V-1.1 - Securities Act

Section 126 Disposition versions

2008-02-01

126. (Replaced).

1982, c. 48, s. 126; 1984, c. 41, s. 40; 1987, c. 40, s. 31; 2001, c. 38, s. 39; 2006, c. 50, s. 41.

2003-06-27

126. A person who acquires not more than 5% of the securities of the class is exempt from Chapters III and IV, provided that neither he nor his joint actors, within any twelve-month period, acquire under this exemption, or an exemption under section 119, 120 or 123, more than 5% of the securities of the class that are outstanding at the beginning of the period.

In the case of securities traded on an organized market, the exemption does not apply if the securities are acquired at a price higher than the reference price established in the manner prescribed by regulation.

1982, c. 48, s. 126; 1984, c. 41, s. 40; 1987, c. 40, s. 31; 2001, c. 38, s. 39.

1987-07-16

126. A person who acquires not more than 5% of the securities of the class is exempt from Chapters III and IV, provided that neither he nor his joint actors, within any twelve-month period, acquire under this exemption, or an exemption under section 119, 120 or 123, more than 5% of the securities of the class that are outstanding at the beginning of the period.

In the case of securities traded on an organized market, the exemption does not apply if the securities are acquired at a price higher than the price on that market on the day of the transaction.

1982, c. 48, s. 126; 1984, c. 41, s. 40; 1987, c. 40, s. 31.

1983-04-06

126. An offeror may reserve the right to withdraw a take-over bid only for one of the following reasons:

(1)  the minimum number of securities sought in the bid is not tendered;

(2)  an unforeseen and material change that is likely to affect the value or market price of the securities of the offeree issuer occurs, but not as a result of any action taken by the offeror;

(3)  the approval of a public body which the offeror must obtain is not obtained prior to the expiry of the bid;

(4)  at the time the offeror must take delivery of the securities or effect payment for them, he is prevented from doing so by the effect of a general law.

1982, c. 48, s. 126.