V-1 - Securities Act

Section 2 Disposition versions

1977-12-31

2. (1)  A company is deemed to be affiliated with another company if one of them is the subsidiary of the other or if both are subsidiaries of the same company or if each of them is controlled by the same person or company.

(2)  A company is deemed to be controlled by another person or company or by two or more companies if:

(a)  voting shares of the first-mentioned company carrying more than fifty per cent of the votes for the election of directors are held, otherwise than by way of security only, by or for the benefit of such other person or company or by or for the benefit of such other companies; and

(b)  the votes carried by such shares are sufficient, if exercised, to elect a majority of the directors of the first-mentioned company.

(3)  A company is deemed to be a subsidiary of another company if:

(a)  it is controlled by:

i.  that other, or

ii.  that other and one or more companies each of which is controlled by that other, or

iii.  two or more companies each of which is controlled by that other; or

(b)  it is a subsidiary of a company that is that other’s subsidiary.

(4)  A company is deemed to be another’s holding company or parent company if that other is its subsidiary.

(5)  A person is deemed to own beneficially securities beneficially owned by a company controlled by him or by an affiliate of such company.

(6)  A company is deemed to own beneficially securities beneficially owned by its affiliates.

1973, c. 67, s. 2.