Bill C-91
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Copy to
Director
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(3) When a management proxy circular or
dissident's proxy circular is sent, a copy of it
must be sent to the Director together with a
statement in the prescribed form and a copy of
any notice of meeting, form of proxy and any
other documents for use in connection with
the meeting.
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Preliminary
proxy circular
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(4) A person may, despite subsection (1),
commence a solicitation if they have filed a
preliminary proxy circular with the
cooperative and the Director, as long as the
form of proxy is not sent before the proxy
circular in final form is sent.
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Exemption
order
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167. (1) On the application of any interested
person, the Director may, even
retrospectively, exempt, on any terms that the
Director thinks fit, the person from any of the
requirements of section 165 or subsection
166(1).
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Publication
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(2) The Director must set out in a
publication generally available to the public
the particulars of all exemptions granted
under this section together with the reasons for
the exemptions.
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Attendance at
meeting
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168. (1) An individual who solicits a proxy
and is appointed proxyholder shall attend the
meeting in respect of which the proxy is given
in person, or cause an alternate proxyholder to
attend it, and shall comply with the directions
of the shareholder who appointed the
proxyholder.
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Rights of a
proxyholder
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(2) A proxyholder or an alternate
proxyholder has the same rights as the
shareholder who appointed the proxyholder to
speak at a meeting of shareholders in respect
of any matter, to vote by way of ballot at the
meeting and, except if the proxyholder or
alternate proxyholder has conflicting
instructions from more than one shareholder,
to vote at the meeting in respect of any matter
by a show of hands.
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Show of
hands
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(3) Despite subsections (1) and (2), if the
chairperson of a meeting of shareholders
declares to the meeting that, if a ballot is
conducted, the total number of votes attached
to shares represented at the meeting by proxy
required to be voted against what to the
knowledge of the chairperson will be the
decision of the meeting in relation to any
matter or group of matters is less than five per
cent of all the votes that might be cast by
shareholders present in person or represented
by proxy at the meeting on the ballot, unless
a shareholder or proxyholder demands a
ballot,
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Duty of
intermediary
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169. (1) Shares of a cooperative that are
registered in the name of an intermediary or a
nominee of an intermediary and not
beneficially owned by the intermediary must
not be voted unless the intermediary, without
delay after receipt of the notice of the meeting,
management proxy circular, dissident's proxy
circular and any other documents other than
the form of proxy sent to shareholders by or on
behalf of any person for use in connection with
the meeting, sends a copy of the document to
the beneficial owner and, except when the
intermediary has received written voting
instructions from the beneficial owner, a
written request for those instructions.
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Beneficial
owner
unknown
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(2) An intermediary may not vote or appoint
a proxyholder to vote shares registered in the
name of the intermediary or in the name of a
nominee of the intermediary that the
intermediary does not beneficially own unless
the intermediary receives voting instructions
from the beneficial owner.
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Copies
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(3) A person by or on behalf of whom a
solicitation is made must provide, at the
request of an intermediary, without delay, to
the intermediary at the person's expense the
necessary number of copies of the documents
referred to in subsection (1), other than copies
of the document requesting voting
instructions.
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Instructions to
intermediary
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(4) An intermediary shall vote or appoint a
proxyholder to vote any shares referred to in
subsection (1) in accordance with any written
voting instructions received from the
beneficial owner.
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Beneficial
owner as
proxyholder
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(5) If requested by a beneficial owner, an
intermediary must appoint the beneficial
owner or a nominee of the beneficial owner as
proxyholder.
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Validity
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(6) The failure of an intermediary to comply
with this section does not render null or void
any meeting of shareholders or any action
taken at the meeting.
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Limitation
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(7) Nothing in this section gives an
intermediary the right to vote shares that the
intermediary is otherwise prohibited from
voting.
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Restraining
order
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170. (1) If a form of proxy, management
proxy circular or dissident's proxy circular
contains an untrue statement of a material fact
or omits to state a material fact required in it
or necessary to make a statement contained in
it not misleading in the light of the
circumstances in which it was made, the
Director or any other interested person may
apply to a court and the court may make any
order it thinks fit, including
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Notice to
Director
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(2) An applicant under this section must
give the Director notice of the application and
the Director is entitled to appear and to be
heard in person or by counsel.
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PART 10 |
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INSIDER TRADING |
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Interpreta- tion
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171. (1) The definitions in this subsection
apply in this Part.
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``business
combination'' « regroupe- ment d'entrepri- ses »
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``business combination'' means an acquisition
of all or substantially all the property of one
entity by another or an amalgamation of
two or more entities.
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``insider'' « initié »
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``insider'' means
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``officer'' « dirigeant »
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``officer'' means
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``share'' « part »
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``share'' means an investment share that
carries voting rights under the articles or in
the circumstances in which voting rights are
exercisable with respect to it under this Act,
and includes
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Further
interpreta- tion
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(2) For the purposes of this Part,
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Membership
shares
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(3) For the purposes of this Part, the sale of
membership shares to members or the making
of a member loan to a cooperative is not a
distribution to the public.
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Deemed
insiders
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(4) For the purposes of this Part, a director
or an officer of an entity, or an individual
acting in a similar capacity, or a member or a
holder of a share of the entity who is a person
referred to in paragraph (b) or (c) of the
definition ``insider'' in subsection (1) is
deemed to have been an insider of the
distributing cooperative for the previous six
months or for any shorter period during which
the person was a director, an officer, such an
individual or such a member or holder of the
entity if
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Prohibition of
short sale
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172. (1) No insider shall knowingly sell,
directly or indirectly, a share of the
distributing cooperative or any of its affiliates
if the insider selling the share does not own or
has not fully paid for the share to be sold.
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Calls and puts
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(2) No insider shall knowingly, directly or
indirectly, buy a put or sell a call in respect of
a share of the cooperative or any of its
affiliates.
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Exception
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(3) Despite subsection (1), an insider may
sell a share that the insider does not own if the
insider owns another share convertible into
the share sold or an option or right to acquire
the share sold and, no later than ten days after
the sale, the insider
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Definition of
``insider''
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173. (1) In this section, ``insider'', with
respect to a cooperative, means
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Deemed
insiders
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(2) For the purposes of this section, a
director or an officer of an entity, or an
individual acting in a similar capacity, is
deemed to have been an insider of a
cooperative for six months, or any shorter
period during which the individual was a
director or an officer of the entity, or acted in
a similar capacity, before
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Civil liability
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(3) An insider who, in connection with a
transaction in a security of the cooperative or
any of its affiliates, makes use of any specific
confidential information for their own benefit
or advantage that, if generally known, might
reasonably be expected to affect materially
the value of the security
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Limitation
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(4) An action to enforce a right created by
subsection (3) may be commenced only
within two years after discovery of the facts
that gave rise to the cause of action.
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PART 11 |
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COMPULSORY ACQUISITION |
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Definitions
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174. The definitions in this section apply in
this Part.
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``dissenting
offeree'' « pollicité dissident »
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``dissenting offeree'' means a holder of a share
of a class for which a take-over bid is made
who does not accept the take-over bid, and
includes a subsequent holder of that share
who acquires it from the first-mentioned
holder.
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``offer'' « pollicita- tion »
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``offer'' includes an invitation to make an
offer.
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``offeree'' « pollicité »
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``offeree'' means a person to whom a
take-over bid is made.
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``offeree
cooperative'' « coopéra- tive pollicitée »
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``offeree cooperative'' means a cooperative
whose shares are the object of a take-over
bid.
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``offeror'' « pollici- tant »
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``offeror'' means a person, other than an agent
or mandatary, who makes a take-over bid,
and includes two or more persons who,
directly or indirectly,
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``share'' « part »
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``share'' means an investment share, with or
without voting rights, and includes
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``take-over
bid'' « offre d'achat »
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``take-over bid'' means an offer made by an
offeror to shareholders at approximately the
same time to acquire all of the shares of a
class of issued shares and includes an offer
made by a cooperative to repurchase all of
the shares of a class of its shares.
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Right to
acquire
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175. (1) If within one hundred and twenty
days after the date of a take-over bid the bid is
accepted by the holders of not less than ninety
per cent of the shares of any class of shares to
which the take-over bid relates, other than
shares held at the date of the take-over bid by
or on behalf of the offeror or an affiliate or
associate of the offeror, the offeror is entitled,
on complying with this section, to acquire the
shares held by the dissenting offerees.
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Notice
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(2) An offeror may acquire shares held by a
dissenting offeree by sending, by confirmed
delivery service within sixty days after the
date of termination of the take-over bid and in
any event within one hundred and eighty days
after the date of the take-over bid, a notice to
each dissenting offeree stating that
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