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This enactment amends the Air Canada Public Participation Act to
remove the individual shareholder ownership limit on the holding of
voting shares of Air Canada by any one person or group of persons
acting in concert.
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Clause 1: (1) The relevant portion of subsection 6(1)
reads as follows:
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6. (1) The articles of continuance of the Corporation shall contain
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(a) provisions imposing constraints on the issue, transfer and
ownership, including joint ownership, of voting shares of the
Corporation to prevent any one person, together with the associates
of that person, from holding, beneficially owning or controlling,
directly or indirectly, otherwise than by way of security only, voting
shares to which are attached more than 15% of the votes that may
ordinarily be cast to elect directors of the Corporation, other than
votes that may be so cast by or on behalf of the Minister;
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(2) Subsection 6(2) reads as follows:
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(2) The regulations made pursuant to subsection 174(6) of the
Canada Business Corporations Act apply, with such modifications as
the circumstances require, in respect of the Corporation as if the
constraints imposed pursuant to paragraphs (1)(a) and (b) were a
constraint referred to in paragraph 174(1)(a) of that Act.
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(3) The relevant portion of subsection 6(3) reads as
follows:
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(3) No provision imposing constraints pursuant to paragraphs (1)(a)
and (b) and no regulation referred to in subsection (2) applies in respect
of voting shares of the Corporation that are held
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(4) Subsections 6(4) and (5) read as follows:
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(4) For the purposes of this section, a person is an associate of
another person if
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(a) one is a corporation of which the other is an officer or director;
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(b) one is a corporation that is controlled by the other or by a group
of persons of which the other is a member;
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(c) one is a partnership of which the other is a partner;
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(d) one is a trust of which the other is a trustee;
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(e) both are corporations controlled by the same person;
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(f) both are members of a voting trust that relates to voting shares of
the Corporation;
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(g) both are parties to an agreement or arrangement, a purpose of
which is to require them to act in concert with respect to their
interests, direct or indirect, in the Corporation; or
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(h) both are at the same time associates, within the meaning of any
of paragraphs (a) to (g), of the same person.
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(5) Notwithstanding subsection (4), for the purposes of this section,
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(a) where a resident who, but for this paragraph, would be an
associate of a person submits to the Corporation a statutory
declaration stating that no voting shares of the Corporation held or
to be held by the resident are or will be, to the resident's knowledge,
held in the right of, for the use or benefit of or under the control of
any person of which, but for this paragraph, the resident would be an
associate, that resident and that person are not associates so long as
the voting shares held by the resident are not held contrary to the
statements made in the declaration;
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(b) two corporations are not associates pursuant to paragraph (4)(h)
by reason only that under paragraph (4)(a) each is an associate of the
same individual; and
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(c) where it appears from the central securities register of the
Corporation that any person holds, beneficially owns or controls
voting shares to which are attached not more than the lesser of two
one-hundredths of one per cent of the votes that may ordinarily be
cast to elect directors of the Corporation and five thousand such
votes, that person is not an associate of anyone else and no one else
is an associate of that person.
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