Section 111 — Competition Act: Acquisitions

The following classes of transactions are exempt from the application of this Part: an acquisition of real property or goods in the ordinary course of business if the person or persons who propose to acquire the assets would not, as a result of the acquisition, hold all or substantially all of the assets of a business or of an operating segment of a business; an acquisition of voting shares or of an interest in a combination solely for the purpose of underwriting the shares or the interest, within the meaning of subsection 5(2); an acquisition of voting shares, an interest in a combination or assets that would result from a gift, intestate succession or testamentary disposition; an acquisition of collateral or receivables, or an acquisition resulting from a foreclosure or default or forming part of a debt work-out, made by a creditor in or pursuant to a credit transaction entered into in good faith in the ordinary course of business; an acquisition of a Canadian resource property, as defined in subsection 66(15) of the Income Tax Act , pursuant to an agreement in writing that provides for the transfer of that property to the person or persons acquiring the property only if the person or persons acquiring the property incur expenses to carry out exploration or development activities with respect to the property; and an acquisition of equity interests in an entity under an agreement in writing that provides for the creation of those equity interests only if the person or persons acquiring them incur expenses to carry out exploration or development activities with respect to a Canadian resource property , as defined in subsection 66(15) of the Income Tax Act , in respect of which the entity has the right to carry out those activities, if the entity does not have any significant assets other than that property.