S-29.01 - Act respecting trust companies and savings companies

Section 122 Disposition versions

2004-12-17

122. The Authority may designate a person to be a restricted party

(1)  if it is of the opinion that the person is acting in concert with another restricted party to participate in a transaction prohibited under section 120;

(2)  if it is of the opinion that there exists between the person and the company such an interest or relationship as might affect the exercise of the best judgment of the company with respect to an investment or transaction;

(3)  if the person is a shareholder of the company or of a legal person affiliated with the company and if the Authority is of the opinion that the shareholder is acting in concert with another shareholder of the company or of a legal person affiliated with the company to control 10% or more of the voting rights of the company.

For the purposes of this section, any shareholder of a legal person that is a shareholder of a company is deemed to hold a percentage of the voting rights attached to shares of the company equal to the product of the percentage of the voting rights he holds in the legal person multiplied by the percentage of the voting rights that the legal person holds in the company.

1987, c. 95, s. 122; 2002, c. 45, s. 611; 2004, c. 37, s. 90.

2004-02-01

122. The Agency may designate a person to be a restricted party

(1)  if it is of the opinion that the person is acting in concert with another restricted party to participate in a transaction prohibited under section 120;

(2)  if it is of the opinion that there exists between the person and the company such an interest or relationship as might affect the exercise of the best judgment of the company with respect to an investment or transaction;

(3)  if the person is a shareholder of the company or of a legal person affiliated with the company and if the Agency is of the opinion that the shareholder is acting in concert with another shareholder of the company or of a legal person affiliated with the company to control 10 % or more of the voting rights of the company.

For the purposes of this section, any shareholder of a legal person that is a shareholder of a company is deemed to hold a percentage of the voting rights attached to shares of the company equal to the product of the percentage of the voting rights he holds in the legal person multiplied by the percentage of the voting rights that the legal person holds in the company.

1987, c. 95, s. 122; 2002, c. 45, s. 611.

1988-06-09

122. The Inspector General may designate a person to be a restricted party

(1)  if he is of the opinion that the person is acting in concert with another restricted party to participate in a transaction prohibited under section 120;

(2)  if he is of the opinion that there exists between the person and the company such an interest or relationship as might affect the exercise of the best judgment of the company with respect to an investment or transaction;

(3)  if the person is a shareholder of the company or of a legal person affiliated with the company and if he is of the opinion that the shareholder is acting in concert with another shareholder of the company or of a legal person affiliated with the company to control 10 % or more of the voting rights of the company.

For the purposes of this section, any shareholder of a legal person that is a shareholder of a company is deemed to hold a percentage of the voting rights attached to shares of the company equal to the product of the percentage of the voting rights he holds in the legal person multiplied by the percentage of the voting rights that the legal person holds in the company.

1987, c. 95, s. 122.