Going-Private Transaction (Trust and Loan Companies) Regulations
AI-assisted research summary: The regulations define “Act,” “going-private transaction,” and “participating securities,” and state that the regulations come into force when they are registered.
Going-Private Transaction (Trust and Loan Companies) Regulations Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to the definition going-private transactiona in section 2 and subsection 531(1)b of the Trust and Loan Companies Actc, hereby makes the annexed Going-Private Transaction (Trust and Loan Companies) Regulations. S.C. 2005, c. 54, s. 368(2) S.C. 2005, c. 54, s. 449 S.C. 1991, c. 45 In these Regulations, Act means the Trust and Loan Companies Act. For the purpose of the definition going-private transaction in section 2 of the Act, going-private transaction means an amalgamation or other transaction involving a distributing company, other than an acquisition of shares under section 289 of the Act, that results in the interest of a holder of participating securities of the company being terminated without the consent of the holder and without the substitution of an interest of equivalent value in participating securities of the company or of another company that succeeds to the business of the company, which participating securities have rights and privileges that are equal to or greater than the affected participating securities. For the purpose of subsection (1), participating securities” means securities of a company that give the holder of the securities a right to share in the earnings of the company and, after the liquidation, dissolution or winding up of the company, a right to share in its assets. These Regulations come into force on the day on which they are registered.