Trust and Loan Companies Act (S.C. 1991, c. 45)

Marginal note:Status of dissenter

297. Where no application is made to a court under subsection 294(2) within the period set out in that subsection, a dissenting offeree is deemed to have elected to transfer the dissenting offeree’s shares to the offeror on the same terms on which the offeror acquired the shares from the offerees who accepted the take-over bid.

Marginal note:Payment of unclaimed money

298. The Minister shall pay to the Bank of Canada any amounts paid to the Minister under subsection 296(4), and section 372 applies in respect thereof as if the amounts paid under subsection 296(4) had been paid under subsection 371(3).

Marginal note:Obligation to acquire shares

• 298.1 (1) If a shareholder who holds shares of an offeree company does not receive the notice referred to in subsection 290(1), the shareholder may require the offeror to acquire the shares

  • (a) within 90 days after the date of termination of the take-over bid; or

  • (b) if the shareholder did not receive an offer under the take-over bid, within 90 days after the later of

    • (i) the date of termination of the take-over bid, and

    • (ii) the day on which the shareholder learned of the take-over bid.

• Marginal note:Acquisition on same terms

  (2) If the shareholder requires the offeror to acquire shares, the offeror shall acquire them on the same terms as those on which the offeror acquires shares from offerees who accept the take-over bid.

Marginal note:Definitions

299. In this section and sections 300 to 311,

“event of default”

« cas de défaut »

“event of default” means, in relation to a trust indenture, an event specified in the trust indenture on the occurrence of which the principal, interest and other moneys payable thereunder become or may be declared to be payable before maturity, but the event is not an event of default until all the conditions set out in the trust indenture in connection with the giving of notice of the event have been satisfied or the period of time for giving the notice has elapsed;

“issuer”

« émetteur »

“issuer” means a company that has issued, is about to issue or is in the process of issuing subordinated indebtedness;

“trustee”

« fiduciaire »

“trustee” means any person appointed as trustee under the terms of a trust indenture to which a company is a party, and includes any successor trustee;

“trust indenture”

« acte de fiducie »

“trust indenture” means any deed, indenture or other instrument, including any supplement or amendment thereto, made by a company under which the company issues subordinated indebtedness and in which a person is appointed as trustee for the holders of the subordinated indebtedness issued thereunder.