V-1 - Securities Act

Section 75 Disposition versions

1977-12-31

75. In case of a sale by the broker, or by his partner or the employee of the firm of which he is a member, or by any director, officer or employee of the company acting as a broker, of securities contemplated in section 73, in the circumstances stated in the said section or in section 74, the injured customer may, if he so desires, treat as null his contract under which the broker purchased such securities for him and recover from the broker the amount he paid to him, with interest, together with the securities deposited by him with the broker as security or otherwise.

The customer may exercise such right of treating his contract with the broker as null, by notice in conformity with the provisions of section 43.

Every sale of securities in contravention of section 73 or section 74 shall also constitute an offence on the part of the broker.

The action in recovery provided for in the first paragraph of this section is prescribed after one year dating from the day when the client became aware of such sale.

R. S. 1964, c. 274, s. 58.