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C-25.01 - Code of Civil Procedure
Section 755
Disposition versions
755. The bailiff is bound by the conditions and restrictions that govern the transfer of securities and the establishment of security entitlements to financial assets and are set out in the issuer’s constituting act or by-laws or in the instrument governing the securities account maintained by a securities intermediary. As well, the bailiff is bound by the conditions and restrictions set out in an agreement to which the debtor is party. The bailiff may apply to the court for an order authorizing the sale if such conditions and restrictions significantly reduce the value of the securities or security entitlements; in such a case, the court determines the applicable conditions.
The purchaser of the securities or security entitlements is subject to the conditions and restrictions set out in the legal person’s constituting act and by-laws and any unanimous shareholder agreement. The purchaser must be informed beforehand of any restrictions attached to the securities or security entitlements.
