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V-1 - Securities Act
Section 136
Disposition versions
136. Notwithstanding the provisions of sections 133 and 134, where a take-over bid is made for less than all the voting shares owned by the offerees:
(a) the offeror shall not take up the shares deposited pursuant to the take-over bid or pay for them until the expiration of twenty-one days from the date thereof;
(b) the period of time within which shares may be deposited pursuant to the take-over bid, or any extension thereof, shall not exceed thirty-five days from the date of the take-over bid;
(c) where all the terms and conditions of the take-over bid not waived by the offeror have been complied with, the offeror shall take up and pay for the shares deposited pursuant to the take-over bid within fourteen days after the last day within which shares may be deposited pursuant thereto;
(d) where a greater number of shares is deposited pursuant to the take-over bid than the offeror is bound or willing to take up and pay for, the shares taken up by the offeror shall be taken up as nearly as may be prorata, disregarding fractions, according to the number of shares deposited by each offeree.
