I-15.1 - Act respecting market intermediaries

Section 56 Disposition versions

1989-06-22

56. No firm referred to in the first paragraph of section 55 may, as long as over 20 % of its shares or of the voting rights attached to such shares are held directly or indirectly by financial institutions, financial groups or related legal persons, directly or indirectly hold shares of another firm acting as insurance broker in Québec or, from 11 May 1989 grant it a franchise or acquire its business.

Any firm referred to in the first paragraph which, on 21 December 1988, holds directly or indirectly shares of another firm acting as insurance broker in Québec may continue to hold such shares. However, from 22 December 1988, their percentage and, from 11 May 1989, the percentage of the voting rights attached to the shares cannot be increased and if, on or after either of such date, as the case may be, the percentages are reduced, the new percentage becomes the limit for the shares or voting rights attached to the shares that the firm may hold as long as over 20 % of its shares or voting rights attached to its shares is held, directly or indirectly, by financial institutions, financial groups or related legal persons.

The first and second paragraphs do not apply to a firm incorporated in Canada if the shares of the firm were listed on a Canadian stock exchange on 21 December 1988.

1989, c. 48, s. 56.