Canada Cooperatives Regulations

23.3 (1) For the purpose of paragraph 173(1)(e) of the Act, the prescribed percentage of voting rights is 10%.

(2) For the purpose of subsection 173(2) of the Act, take-over bid means a take-over bid within the meaning of any legislation that is set out in column 2 of an item of Schedule 5.

(3) For the purpose of paragraph 173(4)(c) of the Act, the prescribed circumstances are that the insider

• (a) entered into the purchase or sale as an agent or mandatary pursuant to a specific unsolicited order to purchase or sell;

• (b) made the purchase or sale pursuant to participation in an automatic dividend reinvestment plan, share purchase plan or other similar automatic plan that the insider entered into before the acquisition of the confidential information;

• (c) made the purchase or sale to fulfil a legally binding obligation that the insider entered into before the acquisition of the confidential information; or

• (d) purchased or sold the security as agent, mandatary or trustee in the circumstances described in paragraph (b) or (c).