T-11.002 - Act respecting the transfer of securities and the establishment of security entitlements

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6. For the purposes of this Act, a security is transferred when a person acquires rights in the security and takes delivery of the security from the issuer or another person and a security entitlement to a financial asset is established when a person acquires rights in a financial asset held by a securities intermediary. A reference in this Act to a purchaser is a reference to a person acquiring rights in a security or financial asset.
The acquisition of rights in a security or financial asset (“purchase”) may result from any act constituting or conveying rights in the security or financial asset, whether by onerous title (“for value”) or by gratuitous title (“not for value”), including an issue, sale, exchange, gift or hypothec, provided only that the act is consensual.
2008, c. 20, s. 6.