S-29.02 - Trust Companies and Savings Companies Act

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60. If an authorized trust company holds, on behalf of another, its own shares or those of a legal person affiliated with it and may exercise voting rights in respect of those shares or may dispose of them at its discretion, any decision regarding the vote, the disposition or an offer to acquire the shares must be approved by the company’s board of directors if the aggregate of the shares it holds is equal to or greater than 10% of the shares of any class of shares or of all the shares of the company or affiliated legal person.
The reasons for the decision must be entered in the minutes of the meeting of the board of directors.
2018, c. 232018, c. 23, s. 395.
In force: 2019-06-13
60. If an authorized trust company holds, on behalf of another, its own shares or those of a legal person affiliated with it and may exercise voting rights in respect of those shares or may dispose of them at its discretion, any decision regarding the vote, the disposition or an offer to acquire the shares must be approved by the company’s board of directors if the aggregate of the shares it holds is equal to or greater than 10% of the shares of any class of shares or of all the shares of the company or affiliated legal person.
The reasons for the decision must be entered in the minutes of the meeting of the board of directors.
2018, c. 232018, c. 23, s. 395.