Part 9 — Security Certificates, Registers and Transfers Division 1 Interpretation and Application
185 Deemed notice
issue of a security or any defence of the issuer if the security
becomes stale within the meaning of subsection (2).
(2) A security becomes stale if
(a) the purchaser takes the sec urity more than 2 years after
(i) the date on which per formance of the principal
obligation evidenced by the security was due, or
(ii) the set date on or after which the security is to be
presented or surrendered for redemption or exchange,
or
(b) the payment of money or the delivery of securities is
required in order to present or surrender the security, the
money or securities are available on the day for the payment
or delivery and the purchaser takes the security more than
one year after that day.