D-9.2 - Act respecting the distribution of financial products and services

Section 153 Disposition versions

1999-07-19

153. No firm referred to in the first paragraph of section 152 may, as long as more than 20% of its shares or voting rights attached to its shares are held directly or indirectly by financial institutions, financial groups or related legal persons, directly or indirectly hold shares in another firm or, on or after 11 May 1989, grant it a concession or acquire its business.

A firm referred to in the first paragraph that on 21 December 1988 holds, directly or indirectly, shares of another firm may continue to hold those shares. However, the percentage of such shares may not be increased on or after 22 December 1988, and the percentage of voting rights attached to such shares may not be increased on or after 11 May 1989 and, if either percentage is decreased on or after the applicable date, the new percentage shall become the highest percentage of such shares or such voting rights that the firm may hold, as long as more than 20% of its shares or voting rights attached to its shares are held directly or indirectly by financial institutions, financial groups or related legal persons.

The first and second paragraphs do not apply to a firm incorporated in Canada the shares of which are listed on a Canadian stock exchange on 21 December 1988.

1998, c. 37, s. 153.