V-1 - Securities Act

Section 157 Disposition versions

1977-12-31

157. In this section and in sections 158 to 179:

(a)  the term “related person” has the same meaning as in section 131;

(b)  the word “corporation” has the same meaning as in section 113;

(c)  the word “insider” or term “insider of a corporation” means:

i.  any director or senior officer of a corporation,

ii.  any person or company who beneficially owns, directly or indirectly, voting shares of a corporation carrying more than ten per cent of the voting rights attached to all voting shares of the corporation for the time being outstanding, provided that in computing the percentage of voting rights attached to voting shares owned by an underwriter there are excluded any voting shares acquired by him as underwriter in the course of distribution to the public of such shares, such exclusion ceasing to have effect on completion or cessation of the distribution to the public by him, or

iii.  any person or company who exercises control or direction over the voting shares of a corporation carrying more than ten per cent of the voting rights attached to all voting shares of the corporation for the time being outstanding;

(d)  the term “insider interest” means the direct or indirect beneficial ownership of or control or direction over capital securities of a corporation;

(e)  the term “capital security” means any share of any class of shares of a company or any bond, debenture, note or other obligation of a company, whether secured or unsecured.

1973, c. 67, s. 26.