S-31.1 - Business Corporations Act

Section 404 Disposition versions

2019-06-13

404. The corporation holds in trust for the dissenting shareholders the money or other consideration received from the offeror.

The corporation must deposit the money in a separate account in a financial services cooperative, a trust company authorized under the Trust Companies and Savings Companies Act (chapter S-29.02), a bank or a deposit institution authorized under the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2) or governed by the Canada Deposit Insurance Corporation Act (R.S.C. 1985, c. C-3) and place any other consideration in the custody of such an institution.

2009, c. 52, s. 404; 2018, c. 23, s. 799.

2011-02-14

404. The corporation holds in trust for the dissenting shareholders the money or other consideration received from the offeror.

The corporation must deposit the money in a separate account in a financial services cooperative, trust company, bank or other institution governed by the Deposit Insurance Act (chapter A-26) or the Canada Deposit Insurance Corporation Act (R.S.C. 1985, c. C-3) and place any other consideration in the custody of such an institution.

2009, c. 52, s. 404.