Significant control over corporation
2022, c.16, s.7; 2023, c.2, s.155
99.11(1)For the purposes of this Part and subject to any class of prescribed exclusions, each of the following individuals is an individual with significant control over a corporation:Â
(a)
an individual who has any of the following interests or rights, or any combination of them, in a significant number of shares of the corporation:
(i)
the individual is the registered holder of the shares,
(ii)
the individual is the beneficial owner of the shares, or
(iii)
the individual has direct or indirect control or direction over the shares; and
(b)
an individual to whom prescribed circumstances apply.
99.11(2)Two or more individuals are each an individual with significant control over a corporation if, in respect of a significant number of shares of the corporation,
(a)
an interest, right or a combination of interests or rights referred to in paragraph (1)(a) is held jointly by those individuals, or
(b)
a right or a combination of rights referred to paragraph (1)(a) is subject to any agreement or arrangement under which the right or rights are to be exercised jointly or in concert by those individuals.
2022, c.16, s.7; 2023, c.2, s.155