Acts and Regulations

S-5.5 - Securities Act

Section 109
Disposition versions

Full text
Deemed beneficial ownership
Repealed: 2007, c.38, s.80
2007, c.38, s.80
109Repealed: 2007, c.38, s.81
2007, c.38, s.81
Deemed beneficial ownership
109(1)For the purposes of this Part, in determining the beneficial ownership of securities of an offeror or of any person acting jointly or in concert with the offeror, at any given date, the offeror or the person shall be deemed to have acquired and be the beneficial owner of a security, including an unissued security, if the offeror or the person
(a) is the beneficial owner of any security convertible into the security within 60 days following such date, or
(b) has the right or obligation, whether or not on conditions, to acquire within 60 days following such date beneficial ownership of the security, whether through the exercise of an option, warrant, right or subscription privilege or otherwise.
109(2)Where 2 or more offerors acting jointly or in concert make one or more offers to acquire securities of a class, the securities subject to any such offer or offers to acquire shall be deemed to be securities subject to the offer to acquire of each such offeror for the purpose of determining whether any such offeror is making a take-over bid.
109(3)Where an offeror or any person acting jointly or in concert with the offeror is deemed by reason of subsection (1) to be the beneficial owner of unissued securities, the securities shall be deemed to be outstanding for the purpose of calculating the number of outstanding securities of that class in respect of that offeror’s offer to acquire.