Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
258 Previous approval obtained
with respect to a person or other persons related to that person, no
approval under section 257 is required with respect to those persons
in respect of a subsequent transfer or issue of voting shares unless,
as a result of the transfer or issue, the shareholdings or beneficial
ownership of those persons would undergo an increase of more
than 5% from the shareholdings or beneficial ownership calculated
immediately after the previous approval was given.
(2) The exception set out in subsection (1) does not apply
(a) to a transfer or issue of sh ares that would result in a change
of control of the provincial company, or
(b) where, since the previous approval was given, the
shareholdings or beneficial ownership of the person and
other persons related to that person have decreased by more
than 5% from the shareholdings or beneficial ownership
calculated immediately after the previous approval was
given.
1999 cI-5.1 s258