Limitation period
2007, c.38, s.173
161.9(1)No action shall be commenced under section 161.2,
(a)
in the case of misrepresentation in a document, later than the earlier of
(i)
3 years after the date on which the document containing the misrepresentation was first released, and
(ii)
6 months after the issuance of a news release disclosing that leave has been granted to commence an action under section 161.2 or under comparable legislation in another province or territory of Canada in respect of the same misrepresentation,
(b)
in the case of a misrepresentation in a public oral statement, later than the earlier of
(i)
3 years after the date on which the public oral statement containing the misrepresentation was made, and
(ii)
6 months after the issuance of a news release disclosing that leave has been granted to commence an action under section 161.2 or under comparable legislation in another province or territory of Canada in respect of the same misrepresentation, and
(c)
in the case of a failure to make timely disclosure, later than the earlier of
(i)
3 years after the date on which the requisite disclosure was required to be made, and
(ii)
6 months after the issuance of a news release disclosing that leave has been granted to commence an action under section 161.2 or under comparable legislation in another province or territory of Canada in respect of the same failure to make timely disclosure.
161.9(2)A limitation period established by subsection (1) in respect of an action is suspended when an application for leave under section 161.41 is filed with the court, and resumes running when
(a)
the court grants leave or dismisses the application, and
(i)
all appeals have been exhausted, or
(ii)
the time for an appeal has expired without an appeal being filed, or
(b)
the application is abandoned or discontinued.
2007, c.38, s.173; 2012, c.31, s.27; 2014, c.25, s.2