the security entitlement if
(1) the purchaser becomes the entitlement holder;
(2) the purchaser enters with the securities intermediary into an agreement, called “control agreement”, under the terms of which the securities intermediary agrees to comply with entitlement orders that are originated by the purchaser without the further consent of the entitlement holder; or
(3) another person has control of the security entitlement on behalf of the purchaser or, having previously obtained control of the security entitlement, acknowledges that the person has control on behalf of the purchaser.
A purchaser has control of the security entitlement even if the entitlement holder retains the right to originate entitlement orders to the securities intermediary, to make substitutions for the security entitlement or to otherwise dispose of the security entitlement.
