D-9.2 - Act respecting the distribution of financial products and services

Full text
152. Section 150 does not apply to a firm referred to therein where the percentage of shares or voting rights attached to its shares exceeded 20% on 21 December 1988. However, the percentage may not be increased except to give effect to a contract entered into before 21 December 1988.
Where, on or after 22 December 1988, a firm referred to in the first paragraph allots its shares or registers a transfer of its shares and the effect thereof is to reduce the percentage of its shares or voting rights attached to its shares held directly or indirectly by financial institutions, financial groups or related legal persons, the new percentage shall become the highest percentage of shares or voting rights attached to the shares that may be held directly or indirectly by financial institutions, financial groups or related legal persons. However, this paragraph shall not operate to prevent a firm from allotting its shares or registering a transfer of its shares to give effect to a contract entered into before 21 December 1988.
The first and second paragraphs shall cease to apply to a firm referred to therein if the percentage of shares or voting rights attached to the shares reaches 20%.
1998, c. 37, s. 152.