V-1.1 - Securities Act

Full text
122. (Replaced).
1982, c. 48, s. 122; 1984, c. 41, s. 40; 1987, c. 40, s. 31; 2006, c. 50, s. 41.
122. The acquisition of securities issued by a company that is not a reporting issuer and which are not traded on an organized market is exempt from Chapters III and IV provided that there are not more than 50 security holders, excluding holders who are or have been employees of the company or of an affiliate of the company.
1982, c. 48, s. 122; 1984, c. 41, s. 40; 1987, c. 40, s. 31.
122. Where the board of directors of an offeree issuer is considering making a recommendation after the sending of the circular provided for in section 121, it shall mention that fact in the circular. It may then recommend that the security holders not tender their securities until further communication is received from the board.
Where the board recommends that holders await further communication, it must send a communication to them of its recommendation or of its decision not to make a recommendation, at least seven days prior to the expiry of the take-over bid.
1982, c. 48, s. 122.