V-1.1 - Securities Act

Section 123 Disposition versions

2008-02-01

123. (Replaced).

1982, c. 48, s. 123; 1984, c. 41, s. 40; 1987, c. 40, s. 7; 2006, c. 50, s. 41.

1987-06-23

123. The purchase, without a general offer to all the holders, of securities from not more than five holders by way of block purchase at a price that may vary by not over 15% from the average market price established with the formula prescribed by regulation, is exempt from Chapters III and IV.

By way of exception to section 113, the conditions of an exemption under this section apply to every purchase from a limited number of holders having no connection with Québec provided that at least one holder of securities of the class sought has a connection with Québec as shown by the addresses entered in the records of the offeree company.

1982, c. 48, s. 123; 1984, c. 41, s. 40; 1987, c. 40, s. 7.

1987-06-04

123. The purchase, without a general offer to all the holders, of securities from not more than five holders by way of block purchase at a price that may vary by not over 15% from the average market price is exempt from Chapters III and IV.

Not in force

The price paid includes brokerage fees and commissions. The average market price is obtained by averaging the closing prices for the 20 days of market activity preceding the date of the transaction, or, if the market only gives the highest and the lowest prices, the weighted average of the daily prices over the same period, the daily prices being defined as the average between the highest and lowest prices.

Not in force

Where it is impossible to obtain a reliable average market price, the proposed average market price and the method used to obtain it require the approval of the Commission.

1982, c. 48, s. 123; 1984, c. 41, s. 40.

1983-04-06

123. Any senior executive of an offeree issuer may include with the directors’ circular or the communication provided for in section 122 a separate notice prepared in the form prescribed by regulation, in which he may recommend the acceptance or rejection of the take-over bid or indicate his disagreement with the documents prepared by the board.

1982, c. 48, s. 123.