Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
257 Constraints on ownership
purchase or otherwise acquire any share of a provincial company or
purchase or otherwise acquire control of any entity that holds any
share of a provincial company if
(a) the acquisition would cause the person to have a significant
interest in any class of shares of the company, or
(b) where the person has a significant interest in a class of
shares of the company, the acquisition would increase the
significant interest of the person in that class of shares.
RSA 2000
(2) No person and no person related to that person may, without
the approval of the Minister, purchase or otherwise acquire any
share of a provincial company or purchase or otherwise acquire
control of any entity that holds any share of a provincial company
if
(a) the acquisition would cause the combined holdings of the
person and the related person to amount to a significant
interest in any class of shares of the company, or
(b) where the combined holdings of the person and the related
person amount to a significant interest in a class of shares of
the company, the acquisition would increase the significant
interest of the person and the related person in that class of
shares.
(3) Unless the acquisition of the share has been approved by the
Minister, no provincial company may record in its securities
register a transfer or issue of any share of the company to any
person if
(a) the transfer or issue of th e share would cause the person to
have a significant interest in any class of shares of the
company, or
(b) where the person has a significant interest in a class of
shares of the company, the transfer or issue of the share
would increase the significant interest of the person in that
class of shares.
(4) Unless the acquisition of the share has been approved by the
Minister, no provincial company may record in its securities
register a transfer or issue of any share of the company to any
person or any person related to that person if
(a) the transfer or issue of the share would cause the combined
holdings of the person and the related person to amount to a
significant interest in any class of shares of the company, or
(b) where the combined holdings of the person and the related
person amount to a significant interest in a class of shares of
the company, the transfer or issue of the share would
increase the significant interest of the person and the related
person in that class of shares.
(5) This section does not apply to any class of non-voting shares of
a provincial company that do not amount to more than 10% of the
equity of the company.
RSA 2000
(6) If the Minister's approval is required under subsection (1), (2),
(3) or (4) before a provincial company may record in its securities
register a transfer or issue of a share of the company to a person,
the person must not exercise any voting rights attached to those
shares until the Minister's approval is obtained.
1999 cI-5.1 s257