V-1 - Securities Act

Section 80 Disposition versions

1977-12-31

80. The Commission may at any time issue an order prohibiting a broker, salesman, security issuer or any person or company, registered or not, from trading in securities or in one or more classes of securities which it may determine, even after authorization under section 67.

From and after receipt of such order, the broker, salesman, security issuer or person or company to whom or which such order is addressed must refrain, so long as it is not repealed, from trading in securities or in any class of securities indicated in the prohibitory order.

Any transaction in securities made in contravention of such order shall constitute an offence.

Subject to any penalty or other recourse provided by this act or any other law, the Commission, in the case of contravention of a prohibitory order made under this section, may take any proceeding by way of injunction before the Superior Court to compel the offender to cease trading in securities or in any class of securities mentioned in the prohibitory order.

The application for an injunction shall constitute an action in itself; it need not be accompanied by the issue of a writ of summons.

No security shall be exigible for the issue of the interlocutory injunction.

The injunction proceedings provided for by this section shall also be subject to the application of the rules of the Code of Civil Procedure respecting injunctions.

R. S. 1964, c. 274, s. 63; 1965 (1st sess.), c. 80, a. 1.